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Quarter Profits up at Superior Industries

OE alloy wheel supplier Superior Industries International announced their financial results for the second quarter of this year on August 9, figures that show a solid increase in unit wheel shipments, net sales, gross margin and pre-tax income from continuing operations compared to the second quarter of 2006.

“The benefits of our hard work during the past several years to improve productivity, reduce costs, and position Superior for success as a truly global company are becoming increasingly evident in our financial performance,” said chairman, president and CEO Steven Borick.

For the three months ended June 30, 2007, net sales increased 16.1 per cent to US$255,217,000 compared to $219,880,000 for the second quarter of 2006, driven by a 3.7 per cent increase in unit wheel shipments, a higher percentage of large-diameter wheels in the sales mix than in the prior year, and higher pass-through aluminium costs in selling prices.

10th August 2007/by Tyrepress Editors

Yokohama Q1 Results ‘Stronger than Expected’

Yokohama Rubber posted a 150.2 per cent increase in net income, to 3.1 billion yen (£12.8 million), in the three months ended June 30 (the first quarter of the present fiscal year) compared with the same period in 2006. The company’s operating income increased 130.6 per cent to 4.3 billion yen (£17.7 million) and net sales rose by 13.8 per cent to 121.6 billion yen (£502.3 million). The company reports that the overall rise in sales was led by growth in markets outside Japan and in Yokohama Rubber’s Multiple Business (diversified products) Group.

Operating income in Yokohama’s Tire Group tripled in the first quarter, to 3.1 billion yen (£12.8 million) on the back of a 15.9 per cent increase in sales to 90.7 billion yen (£374.7 million). Leading the sales growth were gains in North America, Europe, and Asian (excluding Japan) markets. The sales growth, coupled with the weakening of the yen and price increases for Yokohama tyres, more than offset the continuing upward trend in prices for natural rubber and other raw materials.

10th August 2007/by Tyrepress Editors

Ceat to Cut Costs Through Plant Relocation

Ceat Ltd. intends to move its factory located in the Mumbai suburb of Bhandup to Patalganga, near the city of Thane and around 30km northeast of Mumbai. According to a report published in India’s Economic Times on August 8, the main motivation behind the proposed shift is to reduce costs and bring down the amount spent on local ‘octroi’ taxes.

The almost half-century old factory will be dismantled and relocated in phases, and CEAT has already decided upon the sale of 6.5 acres of surplus land at the plant site. At current real estate prices the site’s entire 31 acres may well fetch up to Rs 5 billion (£61 million) when disposed of.

“It is the reality of life. The company has to shift out tomorrow if not today,” said Ceat managing director Paras Chowdhary. Ceat, a company achieving a net profit of Rs 390 million (£4.7 million) in the year to March 2007, reportedly hand over about Rs130 million (£1.6 million) in local taxes on materials entering Mumbai city limits for use, consumption or sale.

9th August 2007/by Tyrepress Editors

Stapleton’s Redevelops its Online Presence

Stapleton’s has launched a new website in line with its new brand identity. The new look website is a modern, straight-forward way for customers to find out more about the company and includes a link to ProfitLink where they can purchase tyres online. www.stapletons-tyres.co.uk also offers additional features including a list of products, delivery and regional sales support information and a breakdown of contact details for each area of the business.

Stephen Childs, the marketing manager of Stapleton’s, said: “The site is exactly what we want to offer our customers. It is extremely efficient and easy to navigate, with clear drop-down menus and a separate section for each area of the business.

“The web site is now consistent with our online purchasing service, ProfitLink, which was also recently improved and includes up to the minute price and stock information as well as acting as a useful retail tool for customers, automatically calculating selling prices to set parameters.”

8th August 2007/by Tyrepress Editors

Goodyear Raising US Prices

The price of all Goodyear consumer tyre lines in the US were increased by 8 per cent on August 1, with materials, transportation and ‘other costs’ cited as the reason. The price of OTR tread rubber also went up by 5 per cent. The tyremaker last raised passenger and light truck tyre prices on April 1, when a 4 per cent increase was put into effect, and OTR rubber went up by 5 per cent the following day.

6th August 2007/by Tyrepress Editors

Titan to Raise General Brand OTR Tyre Prices

Titan Tire Corporation, a subsidiary of Titan International, Inc. is to implement a price increase on General branded off-the-road tyres, effective 1 September 2007. The increase of up to six per cent will offset rising raw material and energy costs, and allow the company to “realign its base price listings to market conditions.”

6th August 2007/by Tyrepress Editors

Conti Increasing US Market Prices

Continental Tire North America plans to raise prices for US market tyre lines, including Continental and General brand passenger car and light truck tyres, by up to 6 per cent. The price increases will take effect on October 1.

The company reportedly attributes the price hike to the industry’s usual suspects – an escalation in transportation and raw material costs, including natural rubber.

3rd August 2007/by Tyrepress Editors

Half-Year Results “Arm” Conti for Future

Following positive sales and EBIT during the first half of the year, Continental AG says its goals for 2007 are firmly in sight and feels “well-armed to tackle the tasks ahead.” The German tyremaker and automotive supplier achieved double-digit growth over the same period last year in these two key financial indicators, a result Conti is calling a “rock solid basis for yet another peak year.”

Consolidated sales for the first six months of 2007 rose by 10.8 per cent compared with the same period of 2006, to 8,013.9 million euros, and Continental report the Motorola automotive electronics business contributed 558.7 million euros to the company’s sales. Before changes in the scope of consolidation and exchange rate effects, consolidated sales were up 6.3 per cent.

Raw material prices, although still at a high level, remained stable during the first half of the year. EBIT rose by 26.2 per cent over the previous year’s 722 million euros to 911.5 million euros, and the return on sales to 11.4 per cent. The automotive electronics business acquired from Motorola contributed 7.4 million euros to EBIT. Before changes in the scope of consolidation and special effects, EBIT rose by 146.4 million euros – 19.2 per cent – to 909.8 million euros.

1st August 2007/by Tyrepress Editors

Images of First Phase of Nexen’s £87 million China Investment Unveiled

Nexen has unveiled visual plans for its China factory currently under construction and due to be up and running by the end of 2007. The new plant will be one of the largest single tyre factories in China and follows a commitment by Nexen to invest £87 million ($170 million) over three years including the construction of a new R&D centre in China at the beginning of 2008. The visual plans of the new Nexen plant also highlight additional employee facilities including a cafeteria and recreational area.

Chairman of Nexen Tire Corporation Byung Jung Kang, said: “The new plant in China will allow Nexen to improve availability and continue to increase the company’s international growth.”

16th July 2007/by Tyrepress Editors

Yokohama Rubber Traded Immunity for Information in Cartel Case

It has been reported that Yokohama Rubber provided evidence against its former associates involved in the recent price fixing controversy in exchange for immunity, allowing the US Justice Department to the break the international price cartel that included Dunlop Oil & Marine, Trelleborg Industrie SAS and domestic rival Bridgestone. The information Yokohama Rubber supplied led to the May arrests of eight senior company officials.

The Justice Department claims that the eight men had met in the United States, Bangkok and London on numerous occasions since 1999 in order to predetermine which company would be awarded contracts. They are also suspected of manipulating the tender prices for marine hoses.

6th July 2007/by Tyrepress Editors

Dunlop International UHP Tyres Benefit from Silica

Apollo Tyres’ owned Dunlop Tyres International has introduced a new silica compound into its 16 to 18-inch UHP passenger car tyre range. The company is confident that the silica compound will offer drivers a range of benefits, including better wet grip, superior cornering ability and overall improved handling from the W and Z speed rated tyres.

On-road tests of tyres made using the silica compound demonstrate an improvement to wet skid performance by as much as 15 per cent, and Dunlop International report that similar improvements in grip and braking distances were also experienced. However, the company’s technical director, Danie Langner believes the most significant benefit of this new compound will be felt in motorists’ pockets. “With fuel prices soaring any innovation that helps reduce a vehicle’s fuel consumption is valuable,” he commented. “The good news is that by replacing some of the traditional carbon black compound with silica we have substantially reduced the rolling resistance of our tyres. In fact, tests indicate that, provided the tyres are maintained at the correct pressure our silica compound will reduce rolling resistance by 20 per cent or more. This means that less fuel is required to propel the vehicle forward, with a 20 per reduction in rolling resistance translating into a 5% reduction in fuel consumption. That’s a significant saving; basically your Dunlop tyres will now pay for themselves over their lifespan.”

3rd July 2007/by Tyrepress Editors

Hankook to Raise US Prices

(Akron/Tire Review) Hankook Tire America Corp. announced a price increase of up to 7 per cent on its full line of passenger, high performance and light truck tyres. Increases will vary by product line and size and take effect July 16.

Hankook said the increases reflect rising raw materials costs, particularly petroleum products, as well as higher transportation and general operating expenses. The tyremaker also mentioned that changes in China VAT regulations are factors in the increase.

29th June 2007/by Tyrepress Editors

Change in Chinese Export Rules May Lead to More Tyre Price Increases

(Akron/Tire Review) Effective July 1, the Chinese government will reduce, and in some cases eliminate, VAT (value-added tax) refund rates given to companies exporting certain goods out of China. More than 2,800 product classifications – including rubber, steel and carbon – will be affected by the reductions, the third change in refund rates since 2005.

China is making these changes to address overwhelming export growth and attempt to manage its trade surplus. Traditionally, export VAT refunds have kept export prices low for tyremakers and tyre- and wheel-component suppliers exporting out of China. According to an Ernst & Young report released June 20, “any change to a VAT refund rate will impact the prices charged on export goods as well as the profitability of exporters.”

29th June 2007/by Tyrepress Editors

A Weight off Your Mind

Randstad Ltd, a national distributor of vehicle parts, accessories and consumables into the UK aftermarket, has added a large range of wheel balance weights to its product portfolio. The Cramlington-based company now lists wheel balance weights alongside other popular product groups that include wiper blades, auto bulbs, workshop essentials, accessories and maintenance products.

Randstad’s new wheel balance weights range includes stick-on and clip-on applications, with denominations of weight ranging from 5 grams to 50 grams.Product packs are available in quantities of 50 or 100.

28th June 2007/by Tyrepress Editors

Michelin to Ride Truck Tyre Shortage in 2008?

Steadying raw material prices, Michelin’s productivity improvements and increased truck tyre demand could lead to a “favourable price environment” for the company, according to Deutsche Bank analysts. The theory relies on demand increases in the North American market. If this was to happen in 2008, say the analysts, there is a risk of an imbalance between global supply (set to increase by 5.0 million units) and demand (which could rise by 8.0 million units). According to the analysts, truck tyre sales represent 34 per cent of Michelin revenues versus 10 per cent at Continental, for example.

21st June 2007/by Tyrepress Editors