financials Archives - Page 57 of 134 - Tyrepress

Posts

Is the government doing enough to halt fitment of defective wheels?

The issue of safety checks on commercial vehicle wheels achieved government attention at the end of March, as the Labour member of parliament for Wythenshawe and Sale East, Paul Goggins sought to raise the concerns of his constituent John Ellis, managing director of Motor Wheel Service (which is keen to raise the profile of this safety issue), with the Department for Transport (DfT). On 29 March, Goggins formalised the discussions in a Private Members’ Debate at Westminster Hall in conversation with the Conservative MP for Hemel Hempstead, Mike Penning, who is the current government minister for roads. MWS estimates that over 10,000 second hand and take-off wheels entered the market in 2009, of which the large majority were sold by companies who do not possess the technical abilities or examination procedures to ascertain the history and fatigue of a wheel.

5th April 2011/by Tyrepress Editors

Automotive industry charity BEN seeks to raise tyre business profile

A walk around automotive industry charity BEN’s residential care centre facility – and former Victorian country house – Town Thorns in rural Warwickshire presents visitors with an inspiring vision of what the organisation has achieved since it was set up in 1905. The care home, alongside three others spanning the length of England and a day care centre in Coventry, provides shelter for the most vulnerable people with a connection to the British automotive industry, though BEN’s scope has an even greater remit, providing, in its own words, “practical, emotional or financial support” according to their needs. The charity also offers confidential welfare – including emotional in addition to financial support – providing care for the short-term as well as for the more long-term cases seen in the residential homes. BEN officers also receive back-up from “BEN Friends”, who usually keep in touch with beneficiaries. A recent survey suggests that one in ten people in the UK could be entitled to BEN support should the need arise, a number that could rise to one in three in the West Midlands.

4th April 2011/by Tyrepress Editors

Bandvulc exports have tripled since 2009

Over the last two years Bandvulc has seen a consistent demand for its commercial retreads within Europe and especially Germany, but lately the pace of export growth has increased significantly. Not only have sales through existing partners increased by over 50 per cent in some countries, but new customers are reported to have been won – and in additional territories too. Key developments include distribution arrangements with agents as far away from South West England as Greece and Poland.

1st April 2011/by Tyrepress Editors

Conti completes final stage of VDO loan refinancing

The Continental Corporation reports it has successfully completed final stage of its “comprehensive refinancing programme.” On March 29, the automotive supplier agreed to new terms and conditions for its VDO loan for an original financing volume of 6.5 billion euros, maturing next year. The new package features a credit volume totalling six billion euros: One loan tranche of 625 million euros will mature in August 2012, a further tranche of 2.875 billion euros plus a revolving credit facility amounting to 2.5 billion euros have a term of three years. Financing will be provided by more than 35 banks; Continental states it was “significantly oversubscribed.”

30th March 2011/by Tyrepress Editors

Analysts: Schaeffler moves point to “no merger”

Financial analysts from Deutsche Bank described Schaeffler’s decision to pay down debt and increase its direct ownership and free-float in Continetal as “good news”, pointing out that “the overhang is now over.” Crucially, these analysts wrote that these moves signify that “there will be no merger between Schaeffler and Continental.”

For its part Deutsche Bank said Schaeffler’s moves are good news because these bring the firm’s overhang – when market forces put downward pressure on stock prices due to the likelihood of a sale – is now said to be over. “After full-year 2010 results we and the consensus upgraded earnings per share by 20 per cent, [an] upgrade which had no impact on the share price (due to the overhang)…this disposal clarifies the structure of Schaeffler/Continental.”

28th March 2011/by Tyrepress Editors

Schaeffler reduces debts, increases direct Conti stake to 49.9%

Schaeffler Group has confirmed a series of measures re-financing the company by reducing detbs by around 2.8 billion euros and re-positioning itself in relationship to Continental AG. Following a string of news reports suggesting the moves were on the horizon, the company issued a statement on 28 March confirming it is selling approximately 29.7 million indirectly owned shares in Continental AG, increasing its directly owned stake from 42.2 to 49.9 per cent and is converting into a stock corporation (from Schaeffler GmbH to Schaeffler AG) this year. Continental shares reportedly rose 1.6 per cent during trading on Monday 28 March in response to the news.

28th March 2011/by Tyrepress Editors

Trelleborg refinances through new syndicated loan

On March 24, Trelleborg AB and Trelleborg Treasury AB finalised a 750 million euro and US$625 million syndicated multicurrency revolving credit facility. The total volume of this new credit facility corresponds to some SEK 10.6 billion (£1.03 billion) and it is scheduled to mature in March 2016. The new credit facility replaces and refinances Trelleborg’s existing 750 million euro and US$600 million multicurrency revolving credit from 2005, which had an original final scheduled maturity date in March 2012.

25th March 2011/by Tyrepress Editors

Gajah Tunggal 2010 sales up 24% – Deutsche Bank

Indonesia’s PT Gajah Tunggal Tbk is expected to report its fiscal year 2010 results on March 26, 2011. Pre-empting the full release of the company’s financials, DB Equity Research Automotive reports the tyre maker achieved annual sales of Rp 9.9 trillion (£693.6 million), a 24 per cent year-on-year increase. This figure is, the Deutsche Bank analysts comment, three per cent above consensus and five per cent above Deutsche Bank estimates. Gross profit is reported to have increased six per cent year-on-year above 2009’s Rp 1.821 trillion (£127.6 million), implying a full-year gross margin of 17.9 per cent. This margin is, DB Equity Research Automotive notes, “much better than expected” given the steep (around 16 per cent) average increase in natural rubber prices in the fourth quarter of 2010 versus the average in the first nine months of the year.

24th March 2011/by Tyrepress Editors

Record BTCC line-up awaits Dunlop in 2011

In 2011 Dunlop continues as title sponsor of the British Touring Car Championship and this year the tyre maker’s name is attached to a series being contested by more entries than ever; the Dunlop MSA British Touring Car Championship has confirmed a record entry list ahead of its 2011 season with the highest number of different makes and vehicle models entered for the series in the two decades it has run as an all two-litre formula.

24th March 2011/by Tyrepress Editors

Toyo announces Japan relief donation

Toyo Tire & Rubber has joined its fellow countrymen Bridgestone and Yokohama Rubber in announcing assistance to the regions of Japan affected by the recent earthquake and tsunami. In a press statement expressing the company’s deepest condolences to the families who have lost their loved ones or otherwise suffered in the March 11 disaster, Toyo Tires announced it will donate 150 million yen (£1.1 million) to assist in relief efforts. The company is giving is giving 100 million yen to the Miyagi Prefecture and 50 million yen to the Fukushima Prefecture.

22nd March 2011/by Tyrepress Editors

Schrader expects customer base to double by 2015

Following the announcement that TPMS firm Schrader Electronics is to create over 100 jobs following a £29 million investment at the company’s Northern Ireland operations off the back of European funding and securing an OE supply deal for Ford Europe, the firm expects its customer base to double.

Invest Northern Ireland offered Schrader over £5 million of the investment part funded by the European Regional Development Fund (ERDF), towards the investment projects. Of this, £1.9 million will support the expansion of the firm's production facilities, promote growth in the European and Asian markets and create a total of 130 new jobs, all of which will help the company target European and Asian markets. Schrader, which is part of the automotive and industrial division of Tomkins, already employs between 800 and 900 people in Antrim and Carrickfergus.

18th March 2011/by Tyrepress Editors

Toyo issues post-earthquake statement

International News

Expressing it’s the company’s deepest condolences to the victims of the 11 March 2011 earthquake and tsunami, Toyo Tires group has released further details about the how the tragedy has affected its business and what it is doing to ensure the safety of workers.

Despite the fact that Toyo runs a plant in Sendai near the epicentre of the magnitude 8.9 earthquake, the company reports that neither this nor its other manufacturing plants in Japan have been affected by the tsunami, and there has not been any significant earthquake damage to plant building or facilities.

14th March 2011/by Tyrepress Editors

Bridgestone Europe announces further price increases

Prices for all Bridgestone consumer, commercial and specialty tyres are set to increase by an average of seven per cent in European markets. The new prices take effect with the start of the second financial quarter in April and exact increases will vary between product categories, Bridgestone Europe reports.

10th March 2011/by Tyrepress Editors

SEC filing sheds light on Goodyear exec compensation

A Securities and Exchange Commission filing submitted by Goodyear Tire & Rubber reveals the tyre maker’s top executives received considerable compensation increases last year, despite the company posting another annual loss.

9th March 2011/by Tyrepress Editors

Preliminary report: Pirelli 4Q improves on estimates

A preliminary report from analysts suggests that Pirelli’s fourth quarter financial figures have beaten consensus estimates in terms of earnings before interest and tax by 15 per cent, leading banks to predict an upgrade to the company’s stock value. Net debt is also lower than expected according to the report, while analysts called the Italian manufacturers message that its pricing will offset higher raw materials costs “very confident”.

8th March 2011/by Tyrepress Editors