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SMMT sees strong commercial registration February growth of 27%

While the car market stayed low in February, registrations of new trucks and vans were up by more than a quarter on February 2010, at 27.4 per cent. Trucks saw a rise of 50.9 per cent to 2,068, making the figures in the first two months 36,070 units registered, or a rise of 11.1 per cent. Vans were up 23.8 per cent to 11,113 in February, keeping growth consistent from January, meaning 230,658 units have been registered in 2011 to date, up 22.7 per cent.

4th March 2011/by Tyrepress Editors

Formosa Plastics entering synthetic rubber market to meet Chinese domestic demand

The China Economic News Service reports that the Taiwan’s based Formosa Plastics Group (FPG) intends to invest US$300 million establishing a synthetic rubber production facility in China’s Zheijiang Province. Construction of the plant Ningbo plant is expected to begin in October 2011 with volume production commencing in two years’ time. Initial output is given at 50,000 tons of IIR (isobutylene-isoprene rubber) per annum, with the tyre industry tipped to be the largest consumer of this. CENS reports that growing domestic demand from Chinese tyre makers has triggered FPG’s entry into the rubber industry. Furthermore, the company is said to be contemplating three other China based projects related to tyre production; these would require a further investment of $200 million.

28th February 2011/by Tyrepress Editors

Pirelli chairman resigns from Libyan Investment Authority board

Pirelli chairman Marco Tronchetti Provera has resigned from his position on the advisory board of the Libyan Investment Authority, which is the eighth largest shareholder of the multinational financial institution UniCredit, according to a Reuters report. The decision to resign came “in the face of the tragic events that are hitting the Libyan people,” according to a Pirelli statement. Tronchetti Provera has been on the LIA’s investment committee since March 2009.

23rd February 2011/by Tyrepress Editors

Share offer for Azerbaijan tyre maker announced

Azerbaijan’s State Committee for Property Affairs is offering investors the chance to obtain a 96.98 per cent share in tyre maker JSC Azersin. According to the Azerbaijan Business Center, this package of shares is made up of a standard package offered for investment (85 per cent of shares) plus shares available after labour collective subscription. The share tender is open to both domestic and foreign investors. Bids for shares in the debt-ridden tyre maker are accepted until March 31.

21st February 2011/by Tyrepress Editors

Continental Denies Romania Investment Plans

Media reports published on January 6 indicate that Continental AG intends to invest up to 220 million euros in Romania to build up capacity in its Timisoara plant over the next two years. Enquiries made by Tyres & Accessories to the German manufacturer’s head office, however, reveal that an inaccurate news report was released through a newspaper in Romania. The company has regularly invested its Timisoara plant since 2004, however Continental media contact Klaus Engelhardt states an investment of this size is not planned.

6th January 2011/by Tyrepress Editors

European Investment Bank Loan to Finance Trelleborg R&D Projects

Trelleborg has reported signing an agreement with the European Investment Bank for an 80 million euro long term-loan. This loan, the Swedish company explains, is intended to finance a part of Trelleborg’s expenditures for selected research and development projects in number of European countries extending out into 2012. These research and development projects focus on the further development of advanced polymer technology and related products to seal, damp and protect in demanding environments.

15th December 2010/by Tyrepress Editors

Vellco Celebrates 60 Years With Two New “60” Reg Trucks

Vellco Tyre Control recent took delivery of two brand new “60-registered” MAN 6×2 Tractor Units utilising unique EGR (exhaust gas recirculation) technology designed for Euro 5 engines. But for the company that began trading in 1950 the purchase was more than just a infrastructure investment, it was also something of a celebration of the fact that during 2010 the company has been celebrating 60 years of trading.

7th December 2010/by Tyrepress Editors

Pirelli Broadband Solutions Sale Finalised

Pirelli’s sale of its broadband business is a done deal. On November 29, the Italian company reported the sale of Pirelli Broadband Solutions SpA to Advanced Digital Broadcast Group has been finalised and the transaction is now completed and closed. Advanced Digital Broadcast paid approximately 25.1 million euros in cash and 400,000 listed shares, equal to approximately 7.2 per cent of its capital, for the broadband business. With regard to these shares, Pirelli & C. has undertaken a lock-up commitment for the first two months following the closing, as well as a put option for Pirelli & C. and a call option for ADB, which can be exercised within two years.

30th November 2010/by Tyrepress Editors

New 22.5 x 11.75 Alcoa Wheel Offers 5000 Kilo Load Index

Alcoa Wheel Products Europe has introduced a new 22.5 x 11.75 wheel with 120 mm offset and a 5000 kilogram load index. The product, which is designed for truck front steer axles and trailer axles, reportedly weighs just 23.6 kilos and is available with 26 mm mounting holes in four finishes – Brushed, Mirror Polished, Dura-Bright and Dura-Flange.

18th November 2010/by Tyrepress Editors

Pirelli Triples 9-month 2010 Net Income to 164.1 million euros

Pirelli & C Spa reports that it tripled net income to 164.1 million euros during the first three quarters of 2010 from 50 million euros in the first nine months 2009. At the consolidated level, revenues to 30 September 2010 totalled 3,703.4 million euros, an increase of 18.9 per cent compared with 3,114.7 million euros in the first nine months of 2009.

EBIT to 30 September 2010 including restructuring charges of 12.4 million euros (28.1 million 30 September 2009) was 309.6 million euros, an increase of 69.7 per cent from 182.4 million euros in the same period of 2009. The margin as a percentage of revenues (8.4 per cent) shows a significant improvement from the 5.9 per cent recorded in the first nine months of 2009. In the third quarter, in particular, the operating result (EBIT) including restructuring charges was 116.2 million euros, growing 82.7 per cent from 63.6 million euros in the third quarter of 2009, with the margin as a percentage of revenues rising to 9.1 per cent from 5.8 per cent.

4th November 2010/by Tyrepress Editors

1.25 Billion Conti Eurobond Placed

It’s a done deal – earlier this morning tyrepress.com reported Continental’s intention of placing a third euro-denominated bond. The German company has now reported the successful placement of this third bond, as issue with an aggregate principal amount of 1.25 billion euros. The issue consists of two tranches of 625 million euros each, which respectively mature in 2016 and 2018. As per the company’s previous statement, the bonds will be issued by Conti-Gummi Finance B.V. and guaranteed by Continental AG and certain of its subsidiaries. The coupon is 6.5 per cent per year for the tranche maturing in 2016 and 7.125 per cent per year for the tranche maturing in 2018. Interest will be payable semi-annually in arrears.

28th September 2010/by Tyrepress Editors

Conti Places Billion Euro Bond

Continental AG reports it has further improved its debt maturity profile through the placement of a euro-denominated bond with an aggregate principal amount of one billion euros. The seven year notes are to be issued by Conti-Gummi Finance B.V. and guaranteed by Continental Aktiengesellschaft and certain subsidiaries. The coupon will be 7.5 per cent per annum interest, payable semi-annually in arrears.

6th September 2010/by Tyrepress Editors

Russian Tyre Makers in Merger Talks

Russian business daily Vedomosti reports that Sibur Holding and Nizhnekamskshina, a Tatneft petrochemical subsidiary, intend to merge their tyre assets to create an entity holding two-thirds of the market share in Russia. While Sibur Russian Tyres general director Vadim Gurinov was quoted as saying no decision has yet been made regarding such a merger, the news that the two companies are in talks was confirmed by a Tatneft official.

24th August 2010/by Tyrepress Editors

HiQ Network Grows with Addition of 11th Broadway Outlet

One of the largest franchisees in the HiQ network, Broadway Tyres, has acquired its 11th centre. Broadway owns a number of fast fit outlets in and around London, and has added HiQ Grays to its portfolio after acquiring the centre from P & R Tyres.

23rd August 2010/by Tyrepress Editors

Goodyear Offers $900 Million in Senior Notes

Goodyear Tire & Rubber Co. announced it has commenced a public offering of US$900 million aggregate principal amount of 10-year senior notes. The offering was increased from a previously announced offering size of $750 million.

12th August 2010/by Tyrepress Editors