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Indian Natural Rubber Production Rises

According to a senior Rubber Board official, India’s natural rubber production has risen 19.6 per cent during the first seven months of the 2008-2009 financial year, reports Reuters. The total output in this seven month period is 476,865 tonnes. At the same stage last year, the figure stood at 398,850 tonnes. India is the world’s fourth largest supplier of natural rubber, with peak season extending from September to February. Though this peak tapping period will see a drop off in the last two months of ‘08-’09, it is still predicted that 875,000 tonnes will be produced this year, 6 per cent up from last year’s figure of 825,000 tonnes.

Meanwhile, this rise in production has seen the country’s natural rubber trade deficit close – imports are down 7.3 per cent to 48,799 tonnes, whereas exports are up 80 per cent at 32,760 tonnes. According to the Reuters source, total stocks were at 144,450 tonnes at the end of August.

5th November 2008/by Tyrepress Editors

Schaeffler: Conti Share Sale ‘Cannot be Ruled Out’

Maria-Elisabeth Schaeffler, the joint owner of the ball bearing manufacturer in control of 90 per cent of Continental AG, may sell some of the company’s Conti shares. Schaeffler told journalists at an automotive business conference in Berlin that the financial crisis was hindering her company’s plans to take over Continental AG. “It cannot be ruled out that a long-term orientated investor could take a larger stake in Continental,” the Financial Times quoted Schaeffler as saying.

5th November 2008/by Tyrepress Editors

Finance Shortage “Hurting Commercial Vehicle Dealers”

Commercial vehicle dealers are feeling the pain resulting from falls in the availability and affordability of finance, according to EurotaxGlass’s – publisher of Glass’s Guide to Used Commercial Vehicles. “This scenario has conspired to reduce business confidence,” explains George Alexander, Editor of the Guide. “Existing vehicle-owners and fleet operators are adopting a ‘make-do’ attitude with regard to the vehicles they have for the time being.” However, Alexander notes that the efforts made to support world financial markets could ensure that the current weakness in retail sales will not gain momentum as 2008 comes to a close.

3rd November 2008/by Tyrepress Editors

Goodyear Sees Q3 Profits Fall

Goodyear has released its Q3 financial report, showing a drop in quarterly profit. News sources suggest that weak demand in both OE and replacement markets are responsible. However shares are up 14 per cent following the net income announcement, because the quarterly profit of $31 million ($0.13 per share) beat very low expectations. Last year, the company’s net profit for Q3 was at $668 million ($2.75 per share), boosted by the sale of its engineered products division.

The company reports a $19 million operating loss in the North American market, way down from last year’s profit of $66 million. “The tyre industry is facing challenging business conditions as the global financial crisis and slowing economic conditions are impacting consumer demand,” stated Goodyear CEO Robert Keegan. However, there was better news in Latin America and Asia-Pacific regions, where the company’s profits grew.

3rd November 2008/by Tyrepress Editors

Indian Vehicle Manufacturers Revise OE Tyre Offtake Projections

It appears that the current auto industry woes are by no means restricted to North America and Europe. In India, the Hindu Business Line reports that major manufacturers of medium and heavy commercial vehicles have reduced their OE tyre offtake projections by about 40 to 50 per cent during the current financial quarter.

3rd November 2008/by Tyrepress Editors

Nokian Production Cuts Mean Layoffs on the Cards

In Finland, Nokian Tyres is blaming the global financial crisis for the need to adjust production and improve productivity at its factory in the city of Nokia. Possible adjustment measures, says the tyremaker, include lay-offs of approximately 1,000 employees working at the factory December 21 to January 11.

31st October 2008/by Tyrepress Editors

Michelin Revises Full Year Targets

Michelin’s financial results for the quarter ending September 30, 2008 show a slight increase in sales during the three month period. However, upon releasing its figures the company also warned that a drop in European and North American demand makes it unlikely that previously set targets will be reached. In July, the Michelin Group based its estimated result of around 8.6 per cent for the full year on the assumption that “second half markets do not worsen beyond estimated levels” forecasted at the time. It now reports the different trends recorded since early October point to a sharper deterioration of demand in most European and North American countries. If this trend is confirmed in November and December, Michelin should post 7 to 7.5 per cent operating margin before non-recurring items for fiscal 2008. The company’s 2007 operating margin stood at 9.8 per cent.

30th October 2008/by Tyrepress Editors

Titan Reports Record Third Quarter Sales and Net Income

Titan has reported all time third-quarter sales, profit and income results upon releasing its latest financial results. Sales for third quarter 2008 were $255.5 million, an increase of $60 million, or 31 per cent, as compared to $195.5 million in the third quarter of last year. Gross profit, at $37.4 million for the quarter, showed an improvement of over $19 million, or 105 per cent, from the $18.3 million recorded in last year’s third quarter. Income from operations was $21.3 million for the third quarter of 2008, rising $18.5 million, or 688 per cent, compared to $2.7 million in the previous year’s third quarter. Net income was $10.3 million for the quarter, an improvement of $11 million, compared to last year’s third quarter loss of $900,000.

30th October 2008/by Tyrepress Editors

Michelin Could Consider F1 Return

Michelin has publicly ruled itself out of involvement in Formula 1 as long as it remains a control tyre series, but what if that were to change? “Different control tyre series are run and therefore perceived differently. At best the tyre manufacturer is seen as a supplier, at worst they are little more than a sponsor. It is important that there is a balance between tyre makers to motivate a comeback,” Michelin four wheel competition manager, Matthieu Bonardel, told Tyres & Accessories in a recent interview.

If and when the conditions are right Michelin would appear to want to “jump at the chance of re-entering the series.” However, there may be a twist in the company’s involvement were there to be a return to Formula One. “F1 is a good place for newcomers to come in and get known with their brand…Michelin could use any one of a number of different brands,” Bonardel said during the interview with Tyres & Accessories.

30th October 2008/by Tyrepress Editors

Car Sales – Good News, Bad News

Despite widespread fears that the UK is entering an economic recession, there are grounds for cautious optimism about sales of new and used cars in 2009. According to EurotaxGlass’s, publisher of Glass’s Guide, the used car market is likely to be the first to recover from today’s lows, followed by a steady – albeit modest – upturn in retail sales of new cars. However, fleet registrations are expected to remain lacklustre, at least until late next year.

“In the short term, conditions will remain difficult for car dealers, reinforced by the usual seasonal decline in demand that accompanies the latter months of the year,” explains Adrian Rushmore, Managing Editor at EurotaxGlass’s. ” However, we believe the swift and painful downturn we saw in the summer months of 2008 was probably a one-off event. The arrival of the ‘09’-plate next March will clearly be an acid test for both new and used sales, and analysis of the current market indicators suggests there are reasons for cautious optimism.

30th October 2008/by Tyrepress Editors

Kumho-Sponsored Rallycross Dates Announced

The British Rallycross Drivers Association has unveiled the schedule for the 2009 Kumho Tyres British Rallycross Championship season. The 2009 championship will consist of eight rounds taking place over six weekends. The current financial climate as well as the need, wherever possible, to avoid date clashes with the European series and other UK rallycross meetings have been considered in the planning of the programme, said BRDA Chairman John Horton. These factors and the welcome return of the European Rallycross Championship to Britain have resulted in the 2009 calendar effectively offering a spring and autumn championship, giving competitors the possibility to spread their cost of competing and allowing time for family holidays in the summer months. The Championship will also maintain its strong links with the Motorsport Ireland Rallycross Championship; the latter’s final round forming the first round of the BRC at Mondello Park on March 8. The two series plan a second joint event at Pembrey in September.

29th October 2008/by Tyrepress Editors

Ukrainians Advised – Stint on Tyres to Save Economy

Despite the country’s tendency towards cold weather, motorists in the Ukraine have been advised by a Russian politician that one way of averting financial catastrophe is to not replace worn winter tyres. Irina Khakamada, quoted by the Unian news agency, gave this advice when talking about measures citizens can take to the country’s current economic crisis, measures that also include not buying currency or transferring money into cash.

29th October 2008/by Tyrepress Editors

Indian Synthetic Rubber Production Drops

The Financial Express in India is reporting that synthetic rubber production has fallen in July 2008, compared to the month’s figures a year ago. Output has been measured at 8,186 tonnes, down from July ‘07’s figure of 8,256 tonnes.

In the period April-July, however, more synthetic rubber has been produced compared with the same period last year. 33,439 tonnes have come off the production line, compared with 32,748 tonnes in the same period last year. This 2.11 per cent rise has been matched synthetic imports in the period, jumping from 59,960 tonnes to 76,890. A similar pattern can be seen in the nationwide consumption of the product; the 93,715 tonnes demanded last year between April and July has risen this year to 100,045 tonnes.

28th October 2008/by Tyrepress Editors

Yokohama Rubber Revises Projections

Yokohama announced today (Tuesday, 28 October) that it has diminished its projections for consolidated net sales and net income in the six months period between April 1 and September 30, 2008 (the first half of the fiscal year to March 31, 2009). Now the company has reported that it expects to see net sales increase by 1.4 per cent over the same period of the previous year to 257 billion yen (1.7 billion pounds sterling – assuming 1 GBP = 149.138 JPY). It also expects operating income to decline 54.6 per cent, to 5.5 billion yen (36.9 million GBP) and for net income to decline 96.2 per cent, to 500 million yen (3.4 million GBP).

The revised projection for net sales is 2.7% lower than the projection Yokohama announced on 12 May, 2008, when the company announced its results for the previous fiscal year. The projection for operating income is unchanged from the earlier projection, and the projection for net income is 75 per cent lower.

28th October 2008/by Tyrepress Editors

Delphi Corporation Seeking Bankruptcy Loan Extension

Bankrupt former General Motor parts business Delphi Corporation is seeking an extension of up to six months for about US$4.35 billion in borrowed funds. The company reported in a regulatory filing that is meeting with investors to discuss a proposal to extend the timeframe within which the company can repay the loans, and is hoping for an extension through to June 30, 2009 or the company’s exit from court protection, whichever comes first.

28th October 2008/by Tyrepress Editors