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Goldman Sachs, Keybanc Downgrade Goodyear

Market analysts at Keybanc and Goldman Sachs have downgraded their stock ratings for Akron, Ohio-based Goodyear Tire to “underweight” and “sell” respectively. Goldman Sachs reduced the stock from “Neutral” to “Sell” noting the company’s fortunes are linked to the success or otherwise of the Detroit carmakers. Goldman predicted analysts’ estimates for 2009 would also have to be cut. Meanwhile a Keybanc analysts listed the headwinds Goodyear is facing: “Lower volume globally, unabsorbed overheads, raw material costs that will substantially exceed price/mix in the first half of 2009, but should turn positive in the second half, significantly higher pension costs; foreign exchange working against the company, and disruptions associated with capacity reductions are all challenges Goodyear Tire faces this year.” The bank revised its earning per share estimate to a loss of $0.50. “For 2010 our initial estimate is a profit of $0.85. We have low confidence in both estimates and both exclude what will be very large restructuring/plant closing and severance expenses,” Keybanc concluded, noting that these estimates are likely to change during the course of the year.

23rd February 2009/by Tyrepress Editors

Pirelli Bringing its Diesel Technology to Scandinavian Markets

Pirelli Eco Technology, the Pirelli Group company operating in the field of pollution control technologies, has signed a partnership with Swedish diesel particulate filter specialist GB Environment Consulting AB in order to distribute the new Pirelli Diesel Particulate Filter (DPF) systems and spare parts in the Scandinavian, Finland and the Baltic markets.

23rd February 2009/by Tyrepress Editors

Asian ‘Tyrepac’ Retail Tyre Portal Officially Launched

February 19 marked the official launch of Asia’s first online retail tyre portal, Tyrepac Pte. Ltd. Backed by S$2 million (£906,000) in seed funds from various investors, Tyrepac plans to offer services throughout the region, commencing in its home territory of Singapore. The company will expand its services to Malaysia, South Korea, China, Hong Kong and Thailand by the first half of this year.

Mr Ler Hwee Tiong, managing director and co-founder of Tyrepac, said, “There will always be a demand for tyres, since every motor vehicle, old or new, will need to have their tyres replaced depending on usage and driver requirements. In today’s competitive marketplace, we want to be able to provide motorists with a single platform that is convenient, has a comprehensive range of tyres, and offers transparent pricing for all products so that our customers can truly enjoy one-stop service that meets individual needs.”

23rd February 2009/by Tyrepress Editors

Bekaert Sales Top 4 billion Euros in 2008

Bekaert, supplier of steel cord to the tyre industry, has reported consolidated 2008 sales of 2.66 billion euros and combined sales of 4.01 billion euros, and increase of 22.5 per cent and 17.3 per cent respectively. Growth in consolidated sales stemmed 17.7 per cent from organic growth, largely driven by passed on raw material price increases, and 5.8 per cent from the company’s acquisitions in Vicson (Venezuela) and in Proalco (Colombia). Fluctuations in several exchange rates largely compensated each other with a net negative impact of 1.0 per cent. Even in the fourth quarter of 2008, the economic downturn notwithstanding and compared with a strong last quarter of 2007, Bekaert posted consolidated growth of 5 per cent.

23rd February 2009/by Tyrepress Editors

Buyers Express Early Interest in TyreGenics

The administrator for TyreGenics appears confident that a buyer for the cryogenic tyre recycling operation could be found within a matter of months. The administrator said it has been encouraged by initial interest from potential buyers, and believe a sale could take place before the six-month administration period is complete should the Baglan site be purchased as a going concern.

TyreGenics went into administration on January 15 following what administrator Begbies Traynor has described as a “sudden contraction” in the market for rubber sports surfaces, the primary end-market for the rubber crumb processed at the facility.

23rd February 2009/by Tyrepress Editors

Matador’s MP 85 Hectorra Delivers Strong On-Road Performance

The key product in Matador’s 4×4 range continues to be the MP 85 Hectorra. On the market since early 2008, the tyre is targeted at the UHP end of the 4×4 tyre sector, and is recommended for 90 per cent on-road and 10 per cent off-road use.

The asymmetric tread of the MP 85 Hectorra features an outer zone with wider profile blocks and narrow lateral grooves. According to Matador, these ensure enhanced vehicle stability when turning. The inner zone contains narrower profile blocks and wider lateral grooves for improved wet weather safety and performance.

23rd February 2009/by Tyrepress Editors

Dunlop Zimbabwe to Seek Production Boost

Local news sources have quoted Dunlop Zimbabwe managing director, Kennedy Mandevani, saying that the company is looking to capitalise on the decrease in rubber prices by boosting production. Dunlop Zimbabwe has experienced an increase in sales following its licensing by the country’s Reserve Bank to deal in foreign currency. This has provided the company with the opportunity to import raw materials, though Mandevani said that FOLIWARS sales are “not generating enough foreign currency for raw material importation yet.” He said that the company may seek “short-term external financing to bridge this gap.” It is hoped that by increasing production, the additional foreign exchange sales, and the benefits associated with them, will come.

23rd February 2009/by Tyrepress Editors

Lockout Declared at MRF’s Puducherry Factory

Indian manufacturer MRF has declared a lockout at its Puducherry plant in Southeast India following what has been described as ‘labour unrest’. The company has been facing such problems at its other facilities for more than a year, most dramatically seen when its Tiruvottiyur plant, near Chennai experienced a lockout in late 2007 and early 2008. At this time, the Tamil Nadu state government, its patience tested, beseeched the company to resolve its differences with employees – and threatened to take over the factory if it failed to do so.

Company officials have not yet commented on the latest developments.

23rd February 2009/by Tyrepress Editors

“Like a 756 on Steroids”

Dunlop has launched its successor to the popular D756 motocross tyre, the Geomax MX51 in addition to its new MX31, which will replace the D773 on soft-terrain. The new Geomax features a more open centre tread and greater tread volume in the shoulders, alongside greater rigidity in the sidewall, making the tyre more compatible with lower air pressure.

23rd February 2009/by Tyrepress Editors

Goodyear to Start Danville Layoffs in March

The USW approved an agreement with Goodyear that would put the tyremaker’s Danville plant on eight-hour work shifts, five days a week, and offer 200 buyouts to qualified employees. Over 400 Goodyear employees will be losing their jobs between buyouts and layoffs, a Goodyear spokesperson said. More than 2,400 people work at the plant, which is Danville’s largest employer. According to a letter to employees, the truck side of the plant will be realigned to three eight-hour shifts, five days a week. Currently, the plant operates seven days a week, 24 hours per day, on 12-hour shifts.

In addition, the furlough that had been postponed from 21-28 February has been rescheduled to 21-28 March. There will be another furlough 3-9 August. The new operating schedule will start when employees return to work after the March furlough. The earliest layoffs will not be effective until March 23. Employees who want the buyout package – which offers $2,000 per year, up to $40,000, to employees between the ages of 53 and 55 with at least 28 years of service at the plant – must apply by 5 March. Salaried employees are not eligible for buyouts, but salaried positions will be cut, company officials said. Those employees will be eligible for the Supplemental Compensation Benefit Plan. Salaried position cuts will be announced by 20 March. (Tire Review/Akron)

23rd February 2009/by Tyrepress Editors

Chinese Tyre Brands Target UK Buyers at Brityrex09

Chinese tyre manufacturers and wholesalers are targeting the UK market for increased export sales, with a growing number of exhibitors taking advantage of the opportunities presented by September’s Brityrex exhibition in Manchester. In the past month, a large number of Chinese suppliers have confirmed their involvement with the show as producers seek expanded international business to offset reduced domestic demand. Among companies now signed-up are Koryo Tyres industrial, Long March, Qingdao Odyking Tyre Company, Shandong Wanda Boto Tyre, Star Tyre Group of Shanghai and Techking Tires.

“We are taking more enquiries and bookings from China than any other country apart from the UK at the present time,” explains Paul Farrant of show organiser ECI International. “China has such massive production capacity that it needs to sell more product overseas to compensate for lower demand at home. Brityrex is seen as a gateway to the UK market which is why exhibitors are so keen to get involved in the show.”

23rd February 2009/by Tyrepress Editors

Fitch Relegates Michelin to BBB-

Fitch Ratings has downgraded Compagnie Generale des Etablissements Michelin Long-term Issuer Default Rating (IDR) and senior unsecured ratings to a BBB- rating from BBB. According to a statement detailing the news, Michelin’s “outlook for the long-term IDR is negative.” The downgrades are said to reflect “the further deterioration of Michelin’s financial profile beyond Fitch’s previous expectation amid the accelerating downturn in the global auto markets…” Noting that the group net leverage has increased 50 per cent (to 2.7x at full-year 2008 from 1.8x at full-year 2007), the agency said it “does not expect a marked improvement in the tyre manufacturer’s financial profile before 2010.”

The analysts put the deterioration down to the slump in tyre demand the market has experienced “particularly in the fourth quarter of 2008.” Fitch expects a further decline of the global tyre markets in the first half of 2009, primarily due to significant production cuts by vehicle manufacturers. “A key issue for management is adjusting its manufacturing capacity to reflect expected volumes in the future,” the agency said in its statement.

20th February 2009/by Tyrepress Editors

Self-Inflation Device Scoops 2009 Tire Technology Awards

The Self Inflating Tire (SIT), developed by Coda Development, has walked away with the Tire Technology of the Year award at the Tire Technology Awards for Innovation and Excellence 2009, presented at Tire Technology Expo in Hamburg, Germany on February 18. Coda Development’s SIT system is primarily designed to aid fuel economy and safety. As well as benefiting drivers through the elimination of pressure checks and the need to manually inflate tyres, it helps to address the serious drawbacks of incorrect tyre pressure.

20th February 2009/by Tyrepress Editors

Continental Sime Tyre Launches New Dunlop 4×4 Ranges

Malaysian Conti subsidiary Continental Sime Tyre (CST) officially launched two new models from its Dunlop 4×4 tyre range at an event held in Malaysia’s Genting Highlands. The two models to be launched are the MaxGrip AT2, an all-terrain tyre, and the Road Trekker 2, a product with a greater on-road focus. Both tyres are available in all CST network dealers.

According to CST chief executive officer Benoit Henry, the continuation of the company’s 4×4 range into the value segment, demonstrates “Continental Sime Tyre’s commitment to our business partners, and with your continued support, commitment and teamwork, this will allow us to face the market challenges together.”

20th February 2009/by Tyrepress Editors

Bridgestone Sustains 52% Operating Income Decrease

Bridgestone has announced its consolidated business and financial results for the fiscal year ended 31 December, 2008. The company commented in its report on the “challenging operating environment,” with its major markets in Asia, the USA and Europe declining over the course of the fourth quarter. This environment is illustrated by the worldwide 5 per cent decrease in tyre segment sales, down from 2,756 billion yen (20.54 billion pounds sterling; 1 GBP: 134 JPY) in 2007, to 2,629 billion yen (£20.05 billion), an effect in part, the company says, of the exchange impact of the stronger Japanese yen and a decline in unit sale. However, bottom line increases also hit hard, as Bridgestone tyre lost 52 per cent of its operating income; down to 92.7 billion yen in 2008 from 195 billion in 2007.

Bridgestone’s statement said that it “worked to maximise its sales momentum by introducing appealing new products worldwide, while at the same time improving and expanding strategic production sites around the world in support of respective product domains, particularly those that have been identified as strategic and important to the company’s future growth.” The fourth quarter’s decline in global automotive production and sluggish demand in the replacement market went some way to affecting the drop in sales in all three major markets.

20th February 2009/by Tyrepress Editors