(Akron/Tire Review) Cooper Tire & Rubber Co. set the prices for its planned fixed spread tender offer to purchase up to $175 million in aggregate principal amount of its outstanding 7.75 per cent notes due 2009, 7.625 per cent notes due 2027, and 8 per cent notes due 2019.
Michelin does not envisage raising prices in Europe at the moment, despite price increases in North America and Japan. “Our philosophy has not changed, we reflect the rise in the prices of the raw materials in our selling prices,” Reuters quoted one Michelin spokesperson as saying. Michelin’s last price increase in Europe was a year ago.
Formula One Autocentres has moved up a gear this month, celebrating its latest expansion programme in the Norwich area. Creating 12 new jobs for the city, the family-run business opened the doors of its newest centre (81 Barn Road, Norwich) on 19 November. To celebrate this latest development programme, the company drove down prices with a selection of tremendous opening offers.
Beissbarth is at the forefront of catering for the growing interest in Automated Test Lanes (ATL), says the company’s UK managing director Philip Hodges.
Quality and choice are the watchwords for the Beissbarth Testlane system which features advanced technology pioneered by the company. The range of models SL600, Screen-testline 7000, Screen-testline 7060 and the TL600 have been a huge success in Ireland and are having a significant impact on the developing UK market, says Hodges.
(Akron/Tire Review) Toyo Tire (USA) Corp. said it would increase prices on all of its passenger and light truck/SUV tyres by up to 8 per cent, effective Jan. 1, 2006. No pricing announcement was made regarding Toyo’s commercial tyres.
(Akron/Tire Review) Retreading material manufacturer Bandag Inc has increased prices by 7 per cent on some of its tread stock and tyre repair products sold in the US. The 1 November increase does not impact other markets.
London-based International Rubber Study Group (IRSG) expects the price of natural rubber to remain strong in the next 10 to 15 years, increasing by about 25 to 30 US cents per kilo annually. Secretary-general Dr Hidde Smit told the Malaysia Star that the IRSG’s price forecast for NR this year was about $1.45 per kilogram, slightly higher than US$1.40 per kilo projected for 2004.
“There is an upward pressure for NR prices to be traded higher, buoyed by the increasing rubber consumption in the tyre sector, particularly in China, as well as the switch to NR from higher cost synthetic rubber due to higher crude oil prices,” he said.
The Bridgestone Corporation has announced that it will raise the replacement market prices of tyres, tubes and flaps sold in Japan. The move will take effect from 1 February 2006. Prices for winter tyres will be increased on 1 April 2006. Specific price increases include five per cent for passenger car and light truck tyres, seven per cent for truck and bus tyres, seven per cent for construction vehicle bias tyres, 10 per cent for construction vehicle radial tyres, and five per cent for other kinds of tyres (excluding those for motorcycles) and for tubes and flaps. Bridgestone points out that these figures are the average increases across each of the respective ranges.
(Akron/Tire Review) Hankook Tire Co saw profits increase 16 per cent in the third quarter, reaching $51 million against sales that rose 7 per cent to about $450 million. The South Korean tyremaker said the results were due to increased sales to automakers and price increases.
“Sales rose as Hankook raised prices of tyres in the US two times this year and once in Europe,” said Suh Min Chul, assistant manager of Hankook’s investor relations department. Hankook Tire, he noted, paid 11 per cent to 15 per cent more for raw materials compared to previous periods.
When Bridgestone recently announced that it would increase prices in Europe it was the latest in a string of decisions by tyre manufacturers around the world. It seems that no matter where in the world a company is based, companies cannot avoid the increased price of raw materials and particularly natural rubber, synthetic rubber and steel. But T&A would like to know what you think about the recent spate of price increases issued by manufacturers around the world? Are they a necessary evil, a stealth tax on distributors or just the result of prudent financial planning on the part of the manufacturing business? To place your vote and leave your opinion click here.
Raw materials and the right machinery are integral to the tyre production process. But who delivers the best raw materials and how have the markets been affected by high oil prices and booming demand from so-called low cost countries. And how influential are prices on the finished product?
Bridgestone Corp has announced a 32.5 per cent increase in profits, resulting from increased sales volumes and prices increases. While the company appears to have offset the effects of higher raw material costs, Bridgestone executives have left the business’ annual outlook unchanged.
Amtel is offering as many as 19.23 million Global Depositary Receipts, each backed by one ordinary share, at $13 to $16, the company reported. Russian companies have raised about $3.5 billion in share sales in 2005, more than in the 13 years since communism’s demise, the Interfax news agency has reported.
That stake, which includes as many as 11.54 million new shares, will equate to 29.5 per cent of Amtel, valuing it at as much as $1 billion. The company originally said it would sell 25 per cent of its stock. Now Amtel is offering 19,230,770 common shares, including 7,692,308 existing shares. The remainder of the offering will consist of new shares.
Lombard Vehicle Management is taking a different approach to fleet tyre provision, which it says will give customers a marked improvement in the service they experience. The company has separated the tyre authorisation function from the actual fitting process. The authorisation and invoice auditing is being carried out remotely by tyre experts Fit4Fleet. Fit4Fleet is not a tyre supplier to Lombard Vehicle Management, so for the first time the service is being controlled by an independent expert.
Bridgestone Europe NV/SA announces that it will increase prices on all of its tyre brands and categories. It will apply to all replacement channels in all European countries. The increases are up to 5 per cent and are scheduled to take effect from 1 January 2006.
According to Guenter Unterhauser, senior vice president sales & marketing of Bridgestone Europe: “Our manufacturing divisions are facing huge increases in raw materials costs. The recent increases in oil based raw materials, as well as natural rubber and energy, puts us in the situation where we have to increase prices.”
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