During an ordinary session meeting held on April 21, Pirelli & C. SpA shareholders approved the company’s 2009 financial statements and agreed to the distribution of a dividend of 0.0145 euros per ordinary share and 0.0406 euros per savings share. The payment date will be 27 May 2010.
Goodyear has announced it will report its first quarter 2010 financial results before markets open on Wednesday 28 April, following the announcement up with an investor conference call at 10:00 that morning (Eastern US time). The newly appointed president and chief executive officer Richard J Kramer will participate, alongside Darren R Wells, executive vice president and chief financial officer, and Damon J. Audia, senior vice president, finance and treasurer.
Goodyear’s newly appointed president and CEO has expressed confidence in the tyre maker’s ability to grow in hand with global economic recovery. At the company’s April 13 Annual Shareholder Meeting, Kramer stated this confidence is supported by the Goodyear’s very strong portfolio of brands, strength in high-growth emerging markets, innovative new product offerings, industry-leading retailer network and enhanced supply chain capabilities.
Former COO Richard J. Kramer has taken over as president and chief executive officer of The Goodyear Tire & Rubber Company. Kramer, who becomes the 19th president since the company’s foundation in 1898, follows Robert J. Keegan who remains with the company as executive chairman.
Speaking at Goodyear’s 2010 Annual Shareholder Meeting, Kramer described the tyre industry as one of very few industries that has been and remains a growth industry after more than 100 years: “I am privileged to lead a team whose dedication to Goodyear and commitment to success is second to none,” he said, thanking Keegan and the board of directors for their confidence in electing him to lead the company.
Pierre Jambon has been appointed vice president of Goodyear Tire & Rubber’s off-highway business. In his new role, Jambon will run Goodyear's global aviation and off-the-road businesses as well as its North American racing and motorcycle/ATV businesses. He will report to Curt Andersson, president of the company’s North American Tire operation. Jambon takes the place of John Cavanaugh, who has now stepped into the role of vice president of finance for global procurement. In that role, he will report to vice president and chief procurement officer Mark Purtilar and executive vice president and chief financial officer Darren Wells. Cavanaugh had been vice president, off highway, since September 2008.
Using statistics gathered by the tyre branch of the China Rubber Industry Association, Shandong Linglong reports that the value of its export deliveries reached RMB 4.139 billion (£394.4 million, $606.5 million) in 2009 on the back of an export delivery volume of 12.969 million units, giving the company an export income of more than US$600 million for the second consecutive year. This is, the company says, the largest of any tyre company in China – Shandong Linglong comments that average export delivery value for the Chinese tyre industry last year was RMB 3.718 billion (£354.3 million, $544.8 million) and average export volume was 11,748,000 units. The company’s total sales revenue for both domestic and export markets was RMB 13.1 billion (£1.25 billion, $1.92 billion).
The Hangzhou Yokohama Tire Co., Ltd factory in China’s Zhejiang province has become the first Yokohama Rubber site outside of Japan to achieve "complete zero emissions" status. After conducting on-site investigations of all contractors commissioned to dispose of waste from the passenger car tyre production plant and associated sales operation, Yokohama has verified that none of the waste is subject to direct landfill disposal.
Continental AG has reportedly revived plans to sell bonds to help it repay large debts. Citing “two people familiar with the matter,” Business Week reported that the planned sale of about 1.5 billion euros ($2 billion) in notes may take place as early as May.
Some Tyres & Accessories readers have accumulated sufficient birthdays to remember the year 1952, but the rest of you can well imagine the world of 58 years ago: Elizabeth becomes Queen, a ‘killer fog’ descends upon London, television continues to grow in popularity, the Korean War enters its third year – and the price of natural rubber hits US$3.50 a kilogram. Panic buying stemming from fear the aforementioned conflict would spread to neighbouring countries pushed prices to heights that would never again be reached. Until March 31, 2010, that is.
German based online tyre retailer Delticom, owner of the mytyres.co.uk portal, has reported revenues of 311.3 million euros in the 2009 financial year, a year-on-year increase of 20.2 per cent. During the reporting period the company’s EBIT increased 78.8 per cent to 29.4 million euros, and Delticom notes that, in relation to revenues, this corresponds to an EBIT margin of 9.4 per cent – exceeding the forecast of 7 per cent. Consolidated net income for 2009 was 20.2 million euros or 1.71 per euro share, up 72.4 per cent from the previous year.
Toyo Tire USA has announced the hiring of Anne Holland as the company’s sales operations manager. Holland will report to John Hagan, senior director of sales operations. “We would like to welcome Ms Holland to the Toyo Tires team,” said Yasushi Takagi, president & CEO, Toyo Tire USA. “She brings valuable experience to her department and will be a great asset to the company.”
China’s Triangle Group reports that a number of individuals and companies have recently falsely represented themselves as authorised Triangle tyre dealers, in an attempt, says Triangle, to cheat foreign customers in the distribution of Triangle tyres via the internet to international markets. The Triangle Group says it has received complaints from export market customers regarding such activities.
Maxxis has extended its title sponsorship of the ACU British Motocross Championship for a further three years. The company believes continued commitment to the series, which this year comprises eight rounds including at a new track at Silverstone, will provide the “best national series in the world” with added security, stability and a strong financial and promotional footing.
One in 10 drivers is more likely to buy part worn tyres compared with 12 months ago, according to new research conducted by TyreSafe. In response to the findings the tyre safety group warned that not only are part worn tyres false economy, but they could pose a significant safety hazard to drivers and other road users and “the number of tyre related deaths and accidents on the UK’s roads could be set to rise.” In 2008, illegal, under-inflated or defective tyres contributed to the deaths of 34 drivers and the injuries of more than 900 other motorists.
TyreSafe’s research found that as many as one in six drivers had bought part worn tyres for their car at some point. It also found that younger drivers are much more likely to compared with older drivers. One in five drivers aged between 18-34 said they were more likely to buy part worn tyres compared with 12 months ago, whereas only one in twenty drivers aged over 55 said they were more likely to buy part worns.
UK insurance broker Garratts has landed a 700,000 euro contract to arrange tyre warranties for car dealers in Spain and Portugal. The Preston based broker was appointed by Spanish broker Sanz & Domecq to provide an annual warranty policy covering 411 workshops and 180 garages across the two countries.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
