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Trelleborg Wheel Systems Sales Down for 2009

Trelleborg AB reports that its Trelleborg Wheel Systems division achieved net sales of SEK 2,991 million (₤263.6 million) during the previous financial year, a decrease of 19.3 per cent on its 2008 result. In releasing its figures for January to December, the Swedish manufacturer notes “organic sales declined 26 per cent, exchange-rate effects were 7 per cent and structural changes 0 per cent. Net sales are lower as a result of a significant decrease in demand for industrial tyres and lower agricultural-tyre sales. Demand for agricultural tyres showed some variation in the various sub-segments, where the trend for large dimensions was better in relative terms, but demand for this product group also fell toward year-end.”

17th February 2010/by Tyrepress Editors

Aldo Pagliari to Take Over as Snap-on CFO

In the US, toolmaker Snap-on Incorporated has announced that Martin M. Ellen, senior vice president – finance and chief financial officer, has left Snap-on to become executive vice president and chief financial officer of Dr Pepper Snapple Group, Inc. To allow for an appropriate transition, Ellen will remain as Snap-on’s chief financial officer until 31 March 2010. Effective the same date, Aldo J. Pagliari, currently president – Snap-on Equipment, and formerly group controller/director of finance for the Snap-on Commercial and Industrial Group, will succeed Ellen as Snap-on’s senior vice president – finance and chief financial officer.

17th February 2010/by Tyrepress Editors

Kwik-Fit to Sell Insurance Business for £200 million

International News, News, UK News

Ian Fraser, CEO of tyre retail giant Kwik-Fit is preparing to sell its insurance wing for in excess of £200 million. According to a report published in the Sunday Times on 14 February, Kwik-Fit has hired bankers at Credit Suisse to carry out a review of Kwik-Fit Financial Services. The report points out that a sale of the operation would help Kwik-Fit cut its debts of around £822 million.

17th February 2010/by Tyrepress Editors

Sumitomo Reports Ninefold Increase in Net Income

Sumitomo Rubber Industries’ consolidated financial results for the year ended December 31, 2009 show the company to have earned net sales of 524,534 million yen (₤3.71 billion) during the year, a decrease of 13.3 per cent on the previous year. From this, the company’s total tyre segment sales amounted to 433,471 million yen (₤3.07 billion), or 82.64 per cent of all sales. Company operating income, at 28,738 million yen (₤203.40 million), was 12 per cent higher than during the 2008 financial year, while net income, at 9,093 million yen (₤64.36 million), was some nine times greater than the previous year’s result.

15th February 2010/by Tyrepress Editors

Bridgestone Revises 2009 Financial Projections

A number of revisions to Bridgestone Corporation’s consolidated financial projections for 2009 have been announced. Changes to the figures released on November 5, 2009 have been based upon recent performance trends and the company’s assessment of the global economy during the year. After reviewing these two factors, on February 12 Bridgestone announced a revised projected operating income of 75,000 million yen (₤533.9 million), 15,000 million yen higher than its November 5 figure. Ordinary income has been upwardly revised from 29,000 million yen to 54,000 million yen (₤384.5 million) and net income has been revised from a loss of 10,000 million yen to a profit of 1,000 million yen (₤7.1 million). Projected net sales, at 2,590,000 million yen (₤18.4 billion), remain unchanged.

12th February 2010/by Tyrepress Editors

Apollo Tyres Pulls Out of Mission 2018

Apollo has ended its key sponsorship deal of India’s quest to find the country’s first tennis Grand Slam singles champion by 2018. A statement issued by the company praised the “stellar performances” of the children taken on by the programme, and said the decision to end its sponsorship was “regrettable” and “extremely unfortunate”, according to The Hindu in India.

11th February 2010/by Tyrepress Editors

Kumho Asiana May Face Court Receivership

After owners of troubled Kumho Asiana Group rejected a demand by creditors that they offer their stockholdings and assets as collateral for fresh loans, creditors have said all restructuring steps would be put on hold, with some floating the idea that key parts of the group would be put under court receivership, reported the Korea Times.

8th February 2010/by Tyrepress Editors

Wheelquip – Supplying the Industry for More than a Quarter Century

Wheelquip was established in 1984 as a distributor of wheel service equipment, tyre and tube repair material, tyre valves and tyre tools. Initially known as Tyre Maintenance Suppliers, the company’s management saw the need for supplying the tyre industry with the most technically advanced equipment, consumables and tools and providing the industry with service excellence. Today the firm supplies many international brands and boasts the sole South Africa agency for Corghi automotive equipment from Italy. Corghi recently celebrated its 50th anniversary, and Wheelquip was awarded a 20-year service excellence award from the Italian manufacturer.

8th February 2010/by Tyrepress Editors

Avon Gets “Best Suppliers Rep” and Product Nod at British Dealer Awards

Avon Tyres has reported a “double success” in the recent British Dealer News Industry Awards, with UK Motorcycle sales manager Gary Bretherton winning Best Suppliers Representative. The Avon Roadrider tyre received a Certificate of Merit in the Best Aftermarket Product category. These awards follow a good year for Avon Tyres’ motorcycle division, in which it reports sales have increased by 24 per cent.

3rd February 2010/by Tyrepress Editors

Bridgestone Holding Onto All Long-Term Goals

In 2009 Japan’s Bridgestone Corporation posted its first loss since 1931. The financial crisis and recession had strongly impacted upon the previously profitable Japanese home market and triggered the company’s implementation of a number of restructuring measures, notably in Oceania, where the closing of its plants in New Zealand and Australia closed the book on new tyre production in both countries. Furthermore, at the end of the current season the tyre major’s 14-year association with Formula One will come to an end. The decisive factor behind this decision was the cost and the exit of Toyota and Honda from the series, yet it can also be said that the company’s goal – increasing the Bridgestone brand’s recognition and profile – has already been reached. In this respect, remaining with Formula One would not deliver very much more and thus cannot be justified in terms of the enormous costs involved. Ecclestone & Co. also may have done nobody a favour when they decided to go with a sole tyre supplier, thereby eliminating any competitiveness from the equation.

2nd February 2010/by Tyrepress Editors

Kumho Delays Wages to Tyre and Industrial Employees

The financial plight of the Kumho Asiana Group is deepening as creditors defer liquidity provision while devising a turnaround plan for two of its affiliates, reports Tire Review. Kumho Tire could not pay wages to its employees for a second straight month, while Kumho Industrial became the second affiliate to announce it would be unable to send out salaries.

28th January 2010/by Tyrepress Editors

Pirelli a “Sector Mover” in ‘Sustainability Yearbook 2010′

The Dow Jones Sustainability Indexes, (DJSI) published by SAM, have since 1999 given global indices that track the financial performance of the world’s leading sustainability-driven companies. Providing a basis for the DJSI is the Sustainability Yearbook 2010, published by SAM and PricewaterhouseCoopers. The Sustainability Yearbook 2010 contains sustainability insights into 58 sectors, with the top performers in each sector qualifying as “SAM Sector Leaders”. In addition, the companies that have achieved the most significant year-to-year improvement in their corporate sustainability performance in each sector are recognised as “SAM Sector Movers”.

27th January 2010/by Tyrepress Editors

“Great Interest” Shown in Conti Capital Increase

Continental AG reports that its capital increase and the 31 million new shares it released have been met with “great interest” by free float shareholders. The company announced on January 26 that free float shareholders purchased 99.4 per cent of the 3,408,130 new shares allotted to them. The remaining new shares for, which subscription rights were not exercised and which were placed already with investors on January 6 and 12 under a reservation of rights being exercised by a bank syndicate headed by Deutsche Bank AG, Goldman Sachs International and J.P. Morgan Securities Ltd., will now be issued. The final delivery and settlement will be executed on January 28, 2010. With the capital increase, Continental AG achieved gross proceeds of some €1.114 billion.

27th January 2010/by Tyrepress Editors

Amerityre to Leave Nasdaq February 4

Amerityre Corporation has announced the delisting of its common stock from the Nasdaq stock exchange as of February 4, in compliance with Securities and Exchange Commission rules. The company reports it is unable to meet the minimum requirements needed to remain listed on the Nasdaq, such as a minimum US$2.5 million stockholders’ equity, listed securities to a market value of $35 million, or $500,000 in net income from continuing operations. As of September 16, 2009, Amerityre’s stock had been trading below $1 for 30 consecutive business days, violating another Nasdaq listing requirement.

26th January 2010/by Tyrepress Editors

Kumho’s Kim to Dealers: “We are Here to Stay”

The sandbags outside one of the lobbies to the hotel served as an oddly timed metaphor for the 2010 Kumho Tire USA Dealer Meeting last week in Desert Palms, California, Tire Review reports. An unrelenting rain that caused floods across much of Southern California had pounded the area for a week. Its parent company in financial turmoil, Kumho Tire USA has been flooded by a rising tide of questions from media, dealers and suppliers, and the company used the meeting to address its future.

25th January 2010/by Tyrepress Editors