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Delticom 9-Month Figures Show ‘Very Successful’ Year

Germany’s Delticom AG has once again shown online tyre retailing to be a lucrative business. The company behind numerous national portals, including mytyres.co.uk, reports that during the first nine months of 2010 its revenues increased 27.5 per cent to 257.0 million euros. In the third quarter Delticom generated revenues of 79.7 million euros, a year-on-year rise of 27.6 per cent. EBIT during the nine months to September 30 was 22.7 million euros, up 54.5 per cent, and in the third quarter amounted to 6.0 million euros. Delticom’s net income for the first nine months of the year was 15.2 million euros, 51.9 per cent higher than in the same period of 2009.

11th November 2010/by Tyrepress Editors

Raw Material Costs Prompt Apollo to Consider Further International Investments

Upon announcing Apollo Tyres Ltd’s results for the second quarter and first half of the current Indian financial year, company chairman Onkar S Kanwar commented “it’s been a very difficult six months managing the unprecedented rise in natural rubber prices.” This is perhaps an understatement; Kanwar noted the company’s natural rubber costs have risen 70 per cent in the last year and 150 per cent in the space of two years – a significant amount, considering the commodity accounts for 60 per cent of Apollo’s raw material costs. “This has affected all aspects of our operation.” Kanwar added. “I do hope the Government will look at some measure to check speculation, as well as bring down the unreal duty structure we have.”

11th November 2010/by Tyrepress Editors

Toyo Increases European Tyre Sales 12% in H1, 2010

Toyo Tire & Rubber reports a global 9.0 per cent increase in tyre sales volumes during the first half of the 2010 financial year, with European sales volumes surging 12.0 per cent. In total, the company produced 88,900 tonnes of tyres during this six-month period until September 30, 76,200 of this in Japan. Net sales within the half-year reached 143,431 million yen (£1.1 billion), 10.7 per cent above the corresponding six months of 2009. This improvement, Toyo notes, has occurred due to a recovery in demand. During the quarter between July 1 and September 30 Toyo reported net sales of 71,269 million yen (£546,4 million).

9th November 2010/by Tyrepress Editors

Acquisition adds to Lanxess' Vulcanisation Chemical Range

The acquisition of two businesses belonging to Solutia Inc. subsidiary Flexys is intended to strengthen the product portfolio chemical specialist Lanxess’ offers its customers from the tyre and rubber industries. Pending approval from the relevant antitrust authorities, the company will incorporate Flexsys’ primary accelerator business and Perkalink 900 anti-reversion agent into its Rubber Chemicals business unit. Lanxess has not disclosed any financial aspects of the acquisitions and reports that no Flexsys employees will be transferred to Lanxess.

9th November 2010/by Tyrepress Editors

Titan 3Q Results “Better Than Expected”

Sales at Titan International amounted to US$222.8 million during the third quarter of the 2010 financial year, representing a year-on-year increase of 57 per cent. This improved result was accompanied by a gross profit of $27.9 million and a net income of $4.0 million. Year-to-date, the company’s sales have increased 12 per cent year-on-year to $648.9 million, while net income has reached $10.8 million.

8th November 2010/by Tyrepress Editors

New TRIB MD Appointed

The Tire Retread & Repair Information Bureau has appointed David Stevens, 42, as its new managing director, reports Tire Review. Stevens will replace interim managing director Marvin Bozarth, who had filled the role after the TRIB board of directors dismissed long-time managing director Harvey Brodsky on 5 October. Stevens’ appointment was unanimously agreed upon by the board, which had been searching for a new managing director for the last few weeks, incoming TRIB board president Bob Majewski told media during a press conference Wednesday at the Global Tire Expo/SEMA Show.

4th November 2010/by Tyrepress Editors

Conti Predicts 25 billion euro Sales; 9% EBIT in FY10

The Continental Corporation is predicting it will achieve sales of more than 25 billion euros and an adjusted pre-tax profit margin (EBIT) of 9 per cent when it publishes full year financial results for 2010. The margin target had previously been 8 – 8.5 per cent. Continental released the projections in parallel with its third quarter results which show that the automotive supplier posted sales of 19.1 billion euros and an adjusted EBIT of 1.79 billion euros after three quarters, exceeding the pre-crisis level of the first three quarters of 2008. At 9.4 per cent, the nine-month adjusted EBIT margin also exceeded the comparable 2008 level.

3rd November 2010/by Tyrepress Editors

Analysts Welcome Pirelli Broadband Sale, Expect Aggressive Capital Investment

Despite affirming that Pirelli’s recent sale of its broadband business confirms the company’s focus is on its tyre operations, some financial analysts have responded by saying Pirelli’s stock sentiment has peaked for the time being. Their thinking is that the company is on the brink of announcing a series of capital expenditure investments. In response to news that Pirelli sold its broadband operations to ADB for 30 million euros, a Morgan Stanley investor’s note said: “We valued the business at 13 million equity value, the sale price is 30 million (the difference is irrelevant for the share price).”

22nd October 2010/by Tyrepress Editors

£1 billion Carbon Stealth Tax; ‘Big Society’ May Affect Public Transport Fleets

Following the chancellor’s announcement of spending cuts, a row has broken out over what businesses have called a carbon stealth tax. The small print of the government announcement reveals that £1 billion a year raised from companies under the carbon reduction commitment scheme will go straight to the government instead of being fed back to businesses with good environmental performances – apparently without consultation. Considering that the many businesses paid £15,000 just to join the scheme – and significantly more in factory upgrades to compete for the funding – this likely to receive a hostile reception from those predominantly manufacturing business affected.

21st October 2010/by Tyrepress Editors

Kumho Edges Closer to Sale of Daewoo Engineering

Reports out of Seoul, South Korea say that the country’s financial regulators have approved a deal where Korea Development Bank will acquire controlling interest in Daewoo Engineering & Construction Co. from Kumho. The transaction for a nearly 40 per cent share of the construction firm was put at $2.93 billion. There was no word when the deal might close. (Tire Review)

20th October 2010/by Tyrepress Editors

Will UK State Spending Cuts Affect the Tyre Market?

Today the axe fell on UK state spending, with some of the largest cuts in public service budgets in decades. But how will the small, medium and large scale business of the tyre industry be affected? The validity of concerns that some public service fleets are considering altering tyre fitment policies to incorporate changes at 1.6mm rather than 3mmt tread depths have yet to be confirmed. One might think that – quite apart from the clear safety benefits and the cost implications that road traffic injuries bring to public coffers – that the revenues MOT fees bring in may lead the government to reconsider recent talk of doubling the length between MOTs and therefore halving the test fee income. There has been no confirmation of that yet either, but there is some good news when it comes to the taxes businesses have to pay.

20th October 2010/by Tyrepress Editors

Ceat Expands Nashik Plant Capacity

Ceat has reportedly increased tyre production capacity at its Nashik, India plant by over 1,000 tonnes a month. The plant produces truck, light commercial vehicle (LCV) and agricultural tyre products. Local news reports said that as a result of the expansion the Nashik facility’s truck tyre capacity has increased by 1,700,000 units, LCV tyres by 96,000 units and rear tractor lines by 50,000 units annually.

20th October 2010/by Tyrepress Editors

Goodyear to Announce 3Q 2010 Results

Goodyear states it will report its third quarter 2010 financial results before markets open on Thursday, 28 October. An investor conference call will follow the announcement at 10:00 (15:00 local time in the UK). Richard J Kramer, chairman and chief executive officer, and Darren R Wells, executive vice president and chief financial officer will participate in the call.

20th October 2010/by Tyrepress Editors

Micheldever Jumps to 90th in Sunday Times Top Track 250

Recent growth at the Micheldever Group has driven the firm up to 90th place in the prestigious Sunday Times Top Track 250 list of the most successful mid-market privately owned companies. With just the Top Track 100 of the biggest private companies in the UK above it, this puts progress in the business into context. Micheldever first entered the Sunday Times list in 2006 in 184th position and in the intervening three years has jumped an amazing 94 places with the group’s sales in the last financial year reaching over £275 million.

18th October 2010/by Tyrepress Editors

PAI Partners Confirms it is considering £650 million Sale of Kwik-Fit

Talk of Kwik-Fit’s potential sale is nothing new – reports on tyrepress.com date speculation about another impending change of ownership since September 2008. However an unnamed source within the private equity house has reportedly told news organisations including the Financial Times and Reuters that PAI Partners, the French firm that currently owns the fast fit business, has appointed Credit Suisse and Morgan Stanley to analyse the possible sale of the company. Unconfirmed speculation suggests the trigger for this move was the receipt of two bids. The Financial Times suggests Bridgestone and Michelin as two potential bidders; the former as a rival bidder to PAI in 2005, the latter as the owner of rival fast-fitter ATS Euromaster.

15th October 2010/by Tyrepress Editors