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Conti Sales Reach 25.5 Billion Euros in 2010

Signs of a rebound in the automotive industry following the recession can be seen in the latest annual results released by Continental AG. The tyre and vehicle components manufacturer reports sales in excess of 25 billion euros. “On the wings of better than expected business in the last three months of the year, we realised sales of over 25.5 billion euros in 2010,” stated Continental Executive Board chairman Elmar Degenhart at the North American International Auto Show in Detroit. Furthermore, despite an additional 480 million euro year-on-year cost to the company’s Rubber Group due to record high raw material costs, Degenhart said Conti’s adjusted EBIT margin will work out to be around 9.5 per cent for 2010.

11th January 2011/by Tyrepress Editors

Cooper Tire Increases Mexico Investments

International News

On January 1, Cooper Tire & Rubber increased its level of ownership in its affiliated Mexican operation from 38 to 58 per cent. The tyre maker states this increased ownership in Corporacion de Occidente SA de CV. has been made as part of its long-term strategy to produce high quality yet cost competitive products. As a result of this transaction, the Mexican entity will be fully consolidated in the company’s financial results for this year.

4th January 2011/by Tyrepress Editors

Ex-Bridgestone Emkes Takes on Tennessee Financial Role

Mark Emkes, who in February retired as president and CEO of Bridgestone Americas, has taken on a role with the Tennessee state government. Tennessee Governor-elect Bill Haslam has appointed Emkes to the role of commissioner of finance and administration. In this position Emkes will play a key role in shaping a US$1 billion reduction in state spending when federal stimulus money runs out next year.

13th December 2010/by Tyrepress Editors

Delticom Raises 2010 Forecast

Delticom has once again raised its guidance for 2010 due to a surge in demand for winter tyres leading to supply shortages. As a result of this market-wide scarcity, winter tyre prices have increased starkly across Europe. Delticom management's guidance for the 2010 financial year from November 26th has thus been overtaken by the recent developments. On the back of strong fourth quarter sales, the company should be able to grow 2010 revenues by more than +30 per cent year-on-year (previous guidance: more than +20 per cent). Due to the “very beneficial pricing environment” throughout the year and especially in the fourth quarter, profitability will be “unusually elevated” and thus significantly better than last year. Management sees a 2010 EBIT margin on the order of 11 per cent as realistically achievable (previous guidance: around 10 per cent, last year: 9.4 per cent). Depending on how the next weeks will evolve with regards to demand, stock levels and prices, margins could come in even higher than currently estimated.

9th December 2010/by Tyrepress Editors

Goodyear Announces Finance Leadership Changes

Several changes in Goodyear Tire & Rubber’s finance leadership have been announced. Filling the soon to be vacant position of vice president and controller, North American Tire is Richard J. Noechel, currently vice president of finance for North American Tire. Noechel replaces Thomas A. Connell, who intends to retire on March 1, 2011. The position at present occupied by Noechel will be filled by Laura K. Thompson, who currently serves as vice president of business development. Stepping a rung up the ladder into Thompson’s old job is David Campopiano, currently senior director of business development. All abovementioned changes will take effect on March 1, 2011.

8th December 2010/by Tyrepress Editors

Apollo Recipient of India Manufacturing Excellence Awards

The manufacturing practices employed by Apollo Tyres have been recognised at The Economic Times India Manufacturing Excellence Awards 2010. These awards, instituted by The Economic Times, the largest read financial daily in India, and global consulting firm Frost & Sullivan, are intended to identify the best manufacturing facilities in India and map manufacturing capability, highlighting areas for improvement, through an objective and well-structured assessment process. The key considerations for a good score include global benchmarking, performance as compared to competition, supply and service to customers, quality focus, manufacturing discipline and excellence, and areas of improvement across functions.

7th December 2010/by Tyrepress Editors

Supertracker Increases Value in Plimsoll Report

Wheel alignment equipment specialists Supertracker has been named one of the 62 UK companies within the UK Garage Equipment industry whose business has increased in value in a recently released Plimsoll Report, helping to boost the firm’s corporate trading image. The new valuation report and is based on the company's annual sales achievements during 2010. The report confirms that Supertracker is currently worth more than it was two years ago.

6th December 2010/by Tyrepress Editors

Bear’s Tyre Tracker Aims to Reduce Australian Fleet Downtime, Maintenance Costs

Australian tyre life-cycle management specialist, Brad Bearman of Bear’s Tyres has suggested that his Bear’s Tyre Tracker product could help fleets in the country reduce fuel wastage. “It is an unfortunate fact that the neglect of tyre maintenance is directly attributable to unnecessary fuel wastage, particularly for long haul carriers that spend most of their time of the road," said Bearman.

24th November 2010/by Tyrepress Editors

Conti Gives Employees a Cash ‘Thank You’

As a means of thanks for their contribution to the company’s recovery from the recession, Continental AG’s 146,000 employees worldwide will receive a one-off payment. Executive Board member responsible for human resources, Heinz-Gerhard Wente, announced that a total of 45 million euros has been set aside for this purpose. “After the serious economic and financial crises last year, our employees throughout the world demonstrated their commitment, working hard to contribute substantially to Continental’s speedier-than-expected recovery,” he said. “In recognition of this commitment, the Executive Board decided on the one-off payment for the spring of 2011, even though the company is still facing several major challenges.” Exactly how much an employee will receive depends on where he or she lives, however. While Continental’s 45,000 workers in Germany will receive 400 euros, those employed in lands with ‘lower living costs’ will receive only 200 euros.

22nd November 2010/by Tyrepress Editors

Hankook Stock Falls 2% After Rating Cut

Despite earlier positive news about the second phase of production at the company’s Hungary plant reaching the production readiness ahead of schedule, Bloomberg reports that Hankook Tire Co. shares dropped 2 per cent to 29,100 won during trading on 17 November 2010.

17th November 2010/by Tyrepress Editors

Indian Tyre Production, Exports Up in H1, 2010 – ATMA

During the first six months of its current financial year, India produced some 28 per cent more tyres than a year earlier. Data from national industry organisation the Automotive Tyre Manufacturers’ Association (produced using information supplied by its eight member companies, who account for around 90 per cent of the country’s tyre production) states that 9.53 million tyres rolled out of ATMA member factories in India between April 1 and September 30 this year; in the same months of 2009 just 7.44 million tyres were produced. According to ATMA, production increased across all tyre market segments, the largest expansion being seen in the motor scooter segment, where production grew 67 per cent year-on-year. Passenger car tyre production in India increased 41 per cent to 2.09 million, while light commercial vehicle and truck/bus tyre production grew two and five per cent respectively. A total of 1.27 million truck/bus tyres were produced in the April to September period.

17th November 2010/by Tyrepress Editors

Treadsetters Finalists in HSBC Business Thinking Competition

Telford-based tyre wholesale operation Treadsetters has beaten over 1600 other business to the finals of HSBC’s business thinking awards. The company, which earlier saw off strong competition to win its regional heat is now in line to win up to £5 million in lending and a financial reward of up to £100,000. Now, Treadsetters and just 17 other companies are vying for the title of overall winner of Business Thinking 2010 at the prestigious “International Insights” event in Hong Kong, which managing director Tim Davies is attending on 5 December.

16th November 2010/by Tyrepress Editors

Bridgestone Bandag Relocating Headquarters Team

Eighteen jobs have been cut at the Bridgestone Bandag Tire Solutions (BBTS) site in Muscatine, Iowa in advance of the unit’s partial relocation to Tennessee state capital Nashville. The one and a half dozen workers lost their jobs on November 15 while a further 32 Muscatine employees will transfer to Nashville, where parent company Bridgestone Americas has its headquarters. The changes were announced within the context of a restructure of the company’s North American operations.

16th November 2010/by Tyrepress Editors

Latest Sumitomo Financials See Company in Stronger Position

Sumitomo Rubber Industries’ financial results for the nine months to September 30 show a 19 per cent increase in net sales plus a return to the black. During the nine-month period the company took in net sales of 424,514 million yen (£3.2 billion), as opposed to 356,662 during the same period of 2009. Operating income amounted to 28,640 million yen (£215.2 million), 190 per cent more year-on-year. Ordinary income was for the nine months was 25,311 million yen (£190.2 million) and net income 14,036 million yen (£105.5 million).

15th November 2010/by Tyrepress Editors

Rubber Prices May Force Production Cuts in India

Natural rubber prices have been the bane of tyre makers in India of late, and on November 12 the New Delhi based Financial Express reported that major tyre manufacturers in India are considering production cuts to minimise on losses arising from prices that have risen above Rs 200 (£2.77) a kilogram.

12th November 2010/by Tyrepress Editors