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Sales Up, Operating Profit Down in Hankook’s Q2

Hankook Tire has announced second quarter sales of 1117.2 billion won (£557.8 million), a year on year growth of 27.5 per cent, and 11.5 per cent quarter on quarter. Operating profit, at 79.0 billion won (£39.45 million), was 2.4 per cent down on the second quarter of 2007; likewise, recurring profit, at 89.8 billion won (£44.84 million) was also down 2.4 per cent. The quarter operating profit margin was 7.1 per cent.

Hankook reports sales revenue was boosted due in part to a weakened Korean won and an increase in tyre prices implemented in response to rising raw material costs – the company comments the tyre industry is facing increased pressure from a 24.3 per cent year on year increase in raw material costs, with natural rubber prices alone rising 40.5 per cent year on year. More than half of tyre production costs are now attributed to raw materials, adds the South Korean manufacturer.

1st August 2008/by Tyrepress Editors

Bridgestone North America Prices to Rise up to 10%

Bridgestone Corporation is planning tyre price increases of up to 10 per cent in the US and Canadian markets. Prices for motorcycle, passenger car, truck and agricultural tyres will go up as of September 1, the company announced.

According to Asahiko “Duke” Nishiyama, President of BFNT and its parent company, Bridgestone Americas Holding, increased synthetic and natural supply difficulties and the resultant high prices are a key factor behind the price increases, along with increased fuel costs at every stage of production and distribution.

1st August 2008/by Tyrepress Editors

Emerging Markets Help Goodyear Achieve Strong Q2 Sales

Strong overseas performance, particularly in emerging markets, has enabled Goodyear to report record second quarter sales. During the three months to June 30, the tyre major generated US$5.2 billion in sales, a 6.5 per cent improvement on the previous year. Goodyear comments that this stronger result was achieved through improved pricing, a richer product mix and the impact of favourable foreign currency exchange. These factors offset lower volume sales in Europe and North America. Also impacting results, says Goodyear, was the 2007 divestiture of the company’s T&WA tyre mounting business, which had sales of $186 million in last year’s second quarter.

31st July 2008/by Tyrepress Editors

Michelin Sales, Profits Down in 1st Half 2008

In its first half 2008 results, Michelin has reported sales and net income slightly down on the same period last year. Net sales of 8.239 billion euros in the six months to June 30 represent a decrease of 1.9 per cent, however Michelin calculates that, at constant scope and exchange rates, this figure actually indicates a 4.2 per cent rise over last year. The company’s operating income of 708 million euros in the half-year was 11.3 per cent less than that in the corresponding period last year, and the operating margin of 8.6 per cent was down 0.9 pt. Net income, at 430 million euros, is 1.4 per cent lower than in 2007.

30th July 2008/by Tyrepress Editors

India’s MMTC Closer to Chinese Tyre Imports

India’s state run MMTC trading company appears to be progressing with its plan to import and market Chinese commercial vehicle tyres in India. According to reports, the company has already identified a US-based tyre manufacturer with a production site in China as the possible source of tyre imports on an ongoing basis. The initial volume order is anticipated to be placed in September or October.

The US based company has not been specifically named, however sources say the firm first entered China in 2006 and recently acquired a production facility there. The company was incorporated in 2005 through a series of mergers and also has production bases in Europe and North America.

29th July 2008/by Tyrepress Editors

Michelin NA Opens Second Retail Outlet

Michelin North America celebrated the grand opening of a second retail outlet on July 22. The shop’s official ribbon cutting ceremony, at the Westgate Mall in Spartanburg, South Carolina, was attended by Jim Micali, chairman and president, Michelin North America, Parmeet Grover, Michelin brand director and Jeff Jacobs, director of Michelin identity merchandise, and was conducted by Spartanburg Mayor Bill Barnett.

“Michelin offers consumers a brand that has a unique combination of heritage and vision for the future,” said Jacobs. “We are excited to open ShopMichelin in Spartanburg, where Michelin already has a presence. While Michelin on Main located in downtown Greenville is Michelin’s first retail shop, it also serves as a destination location where consumers can fully experience the Michelin brand. Here at ShopMichelin located in the Westgate Mall, the store will be more of what you might expect in a mall environment, with the merchandise being key.”

23rd July 2008/by Tyrepress Editors

MTNA Boosts Production at Madison Plant by 25%

Marangoni Tread North America has increased Ringtread production at its Madison, Tennessee Alpha-Ring manufacturing plant by 25 per cent. The company reports this greater production will accommodate both domestic and global growth. Specifically, 14 per cent more Ring moulds have been installed at the Madison facility in order to handle North American market growth and provide better service to the North American Ringtread dealer network. On top of this, the Madison plant is now shipping Ringtreads to other global markets, and further expansion is scheduled for next year.

23rd July 2008/by Tyrepress Editors

Solideal Releases Raptor Rubber Track Brand

Solideal International has released a new line of rubber tracks under the Raptor brand name. Raptor rubber tracks have been developed in 33 different sizes to fit the most popular mini excavator machines and are reportedly intended to offer “good value for money for price sensitive customers.” Raptor brand will be available in North America as well as in many European countries including: the Baltics, Czech Republic, Denmark, Finland, France, Germany, Italy, the Netherlands, Poland, Sweden, UK, Romania and Serbia. Solideal has been manufacturing premium rubber tracks since 1991. The group employs over 9000 people in 20 countries.

23rd July 2008/by Tyrepress Editors

Morgan Stanley ‘Double Downgrades’ Michelin

Financial analysts at Morgan Stanley have downgraded Michelin stock to “underweight” and predicted Michelin will make a profit warning when it announces its first half 2008 results on 30 July. “We are double-downgrading Michelin…This year’s sharp rise in raw material costs may be the immediate source of pressure on earnings, but we think the bigger risk going forward is slowing OE and replacement demand,” the analysts explained. Describing the premium tyre manufacturers’ pricing discipline as “remarkable,” the bank predicted pre-tax (EBIT) profit margins would still fall to 7.3 per cent, near the company’s historical average, in 2008.

Explaining the reason for their rating downgrade, the Morgan Stanley analysts suggested Michelin’s truck and speciality tyre segment strengths could be weakness in a tough market for vehicle makers: “With 50 per cent of [Michelin’s] revenues coming from truck and speciality tyres, Michelin’s fortunes are tied to the industrial cycle more than any other tyre company we cover globally.” In addition, according to the report, around 30 per cent of revenue and 20 per cent of Michelin’s profits are said to be generated in North America where recent tyre demand has been particularly weak.

22nd July 2008/by Tyrepress Editors

Michelin Names Logica as Applications Service Partner

UK based IT and business services company Logica has been selected as Michelin’s applications services partner for its Finance and Purchase Reporting Group, Supply Chain Management, Marketing and Sales (Customer Relationship Management) and Demand to Cash operations across Europe and North America. The three-year contract, which has the further option of being renewed for an additional three years, includes consulting services and systems implementation.

According to Logica, the partnership will – in addition to improving cost and quality performance – deliver enhanced operating efficiency and more responsive, flexible information systems. The contract, reports Logica, will draw upon its ‘blended delivery’ model, through which the optimal IT resources from Logica’s worldwide service centres will be allocated.

21st July 2008/by Tyrepress Editors

Bridgestone North America Divisions Donate to US Flood Relief

Since June the US state of Iowa has experienced its worst flooding in 15 years, with rivers throughout the state bursting their banks. To assist affected communities, Firestone Agricultural Tire, itself based in Des Moines, Iowa, BFS Retail & Commercial Operations and Bridgestone Bandag Tire Solutions have donated US$100,000 to the American Red Cross’ flood relief efforts. The company says the donation, presented in a ceremony on July 18, reflects the combined efforts of Bridgestone Americas Holding and the three aforementioned business units.

“We are always looking for opportunities to give back to the communities where we live and work,” said Ken Allen, vice president, FSAG. “It is rewarding to see how dramatically the quality of life can improve for families with the aid given from the Red Cross. The American Red Cross continues to provide invaluable assistance to those affected by the storms, funded by many who felt as we do about their good work, and we are happy that we were able to help support those efforts.”

21st July 2008/by Tyrepress Editors

Michelin North America Seeks Rugby International Sponsors

Michelin North America is offering sponsorships for the international rugby match between top-division French Rugby Union side Clermont-Auvergne and the USA Eagles in South Carolina on 9 August.

“Rugby is the second-fastest growing spectator sport in the world today,” said Michael Fanning, vice president of corporate affairs for Michelin North America. “In addition, there is widespread participation in the sport at the university and club level throughout North America. When you combine these ingredients with national exposure via a live ESPN Classic broadcast, there is a potent opportunity for local, state and national entities to sponsor a top-drawer international rugby match in South Carolina.”

10th July 2008/by Tyrepress Editors

Delticom Promotes e-Commerce Tyre Sales

Delticom has begun to promote in earnest its e-Commerce platform in North America. Emphasising the ability of internet-based tyre shops to provide a quick, safe and cheap retail environment, the company hopes to capitalise on the rising prices of its high-street competitors.

tires-easy.com, the growing online store of Delticom is an international leader in the field, the most used in Europe, and has won many awards with largely positive customer feedback. The company believes it can save customers up to a quarter of the price they would have paid elsewhere, while the tyres can be delivered anywhere within the working week. The company has 6000 US partners, all of whom are linked on the website using a well-known internet branded map generator.

10th July 2008/by Tyrepress Editors

Michelin Expands Truck Stop Presence

Michelin North America added 32 truck stops to its U.S. truck tire service network.

“Truck stops play a vital role in supplying tires and emergency services for the trucking industry,” said Marc Laferriere, vice president of marketing for Michelin Americas Truck Tires. “This expansion deepens the availability of Michelin products and services along America’s highways and will help to meet the soaring demand for Michelin X One wide single tires, which deliver excellent fuel and weight savings.”

The new truck stops are located on Alabama, California, Kentucky, Georgia, Florida, Indiana, Minnesota, Missouri, North Carolina, New Jersey, New Mexico, New York, Oklahoma, Texas, Utah, Washington and Vermont. (Tire Review/Akron)

9th July 2008/by Tyrepress Editors

Kumho Gets OE Deal from Ford

Its Solus KH16 radial in size 215/45R17 will be an OE tire on the 2009 Ford Focus. Kumho will be supplying some 200,000 of the tires to Ford in the deal.

“This contract is an important step for Kumho Tires; we now have supply contracts with all of the big three automakers in North America,” said Sae-chul Oh, president and CEO of Kumho Tire Inc. “These companies have recognized that Kumho Tires shares their commitment to quality, technology and performance. We will continue to expand our North American presence to become one of the top five global tire manufacturers by 2015.” (Tire Review/Akron)

7th July 2008/by Tyrepress Editors