After years of relative quiet regarding speculation about ownership of Continental AG, a relatively weak first quarter at the company’s majority shareholder (Schaeffler) has kick started the rumour mill. The thinking is that the shareholder will off-load some of its share to free up cash flow and support the valuation of Conti as it re-enters the Frankfurt-based DAX German stock exchange.
Bridgestone executives have aired a degree of caution relating to the tyre major’s earnings outlook for this year. According to various news sources Bridgestone Corp.'s chief financial officer on suggested the impact of the euro-zone debt crisis is affecting demand, which in turn is weighing on its business.
1,200 items of Manchester-based contract hire and leasing specialist, BNP Paribas Leasing Solutions are now covered by a contract with Vacu-Lug Tyres. The leasing firm has signed a managed Pay-As-You-Go which includes both light and heavy trucks and specifies the fitment of Pirelli steering axle tyres and Vacu-Lug Duramold tyres on drive and trailer axles. ATS Euromaster will operate as Vacu-Lug's service partner on this nationwide contract.
At the company’s Annual Stockholders’ Meeting on 15 May, Lanxess CEO Axel C. Heitmann stated that the specialty chemicals firm remains on course for growth in 2012. “We will continue to pursue our successful strategy of focusing on dynamic markets, megatrends, profitable growth and a solid financial basis,” said Heitmann. The company confirmed its forecast for the full-year 2012: EBITDA pre-exceptionals is expected to grow by between five and ten per cent compared with last year.
Nokian’s recently reported first quarter 2012 financial numbers were 9 per cent ahead of consensus when it came to pre-tax profits (EBIT). In addition the Finnish firm’s revenue result during the same period was 5 per cent higher that average of market analysts expectations. According to analysts at Morgan Stanley, Nokian’s margin was also 100 basis points better than expected at 27.3 per cent. In fact the only cloud on the horizon was said to be net debt which was weaker than estimates perhaps because of high working capital.
While financial analysts described the results as “a big beat”, on the day the news was announced Pirelli’s share price fell 10 per cent. Pirelli pre-tax profitability was said to have been better than consensus of analysts’ estimates, mostly due to better price/mix and cost control. Market watchers also welcomed the fact that margins are at record levels.
Treasury & Risk magazine's 2012 list of "30 Outstanding Women in Finance" includes Laura K. Thompson, vice president, finance for The Goodyear Tire & Rubber Company's North American Tire business. Thompson directs finance for the company's largest business unit, with annual sales of nearly $10 billion. She previously served as vice president of business development, is also the executive in charge of developing Goodyear's new headquarters in Akron, Ohio.
Pirelli’s 2011 annual report will reflect the tyre manufacturer’s “broader narrative”, presenting detail that goes beyond the numbers in an attempt to capture the spirit of Pirelli. The company said the project will include Art Deco inspired illustrations reflecting the tyre-maker’s values, in addition to texts by internationally renowned authors HM Enzensberger, Guillermo Martinez, William Least Heat-Moon and Javier Cerca. A summary of the report will also be available through a free iPad App.
Bob Majewski, president of the US-based Tire Retread & Repair Information Bureau, has reminded all member retreaders of the costs involved in TRIB’s day-to-day operation, and appealed for annual membership dues to be paid – before errant members find themselves out of the loop.
Moody’s Investor Service has upgraded Compagnie Générale des Etablissements Michelin's long-term credit rating to Baa1 from Baa2, with a stable outlook. Michelin’s P-2 short-term rating remains unchanged.
The Goodyear Tire & Rubber Company has completed refinancing its principal US credit facilities. Darren R Wells, executive vice president and chief financial officer, said the actions “position the company” to continue implementation of its Strategy Roadmap: “We see this refinancing as a proactive step to improve our financial position, leaving us with no term debt repayments required until 2019.”
The Goodyear Tire & Rubber Company has announced that it will report first quarter 2012 financial results on Friday, 27 April, to be followed by an investor conference call at 8:30 EST (13:30 GMT). The conference call will be taken by Richard J Kramer, chairman and chief executive officer, and Darren R Wells, executive vice president and chief financial officer.
Bridgestone’s new Contact Area Information Sensing technology (CAIS) has won an industry award for the second time in as many months. Spain’s leading economic and financial magazine, Actualidad Económica has selected Bridgestone’s CAIS safety technology as one of the “100 Best Ideas of the Year” in the automotive category.
In June 2011, Michelin consolidated its Paris-based staff operations to a new site in Boulogne-Billancourt. Following this move, the company’s 12,000 square metre former headquarters has stood vacant. Michelin has now announced the property at 46 avenue de Breteuil in Paris’ seventh arrondissement has been sold to French insurer Covéa.
After being live for only a few months, Michelin says the mobile version of its corporate website has proven to be a huge hit. The French tyre maker describes the site’s stats as “encouraging” and says it has experienced a 135 per cent increase in visits. Other pertinent statistics reported by Michelin are that the average visit to the site lasts one and a half minutes, and 30 per cent of users are located in the United States, with 18 per cent in France.
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