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Pirelli Ups 2010 Targets

A review of preliminary financial data for the nine months ended September 30, 2010 has led the Pirelli & C. SpA Board of Directors to upwardly revise 2010 targets. The Board’s October 14 review of the preliminary data was made in view of the company’s new 2011-2013 three-year plan, and Pirelli says that the “positive performance of Pirelli Tyre in the first nine months of the year and the present market context permit a further upward revision of 2010 targets.” Targets had previously been raised when the first quarter and first half results were announced.

15th October 2010/by Tyrepress Editors

A Little Bit of Dallas in Clermont-Ferrand

Whether 1966-born Jean-Philippe Rouchon really is the illegitimate son of Patrice Michelin, who died in 2006, is a case for the court to officially decide. On October 12, the Tribunal de Grande Instance de Paris set a November 9 hearing date for the issue. Lately, French newspapers have been filled with reports and the internet is abuzz with alleged or actual titbits of information on the matter, and Rouchon himself is clearly aware of how to use the media to his own advantage. In videos it can be seen and heard that it is not really all about the money (although it does play a role, for example with inheritance, as today the Michelin family belongs to the five or six richest families in France with wealth that goes far beyond the Michelin Group’s assets) but rather ensuring justice and making amends. He has surely suffered, having to lead a hidden life somewhere while the esteemed members of the large Michelin family lived happily like children sitting under the Christmas tree.

14th October 2010/by Tyrepress Editors

BKT Greenfield Project to Meet Growing Indian Demand

A planned fourth factory is expected to increase Balkrishna Industries’ tyre making capacity by 73 per cent. Indian media sources report the tyre maker plans to establish a new facility in Bhuj, Gujarat state, by the third quarter of the 2013 fiscal year.

8th October 2010/by Tyrepress Editors

Peter Hellman Elected to Goodyear Board

A twelfth member has been added to the Board of Directors at Goodyear Tire & Rubber with the election of Peter S. Hellman, retired president of Nordson Corporation. In introducing the new board member, company chairman and chief executive officer Richard J. Kramer said “Peter Hellman is a respected leader with extensive leadership experience in successful international businesses. His wide-ranging experience and knowledge will be of significant value to our board of directors.”

6th October 2010/by Tyrepress Editors

Analysts: Michelin Rights Issue ‘Overly Prudent’

Michelin’s unexpected decision to announce a 1.2 billion euro rights issue at the Paris Motor Show on Tuesday 28 September may have knocked confidence in the company’s free cash flow generation amongst those observers that are concerned the company is being too cautious. But question marks also remain over what the company’s strategy is here. In the trading session following the announcement, Michelin shares dropped by more than 8.0 per cent according to the AFP News agency.

30th September 2010/by Tyrepress Editors

Kanwar Comments Point to Apollo Investing in East Europe

Apollo Tyres is apparently still considering its options for production in Eastern Europe. Company chairman Onkar S. Kanwar has said, reports India based financial news site livemint.com, that Apollo is “evaluating takeover possibilities” within the region. The tyre maker may invest up to Rs 20 billion (£280 million) buying and setting up facilities in outside of India; livemint.com says that an Asian acquisition is also being evaluated. A further Rs 10 billion is said to have been earmarked for expanding capacity within India.

29th September 2010/by Tyrepress Editors

CDP Group Joins Italian Wholesale Elite in Under 3 Years

Italian tyre wholesaler operation CDP Group Spa has grown from a start-up to being a top 10 tyre wholesaler in the country in less than three years. Founded at the beginning of 2008 the company reports that it took just two and a half years to get into sixth place in the Italian tyre wholesale rankings and – with full year 2009 turnover totalling 28 million euros – there is every sign that the growth will continue.

29th September 2010/by Tyrepress Editors

Michelin: 50% Sales Volume Growth by 2020

A desire to accelerate corporate growth has prompted Michelin to launch a 1.2 billion euro capital increase aimed at existing shareholders. Through this capital increase the French tyre maker also aims to enhance its credit rating, access to financing and financial flexibility.

28th September 2010/by Tyrepress Editors

Yokohama Raises Half-Year Projections

Projections made by Yokohama Rubber on July 30 for its consolidated net sales and earnings in the first half of the current financial year have been raised to reflect accelerated progress in cost cutting and an increased sales forecast. For the six-months between April 1 and September 30, 2010, the company now anticipates that the 3.9 billion yen (£29.2 million) net loss experienced in the first half of the previous financial year will “shrink to approximately zero.” Company management expects operating income to be 6.3 billion yen (£47.2 million), as opposed to an operating loss of 4 billion yen a year earlier.

28th September 2010/by Tyrepress Editors

Camoplast and Solideal Join Forces

Canada-based Camoplast Inc. has acquired Solideal Group, which serves the tyre, wheel and rubber track needs of the world’s material handling and construction industries. The closing of the transaction is subject to regulatory approvals and is slated to take place in October, Camoplast said.

The integrated company will operate under the name of Camoplast Solideal Inc. with a significant participation of the current shareholders of Solideal in the ownership of the company. Solideal and Camoplast brands will continue to be managed independently.

23rd September 2010/by Tyrepress Editors

Claiming to be Michelin Heir, Man Takes Case to Court

A man claiming to be a rightful heir to the Michelin family fortune has taken his case to French court. Jean-Philippe Rouchon, who was born in Puy de Dôme, France, near Michelin’s historic headquarters in Clermont-Ferrand, says he is the illegitimate son of Patrice Michelin, the grandson of André, who founded the company with his brother, Edouard, in 1888.

16th September 2010/by Tyrepress Editors

Pirelli a ‘World Leader’ in Dow Jones Sustainability Indexes for Fourth Year

For the fourth year in a row, Pirelli was confirmed world leader in the Autoparts and Tires sector in the Dow Jones Sustainability Europe and Dow Jones Sustainability World indexes. For the second year in a row, Pirelli was also the only Italian company to be ranked as a world leader in its sector.

13th September 2010/by Tyrepress Editors

Bridgestone Outlines Senior Management Changes

Bridgestone Corporation has announced a number of senior personnel changes, scheduled to take effect October 1. Yoshiyuki Morimoto has been appointed vice president and officer of Tire Research and Material Development plus assistant to the vice president and officer, Office of Group CEO Technology Relations. Akihiro Eto will become vice president and officer, chief financial officer of Finance and chief information officer of IT & Network; Eto will concurrently serve as director Corporate Planning Division, Internal Control Division, Advanced Business Development Division; he will also take on the role of general manager Paper Business Planning and Sales Department. Yutaka Yamaguchi is to become vice president and officer Tire Products Development. At the end of October Akihiro Eto will shed some of his responsibility, and will serve as vice president and officer, chief financial officer of Finance and chief information officer of IT & Network plus director Corporate Planning Division and Internal Control Division.

13th September 2010/by Tyrepress Editors

Bridgestone Removed From FTSE4Good Indices

Bridgestone Corporation is one of five companies deleted from the FTSE4Good indices during a semi-annual review held in September. The FTSE, which is jointly owned by the Financial Times and the London Stock Exchange, removed Bridgestone for “not meeting the FTSE4Good Human & Labour Rights Criteria.” Specific information regarding Bridgestone’s alleged transgressions has not been provided.

13th September 2010/by Tyrepress Editors

Hankook’s Suh Becomes Honorary ‘Rácalmán’

Rácalmás is a central Hungarian town, located on the right hand side of the river Danube, and is home to some 4,500 people. It’s also home to Hankook Tire’s European factory, and the Korean tyre maker’s contribution to the region was formally acknowledged on August 20 when company vice chairman and global CEO Seung-Hwa Suh was made an honorary citizen of Rácalmás.

24th August 2010/by Tyrepress Editors