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Ireland Tyre Tax Increase Would Compromise Jobs & Safety – ITIA

Ireland’s government apparently is considering increasing the tax levied upon tyres, and the association representing the country’s tyre industry has slammed it as a measure that would compromise safety and jobs. HGV Ireland reports that in a submission to Environment Minister John Gormley, the Irish Tyre Industry Association (ITIA) has stated that any tax increase would lead to hundreds of job losses as motorists would cross the border into Northern Ireland to make their tyre purchases.

19th August 2010/by Tyrepress Editors

Indian Replacement Market Tipped to Surpass £2.75 Billion by 2012

A research report released by market research firm TechSci Research predicts that total turnover for India’s replacement tyre market will surpass Rs 200,000 million (£2.75 billion) by the 2012 financial year. The replacement segment currently accounts for more than 60 per cent of the industry, the report notes, and it has become a key focus area for manufacturers due to the higher margins its offers. In the most recent financial year almost 50 million unit sales took place in India’s replacement segment, with motorcycle tyres and truck/bus tyres the two largest markets.

18th August 2010/by Tyrepress Editors

Superior Delays Q2 Figures Release

Superior Industries International states that the release of its second quarter 2010 financial results, scheduled to be made public on August 11, has been postponed due, in part, to the recent implementation of a new Enterprise Resource Planning (ERP) system. The aluminium wheel manufacturer says it is “working diligently” to finalise its second quarter results and will provide new dates and times for the earnings release and earnings conference call at a later date.

13th August 2010/by Tyrepress Editors

Indonesia Increasingly Attractive to Hankook

Financial news sources reporting on the rising wage demands of China are suggesting that South Korean companies, including tyre-maker Hankook, are gravitating towards Indonesia on the back of increasing stability in the country. Kang Chang-hwan, the company’s Finance and Management executive vice president in South Korea, told reporters “We are now looking to get the necessary regulatory approval from the Indonesian authorities to go ahead with the plant though the site has yet to be decided,” following a meeting with investors after Hankook published its second quarter financial results.

12th August 2010/by Tyrepress Editors

Latin America, Asia Synthetic Rubber Demand Behind Lanxess Q2 Earnings Growth

Upon releasing chemical manufacturer Lanxess AG’s financial results for the second quarter of 2010, the company’s Board of Management chairman Axel Heitmann commented on the ten best-selling Lanxess products: “This list features eight rubber products from the Butyl Rubber and Performance Butadiene Rubbers business units for the manufacture of tyres,” he stated.

10th August 2010/by Tyrepress Editors

Sales, Profits up at Toyo in Q1, 2010

During the first quarter of the 2010 financial year, Toyo Rubber received net sales of 72,162 million yen (£528.2 million), a 15.7 per cent increase on the same period last year. This increase in sales was matched by a 13 per cent increase in global tyre sales by volume, with a total of 43,700 tonnes of tyres produced in the three months to June 30, 2010. The bulk of this, 37,500 tonnes, was destined for the Japanese market. Operating income for the quarter was 2,612 million yen (£19.1 million), compared with an operating loss of 3,054 million yen a year earlier, and net income amounted to 743 million yen (£5.4 million) compared with a net loss of 2,620 million yen in the same period of 2009.

5th August 2010/by Tyrepress Editors

Kumho Tires Enjoying 2nd Quarter in the Black

Following a less than optimal 2009 Kumho Tires has achieved positive results for the second consecutive quarter of this year. The South Korean manufacturer’s revenue increased 34 per cent year-on-year during the second quarter of 2010 to KRW 628.1 billion (£336.1 million), with operating profit reaching KRW 66.9 billion (£35.8 million) and an operating profit margin of 10.7 per cent. Net profit for the three months to June 30 was KRW 53.9 billion (£28.8 million), contrasting with a loss of KRW 113.2 billion a year earlier.

4th August 2010/by Tyrepress Editors

Goodyear’s Keegan to Retire; Kramer Elected Chairman

With his retirement plans now finalised, Robert J. Keegan has expressed confidence in handing over the role of chairman of Goodyear’s board to the company’s president and chief executive officer, Richard J. Kramer. The Goodyear board of director’s election of Kramer to the position was announced on August 3 and will take effect October 1. Keegan is stepping down both as chairman and a director and will retire from the company.

4th August 2010/by Tyrepress Editors

Gajah Tunggal Profits Rise 188%

Indonesia’s largest tyre manufacturer, PT Gajah Tunggal Tbk, has reported a 188 per cent increase in net profit during the first half of the current financial year. During the six months to June 30, 2010, the company attained profits of Rp 415 billion (£29.3 million) on the back of revenues equalling Rp 4.8 trillion (£339.8 million), a 27 per cent year-on-year increase. Operating profit jumped 176 per cent to Rp668 billion (£47.3 million) due to a decrease in operating expenses.

2nd August 2010/by Tyrepress Editors

Danielson Appointed Bridgestone Bandag President

Kurt Danielson, previously vice president of sales and marketing at Bridgestone Bandag Tire Solutions, has been promoted to the position of president within the Bridgestone Americas unit. In his new role Danielson will continue to report to Saul Solomon, president of Bridgestone Americas US and Canada Commercial Tire Sales unit. “Kurt played a critical role in the formation of BBTS after the Bandag merger in 2007, and his professionalism and sound leadership have been instrumental in helping us meet the challenges of today’s dynamic truck and bus tyre and retread marketplace,” said Solomon.

2nd August 2010/by Tyrepress Editors

Reasonable First Half Growth for Goodyear in EMEA, North America

Goodyear has experienced a reasonable second quarter of this financial year in the Europe, Middle East and Africa segment, where second quarter sales increased 5 per cent to $1.5 billion. This was primarily due to a 6 per cent increase in tyre unit volume and strong price/mix performance, according to the company. In worldwide results, the company’s sales were $4.5 billion, up 15 per cent from 2009. Second quarter sales reflect the $304 million impact of a 10 per cent increase in tyre unit volume in response to improved global demand.

30th July 2010/by Tyrepress Editors

Pirelli Second Quarter 20% Ahead of Analysts’ Consensus

Financial analysts have described Pirelli Spa’s second quarter 2010 results as a “symbolic quarter” after the group, led by its tyre sales, posted results roughly 20 per cent ahead of analysts expectations and unexpectedly increased its 2010 earnings targets. The group increased its sales targets to 4.8 – 4.9 billion euros (from 4.6-4.7 billion) and is targeting EBIT margins 7 per cent versus 6.5 per cent previously.

30th July 2010/by Tyrepress Editors

Pirelli Reports Reports Strong 1H, Ups Targets

Pirelli Spa has reported that the firm closed the first half of 2010 with revenues of 2,426.5 million euros (1H 2009: 2,026.2 million euros), up 19.8 per cent. Pre-tax profits (EBIT) grew 62.8 per cent to 193.4 million euros (2009: 118.8 million euros). Net income of continuing operations more than doubled to 80.8 million euros, compared with 30.3 million euros in the first half of 2009. Such was the success of the tyre business in the first half, the company raised its revenue target. Executives now expect revenues to rise 15 per cent organically compared with the target of more than 10 per cent organic growth estimated in May. Pirelli also announced that it will present its new 2011-2013 three-year plan to the financial community in November.

29th July 2010/by Tyrepress Editors

Conti “Well on its Way” with H1 Results

In the words of Continental AG’s Executive Board chairman Dr. Elmar Degenhart, the German tyre and automotive systems manufacturer “is well on its way to emerging from the crisis stronger than before.” In particular, the company’s EBIT has developed positively and the EBIT margin exceeded pre-crisis levels during the first half of 2010. “This is also however obvious from our balance sheet, which we have improved substantially since the beginning of the year with the capital increase and the equally successful placement of an initial bond, as announced,” Degenhart added. “With this basis, we are tackling the upcoming tasks brimming with confidence.”

29th July 2010/by Tyrepress Editors

Rubber Costs Cause Shrink in MRF Quarter Profits

Net profit at India’s MRF Ltd dropped significantly year-on-year during the first quarter of the current financial year. The company recorded profits of only Rs 610 million (£8.41 million) in the three months to June 30, a much more modest figure than the Rs 1.26 billion (£17.38 million) achieved a year earlier. This profit slump occurred despite sales rising from Rs 14.34 billion (£197.59 million) in the first quarter of 2009 to Rs 19.244 billion (£265.26 million) this year.

28th July 2010/by Tyrepress Editors