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Sky and BBC to share F1 – Pirelli keeps “an open mind”

It was announced last week that in spite of excellent viewing figures and widely lauded coverage, Formula One has made a deal that will mean that only half the races will be shown live on the BBC from next season. Every race, testing and qualifying session will be shown live on Sky Sports with ten Grands Prix also appearing on the BBC, in addition to highlights of those events for which Sky will hold exclusive live rights. The new arrangement comes two years before the BBC’s current exclusive broadcaster deal was due to end. Exclusive tyre supplier Pirelli has reacted with circumspection to the news, suggesting that it will give close scrutiny to the viewing figures it receives under the new deal.

1st August 2011/by Tyrepress Editors

HiQ promotes air-con servicing

HiQ has released a statement arguing for increased attention to be paid to air conditioning systems, following a 15 per cent increase in air-con related problems seen at HiQ branches. The seven out of 10 motorists that HiQ says fail to service their air-con systems regularly – some not at all – could experience decreased levels of fuel efficiency and even asthma-related health problems. The network’s fast fit manager Stuart Carr said that over time, air-con gas gradually depletes which then impacts upon fuel efficiency levels because the engine has to work harder.

29th July 2011/by Tyrepress Editors

Continental ups 2011 sales and EBIT forecasts

Continental is raising its outlook for 2011, based on what it called “a very successful first half-year” that included double-digit growth rates for sales and EBIT. “We had previously forecast sales of more than 28.5 billion euros, but we are now expecting at least 29.5 billion euros. We are also targeting an adjusted EBIT margin of around 10 per cent, slightly more than the good 2010 figure of 9.7 per cent,” said Continental executive board chairman Dr. Elmar Degenhart on Friday 29 July on publishing figures for the first half of the year.

29th July 2011/by Tyrepress Editors

Analysts on Pirelli results: ‘fewer tyres…more profits’

Following the publication of second quarter/first half 2011 financial results showing Pirelli doubled net profits year-on-year, financial analysts have lauded Pirelli “over any other auto part or tyre maker in EU.”

28th July 2011/by Tyrepress Editors

Pirelli to raise European prices 6% in September

Following the release of its second quarter financial results yesterday, Pirelli announced that it would implement a further round of price increases at the end of the summer. The latest six per cent prices hike will be effective in all European markets across the company’s car, SUV and van tyre product ranges from 1 September. The company reported that the it has had to raise prices as a consequence of the rising costs of “key raw materials, in particular natural and synthetic rubber, and oil.”

28th July 2011/by Tyrepress Editors

Hankook Q2 “disappointing” – Deutsche Bank analyst

While Hankook’s second quarter represented a record in terms of sales, a Deutsche Bank report has provided a metaphorical cold shower with the “disappointing” news of a 34 per cent slide in year on year operating profit. On a consolidated International Financial Reporting Standards accounting basis, pre-tax profit was also down 20 per cent, while operating profit margin fell to 7 per cent from 12.8 per cent.

27th July 2011/by Tyrepress Editors

Lanxess and Triangle sign rubber supply deal

German specialty chemicals company Lanxess and Chinese tyre maker Triangle Group have strengthened their long-term partnership with the signing of a halobutyl rubber supply agreement. Under the terms of the agreement, which was signed at Triangle’s headquarters in Shandong Province by Ron Commander, global head of Lanxess’s butyl rubber business unit, and Lin Bin, senior vice-president of Triangle Tyre, Lanxess will supply Triangle with halobutyl rubbers from 2012 to 2014. Financial details of the agreement have not been disclosed.

26th July 2011/by Tyrepress Editors

Guides costing Michelin 15 million euros a year

Michelin’s tyre business is experiencing strong growth, yet an article published by the Financial Times indicates that the French company’s guide business – which accounts for less than one per cent of Michelin’s total annual sales – is losing more than 15 million euros a year. Cost cutting measures have already been taken as a result of this, including the business unit’s relocation from Paris’ prestigious 7th arrondissement, a stone’s throw from the Hôtel des Invalides, to an address outside the city. Yet the company appears unsure how best to approach the 111-year old institution.

20th July 2011/by Tyrepress Editors

Trelleborg reports enhanced market position in Q2

In its interim report for the April to June 2011 quarter, Sweden’s Trelleborg AB reported net sales of SEK 7,583 million (£721.2 million) from continuing operation, up on the same period last year. Operating profit grew 9.8 per cent year-on-year to SEK 706 million (£67.2 million) and net profit increased 13 per cent to SEK 469 million (£44.6 million).

20th July 2011/by Tyrepress Editors

Lanxess signs UN Global Compact

Launched in 2000 by the then UN secretary-general Kofi Annan, the United Nations Global Compact is a global initiative for corporate social responsibility that sets out principles in the areas of human rights, labour standards, environmental protection and anti-corruption. Today the Global Compact boasts over 8,000 signatories from 135 countries; Germany’s Lanxess has now added its name to this list.

19th July 2011/by Tyrepress Editors

Goodyear to announce 2Q 2011 financial results

Goodyear’s Richard J. Kramer, chairman and chief executive officer, and Darren R. Wells, executive vice president and chief financial officer will participate in an investor conference call following the company’s second quarter 2011 financial results report. The report will be delivered before markets open on Thursday, 28 July, with the call following at 10:00 EST (15:00 GMT). The financial information will be posted on Goodyear’s investor relations website at around 9:45 EST. Goodyear also says that the call can be accessed on the website or via telephone by calling (706) 643-2869 before 9:55 on July 28. A taped replay will be available later that day by calling (404) 537-3406, Conference ID 83080825, and on the website.

14th July 2011/by Tyrepress Editors

CDP Group reports 2010 sales up 39%

Less than a year after Tyres & Accessories introduced the relatively young company to the wider market, Italian tyre wholesaler CDP group has provided more evidence that it is achieving its high hopes. As promised months ago, CDP Group sent our Italian sister publication (PneusNews.it) the company’s 2010 full balance sheet – far from common practice in some quarters – in a move that signals company CEO Andrea Reggi’s commitment to work with the maximum transparency.

14th July 2011/by Tyrepress Editors

Cabot names new investor relations director

Cabot Corporation has announced the appointment of Erica McLaughlin to the position of director of investor relations. McLaughlin will serve as the primary liaison between Cabot, its shareholders, and the investment community, succeeding Susannah Robinson, who will assume a role in the company's human resources organisation.

12th July 2011/by Tyrepress Editors

Birla to combat financial pressures with expansion, management restructuring

After ending the 2010-11 financial year with a net loss of Rs 2.1 billion (£29.1 million), India’s Kesoram Industries has announced its intention to restructure the management of its Birla Tyres business unit and increase its focus on passenger car and two-wheeler tyre production. In a statement, Kesoram director (and daughter of company head Basant Kumar Birla) Manjushree Khaitan said “the company is hopeful of rebounding this year as it is in the process of putting in a recovery plan in place which includes among other things a strong management team for the tyre division, higher capacity utilisation, a more aggressive marketing policy and a change in the product mix towards high margin passenger car and two-wheeler tyres.”

6th July 2011/by Tyrepress Editors

National Tyres adds 10 Broadway branches to its network

National Tyres reports that it has added 10 branches to its network this month as part of the company’s expansion strategy. According to National Tyres and Autocare, the 10 new branches are a group acquisition from Broadway Retail Ltd.

“This is a very exciting development for National Tyres and Autocare,” said chairman Alan Revie: “It is a testament to the strength and professionalism of our business that we are able to expand at a time when so many retailers are contracting. It also represents a significant acceleration of our growth plans, having already added eight new branches to our network in the last 12 months alone.”

5th July 2011/by Tyrepress Editors