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Pirelli Results Reflect Current World Economy

Pirelli’s released results for the first nine months of 2008 show a company affected by the international crisis. According to the company, during the course of the first nine months of the year the tyre market registered increasing weakness due to a combination of factors. In volume terms, the replacement channel, which determines most of Pirelli’s tyre sales, was affected by a reduction in consumer and industrial segment demand, especially in Western markets. The original equipment channel, says the company, was hurt by the strong contraction of new car sales, especially in Western Europe (10 per cent in the third quarter, 5 per cent in the first nine months compared with 2007) and in North America (15 per cent in the third quarter, 11 per cent in the first nine months compared with 2007).

10th November 2008/by Tyrepress Editors

Cooper Reports Q3 Net Loss

Cooper Tire & Rubber has reported a net loss of US$55 million, or 94 cents per share, for the financial quarter that ended September 30, 2008. This result contrasts markedly from the company’s result for the same period in 2007, in which it recorded a net profit of $30.2 million. The company says its results were pressured by unprecedented raw material cost increases, higher utility costs, and production curtailments due to raw material shortages caused by hurricanes in the Gulf Coast region.

10th November 2008/by Tyrepress Editors

Tyre Product Range Prompts Company Name Change

Although still a relatively new company, British Recycled Plastic has re-branded itself as British Recycled Products, after releasing a product range made from used car tyres. In its six months of operation, the Yorkshire based company has already amassed a client list that includes high profile customers such as the MoD, ASDA and the City of London Corporation. Director Jason Elliot believes the company’s success lies in its UK based production and sourcing of raw materials.

6th November 2008/by Tyrepress Editors

Grass Roots Environmentalism

With raw materials continually rising in cost and supplies becoming stretched further all the time, one more solution to the problem of expensive natural rubber supply may be on the cards. Cooper is partnering The Program of Excellence in Natural Rubber Alternatives (PENRA) to research the possibilities of a new domestic source. At the head of the field of possibilities is the Russian Dandelion, scientifically known as Taraxacum kok-saghyz (TKS). Its roots can be processed into natural rubber, which would serve as the polymer for multiple compound components of a tyre, including the sidewall, base and tread. Russian Dandelions have a similar appearance to more common dandelions but also possess a more complex root system.

“Cooper is extremely excited to participate in this innovative ‘green’ project,” said Chuck Yurkovich, Cooper Tire’s vice president of Global Technology. “This new process involves forward-thinking technology with potential to bring a competitive substitute supply of natural rubber that will be produced in the United States, reducing our dependency on off shore imports. In addition to providing a supply of natural rubber that is critical to a number of industries, it’s also an opportunity for Cooper to remain competitive in the market place with an environmentally friendly product that creates jobs here in the United States.”

6th November 2008/by Tyrepress Editors

Bridgestone Sustain 40% Hit on Profits

Bridgestone has announced that its net profit fell 40 per cent in the first nine months of 2009, prompted by diminished demand and inflated raw materials costs. Net profits were down to 49.47 billion yen (317 million pounds sterling; 1 GBP = 156 JPY), from 2007’s figure of 82.34 billion yen in the same period.

Revenue for the company increased 1.3 per cent to 2.5 trillion yen (£16 billion), thanks mainly to the Chinese market, which continues to look relatively solid. However, operating profit was down 26.8 per cent to 119.2 billion yen (£761 million) because, Bridgestone comments, of massive fuel cost increases. US sales have dropped 2 per cent in the period, while Japanese sales saw a small rise of 1 per cent.

4th November 2008/by Tyrepress Editors

Michelin Revises Full Year Targets

Michelin’s financial results for the quarter ending September 30, 2008 show a slight increase in sales during the three month period. However, upon releasing its figures the company also warned that a drop in European and North American demand makes it unlikely that previously set targets will be reached. In July, the Michelin Group based its estimated result of around 8.6 per cent for the full year on the assumption that “second half markets do not worsen beyond estimated levels” forecasted at the time. It now reports the different trends recorded since early October point to a sharper deterioration of demand in most European and North American countries. If this trend is confirmed in November and December, Michelin should post 7 to 7.5 per cent operating margin before non-recurring items for fiscal 2008. The company’s 2007 operating margin stood at 9.8 per cent.

30th October 2008/by Tyrepress Editors

Carlisle Reports Reduced Q3 Net Income

Carlisle Companies Incorporated has reported net sales of US$832.5 million for the quarter ended September 30, 2008, a 14 per cent improvement over net sales of $730.4 million in the third quarter of 2007. Transportation product net sales were $205.2 million for the third quarter 2008, an increase of six per cent compared with net sales of $193.3 million in 2007. Softness in the consumer outdoor power equipment (OPE), high-speed trailer tyre and wheel, and styled wheel markets was offset by growth in the commercial OPE, ATV, and agricultural and construction tyre and wheel markets. Sales growth for specialised and pneumatic trailers more than offset continued softness in construction trailers, says the company.

27th October 2008/by Tyrepress Editors

Details of Bridgestone – Toyo Business Alliance Released

Following the May 16, 2008 conclusion of a basic agreement over a business and capital alliance, Bridgestone Corporation and Toyo Tire & Rubber have engaged in discussions in order to, as reports Bridgestone, “create increased efficiencies and generate synergistic efforts” in a number of areas. The two companies have agreed upon a number of initiatives, which have now been made public. The planned joint undertakings cover a number of business areas – tyre production technology development, the procurement of materials and equipment, cross production, logistics and the entry into businesses other than tyres.

27th October 2008/by Tyrepress Editors

Apollo Quarter Results Reflect Tough Times for Industry

Upon reporting Apollo Tyres’ second quarter 2008 results, a quarter in which consolidated net profit dropped 74 per cent on the previous year, company chairman Onkar S Kanwar stated that, despite difficult times, Apollo retains a positive outlook for the future. “It has been a testing quarter for the company and us as an industry, but I do believe that the worst might be behind us and it’s time to plan for the future,” he said. “The positive that I take from here is a consistent growth in sales, especially in South Africa, where we are able to now reap the benefits of our manufacturing and marketing excellence with a near 30 per cent sales growth this quarter.”

23rd October 2008/by Tyrepress Editors

For Yinbao Tyre, imitation is the highest form of flattery

International News, News

Western European manufacturers’ complaints that their products have been copied in the Far East are well reported. However, Shandong Yinbao Group is one of a select few Chinese tyre manufacturers that have suffered product piracy too.

According to international marketing manager Gavin Liu, the Shouguang-based Yinbao Group recently discovered that its growing off-the-road (OTR) product range was being copied, with the pirates making use of the company’s Goodtyre name: “We have found some faked tyres recently in the market copying the Goodtyre brand name of OTR products – which is both damaging and illegal.” Fighting back in a letter to customers, Yinbao representatives wrote: “Companies and people who undermine the interests of clients and reputation of our group will be investigated for legal responsibility according to law.”

23rd October 2008/by Chris

Bridgestone Released Mid-term Management Plan 2008

Bridgestone Corporation has released details of its “Mid-term Management Plan 2008” (MTP2008), which covers the period 2009 through 2013. The outline of the plan is as follows.

1. Basic Approach to MTP2008 Formulation

Bridgestone has formulated MTP2008, which covers the period 2009 through 2013, which is one year further on from MTP2007 (2008 to 2012). In making the revisions, Bridgestone updated and added initiatives in response to recent changes in the business environment, including changes in demand trends and the cost environment, in order to achieve the goals set in MTP2007.

22nd October 2008/by Tyrepress Editors

Bridgestone Opens Carbon Black Plant in Mexico

On October 17, Mexico Carbon Manufacturing SA DE CV (MXCB), a wholly owned member of the Bridgestone Group, officially opened its new carbon black production facility in Altamira, Mexico. Output from the new plant, which is forecast to be approximately 35,000 tons per annum, will be supplied to Bridgestone’s tyre factories in North America as well as Central and South America.

The MXCB operated 430,000 square metre facility, which employs around 100 workers, is the Bridgestone Group’s third plant dedicated to the production and supply of carbon black. The other two are located in Japan and Thailand.

20th October 2008/by Tyrepress Editors

Michelin Sees No Relief Until Late 2009

Groupe Michelin officials said today that they don’t expect to realize “the full benefit” of a current downturn in raw materials prices until next year. Speaking at the company’s shareholders’ day, Michelin co-managing partner Didier Miraton said the decline in the prices of oil and natural rubber will take time to feed through, perhaps into the second half of 2009. (Tire Review/Akron)

17th October 2008/by Tyrepress Editors

Cheaper Rubber Doesn’t Equal Cheaper Tyres – Indian Manufacturers

Despite the prices for natural rubber in India dropping more than 32 per cent in the last two months, tyre manufacturers in this country appear reluctant to follow suit with their own prices. The price of natural rubber fell below the Rs 100 ( ) a kilogram mark on October 7, the first time it has done so this year after rising to a high of Rs 140 ( ) per kilogram in August. The fall in the price is attributed to a decline in crude oil prices and a slide in international rates for latex. Further decreases in the price of natural rubber are also expected in India, the result of peak production season supply and diminished purchasing from industrial users.

10th October 2008/by Tyrepress Editors

Cooper Reopens Ike Affected Factory

Cooper Tire’s Albany factory is back in production and its 1,000 employees working again, the supply of raw materials having resumed several weeks after Hurricane Ike created havoc amongst the region’s industry. “This is a situation that a lot of companies are going through,” commented Cooper Tire vice president of Branding and Communications Pat Brown. “We are trying to make the impact as minimal as possible.”

8th October 2008/by Tyrepress Editors