Infinity Tyres was the first supporter this year of the SAATHI social advocacy initiative, which strives to achieve “a better quality of living for individuals with special needs.” In line with Infinity’s mission to give back to the community, the company reports that it is finding “unique ways to make a difference in our local communities.”
During the most recent quarter turnover at Apollo Tyres increased by just 3.2 per cent to Rs 23.68 billion (£319.39 million), and this modest growth in turnover in the three months to December 31, 2010 is in line with growth throughout the first nine months of the current financial year. During the nine months to the end of last year the company achieved net sales of Rs 61.38 billion (£827.89 million), a year-on year growth of 2.7 per cent. The strongest performer in Apollo Tyres’ global operations proved to be the Netherlands based former Vredestein unit, whose turnover grew 11.7 per cent to Rs 6.49 billion (£87.54 million) in the third quarter and 13.1 per cent to Rs 16.11 billion (£217.29 million) in the nine months to December 31, 2010. Apollo Tyres’ net profit for the third quarter decreased 36.8 per cent to Rs 1.2 billion (£16.19 million) while it decreased 35.9 per cent to Rs 2.5 billion (£33.72 million) in the first months of the year.
Preparations for Michel Rollier’s eventual departure from Michelin are to commence after the Group managing general partner expressed his intention not to complete his term of office. According to Michelin bylaws this would occur when Rollier turns 72, however in agreement with the company’s Supervisory Board the 67-year old intends to recommend shareholders elect Jean-Dominique Senard –one of the company’s two non-general managing partners elected in May 2007 – to replace him as managing general partner. Shareholders are expected to vote on this at the Extraordinary Meeting scheduled for May 13, 2011. At this meeting shareholders will also be invited to approve resolutions to adjust the Group’s corporate governance procedures, Michelin notes.
Analysts chided Hankook Tire’s fourth quarter financials as “as expected…weak fourth quarter results.” In an investor’s note published during the week commencing 31 January, Deutsche Bank wrote that the figures were “in line with our expectations, but…30 per cent lower than consensus.”
The underwhelming performance was put down to the continually rising natural rubber prices: “Tyre makers are generally guiding for rubber prices to remain strong over the next 6-12 months and average selling price hikes remain the only way to protect margins.”
Kumho Petrochemical aims to exit the debt workout programme it has undertaken for the past year by the end of 2011, and to help boost its economic viability the Kumho Asiana division intends to sell the million or so shares it holds in Kumho Tires. “As part of a consistent move, we will sell all stakes of Kumho Tire owned by us from July, to help strengthen financial soundness,” said Kumho Petrochemical chairman Park Chan-koo.
At its February 3 extraordinary meeting, the Lanxess AG Supervisory Board agreed to revoke the contract of chief financial officer and Board of Management member Matthias Zachert. This measure was taken at Zachert’s request, Lanxess reports. The 43-year old has served on the Lanxess Board of Management since 2004.
India’s Department of Disinvestment has begun the process of completely divesting the government's stake in the Tyre Corporation of India (TCIL), the first outright sale of a public sector company to take place in India since 2003-04. The Economic Times comments that, should all go to plan, the divestment should be complete this year. Commenting to the financial daily, the chairman of the Board for Reconstruction of Public Sector Enterprises, Dr. Nitish Sengupta, said that TCIL’s balance sheets have now “been cleaned up” and the board has advised the disinvestment department “to proceed with their sale on an ongoing concern basis.” Sengupta added that many bidders may find the tyre enterprise attractive on the basis of its land assets alone.
The Indonesia Stock Exchange reports that tyre maker PT Gajah Tunggal Tbk has been added to its LQ45 list as of February 2011. The list recognises 45 companies that have fulfilled a number of criteria, including highest market capitalisation within the last 12 months and highest transaction value in a regular market during the same timeframe. The company’s market growth has also been witnessed in its 2010 financials; for the first time, Indonesia’s largest tyre manufacturer exceeded US$1 billion in net sales.
The Goodyear Tire & Rubber Company has announced that it will report fourth quarter 2010 financial results before markets open on Thursday, 10 February, to be followed by an investor conference call at 10:30. Participating will be Richard J Kramer, chairman and chief executive officer, and Darren R Wells, executive vice president and chief financial officer. The company will post its financial information around 45 minutes before the start of the call on its investor relations website. A taped replay will be available later that day by calling (706) 645-9291. The replay will also remain available on the website.
The Society of Motor Manufacturers and Traders (SMMT) has called on the UK government to freeze fuel duty to relieve immediate financial pressure on businesses, fleet operators, hauliers and motorists. According to the Society the duty rise planned for April this year threatens industry, businesses and consumer confidence at a crucial and fragile point in the UK's economic recovery.
Cooper Tire & Rubber Company says it will announce its fourth-quarter/year-end 2010 financial results before the market opens on Friday, 25 February. A conference call will be held with company management to discuss the results beginning at 11:00 Eastern Standard Time on 25 February. Individuals can access a webcast of the conference call at the investor relations webpage. Replays of the call will be available until Friday, 4 March.
After examining its preliminary financial results Delticom has declared 2010 a “record year” for the company. During the 12 month period the online tyre dealer’s revenues increased 34.8 per cent to 419.4 million euros and its customer base across the more than 100 online shops operated in 39 countries grew by almost a million to give Delticom a total of 4.4 million customers.
Nokian Tyres states that its sales and operating profit increased “more than expected” in the final quarter of 2010. The company has yet to release its quarter figures, however it estimates whole year sales in 2010 to be approximately 1.055 billion euros, compared with 798.5 million in 2009. Last year’s operating profit is estimated at 215 to 220 million euros, up from 102 million a year earlier. The Finnish tyre maker notes that sales and operating profit “grew clearly” in all its business units, fulfilling previously stated expectations.
Kelli Diener has joined Cam Systems as business development manager reporting into Steve Daly, commercial director. She will be responsible for managing and developing client relationships to director level, ensuring service delivery excellence and effective customer communications.
Bridgestone has received the 2010 ‘Euskal Makila’ award from the government of Spain’s Basque Autonomous Community in recognition of the company’s long-term contribution to the region’s economy. The award was presented to Bridgestone Spain chief financial officer Joseba Luzarraga by Carlos Aguirre, minister of Economy and Finance for the Basque government, in the presence of Kepa Hernández, manager of Bridgestone’s Bilbao plant and Jesús Blanco, the company’s director of Human Resources, at a gala ceremony in Bilbao.
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