financials Archives - Page 77 of 134 - Tyrepress

Posts

Michelin North America Awarded for New Health Programme

The National Business Group on Health – a US based non-profit organisation that works with large employers to find solutions to health care and related benefits issues – has acknowledged Michelin North America as a corporation with innovative programmes that promote a healthy workplace and help employees make better choices about their own health and well being.

The tyre manufacturer was among 63 companies that received the Best Employers for Healthy Lifestyles award at the National Business Group on Health’s annual health care summit in Washington, DC. Michelin received a Silver Award for the design and concept of its ‘Choose Well-Live Well’ programme. This is the first year Michelin has been selected for this award.

26th June 2009/by Tyrepress Editors

Michelin to Open India Factory Within 3 Years, says Rollier

India’s commercial vehicle radial market has long been a sleeping giant, and Michelin is determined to be around when it wakes up. Comments made by group managing partner Michel Rollier point to the company’s eagerness to set up its new factory there within a short timeframe.

“We hope the factory will open within three years,” Rollier told Europe 1 radio. Production at the new facility will focus upon truck and heavy engineering tyres, a sector “where the Indian market is promising and we are virtually absent.” Rollier added “we don’t want to miss the take-off of the Indian market.”

22nd June 2009/by Tyrepress Editors

Michelin Restructuring Program Could Save 150 million euros Annually

Michelin’s domestic labour reorganisation program, (announced on 17 June) will save the company between 100 and 150 million euros a year, according to Deutsche Bank research analyst Gaetan Toulemonde. Restructuring charges are estimated at a maximum of 200 million euros to be accounted for in the first half of 2009 of which half will be paid for in cash and the other half as assets write offs.

In an investor’s note published today, the financial analysts explained that while the company’s complex statement appears to have been designed to avoid to much clamour after Continental and Goodyear’s recent difficult plant closures, “it looks like they aren’t doing much.” The bank’s take on the situation is that “some plants will be downsized, and the restructuring program involves 1,100 people on top of a pre-retirement program of 1,300 people. Thus, when normal attrition is included, approximately 3,000 people will leave the group by the next 18 months out of a French workforce of 25,000…of which 12,000 in production.”

18th June 2009/by Tyrepress Editors

TIA Voices Opposition to Restrictions on Chinese Consumer Tyres

In a statement released on June 17, the Tire Industry Association has claimed the USW initiated petition currently before the US International Trade Commission (ITC) will neither benefit consumers nor help preserve manufacturing jobs in America. While the TIA refers to the proposal under consideration by the ITC as “well-intentioned”, the organisation believes it to be one that will bring severe financial harm upon many retailers and motorists by restricting the availability of affordable tyres.

18th June 2009/by Tyrepress Editors

Happy Birthday, Vulcanised Rubber!

Today, June 15, is a red-letter day for the tyre industry – exactly 165 years ago Charles Goodyear was granted the initial patent for process of rubber vulcanisation. But while this patent – number 3633 – may have opened the door to the development of a viable range of rubber products and eventually led to a company bearing his name becoming one of the largest tyre manufacturers in the world, the patent delivered far more financial reward to others than to Goodyear himself.

According to accounts of Charles Goodyear’s life, the vulcanised rubber story began in 1834 when Goodyear, whose hardware store had recently been made bankrupt, approached the Roxbury India Rubber Company with a new business idea.

15th June 2009/by Tyrepress Editors

Brisa 2008 Results Show Sales Increase but Profits Down

Turkish manufacturer Brisa achieved net sales of 772,203,901 Turkish liras (£306.1 million) in the year ended December 31, 2008. This result disclosed in the company’s audited statement of income, represents a 2.9 per cent increase on the previous year. Operating income, at 48,709,571 liras (£19.3 million), was down 26.1 per cent on the 2007 financial year, and although profits of 31,795,956 (£12.6 million) liras were 49.1 per cent lower than the previous year, Brisa remained in the black during the year. The company’s domestic sales came to 610,590,748 liras (£242.0 million), a rise of 5.8 per cent. Exports declined 1.2 per cent during the year to 247,181,348 liras (£98.0 million).

11th June 2009/by Tyrepress Editors

Continental, Schaeffler to Avoid State Assistance?

According to Reuters and other German media outlets, sources with “direct knowledge of the matter” report that Continental and owner Schaeffler intend to avoid any requests for government financial aid. The finance minister of Germany’s Lower Saxony region, where Continental has its headquarters, said the state has not been received any requests for aid. “We have not even been approached with a preliminary enquiry,” said finance minister Hartmut Möllring. Neither Continental nor Schaeffler have commented about their intentions.

10th June 2009/by Tyrepress Editors

Conti Executive Board to Assess Viability of Schaeffler Merger

During its June 8 meeting in Hanover, Germany, the Continental AG Supervisory Board deliberated on various future scenarios for the company, including the option of a merger between it and Schaeffler under the umbrella of a publicly listed Continental AG. In exploring this possible course of action, the Supervisory Board has asked Conti’s Executive Board to assess all aspects of a merger between Continental and Schaeffler, in particular the financial feasibility of such a joining. This process is to be completed by the end of July. At the same time, notes Continental, the Executive Board shall continue to analyse further alternatives and their possible implementation.

9th June 2009/by Tyrepress Editors

Sibur-Russian Tyres Announces Preliminary 2008 Results

In releasing its preliminary financial results for the 2008 year on June 5, Sibur-Russian Tyres stated that, in spite of “unfavourable trends” during the reporting period, the company’s consolidated revenue – 27.4 billion roubles – did not decrease compared with 2007. The tyre maker further commented that the year’s results were impacted by both increases in raw material costs, beginning in March 2008 and reaching an apex in August, and a decrease in tyre sales during the fourth quarter as a result of the global economic crisis.

8th June 2009/by Tyrepress Editors

Toyo Reports ¥10 Billion Net Loss for Financial Year

Financial data for the fiscal year ending March 31, 2009 show reduced net sales and a net loss at Toyo Tire & Rubber. The company’s net sales of 328,371 million yen (£2.08 billion) represent an 8.08 per cent decrease on the previous year’s results, while operating income decreased from 13,168 million yen in the year to March 31, 2008 to a 2,964 million yen (£18.81 million) loss in the most recent period. The company recorded a net loss of 10,722 million yen (£68.04 million) in the year ending March 31; the previous year net profit stood at 6,137 million yen.

8th June 2009/by Tyrepress Editors

Kramer Named Goodyear COO

Goodyear Tire & Rubber’s Board of Directors has elected Richard J. Kramer chief operating officer of the company. In this new role, which takes effect immediately, Kramer will report to company chairman and CEO Robert J. Keegan. Kramer will also continue in his current position as president of the company’s North American Tire business until his successor is named.

“Rich’s appointment as chief operating officer reflects our game plan of having a laser focus on operations globally during these extraordinary times,” Keegan said. “It also reflects the confidence that the Board and I have in Rich’s overall business leadership capability.

4th June 2009/by Tyrepress Editors

Goodyear Finally Sells Lake Property

After two years on the market, Goodyear Tire & Rubber Co. was finally able to sell its Wingfoot Lake property near Akron. The 540-acre lake and 150-acre park area was acquired by the Ohio Department of Natural Resources’ Division of Wildlife for a reported $3.2 million.

The sale does not include the tyre maker’s blimp port and hangar there. The state plans to open the park to the public by mid-2010. In 2007, Goodyear announced plans to sell the property as part of its financial plans. Once a company-only facility, the complex includes picnic shelters, playgrounds, ball fields and courts, a miniature golf course and driving range, boat docks, and a snack bar. (Tire Review/Akron)

3rd June 2009/by Tyrepress Editors

Cooper VP & CFO Announces Retirement

Following a career with Cooper Tire & Rubber spanning almost two entire decades, company vice president and chief financial officer Phil Weaver has announced plans to retire later this year. The 56-year old joined Cooper in 1990 and held the positions of tyre division controller (1990 to 1994) and tyre division vice president (1994 to 1998) before being appointed to his current role.

“I want to thank Phil for his years of service and commitment to Cooper Tire,” said Cooper Tire chairman, president and CEO Roy Armes. “While Phil was the CFO of Cooper, he was responsible for managing the finance function with a high level of integrity and within strict accordance with all federal and SEC regulations and guidelines. His contributions to the Company were key to many of the successes that Cooper has enjoyed.”

28th May 2009/by Tyrepress Editors

Continental Stock Falls 2.4%

Continental AG share fell 2.4 per cent today after a Reuters report suggested Conti’s banks oppose a the reverse takeover plan of current owner Schaeffler discussed in the press. According to the news, the biggest problem for the banks is the “significant increase in debt and therefore higher risks” for lending banks. Meanwhile Financial Times Deutschland reported that Continental’s banks are planning to set up a steering committee to represent their interests.

28th May 2009/by Tyrepress Editors

Visteon Files Chapter 11 Bankruptcy Protection

In the USA, giant parts supplier Visteon Corp. – faced with severely reduced demand from automakers, has filed for Chapter 11 bankruptcy protection. According to the Associated Press, Visteon filed its petition in the US Bankruptcy Court for the District of Delaware. Last month, it’s Visteon UK subsidiary filed for bankruptcy protection and closed three UK plants.

With its first quarter financials, Visteon showed total liabilities of $3.96 billion and total assets of $4.56 billion. “During the reorganization period, we will seek to address our capital structure and legacy costs that are not sustainable given the current economic environment,” Donald Stebbins, chairman and CEO, said in a statement published by the AP.

Visteon, which in 2000 separated from Ford to become a stand alone company, said Ford has committed to support debtor-in-possession financing for Visteon’s restructuring. Visteon has also applied for court permission to continue serving customers and paying employees and vendors. (Tire Review/Akron)

28th May 2009/by Tyrepress Editors