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Bridgestone Projects Significantly Improved Financial Result

Bridgestone has revised its financial projections the first half of the 2010 fiscal year and released its projections for the entire fiscal year. Its revised first half net sales figure of 1,360,000 million yen (£10.1 billion) is 1.5 per cent higher than that previously given on May 7 and projected net income, now 37,000 million yen (£275.0 million), is 37 per cent higher than the May 7 projection. The company now anticipated annual net sales of 2,900,000 million yen (£21.5), slightly higher than the 2,597,002 million yen earned in the 2009 financial year. Operating income, however, is projected to increase 58 per cent to 130,000 million yen (£966.3 million), projected ordinary income is 113,000 million yen (£839.9 million) and net income to skyrocket from 1,043 million yen to 77,000 million yen (£572.4 million). Despite rising raw material costs, the company still anticipates that operating income, ordinary income and net income will exceed the prior year’s results primarily due to increased tyre unit sales and a corresponding improvement in cost per unit due to increased production levels.

28th June 2010/by Tyrepress Editors

WRC Supply Open to All Tyre Makers in 2011

As of 2011, tyre supply to the FIA World Rally Championship is will be open to any tyre manufacturer. On June 23 the FIA gave public notice that the regulations covering tyre supply have been amended to “control costs”. These altered regulations will be presented to the World Motor Sport Council for a fax vote before July 20. The FIA Junior World Rally Championship will, however, continue with a single tyre supplier.

25th June 2010/by Tyrepress Editors

Apollo Shares up Following Lockout Reassurance

Following news of the lockout at Apollo’s Kerala, India-based facility, shares in the company fell by around six per cent, but management reassurances that the company would make up the production deficit elsewhere and 85 per cent of the Perambra workforce wanted to return to work have pushed share prices to levels experienced prior to the lockout, according to financial news sources.

23rd June 2010/by Tyrepress Editors

Michelin North America Health Programme Wins Platinum Award

The National Business Group on Health, a non-profit US based association of large employers, has honoured Michelin North America with its highest award, the Platinum Award, for its commitment and dedication to promoting a healthy workplace. The Platinum Award also acknowledges Michelin for encouraging its workers and families to support and maintain healthy lifestyles.

16th June 2010/by Tyrepress Editors

Ruia Group Plans Greenfield Project, Production Increases

Ruia Group company Falcon Tyres is to establish a new factory in Uttaranchal state, in Northern India, a move accompanied by an increase in production in the company’s Mysore factory. Group chairman told reporters after the company’s 83rd Annual General Meeting on June 15 that “following the establishment of the new plant about 30 km from Haridwar in Uttaranchal, and upgrading the capacity of [the] Falcon Tyres Mysore plant, the total production for two-three wheeler tyres would go up from the present 150,000 units a month to over 230,000 pieces.”

16th June 2010/by Tyrepress Editors

Goodyear Appoints Finance Execs

Tire Review reports that Goodyear has named Damon Audia, Scott Honnold and Jenny Wang to new leadership positions. Audia, senior vice president of finance and treasurer, was elected senior vice president of finance for the company’s Asia Pacific region, which is headquartered in Shanghai, China. Audia replaces Jenny Wang, who has accepted a new position in the company’s Asia Pacific operations. Honnold has been elected vice president and treasurer, replacing Audia. Honnold was previously assistant treasurer, responsible for Goodyear’s capital market activities.

11th June 2010/by Tyrepress Editors

Goodyear Names New Vice President & Treasurer

Damon Audia, Scott Honnold and Jenny Wang have been appointed to new leadership positions in Goodyear Tire & Rubber Company's finance department. Audia, senior vice president, finance and treasurer, was elected senior vice president, finance for the company’s Asia Pacific region, which is headquartered in Shanghai, China. Audia replaces Jenny Wang, who has accepted a new position in the company’s Asia Pacific operations. Scott Honnold has been elected vice president and treasurer, replacing Audia. Honnold was previously assistant treasurer, responsible for Goodyear’s capital market activities.

9th June 2010/by Tyrepress Editors

Sibur Becomes Amtel's Main Debtor

Sibur and a group of lenders represented by Alfa Group's investment division A1 have agreed to make Sibur the bankrupt Amtel's main debtor. “The group of lenders represented by A1 shall assign its rights of demand with regard to Amtel Group’s companies to Sibur,” an official statement released by Sibur reported. The deal is set to close before the end of June 2010.

9th June 2010/by Tyrepress Editors

Notts Authorities Sign Vacu-Lug 4 Year Tyre Contract

The Nottinghamshire Authorities Vehicle Consortium has confirmed a four-year fleet tyre management contract with Vacu-lug tyres. From 1 April 2010 Vacu-lug Tyres is responsible for inspecting and replacing tyres on over 1,000 vehicles ranging from car-derived vans to refuse collection vehicles.

David Parton, head of direct services at Gedling Borough Council and chair of the Nottinghamshire Vehicle Procurement Group said: “Vacu-lug Tyres offered a great financial package backed up by proven reliability to undertake this contract. This agreement also takes the pressure off the transport managers as Vacu-lug will be responsible for managing every type of tyre within the fleet range and they have to produce performance management reports on a regular basis. We are all looking forward to working with them over the next four years”.

2nd June 2010/by Tyrepress Editors

JK Tyre FY2009 Sales & Profits "Highest Ever"

For the year ended March 31, 2010, JK Tyre & Industries reports consolidated net sales of Rs 45,706 million (₤672.2 million). A comparison with the previous financial period is not possible, notes the tyre maker, as the fiscal period ending March 31, 2009 was an 18-month period. Net profit for the year to March 31, 2010 stands at Rs 2,197 million (₤32.3 million). JK Tyre & Industries comments that its sales and profits for the year “are the highest ever, despite disruption of operations at Kankroli Tyre Plant, Rajasthan for three months owing to [an] illegal strike by workmen during the year.” Revenue from the company’s operations in India amounted to Rs 36,777 million (₤540.8 million) while those in Mexico came to Rs 8,934 million (₤131.5 million).

28th May 2010/by Tyrepress Editors

JK Tyre Greenfield Plant to be Completed by 2012

India’s JK Tyre & Industries has outlined plans for a new greenfield facility capable of producing 2.5 million passenger radials and 400,000 truck and bus radials per annum. “We will set up a greenfield plant near Chennai and invest Rs 930 crore (₤136.7 million) in that. The plant will be completed by 2012,” JK Tyre & Industries Vice chairman and managing director Raghupati Singhania. JK Tyre & Industries has reportedly already acquired more than 100 acres of land for the factory. According to the company’s president and director, Arun K Bajoria, just under a third of the total planned investment will be funded through internal accruals and the rest will be raised from various financial institutions.

28th May 2010/by Tyrepress Editors

Euro-Tyre Celebrating Website Launch at Reifen 2010

This year’s Reifen show coincides with the release of a totally new and fresh online presence for Euro-Tyre: At Essen the Dutch wholesaler, in addition to offering dedicated tyre expertise and displaying its extensive product portfolio, will premiere its re-launched website. The layout and structure of the homepage has been completely redesigned in order to increase its user friendliness to online shoppers.

27th May 2010/by Tyrepress Editors

GITI Tire UK Appoints Finance Manager

GITI Tire (UK) Ltd. has appointed Ben Ashton as the expanding team’s finance manager. Ashton qualified as a chartered accountant in 2004 then worked as a project accountant for a private finance initiative company managing the finances for two of the largest hospital projects in the UK. After this he became financial controller of a small group of companies before joining GITI Tire in May 2010.

21st May 2010/by Tyrepress Editors

ATD Raises $250 million

American Tire Distributors Inc (ATD) sold $250 million of senior secured second lien notes on the 144a private placement market on 19 May 2010, the IFR financial information service has reported. The news follows the announcement that North America’s largest independent tyre distributor changed hands for approximately US$1.3 billion on 21 April 2010 when Equity firm Texas Pacific Group (TPG Capital) purchased American Tire Distributors from Investcorp, Berkshire Partners and Greenbriar Equity Group.

20th May 2010/by Tyrepress Editors

Indian Manufacturers Feel Margin Squeeze

Indian business journal Mint asks the question – will the nation’s tyre makers be able to retain their margins during the 2011 fiscal year? The publication comments that, after falling in the March quarter, profit margins are looking set for another battering at the hands of rising rubber prices (up 70 per cent in one year and 150 per cent within the last 18 months, notes Mint) in the following quarter.

18th May 2010/by Tyrepress Editors