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.
Just a month after Halfords bought Nationwide Autocentres for £73.2 million, the new owners have reported that like-for-like sales have grown 5 per cent since the buyout. According to the company, the integration plan is “progressing well” and the programme of rebranding the centres under the Halfords moniker will be rolled out during 2011.
David Wild, chief executive officer, commented: “Halfords retail performance continues to be robust, with full year earnings now anticipated to grow by approximately 25 per cent. The acquisition of Nationwide Autocentres, completed during the quarter, logically extends our successful service proposition and provides a further opportunity for future growth.”
If you prefer to read your tyre industry news in Romanian, Continental has a treat in store for you. On March 22 the tyre and automotive systems manufacturer launched its Romanian language corporate press portal, www.media.continental-corporation.ro. At this site – or portalul de presă, as the locals may say – media representatives and other interested parties will find information in Romanian about the corporation’s activities, financial results, products and know-how. Contact data for all of the company’s operations in Romania is also available.
Stamford Tyres has released unaudited results for the third quarter of its 2010 financial year – a quarter that, unusually, spans the period between November 1, 2009 and January 31, 2010. The company attained a total revenue of S$81.73 (£) during the quarter, and increase of 29.21 per cent on the same period a year earlier. Net profit amounted to S$2.37 million (£), compared with a profit of only $102,000 during the corresponding quarter of the previous financial year.
The 2010 model Nissan Micra was displayed at the recent Geneva Motor Show and will eventually be sold in 160 countries. Production of the all-new small car, known as the March in some markets, commenced in Thailand on March 12. Tyre manufacturer Maxxis states it is “proud to supply original equipment tyres for this fine Nissan model” in the Thailand and Japan markets.
After finishing the 2009 financial year on a high note in the last quarter, specialty chemicals group Lanxess has expressed confidence for the 2010 year. This sense of optimism, it says, is supported by the company’s development within the Asia/Pacific and further boosted by savings generated from its “Challenge09-12” package of measures. “We therefore expect a significant year-on-year improvement in earnings, even if there is currently no sign of a self-sustaining upswing,” said Axel C. Heitmann, chairman of the Lanxess AG Board of Management.
The Kumho Asiana Group is one step closer to untying its financial knots following the financial investors of Daewoo Engineering and Construction accepted the terms for selling their share in the company. This leaves the path clear for Kumho Asiana to continue its restructuring plans a step further without losing Kumho Industrial to court receivership.
Tyre production in India increased 16 per cent during the first ten months of the current financial year, the Hindu Business Line reports. Quoting figures released by the national Automotive Tyre Manufacturers Association (ATMA), the financial daily said 79.2 million tyres were produced during the period, up from 68.4 million during the April to January period of the previous financial year. In the truck and bus segments, a growth of 14 per cent occurred in the period between April and January, up to a total of 12.25 million units. Passenger car tyre production increased 17 per cent during the period, to 16.3 million units, while production in the scooter and three-wheeler tyre segment grew 18 per cent to 10.7 million units. Information about the remaining 40 million tyres said to have been produced was not given.
Financial statements approved by the Pirelli & C. SpA Board of Directors on March 10 show Pirelli Tyre to have attained revenues of 3,992.9 million euros during 2009, a 2.6 per cent reduction on a year earlier. Despite this slight annual decrease, sales in the fourth quarter leapt 18.7 per cent – an organic growth of 13. 9 per cent – to 1,034.3 million euros EBITDA before restructuring charges amounted to 538 million euros, up 21.9 per cent compared with 2008, or 13.5 per cent of sales, compared with 10.8 per cent of sales a year earlier. In the fourth quarter, EBITDA before restructuring charges stood at 155.2 million euros compared with 62.9 million euros in the corresponding period of 2008, with the sales margin rising to 15 per cent from 7.2 per cent in the same period of 2008. EBIT before restructuring charges was 345.5 million euros, or 8.7 per cent of sales (6.1 per cent in 2008) representing an increase of 37.8 per cent compared with 250.7 million euros in the previous year. In the fourth quarter, EBIT before restructuring charges amounted to 104.7 million euros (10.1 per cent of sales) compared with 18.9 million euros (2.2 per cent of sales) in the corresponding period of 2008.
Goodyear Tire & Rubber Co’s chairman and outgoing chief executive of Goodyear Tire & Rubber Co. received a pay package worth as much as US$17.196 million in 2009. While Keegan’s “non-equity incentive plan compensation” virtually doubled from $4.6 million to $9.514 million during the period, total pay was only 5.39 per cent up on the $16.317 million he received last year. In 2008 Keegan’s package was worth $23.6 million, according to company’s Securities and Exchange Commission (SEC) filing.
An article published by Spanish sports publication El Mundo Deportivo indicates concern from Formula 1 teams about tyres for the 2011 season may be behind alleged attempts to woo Bridgestone back into the tyre supply fold. The Japanese manufacturer stated cost as one of the reasons for its decision not to continue with the championship after 2010, however talks are now allegedly taking place to find ways of reducing necessary expenditure below the 55 million euros per annum Bridgestone currently spends.
Despite an overall upbeat tone, the word “crisis” has featured strongly during Continental AG’s reportage of its 2009 financial performance on February 23, a likely indication of the extent to which the German automotive supplier was affected by last year’s market downturn.
This is a short extract. Tyrepress and Tyres & Accessories subscribers can log in below to read the full article.
If you are not yet a Tyrepress or Tyres & Accessories subscriber, you can change that here.
Becoming a member has benefits such as:
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.
