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First Stop Gives Away Free Fuel

In an effort to brighten the lives of the nation’s cash-strapped drivers, the First Stop network of tyre dealerships has chosen to pay for a number of lucky drivers’ fuel. Lisa Chatfield of Stoke-on-Trent was the first prize winner of a year’s supply of free fuel. The second entry to be drawn was Clive Moles of Lincolnshire, who has won enough fuel to keep him motoring for a month.

Chatfield was delighted and commented: “I had just been to replace two of my tyres when I entered the competition and was absolutely delighted to find out that I’d won. I’m a busy mum and use my car a lot during the week, as well as getting out and about at the weekend. I had totally forgotten about entering this competition so it was a wonderful surprise to hear that I had won. Combined with the fact that my fiancé has just been made redundant from JCB this prize will be a great financial help.”

8th July 2009/by Tyrepress Editors

Proliance Files for Chapter 11

Proliance International has filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the District of Delaware on 2 July. In addition, Proliance has agreed to sell substantially all of its North American assets for $21.5 million in cash, under a court supervised sale process to Centrum Equities XV. Centrum Equities also owns the Visteon aftermarket business, which it purchased in February 2008.

Charles Johnson, Proliance president and CEO, said, “The combination of Centrum’s resources and industry expertise and Proliance’s manufacturing and distribution capabilities will help get our business back on track faster and enable the combined company to serve its customers in an exemplary way. Longer term, we believe ownership by Centrum will create a stronger balance sheet and establish a solid platform which will provide opportunity for growth.”

Roger Brown, president and CEO of Centrum Equities XV, said, “We are excited about this opportunity to put together these two leading companies in the automotive aftermarket. We strongly believe that the combination with Proliance, along with the financial investment to be made, will provide for unparalleled service in the industry.” (Tire Review/Akron)

7th July 2009/by Tyrepress Editors

Punch sells BBS and Punch Metals

Some four months after Punch International nv, parent company of wheel manufacturer BBS, described automotive industry market conditions as “extremely difficult”, it has announced the sale of its BBS and Punch Metals BBS and Punch Metals businesses, which belong to the company’s Motive group. This significant part of Punch International’s automotive business will be acquired by Creacorp nv, Punch’s main shareholder. Punch will retain ownership of the BBS brand, however the transaction gives rise to a one off non-cash loss of around 48 million euros. In return, Creacorp nv is taking over a number of obligations, such as the rental guarantee for the property used by BBS and Punch Metals (approximately 10 million euros), securities for loan agreements and certain key suppliers (7.5 million euros) and the purchase obligation for the Hayes Lemmerz site in Gainesville, Georgia (5 million euros). A licence fee will also be paid for the use of the BBS brand.

1st July 2009/by Tyrepress Editors

H1 Revenues May Dip 35%, Says Titan Europe

Worcestershire based wheel manufacturer Titan Europe Plc has warned that its anticipated revenue for the first half of this year may be 35 per cent lower than a year ago. The company, whose two major shareholders are Mefro Wheels GmbH and Titan International subsidiary Titan Luxembourg Sarl, notes this figure in particular reflects the further weakening its second quarter performance.

“Trading conditions remain difficult with the construction market continuing to be severely hit by the global recession,” stated a June 29 company trading update. “The directors expect by the half-year, based on constant exchange rates, that construction market volumes will be down by about 50 per cent whilst agricultural and mining markets will be down by between 25-30 per cent.

30th June 2009/by Tyrepress Editors

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