Writing on the website AM Online (Automotive Management), Jeremy Bennett reports that Indian manufacturer Tata is showing an interest in Aston Martin. The article quotes a Birmingham Post source that Tata is “one of several potential buyers for Gaydon-based Aston Martin, alongside the likes of Toyota and Mahindra & Mahindra.”
Financial analysts have stated their concern that tyre manufacturer Pirelli reduced its performance projections in several key areas when publishing its 9-month results recently. However, at the same time Morgan Stanley market watchers in particular reassured investors that the reductions were unlikely to results in any “material downgrades” but did warn that the stock could be impacted by the lowered premium volume guidance.
Iona Capital has recently announced an investment in Gradena Limited to recycle waste tyres and UPVC. Gradena is a joint venture between Gradsol Ltd and Dena Technology Ltd, a provider of nanotechnology solutions and will manufacture wood replacement goods from the waste tyres and UPVC. Gradsol is a management consultancy company that specialises in sustainability and operational consultancy, particularly in the waste sector.
More than 20 high-profile banks, financial support services, and venture capitalists have signed-up to attend SMMT's 'Meet the Funder' event later this month, keen to enhance their understanding of the UK's automotive supply chain and boost funding in the sector.
Following the tabling of the European Commission’s CARS 2020 Action Plan to aid the European automobile manufacturing industry, there are a number of concrete proposals that are likely to affect the industry. According to the details, which we summarise here, the commission and member states must now implement the policies announced. In order to monitor this process, and continue the dialogue with the stakeholders a dedicated process will be established called "CARS 2020".
The Road Haulage Association has welcomed the news that the Scottish National Party are to vote against the 3ppl fuel duty increase planned for January 2013.
Online tyre dealer Delticom has published its 9-monthly report for 2012. In a troubled market environment the company recognised revenues of €280.4 million in 9M 12, a fall of -5.8 per cent year-on year.
Earnings before interest and taxes (EBIT) decreased in the reporting period by 37.9 per cent to €17.5 million (9M 11: €28.2 million), primarily due to higher fix costs. This translates into an EBIT margin (EBIT in percent of revenues) of 6.2 per cent (9M 11: 9.5 per cent). Third quarter EBIT saw a decline of 55.0 per cent, from prior-year's €9.5 million to €4.3 million. The quarterly EBIT margin was 4.9 per cent (Q3 11: 9.5 per cent).
The Goodyear Tire & Rubber Company has announced that it will webcast its presentation at the 2012 Goldman Sachs Industrials Conference in Boston on November 13. During the presentation Darren R Wells, executive vice president and chief financial officer, will provide a business overview and discuss the company’s strategies.
KTM, Triumph and Harley Davidson rate as top motorcycle franchises according to the Motorcycle Retailers' Association (MRA) Motorcycle Dealer Attitude Survey Autumn 2012 results.
Southwaite-based timber harvesting, marketing, and haulage company Sheffield & Co Ltd has reduced the frequency of annual tyre-related breakdowns from 35 to two. The company says the reduction is due to 18 months of work with Michelin technical manager Dan Lamb to adopt a bespoke tyre policy, with different pressures tailored for on-road and forestry work.
Following the London taxi manufacturer Manganese Bronze being put into Administration, the Administrators have made 176 staff redundant. Matthew Hammond, joint administrator and PwC partner, said:
"Regretfully, without financial support to overcome the Group's operational issues we have had to make staff redundancies. While the steering box recall remains, there is a voluntary suspension on vehicle sales, and we are now concentrating all resources on testing the solution to the steering fault. We have retained sufficient numbers of staff across the dealership, head office and production network to address the operational, technical and financial circumstances that the business faces."
Matthew Hammond, Tony Barrell, Ian Green and Mike Jervis were appointed joint administrators of Manganese Bronze Holdings plc, LTI Limited, MBH Services Limited and MBH Property Services Limited (“the Group”) on 30 October 2012.
The Group is the manufacturer and retailer of the iconic London taxi, sold in the UK and abroad. It provides a retail and maintenance service through its wholly-owned dealerships throughout the UK, under the trading name The London Taxi Company. It has a turnover of £75m and 277 employees in total including three overseas employees. 175 employees are based at the Group’s head office and manufacturing site located in Coventry with the remaining employees spread across dealerships in London, Manchester, Leeds, Edinburgh, Glasgow and Coventry.
While financial analysts were not more than satisfied with what they characterised as an “in-line” set of third quarter financial results from Continental AG, a spell of cold weather could be just the tonic for the German tyre maker which is strong in winter tyre sales.
Financial analysts welcomed the relative good news of Michelin’s third quarter/nine-month results, which saw sales rise despite lower volumes and followed profit warnings from Nokian and Delticom respectively in the week before. As a result Deustche Bank upgraded its operating profit expectations to 2.55 billion euros, 9 per cent above consensus.
Michelin UK managing director, Eric Le Corre, has been elected as the new chairman of the British Tyre Manufacturers Association (BTMA) at a recent Board meeting. The new chairman-elect replaces Continental Tyre managing director David Smith whose two year chairmanship ended recently. Le Corre will also represent the BTMA on the board of the Tyre Industry Federation (TIF). He brings with him 14 years experience in the business and takes over with immediate effect.
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