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Conti share price sinks, net income rockets in first 9 months of 2011

Upon publishing its results for the nine months to September 30, Continental states its expectation of annual sales reaching at least 29.5 billion euros remains unchanged. The tyre maker and automotive supplier also believes it can still achieve an adjusted EBIT margin of around ten per cent for the full year, however Executive Board chairman Dr. Elmar Degenhart concedes this “must meanwhile be viewed an an ambitious target owing to the higher-than-expected burden we are experiencing from raw material costs.” Yet these costs, Degenhart adds, should be “roughly offset” by the “very good utilisation” of Continental’s capacities, with strong order books aiding the company’s fortunes.

3rd November 2011/by Tyrepress Editors

Onkar S Kanwar inducted into tyre hall of fame

Apollo Tyres Ltd chairman, Onkar S Kanwar, was inducted into the Tire Industry Association’s (TIA) Hall of Fame 2011 at a special ceremony held on 31 October in Las Vegas.

Every year the TIA honours the outstanding individuals who have created lasting value for the tyre, rubber and transportation industries. This year, along with Onkar Kanwar, three others have been honoured for their significant contribution to the American tyre industry. Kanwar, who is the only non-American to be inducted into this year’s Hall of Fame, unfortunately was not able to attend the ceremony in Las Vegas.

2nd November 2011/by Tyrepress Editors

Three-way impasse blocking Dunlop India plant re-opening

More than three weeks have passed since a lock-out began at Dunlop India’s Sahaganj factory, and the tyres appear to be spinning on negotiations for resuming production. The Press Trust of India reports that union representatives have voiced opposition to bipartite talks with Dunlop India, while the company is awaiting West Bengal state government approval of three-party talks and the government is waiting for Dunlop India to re-open the plant before attempting further negotiations.

2nd November 2011/by Tyrepress Editors

Pirelli F1 tyres show durability on Buddh circuit

Delhi’s new Buddh circuit evolved considerably during the weekend’s Formula One action, helping drivers to get progressively faster as the track cleaned and more rubber was laid down. The P Zero Yellow soft tyre and P Zero Silver hard tyre were nominated for the race, with the softer tyre proving to be around two seconds per lap faster than the harder compound. Pirelli’s motorsport director Paul Hembery commented: “Without knowing exactly how the circuit would be, we decided to bring the hard tyre to India, which was a deliberately conservative choice. This led to some very interesting strategies, with a few drivers running the hard compound at the very beginning of the race and others using it at the very end.

1st November 2011/by Tyrepress Editors

Management changes at Norbar

Norbar Torque Tools has announced that Catherine Rohll has been appointed to the company’s board as commercial director, strengthening the family management team. She will hold the position jointly with her cousin Craig Brodey until he moves to Norbar’s Australian head office in Adelaide to work with the existing operation, supporting business growth for the company in the South East Asia region. He will take up his new appointment as commercial director for Australia in January 2012.

1st November 2011/by Tyrepress Editors

Michelin reaffirms 8% 2011 sales growth

Michelin’s third quarter financial report for 2011 has shown total net sales of 5.1 billion euros and nine-month total sales of 15.2 billion euros, figures that represent positive changes of 10.6 per cent and 17.3 per cent for their respective periods. Sales volumes were up 9.3 per cent, allowing the French giant to proclaim its results “solid” and to reaffirm “that growth in sales volumes should trend towards eight per cent by year end.” The company noted the “slower momentum” of the third quarter, particularly noticeable in the passenger car and light truck tyres segment, which was up only 5.9 per cent to 2.7 billion euros in the quarter. Michelin also said its “pricing policy added 10 per cent to nine-month sales growth”, offsetting “the full-year impact of higher raw materials costs”.

31st October 2011/by Tyrepress Editors

Degenhart targeting above-average growth in India for Conti

Continental AG chief Elmar Degenhart has said the company will target above-average profitable growth in BRIC countries, especially in China and other Asian countries, Tire Review reports. In a recent visit to India, Degenhart, executive board chairman, stated that BRIC countries are at the centre of focus for the company‘s growth strategy.

28th October 2011/by Tyrepress Editors

Vettel takes on Hembery in tyre fitting challenge

Sebastian Vettel, the first winner of the Formula One Drivers’ Championship in the Pirelli era, took on Pirelli’s motorsport director Paul Hembery in a tyre fitting challenge at the Buddh International Circuit in India yesterday afternoon. The German driver had never fitted a tyre before, though that did not prevent him from beating Hembery’s time by 31 seconds. Despite help from the Pirelli crew, both men took more than twice as long as the experts in assembling the wheel from scratch. The event, filmed by television crews around the world, is another example of Pirelli’s ongoing mission to put tyres in the limelight during its period as F1’s supplier.

28th October 2011/by Tyrepress Editors

Pirelli “deliberately conservative” in F1’s first visit to India

Pirelli’s motorsport director Paul Hembery says the newly-introduced Indian Grand Prix, taking place at the recently-constructed Buddh International Circuit near the manufacturer’s Indian HQ in New Delhi, has led to Formula One’s tyre supplier taking a “deliberately conservative” compound line-up “simply because on a brand new circuit you are never quite sure of the exact race conditions you will encounter.” With the track never having been used before, Pirelli has opted for a tyre nomination that should cover every eventuality, with the P Zero Silver hard tyre – making its final appearance of the season – alongside the P Zero Yellow soft tyre.

24th October 2011/by Tyrepress Editors

Bridgestone details spending with aircraft, mining expansion plans

Bridgestone has followed up its September “major strategic investment” announcement, detailing the $1.2 billion it will spend on OTR production facilities in North Carolina, with more details that suggest record spending levels to meet rising demand in emerging markets. The corporation released its Mid-term Management Plan 2011, covering the period 2012-2016 in which it set a target of a 6 per cent return on assets next year. The plan detailed “measures for expanding sales of strategic tyre products and improving its sales mix, maximizing operational rationalization, and thoroughly streamlining company assets.”

21st October 2011/by Tyrepress Editors

Selleck assumes Michelin North America leadership

On October 17, Michelin North America’s Richard Wilkerson handed over the top job in the company to Pete Selleck. US-born Selleck, previously president of Michelin’s Truck and Bus division, returned from his France-based position to take over as chairman and president of Michelin North America after Wilkerson announced his intention to retire. As chairman and president, Selleck assumes responsibility for coordinating all Michelin activities in Canada, Mexico and the United States; Wilkerson remains with Michelin as chairman emeritus.

18th October 2011/by Tyrepress Editors

Indian govt looking into tyre quality claims

India’s Consumer Affairs minister, K V Thomas, states his ministry has begun looking into complaints made about poor quality ISO certified tyres. Speaking to The Economic Times, Thomas shared that “some tyre companies, who have ISO certification, are not adhering to the quality standards. We have received complaints about poor quality tyres. We are seriously looking into them."

14th October 2011/by Tyrepress Editors

Continental to focus investment on Asian markets

Continental AG plans to focus its near-term investments on the Asian markets, according to board member Heinz-Gerhard Wente. In a Bloomberg report, Wente noted that sales in Asia will likely represent a third of the corporation’s total revenues.

“While Europe will remain the biggest market for Continental, next year might ‘bring some problems’ because of a possible economic slowdown triggered by the sovereign-debt crisis,” the Bloomberg story said. It would not be “a dramatic downturn,” though.

11th October 2011/by Tyrepress Editors

MRF considering international, including European, acquisition options

MRF Ltd is reportedly considering a number of overseas acquisitions options. According to various Indian news reports, top of the list are tyre plants and rubber plantations in moves that will form part of the company’s global expansion plans.

11th October 2011/by Tyrepress Editors

Lock-out the latest problem for Dunlop India plant

Dunlop India Ltd has informed the Bombay Stock Exchange of its decision to suspend operations at the company’s Sahaganj factory. In a lengthy letter outlining the various problems the company has faced at this factory since acquiring the tyre manufacturing business in 2005, Sahaganj plant manager M A Khan said it is no longer “possible to keep the factory open, continue to make payment of unproductive wages to idle workers and take risk for the safety and security of [the] plant and its employees.”

10th October 2011/by Tyrepress Editors