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Apollo Tyres Reports Record Fourth Quarter

India’s Apollo Tyres has reported that it achieved record sales in the fourth quarter of its 2004/2005 financial year. At the same time the company announced a 45 per cent dividend. For the 2004/2005 year Apollo Tyres Ltd posted a gross turnover of 26.56 billion rupees (£332 million), a 15 per cent growth over the previous year. The company also registered the highest quarterly sales achieved in its history – over 7.5 billion rupees in the last fourth quarter. This represents 21 per cent growth over the same period last year. At the same time the company maintained three per cent net profit.

8th June 2005/by Tyrepress Editors

What is the Future For Independent Businesses?

(Akron/Tire Review) Special Report by Amy Antenora of AMN – With a number of critical issues currently challenging the automotive aftermarket – SKU proliferation, auto dealer expansion and raw material costs, to name a few – there was no lack for topics of discussion at this year’s Global Automotive Aftermarket Symposium (GAAS), held this week in Chicago.

Bob McKenna, president and CEO of the Motor & Equipment Manufacturers Association, moderated a panel discussion posing questions about a number of critical issues such as product demand, brand equity, counterfeiting, vehicle maintenance, Right to Repair and the complexities of aftermarket distribution.

16th May 2005/by Tyrepress Editors

Corghi Sets Its Sights on Australia

(Australia/Australian Tyre Dealer) Corghi, the world’s largest Italian manufacturer of tyre service equipment, is aiming to increase its presence in Australia.

After a number of years in the doldrums, Corghi brand wants to play a major role in the Australian tyre market again. Under newly-appointed general manager, Jonathan Gant, Corghi is looking to replicate the success it has enjoyed in New Zealand, where its Italian-made wheel balancers and tyre changers enjoy more than 60 per cent market share.

6th May 2005/by Tyrepress Editors

Kumho Expands Presence in Chinese Market

(Akron/Tire Review) Kumho Tire Co has completed the expansion of its Nanjing, China tyre plant, more than doubling its annual production in China. The Nanjing plant, along with a new Kumho tyre factory in Tianjin, will result in an expected annual production capacity of 18 million tyres a year by 2007, according to Kumho. The Nanjing plant currently produces 5 million tyres a year, and the expansion will boost annual capacity to 12 million tires. Kumho also said it was considering building a third plant in China.

21st April 2005/by Tyrepress Editors

What Price Experience?

A new study from industry analysts Plimsoll Publishing asks how important are the leaders of a company to its financial performance? It suggests that we will soon find out, as one in four of UK Tyre manufacturers and distributors company directors will be aged over 60 by the end of this year and, as they near the end of their careers, who will take over?

21st April 2005/by Tyrepress Editors

Tuberex Calls in Administrators

Matthew Hammond and Rob Hunt of PricewaterhouseCoopers were appointed Joint Administrators of Tuberex Exhaust Systems Limited on 30 March 2005. Based in Stafford West Midlands, Tuberex manufactures and assembles car exhaust systems for the after market and is considered to be number three in the UK market with a 12 per cent market share. It has suffered from difficult trading conditions in the last 18 months, largely, as a result of increasing steel prices. The company has a turnover of around £10 million and employs 130 people.

“We are currently reviewing the Company’s financial position to establish whether a restructuring of the Company is possible. In the meantime Tuberex continues to trade as normal,” commented joint administrator, Matthew Hammond.

18th April 2005/by Tyrepress Editors

Big Three Regaining Ground in Canada

(Toronto/Tire Review) Canadian Press reports that the Big Three automakers – Ford, GM and DaimlerChrysler – continue to lose market share in the United States but are regaining ground in Canada. US sales by the Big Three have declined by six per cent so far this year, reducing their market share to 59 per cent – the fifth consecutive month below 60 per cent – said the report released Monday, citing research by Scotiabank.

Meanwhile, the Big Three led the way in Canada last month, with volumes advancing 16 per cent year-over-year – the best performance in more than five years.

30th March 2005/by Tyrepress Editors

February Registrations Down

The UK’s February new car registrations are down 14,368 units or 15.7 per cent to 77,092. However the decrease was expected due to the twice-yearly plate change, reports the SMMT with February accounting for a mere 3.5 per cent of the annual market.

Commenting on the figures, SMMT chief executive, Christopher Macgowan, said, ‘February is traditionally a slow month as new car buyers and the motor industry prepare for the surge that accompanies the March plate change. After last year’s significant growth in the first quarter, we expect March registrations to fall by around six per cent. While this is lower than last year’s record total, it still represents a new car market in good shape.’

7th March 2005/by Tyrepress Editors

Goodyear Shares Lowered to Sell Rating

Deutsche Bank analysts have lowered Goodyear’s share advice rating from hold to sell. The announcement comes in spite of the fact that Goodyear’s shares have performed strongly since mid-October in response to positive news from the industry, stabilisation of market share losses, and increased optimism about a turnaround. However, now that the company’s share price has reached 21 times the analysts’ 2005 estimate, the bank believes the price growth will slow down. According to the analysts, “the bull case is more than fully reflected.”

4th February 2005/by Tyrepress Editors

Cooper to Buy 11 per cent of Kumho Tire

Cooper Tire & Rubber has announced that it has agreed to acquire approximately 11 per cent of the common equity of Kumho Tire. Cooper reports that the acquisition is in connection with a planned initial public offering on the London and Korean stock exchanges. The deal, which is expected to close in the first quarter of 2005, remains subject to a number of government and regulatory approvals.

10th January 2005/by Tyrepress Editors

New Kayaba Shock Absorber Plant in Czech Republic

Kayaba Industry (Japan), which, according to the company, is the biggest shock absorber manufacturer in the world, has developed its market position by building a new plant in the Czech Republic. Production is due to start in April 2006. “Kayaba Manufacturing Czech“ (KMCZ), to be based in Pardubice, will employ more than 200 employees at full capacity. According to the company’s production plans, by 2007 more than two million shock absorbers will be manufactured there each year.

In December 2003, Kayaba bought the remaining shares of Spanish shock absorber manufacturer, APA. With an annual production of more than 15 million shock absorbers, the next step is further strategic expansion in Europe. The production plant in the Czech Republic, which will be based on the most modern technological criteria, will have its own capital funds, totalling 17.5 million euros. By making this further investment Kayaba says it is developing its operational basis in Europe more clearly than it has done so far.

The recently submitted annual report 2003/2004 of Kayaba shows that the company is on course for growth. Turnover totalled $2.1 billion, which represented an increase of over 10 per cent compared with the same period last year. With an annual production total of more than 55 million units, in both in the passenger cars (for large reputable car manufacturers) and for the aftermarket business, the company reportedly holds a 23 per cent world market share.

13th December 2004/by Tyrepress Editors

BMTR Group Make New Board Appointments

Birmingham based tyre wholesaler and distributor BMTR Group has announced the appointment of Gary Hickman as director and general manager. Mr Hickman will be based at the group’s Perry Barr site.

28th October 2004/by Tyrepress Editors

Michelin’s Sales Growth Slows

After “exceptional growth” in the first half of 2004, Group Michelin has posted third quarter results that show slowdown in sales growth.

26th October 2004/by Tyrepress Editors

Bridgestone Aims for 15 per cent of Europe

Bridgestone is a aiming to control 15 per cent of the European market within 5 years, the company announced at the Paris auto show.

29th September 2004/by Tyrepress Editors

September Sales off to a Slow Start

September’s US auto sales appear to be off to a slow start according to a recent Deutsche Bank survey. The analysts’ results suggest that the light vehicle SAAR is claiming around 16.1 million units (16.5 total) a figure that compares poorly with last September’s 16.7 million.

Hurricanes are again thought to be the reason for the dwindling figures and analysts believe that these indications of a weak start are likely to weigh heavily on the sector. Ford’s sales are down 10 per cent and its market share around 20 per cent. It is also estimated that GM ‘s sales are down three per cent, implying a 28 per cent market share. Whereas Chrysler’s sales are thought to be flat, implying an 11.7 per cent market share.

20th September 2004/by Tyrepress Editors