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DIY Car Servicing – Don’t be a ‘Spanner’

You’re an accomplished all-rounder, aren’t you? An intellectual colossus, football wunderkind unfairly shunned by the talent scouts, a lover par excellence….and an expert DIY mechanic. That’s why you’ve taken to fixing your own car, even though you really haven’t the foggiest about what’s lurking under the bonnet. Don’t worry, mate, you’re hardly alone…According to statistics released by Kwik-Fit, our roads are full of cars that may have been shoddily serviced.

18th May 2010/by Tyrepress Editors

Report: Micheldever For Sale For £115 million

Micheldever Tyres Services could be for sale for around £115 million, according to a report in Crain’s Manchester Business. This is nearly half the £200 million figure initially associated with the company when press reports about such a move surfaced in the national press in mid-April.

As of 31 December 2009 Micheldever owners Graphite Enterprise Trust (through investment managers Graphite Capital Management) held total assets of £344.6 million of which its investment portfolio accounted for 67.1 per cent (£231.2 million) and cash and near cash accounted for the balance of £113.4 million. According to company documents, Graphite Enterprise’s Micheldever investment is its number one holding, representing the largest single chunk of its investment portfolio in 2009 (5.3 per cent).

14th May 2010/by Tyrepress Editors

European Vehicle Production Outlook ‘Very Good Indeed’

The Society of Motor Manufacturers and Traders anticipates a rise in vehicle production volumes this year, the start of a recovery that will accelerate over the next two years. “Looking at the production picture in Europe at the moment, we think the recovery is actually beginning now and despite the threat of the financial crisis hitting Europe we think there is a good chance that 2010 will be much better than had been hitherto thought,” stated Ian Henry, director of AutoAnalysis and author of the May 2010 SMMT report on production outlook. “We actually now think that in 2010 the volumes will actually be up over 2009 and we think there’ll be a further recovery in 2011. But the real climb back will come from 2012, once the financial crisis has completely been erased and a range of new models come on-stream.”

14th May 2010/by Tyrepress Editors

Kumho Q1 Sales 18% Up Year-on-Year

During the opening quarter of the 2010 financial year, Kumho Tires posted sales of KRW 586.4 billion (₤343.8 million), representing 27.7 per cent quarter on quarter and 18 per cent year-on-year growth. Operating profit during the three months to March 31, 2010 amounted to KRW 21.3 billion (₤12.5 million) and net income KRW 20.9 billion (₤12.3 million). The tyre maker comments that these gains result from an improved plant operation rate and greater export sales. Export volume during the quarter was up 40 per cent year-on-year, an occurrence Kumho attributes the general recovery of North America’s car and tyre markets – one of its key sales territories.

13th May 2010/by Tyrepress Editors

Analysts: Conti’s 1Q Results Suggest 100% Increase in Numbers

Analysts have reported that Continental’s first quarter financial results (released last week) show a “100 per cent increase in numbers.” This means that, in Morgan Stanley’s view, the company’s net debt is now “under control at 8.2 billion euros,” approximately 200 million better than they expected.

“Excluding the 1.1 billion capital increase during last quarter, the net financial position deteriorated by 413m in the first quarter 2010, which was largely expected due to seasonality of working capital,” the analysts explained in an investor’s note dated 4 May, adding: “[Capital expenditure was unsustainably low, however, decreasing by 62 million euros year-on-year and represented just 63% of depreciation and amortization and 3 per cent of sales.”

12th May 2010/by Tyrepress Editors

Sales Down, Income Up at Yokohama Rubber

The short-lived dip in raw material costs the industry experienced in 2009 helped Yokohama Rubber towards a better bottom line result in the recently concluded financial year. The company has announced net earnings of 11.5 billion yen (₤83.5 million) for the fiscal year ended March 31, 2010. This gain compares with a net loss of 5.7 billion yen in the previous fiscal year and reflects a surge in operating profitability. Operating income rose 67.5 per cent, to 21.5 billion yen (£156.1), on a 9.8 per cent decline in net sales, to 466.4 billion yen (₤3.4 billion). Underlying Yokohama’s surge in operating income were the abovementioned reversal of the upward trend in raw material costs and the company’s progress in reducing selling expenses and other costs. Net profitability benefited additionally, meanwhile, from a sharp reduction in losses on currency translation adjustments.

12th May 2010/by Tyrepress Editors

Bridgestone Beats 1Q Expectations, Revises Projections

Bridgestone Corp. posted better than anticipated results for the first quarter, prompting the company to make an upward revision to its FY2010 financial projections. For the quarter, Bridgestone posted sales of 659 billion yen, up 16.1% year-over-year, while net income rose from a 34.9 million yen loss last year to a net gain of 17.6 million yen.

10th May 2010/by Tyrepress Editors

Rubber Price Falls Over Debt Crisis Fears

BusinessWeek.com reported on 7 May that the price of rubber fell to its lowest price in more than four months, erasing this year's gains, on concern that Europe's debt crisis may slow the global economic recovery. However, while financial analysts agree that tyre raw material prices have “ticked down for the first time since March 2009,” they say the full year effect in 2010 is still likely to be 15 – 20 per cent higher than last year.

10th May 2010/by Tyrepress Editors

Greek Crisis Market Jitters Led to Giti IPO Postponement

Giti Tire’s decision to postpone its Hong Kong initial public offering, was prompted by market jitters following on from the Greek debt crisis, news agency AFP has reported. Giti, the largest tyre manufacturer in China, decided to hold-off on its $500-million dollar offering on 4 May in what was its second attempt to get such an IPO off the ground.

In addition to the macro-economic concerns that the Greek crisis is symptomatic of, in Hong Kong and China concerns also stem form Beijing’s perceived “appetite for bubble-bursting.”

10th May 2010/by Tyrepress Editors

XLite Aiming to Shine in Forged Aluminium Wheel Market

Motor Wheel Service Distribution (MWS) has invested £500,000 in UK and European infrastructure in preparation for the “official launch” of its xlite range of forged aluminium commercial vehicle wheels. According to the company, these are five times stronger and 40 per cent lighter than standard steel wheels. xlite wheels, which were “soft launched” some time ago, are forged from a single aluminium billet using computerised numeric control machine to produce a higher degree of production accuracy, are available in 17.5,19.5 and 22.5 inch sizes.

The product is being offered with three finishes – machined, polished and xbrite – with the latter using a special coating which means lower maintenance, minimal cleaning and a lasting shine. Other added benefits common to aluminium wheels include reduced vibration and longer wear on surrounding parts.

6th May 2010/by Tyrepress Editors

Reports: Continental Considering Tyre Unit IPO

Continental AG is said to be considering an initial public offering for its tyre unit, according to German business publication Handelsblatt. Citing “unidentified people with knowledge of the plan”, the newspaper appeared to contradict earlier reports in a Business Week interview with the company’s chief financial officer Wolfgang Schaefer that said the company doesn’t need a stock sale until 2012. However, in that interview Schaefer reportedly said: the company’s last stock sale completed in January means it now has financing until 2012 covering its net debt of 8.2 billion euros, which wouldn’t rule out an IPO in time for then.

5th May 2010/by Tyrepress Editors

Continental AG to Hold Off on Stock Sale Before 2012

Continental AG doesn’t need a stock sale before 2012 and there are no plans “in the short term” to resume talks with banks on rescheduling loans, according to chief financial officer Wolfgang Schaefer. According to a Business Week interview, the company’s last stock sale completed in January means it now has financing until 2012 covering its net debt of 8.2 billion euros. “We are not considering at all raising new capital next year. We expect to reach investment-grade status in 2012 and are therefore convinced that the current amount of equity capital is the right one,” Schaefer said.

4th May 2010/by Tyrepress Editors

We’re Back on the Road to Success, Conti Shareholders Told

Addressing the company’s Annual Shareholders’ Meeting, held in Hannover, Germany on April 28, chairman of the Continental AG Executive Board, Dr. Elmar Degenhart, stated “if you wanted to summarise the year 2009, you could boil it down to a simple notion – state of emergency.” The major events affecting the market, he added, resulted in the most dramatic economic crisis in the post-war era.

28th April 2010/by Tyrepress Editors

Kumho’s Creditors Fund $1.08 Billion Capital Injection

The Korea Development Bank has led a band of Kumho creditors in signing a 1.2 trillion won ($1.08 billion) agreement; half in a debt-for-equity swap and half in new capital. Ahn Yang-soo, senior director of KDB and the executive in charge of Kumho’s debt, told the Korea Times: “Creditors agreed to assist Kumho. We will switch company debts into stocks. We also will give additional capital to help the company manage its businesses. We think the rescue plan will provide Kumho the momentum to turn its business around.’’

23rd April 2010/by Tyrepress Editors

Kumho Workers Accept Restructuring Proposal

In a vote held on April 21, unionised workers have accepted Kumho Tire’s proposed restructuring plan, including a cut in wages and bonuses. According to information published by the Wall Street Journal, the agreement paves the way for a 10 per cent reduction in salaries for 2010 and a further five per cent reduction before Kumho Tire’s exit from a debt-rescheduling programme in some two to three years’ time. In return, Kumho has withdrawn plans to lay off or outsource around 1,200 workers.

22nd April 2010/by Tyrepress Editors