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Polish Firm Buys Colway Brand

The Colway brand and equipment owned by County Durham-based C-Tyres have been bought by Polish retread company, Mark Gum. No details of how much Mark Gum paid for the company have been made available. According to local news reports, equipment from the factory on the Littleburn Industrial Estate will be now be transported to Poland. C-Tyres managing director Gary Oliver had previously spoken of his hope that a British company would take ownership of the assets, allowing tyre production to start up again from within C-Tyres leased premises in Langley Moor.

“There were several UK people that I know were interested and I was hoping there was a chance we could get things back up and running here, but that hasn’t happened. Colway tyres will no longer be made in the UK, which is very disappointing,” Gary Oliver commented.

29th January 2008/by Tyrepress Editors

Quarter Figures Reveal Mixed Results for Indian Manufacturers

Recently released quarterly results for India’s Ceat Ltd show robust growth in the quarter to 30 September 2007. While net sales increased by a respectable but unremarkable 8.5 per cent over the same three months of 2006, to Rs5.83 billion (£72.65 million), operating profit more than doubled during the period. For the quarter to 20 September 2007 Ceat achieved an operating profit of Rs 622.9 million (£7.76 million), up from Rs 307,3 million (£3.82 million) a year earlier. Pre-tax profit showed an even more impressive increase, rising to Rs405.6 million (£5.1 million), a 470.5 per cent increase on the September 2006 figure of Rs71.1 million (£885,600).

11th December 2007/by Tyrepress Editors

C-Tyres In Administration

C-Tyres, the Langley Moor, Durham-based manufacturer of the Colway brand of car and truck tyre retreads, has today called in the Administrator. Gary Oliver, managing director of C-Tyres, told T&A that the company had been served with a forfeiture notice by its landlord at the weekend and had been unable to gain access to the site. With no access to the factory, stock and customer records, the directors of C-Tyres were forced to call in the Administrator. Said Oliver: “Because we couldn’t get on to the site, we couldn’t even access our employees’ contact details to tell them not to come to work.” C-Tyres employs around 100 staff.

The current management team took over C-Tyres in January 2002, when the company was turning over £3 million annually. “This year we were on course for a £6 million turnover and were making an operating profit” Oliver told T&A. During this time, C-Tyres concentrated its efforts on niche products and actually increased the product range, adding truck retreads.

25th October 2007/by Tyrepress Editors

Beru Makes Full-Year Target Adjustment

German automotive supplier Beru reports that, as a result of what it refers to as the current “difficult” situation in the motor industry, the company now assumes it will achieve operating profit (EBIT) of between 44 million and 47 million euros in full-year 2007. This represents a slight downward correction of the company’s most recently published earnings guidance. The reduction is attributed to the ongoing decrease in unit sales in the high-margin aftermarket business. Furthermore, in response to demands from vehicle manufacturers, Beru has been forced to grant price reductions it says exceed the effects of its own internal cost-cutting activities.

Beru’s executive board maintains its goal of increasing sales revenues by a low single-digit percentage this year.

28th September 2007/by Tyrepress Editors

Gajah Tunggal Sales Up on Back of Increased Michelin Orders

Indonesia’s Gajah Tunggal is expected to achieve sales of IDR6.3 trillion (£337 million) in 2007, rising by approximately 17 per cent over the IDR5.4 trillion (£289 million) recorded in 2006. The anticipation of higher sales is based upon the increased level of orders from Michelin this year, 2.3 million units compared with 1.3 million in 2006.

23rd August 2007/by Tyrepress Editors

Pirelli Tyre Profits 6% Up in 1st Half Year

Pirelli & C. SpA disclosed on July 27 that operating profits from its core Pirelli Tyre operations rose six per cent in the first half of the current financial year to 206 million euros. This increase over the previous year’s first half of 195 million euros has been attributed to higher revenues and an improved product mix. Revenues for the division increased 6.6 per cent to 2.15 billion euros.

Operating profit figures for the entire Pirelli Group were also positive, increasing 10.2 per cent to 342 million euros. Revenue for the Group, at 2.68 billion euros, was 11.1 per cent higher.

These current figures for Pirelli Tyre and the Group are preliminary and the company will publish full results on September 11.

27th July 2007/by Tyrepress Editors

Q1 Results “Better Than Expected” – Nokian

Nokian Tyres had a “better than expected” first quarter of 2007. During the quarter Nokian Tyres recorded sales of approximately 200 million euros a 34 per cent gain on the 149.4 million euro reported a year earlier. Operating profit trebled, with profits of 39 million euros achieved during the quarter.

Nokian cite the main reasons for these better than expected results to be continued strong sales growth in Russia plus stronger than expected summer tyre sales. Winter tyre pre-sales exceeded previous year and the newly launched Nokian Hakka summer tyre range boosted summer tyre sales. Nokian Tyres’ targets for 2007 will remain the same. The company’s projected full year net sales are 900 – 1,000 million euros.

23rd April 2007/by Tyrepress Editors

Atlas Copco Acquires ABAC’s Compressor Company

Atlas Copco has received conditional approval from the anti-trust authorities to acquire the Industrial Division of the ABAC Group. It had a turnover in 2006 of approximately 190 million euros and some 650 employees. The estimated operating profit margin in 2006 was around 10 per cent. The acquisition is scheduled to close on 2 April.

19th February 2007/by Tyrepress Editors

Kumho Tire’s 2006 Profit Suffers – Material Costs and Strong Won to Blame

South Korea’s second largest tyremaker, Kumho Tire Co., has released news that its net profit declined significantly during 2006 due to higher raw material prices and a firmer South Korean won. Kumho Tire earned 1.09 billion won (£600,000) in net profit last year, compared with a profit of 98 billion won (£54.5 million) from the same period a year ago, the company said in a regulatory filing.

2nd February 2007/by Tyrepress Editors

Beru Reports Double-Digit EBIT Growth in First Half 2006

Beru AG increased its total sales revenues in the first half of the 2006 financial year by 10.4 per cent to 223 million euros. During the same period, operating profit (EBIT) increased by 23.2 per cent to 30.9 million euros. The Company, which has been listed on the Frankfurt Stock Exchange since the end of February 2006, generated a group net profit of 20.6 million euros.

15th August 2006/by Tyrepress Editors

Hankook Reports Decline in Quarterly Earnings

Hankook Tire Co. reported a 23.9 per cent decline in quarterly earnings, based on a stronger won and high raw materials costs, and the company has downgraded its full-year outlook, as reported by the Korea Times. Net profit totalled £24 million ($45.49 million) for the three months ending 30 June. Sales dropped 0.7 per cent, while operating profit declined 32.8 per cent. In the first half of the year, Hankook’s net profit was down 12.2 per cent from the previous year. Revenue grew 1.05 per cent, but operating profit fell 29.92 per cent.

10th August 2006/by Tyrepress Editors

Bridgestone OP down 8.7 per cent

Bridgestone Corp. has reported that first half operating profit fell 8.7 per cent to 84.11 billion yen (£382 million) on account of raw material costs. Net profit dropped 67.7 per cent to 32.82 billion yen (£146.6 million), partly due to a one-off pension-related gain of 80.8 billion yen in the year-earlier period.

9th August 2006/by Tyrepress Editors

Vacu-Lug to Return to Profit – Fleet Sales grow 28 per cent

Independent retreader Vacu-Lug recently announced that it is “back on track,” reporting half a million pounds of operating profit for 2005. Speaking at the company’s AGM, managing director Tim Hercock, who was appointed in 2002 following a £2.5 million loss, commented that he was delighted with the progress the company had made. “It is testament to the hard work of all our employees” he stated, adding: “We have been through a major change process and have come out in much better shape”.

27th July 2006/by Tyrepress Editors

Apollo Tyres Reports 2005 Results

Publishing its full-year 2005 results Apollo Tyres Ltd has reported that it has crossed the 30 billion-rupee turnover mark, compared 26.56 billion the previous year. Operating profit soared 35 per cent to 2.22 billion rupees while net sales grew 18 per cent to 2.64 billion rupees.

8th May 2006/by Tyrepress Editors

Profit Falls in Kumho’s First Quarter

(Akron/Tire Review) Kumho Tire Co.’s net profit fell 4.5 per cent in the first quarter of 2006 vs. the same period of 2005, the company reported. Operating profit for the first quarter dropped 41.9 per cent, while revenue slipped 0.1 per cent.

26th April 2006/by Tyrepress Editors