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Conti to support ‘double-digit’ 2011 growth with increased investment

Following a 2010 in which set targets were “clearly surpassed”, Continental AG says it aims to achieve double-digit growth this year. At the company’s Annual Financial Press Conference, held on March 3 in the German city of Frankfurt, CEO Dr. Elmar Degenhart reported a sales growth of almost 30 per cent, to 26 billion euros. This represents record sales for the automotive supplier, a personal best also matched by a record operating result.

3rd March 2011/by Tyrepress Editors

Kwik-Fit confirms Itochu is new owner

Company News, News, UK News

Kwik-Fit Group has confirmed earlier reports that PAI Partners has sold the fast fit chain to the Japanese Itochu Corporation for £637 million. The purchase price is said to include £457 million of debt, which will be paid off in full at completion, according to a Financial Times report. The deal is reportedly Itochu’s biggest investment in the UK and follows its acquisition of Stapletons in 1994. The company is also already talking about the potential synergies between the two businesses:

3rd March 2011/by Chris

CDP Group: a lone voice?

A bright new office environment and the company’s relatively young team make CDP Group’s enthusiasm palpable. The impression is that they work with commitment to a project they believe in and are proud of. Based in Forlì, Italy, CDP Group SpA, which started from scratch only three years ago, is now amongst the top ten tyre distributors in Italy, with 2010 revenues of more than 38 million euros.

So what’s the secret of the company’s success? Andrea Reggi, CDP Group CEO, explained: "Our business is founded on the idea of a public company: we all work as if the company is a fund with the sole objective to create profitability, not sales. What counts for us is to create value."

28th February 2011/by Tyrepress Editors

Nexen Tyre reports 1.08 trillion won sales, up 11.8%

Nexen Tire Corporation has reported sales of 1.08 trillion Korean Won (£595.5 million; 696.385 million euros; US$964 million), an 11.8 per cent increase compared with 2009. Hyun Bong Lee, vice chairman and CEO of Nexen said: “Nexen has made a great step towards its target of becoming one of the top 10 tyre manufacturers in the world by 2015.” Sales have almost tripled since 2004 and are forecast to triple again by then.

25th February 2011/by Tyrepress Editors

Cooper quarter operating profit down, despite record sales

Reporting financial results for the quarter ending 31 December, 2010, Cooper Tire & Rubber Co saw its operating profit diminish to $55 million, $5 million down on the same quarter in 2009, though it also achieved record net sales of $920 million, $147 million, or 19 per cent, up on 2009. Roy Armes, CEO, commented that while demand for the company’s products was strong and manufacturing facilities were run “efficiently”, raw materials prices and the available inventory had limited progress in terms of operating profit. Operating profit was $55 million, or 5.9 percent of net sales.

25th February 2011/by Tyrepress Editors

Trulli tells Autosprint: Pirelli F1 tyres “aren’t balanced yet”

Jarno Trulli, driving for the Lotus team in the 2011 Formula One season, has suggested that sole tyre supplier Pirelli’s PZero Formula One tyres have “[missed] something in development, because the tyres aren’t balanced yet.” While Pirelli has stated its satisfaction with the current tyre and the quicker wear-rate so far experienced is a deliberate feature to encourage more tactical tussling between the teams. However, veteran driver Trulli believes that: “tyre wear is secondary compared to the tyre's balance problems, because at the moment you get on the track with a new tyre that initially is understeering, and after three laps the behaviour is the opposite, that is impossible oversteering."

24th February 2011/by Tyrepress Editors

Dundee plant to benefit from Michelin investment?

News of Michelin plans to invest in its Dundee facility is circulating in various Scottish newspapers and websites. According to reports, the tyre maker intends to inject a “multi-million pound” investment into the plant in order to facilitate the production of its latest premium eco passenger car tyres. A Michelin study is said to be underway with a best case outcome being the installation of additional production machinery at Dundee, a switch to continuous seven-day operation and the creation of some 140 new jobs. In addition, plans for the Scottish factory include the safeguarding existing employment there.

24th February 2011/by Tyrepress Editors

Pirelli chairman resigns from Libyan Investment Authority board

Pirelli chairman Marco Tronchetti Provera has resigned from his position on the advisory board of the Libyan Investment Authority, which is the eighth largest shareholder of the multinational financial institution UniCredit, according to a Reuters report. The decision to resign came “in the face of the tragic events that are hitting the Libyan people,” according to a Pirelli statement. Tronchetti Provera has been on the LIA’s investment committee since March 2009.

23rd February 2011/by Tyrepress Editors

Goodyear India to study market viability prior to TBR launch

A market study into the viability of selling Goodyear’s truck and bus radial range in India has begun, reports the Hindu Business Line. The managing director of Goodyear India, Rajeev Anand, stated on February 22 that “We are putting our TBRs into the market on a pilot basis for testing. The market study will take around 18 months after which we will launch a new range. At present we only make cross ply tyres for trucks and buses, in which we have a small market share.” As the financial daily notes, radials still account for just 12 per cent of the 950,000 truck and bus tyres sold in India each month, yet sales have more than doubled in the last two years due to growth in the commercial vehicle market.

23rd February 2011/by Tyrepress Editors

Guizhou Tyre’s 670 million yuan rights issue

Guizhou Tyre reportedly planed to raise 670 million yuan (£62.924 million; 74.624 million euros; US$102 million) through a rights issue of three shares for every 10 shares held at 6.86 yuan per share. According to Shanghai Securities News, which cited a company filing, the subscription period was 11 – 17 January 2011. The company has not yet released any details of the results of the issue.

21st February 2011/by Tyrepress Editors

Prison for tyre dumper who ignored warnings

Failure to heed prior Environment Agency warnings has led to a 12 month prison sentence for Staffordshire man Mark Watts. On February 14 the 41-year old Burntwood resident was sentenced at Mold Crown Court for charges relating to the illegal deposit and keeping of controlled waste; namely, the illegal depositing and storage of used tyres on rented land at Abercynllaith and at Broad Oak Business Park, Whitchurch.

21st February 2011/by Tyrepress Editors

Takahashi Named Bridgestone Americas Chairman

A new chairman of the Board of Directors at Bridgestone Americas has been announced as part of a raft of senior management changes within Bridgestone Corporation. Taking on this role is Koki Takahashi, currently vice chairman and chief financial officer at Bridgestone Americas. He steps into this new position on March 18 and he replaces Masaaki Tsuya, who has served in the role in an interim basis in addition to his regular offices since January 1. Takahashi’s successor in the position of CFO will be announced at a later date, Bridgestone notes.

21st February 2011/by Tyrepress Editors

Cam Systems appoints Strategic Client Manager

Colin Meikle has been appointed by Cam Systems as strategic client manager. He will be responsible for developing major client initiatives to maximise service and efficiency benefits for customers and drive innovation into the tyre industry.

With over 13 years’ experience in ERP (Enterprise Resource Planning) consulting, Meikle has been instrumental in implementing SAP and Microsoft Dynamics business solutions in retail and wholesale sectors.

18th February 2011/by Tyrepress Editors

Tata Motors to build Nano car factory in Indonesia in 2013

Tata Motors is considering building a manufacturing unit in Indonesia which will be used to manufacture the famous Tata Nano model. According to Indian motoring sources, the plan is under “constant vigilance” by the various study teams. The report cited a Tata spokesperson as saying “Yes, we will be establishing a manufacturing unit in Jakarta. We will be announcing this piece of news shortly, but till then it is all under wraps.”

16th February 2011/by Tyrepress Editors

Sumitomo Rubber warns on earnings, to raise prices 7%

Sumitomo Rubber Industries announced full year 2010 results and issued a profit warning on 9 February, but analysts warned that while positive sales projections look conservative the firm may have underestimated raw material costs as well. During the last financial year, higher raw materials prices reportedly cut earnings by 30.6 billion yen year-on-year and yen appreciation had an adverse impact to the tune of 5.0 billion. While higher selling prices boosted profits by 8.9 billion yen and volume/composition is said to have given a 39.8 billion yen boost. Higher productivity also contributed to earnings.

16th February 2011/by Tyrepress Editors