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Michelin Sponsors Land Rover Monthly Billing Show

Michelin will be title sponsor of the LRM (Land Rover Monthly) Billing Show, which takes place at Billing Aquadrome, Northampton from 18 to 20 July. This year marks the 60th anniversary of the launch of the iconic Land Rover brand; and follows the company’s recent purchase by India’s Tata Group from Ford.

An annual show for Land Rover enthusiasts, Billing provides the platform for Michelin to showcase its comprehensive 4×4 tyre range. This covers all market sectors from heavy duty off-road and multi purpose tyres, to high performance on-road tyres for vehicles such as the Porsche Cayenne and Range Rover Sport.

30th May 2008/by Tyrepress Editors

Hankook to Acquire 1.5 Million Outstanding Shares

Hankook Tire announced on May 26 it will purchase 1.5 million of its outstanding shares at a cost of 20.7 billion won (£10 million) in order to boost its stock price. The buyback begins on May 30 and will continue until August 29, and the amount of shares purchased will be the equivalent to one per cent of all outstanding stock.

28th May 2008/by Tyrepress Editors

Delticom Results Show Strong Growth in EU Markets

Leading European tyre retailer Delticom AG has reported a 9.4 per cent year on year revenue increase in the first three months of 2008. Details of the company’s Q1 2008 performance, release May 14, point to growth in spite of what is traditionally a week time of the year for tyre sales.

Revenue during the quarter was 42.6 million euros, compared with 38.9 million in the first quarter of 2007. EBIT improved from 250,000 euros in Q1 2007 to 510,000 euros this year. At the same time, consolidated net income rose to 480,000 euros, an increase of 29.7 per cent. Regarding the figures, Delticom comments that the first quarter is traditionally the weakest in sales, and this held true in the first quarter of 2008 – unseasonably cool March weather caused many drivers in Germany and other European countries to delay the purchase of summer tyres until April.

14th May 2008/by Tyrepress Editors

Two New Contract Wins For Bandvulc

BTC and Bandvulc Tyres have won the management contract of Alltruck PLC. TTL EQM Ltd has also chosen BTC, the management arm of the Bandvulc Group to become its tyre manager in a new two year arrangement. Previously a supplier of product to TTL, Bandvulc Tyres has become the single point of contact for all of TTL tyre transactions.

Mark Holloway, director of TTL Operations comments: “BTC offer a first rate end to end service that ensures TTL get the maximum benefit from the tyres we purchase. The advantages are considerable, with innovative solutions to certain operational areas of our business which are extremely valuable to us. We have every confidence of their ability to deliver given their track record within the industry. To complement the Management service we are also receiving an exceptional, well recognised brand of tyre which performs.”

12th May 2008/by Tyrepress Editors

National Tyres Continues Support of Cancer Charity

Following National Tyres and Autocare’s initiative in the month of March to raise funds for Maggie’s Cancer Caring Centres, representatives from the company pledged £25,000 to a Glasgow Maggie’s centre. The money was raised at National Tyres outlets; during the March initiative customers were asked if they would donate £1 when making a purchase. To date, National Tyres has raised over £200,000 to help cancer suffers over the years.

29th April 2008/by Tyrepress Editors

Conti ‘On Course’ for 2008 Targets

The first three months of the year have provided Continental AG with results that indicate the company is on course to achieve its 2008 sales and operating targets – this is the word from the company on April 29, following the public release of its quarter figures. “Despite the in part unsatisfactory trends on the tyre markets, we have clearly exceeded our expectations for the corporation on the whole. A help here was the satisfactory development of car production on the whole, particularly in Europe and Asia,” said Continental Executive Board chairman Manfred Wennemer. “Backed by the solid results for the first three months, we are confident that we will achieve our targets for the year. We will counter further rises in raw material prices with price increases, improvement in our product mix and further enhanced efficiency.”

29th April 2008/by Tyrepress Editors

Michelin Extends XZM Tyre Range Warranty

Michelin claims to be only manufacturer in the world offering to guarantee the longevity of its forklift tyres, and this unique warranty offer has now been extended. Following the implementation of the warranty offer on tyres in the UK, Spain, the Benelux countries, France, Italy and Sweden, Michelin’s warranty system is now being extended to Australia for 8 to 15-inch tyre sizes.

The XZM radial forklift tyre, reports Michelin, delivers at least twice the tread life of flexible solid tyres and cross-ply tyres. And the tyre major is confident this is more than merely a claim; Michelin guarantees that its tyres will last twice as long. And if they don’t, the company will reimburse the difference, based on the pro rata purchase price.

21st April 2008/by Tyrepress Editors

Prominent European OEM Wheel Lock Supplier Making UK Inroads

Europe’s leading supplier of OEM automotive fixings, Altenloh, Brinck & Co GmbH & Co, is entering the UK market through its wholly owned French subsidiary, ADL s.a.s. The company, which supplies most German and European car manufacturers, will introduce into the UK a range of security wheel locks marketed under the Blocky brand name.

Established in 1973, ADL has quickly become European market leader in the design and production of security wheel locks, which it sells under several different brand names (including Blocky). In the past, however, Britain has not been a major market for ADL products. ADL sales manager Hans Dietmar Fiedler thus is confident Britain presents itself as a major opportunity for the company, as he believes the quality of many wheel lock products currently available here to be substandard. He emphasises the importance of not compromising on product quality in this area, as a security locking wheel bolt is an important component in car safety as well as for security.

21st April 2008/by Tyrepress Editors

Michelin Invests £14 million in Ballymena Tyre Plant

Northern Ireland Economy Minister Nigel Dodds has announced a £14 million investment in manufacturing and staff training at Michelin’s Ballymena plant. The Ballymena truck and bus tyre plant manufactures products that are primarily exported to North America and Europe. According to the company, the investment will enable Michelin to maximise production efficiency through the introduction of “automated” machinery alongside a targeted training programme for all staff.

No precise details about what equipment the manufacturer will purchase have been released, however a statement on the subject said 11 separate projects would be initiated including the installation of “the latest automated production lines.”

17th April 2008/by Tyrepress Editors

JK Tyre Gains Access to NAFTA Markets Through Tornel Acquisition

India’s JK Tyre & Industries has gained a channel through which it can access the NAFTA markets following the purchase of Mexican tyre manufacturer Tornel. The Rs 2.7 billion (£34.19 million) acquisition was announced on April 11, and will give JK Tyre the scope to expand in the Americas thanks to the free trade agreement in place between Mexico, Canada and the US.

“The acquisition is also a strategic fit for JK Tyre as we are already the largest exporter to the North and South American markets,” chairman Hari Shankar Singhania said in a statement released by JK Tyre. The statement added that Tornel operates three tyre facilities with a combined annual capacity of 6.6 million tyres, and employs around 2,000 people.

11th April 2008/by Tyrepress Editors

ATA Calls for Speed Limit, Limiters

With diesel and gasoline prices at historic highs, the American Trucking Associations is calling for speed limiters on new trucks and a national 65 mph speed limit. The association made the recommendation as part of its call for the Bush Administration to act quickly to ensure an affordable supply of oil for the nation’s 3.5 million truck drivers and American consumers.

As ATA pointed out, fuel costs are beginning to surpass labor as a trucking company’s largest expense, with high fuel costs affecting the cost of everything delivered by truck. The ATA offered a multi-point plan it says will help drive down diesel fuel prices, which included a nationwide maximum speed limit of 65 mph and requiring speed limiters – set at 68 mph – on new trucks. In addition, the ATA called for the release of oil from the Strategic Petroleum Reserve, a national diesel standard, strict action on cases of price gouging, a reduction of regulatory barriers to adding new oil refineries, and a suspension of the 12 per cent FET on the purchase of auxiliary power units which cut off-hour engine idling.

10th April 2008/by Tyrepress Editors

Pirelli Forecasts Little Growth in 2008

This year’s outlook for Pirelli & C SpA, according to a March 26 forecast, is one in which very little growth is expected. The company predicts its results will remain flat, and Pirelli further announced the postponement of its new three-year business plans, anticipated to be made public in May. The company has blamed volatile markets for this decision. “We confirm business operating results in line with 2007 not withstanding a continuous pressure and volatility on raw material costs in the tyre business,” said Pirelli chairman Marco Tronchetti Provera during a conference call on Pirelli’s 2007 results. “By the end of September to mid-October, we should have a better vision of future results.”

27th March 2008/by Tyrepress Editors

Tata Raises $3 billion to Buy Jaguar and Land Rover

Tata Motors is a step closer to buying Jaguar and Land Rover from Ford, having raised a reported $3 billion dollars in order to finance the deal. As a result of raising the cash, the transaction is now expected to close next week, according to the Financial Times. According to the newspaper, the financing is considerably above the earlier predicted purchase price for the two UK car marques, which was estimated at about $2 billion.

19th March 2008/by Tyrepress Editors

Michelin Now Has Branded Credit Card

GE Money and Michelin North America have reached a deal to provide a Michelin-branded credit card for tyre consumers. The consumer financing program will run through GE’s CarCareOne program, and the Michelin program will offer consumers 90-day, 6-month or 12-month no interest purchase options on Michelin purchases. (Tire Review/Akron)

18th March 2008/by Tyrepress Editors

Wennemer Quashes Siemens VDO Renegotiation Rumours

Continental AG reports its new year has got off to “a very convincing start”, and adds that, contrary to stories appearing in the media, it sees no reason to reopen negotiations with Siemens over the VDO unit. Furthermore, the company holds a positive outlook for its 2008 targets. “We shall set forth our streak of success,” stressed CEO Manfred Wennemer on March 14. “In the first two months our sales and results far exceeded our forecasts and were well ahead of the previous year’s figures. We reaffirm our prognosis: Overall sales of more than 26.4 billion euros; a consolidated EBIT margin of 9.3 per cent before amortisation from the purchase price allocation and before integration and restructuring expenses. In addition we assign the very highest priority to cutting away at our debt. As planned, we shall apply our robust free cash flow to the reduction.”

14th March 2008/by Tyrepress Editors