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Goodyear Retail Closures Viewed Positively, Comment DB Analysts

A Deutsche Bank analyst report indicates that Goodyear’s decision to close 92 “underperforming” retail locations in the US is a good thing. “Overall, we view this announcement positively,” says the report, “as it demonstrates additional cost savings as GT (Goodyear).” The closure of the retail stores is expected to result in after-tax charges of US$40 million and generate savings of $9 million per annum. This level of savings, says Deutsche Bank, could potentially add $0.03 to $0.04 to its earning estimate.

2nd September 2008/by Tyrepress Editors

Shandong Yinbao Tyre Group Spreads Its Wings

International News, News, Product News

The Shandong Yinbao Tyre Group is set to embark on a programme of international expansion. Established in 1994, the company has become a famous name in China, designing, manufacturing and marketing tyres and inner tubes for the domestic market, under the brand names GoodTyre, Yinbao and Huibao. The product range is extensive and includes truck, agricultural and industrial tyres, as well as giant OTR tyres, for example, size 36.00 R51, plus a range of inner tubes. Products are already exported to over 50 countries, but the company, under the direction of chairman Mr. Yonghua Liu, has decided that the time is right to concentrate more on developing export business.

Manufacturing is carried out at three plants in China and Shandong Yinbao has built up a network of distributors to handle sales outside China. The products are all DOT, ECE, INMETRO and SNI approved, among others. As well as adopting a policy of continuous quality improvement, the company is dedicated to extending the life of its tyres and, as an example, its website proudly mentions the fact that the company’s heavy-duty, radial truck tyres are capable of running for 200,000 kilometres.

1st September 2008/by Tyrepress Editors

Merrill Lynch Upgrades Michelin

Merrill Lynch’s upgrade of Michelin stock due to declining oil prices and prospective replacement segment sales growth led to the company’s largest rise in six weeks of Paris trading. The stock gained up to five per cent (a gain of 2.23 euros, leaving stocks at a high of 46.59 euros) today, while the latest figures at 15:37 show a 4.7 per cent rise.

The analyst’s report suggests that the decrease in oil prices will continue to support a recovery for Michelin’s stock as revenues rise following decreased raw materials outlay. Merrill’s London-based analyst Thomas Besson raised his recommendation to “buy” from “neutral”, which prompted the increase in activity.

1st September 2008/by Tyrepress Editors

Questions for Your Tyre Repairers: The US’ Tire Industry Association

Citing the continuing escalation of the price of oil and rubber, the TIA of the USA has compiled a list of five questions that fleets should ask of their tyre repairer of choice. This, the company believes, should help companies ensure that their tyres are being repaired using the approved method.

The suggested questions are the following:
“Will the tyre be demounted from the rim, so it can be thoroughly inspected? On-the-wheel, or plug repairs are by far the most dangerous, because the tyre is never removed from the rim to be inspected on the inside.

22nd August 2008/by Tyrepress Editors

Hankook US Prices Rising up to 10%

As of October 1, prices for Hankook Tire products in the US will increase by up to 10 per cent. The new price structure will apply to the company’s full range of passenger car, light commercial and truck tyres.

“While our company continues to make every effort to control manufacturing and distribution costs without compromising service to our customers, the unprecedented increases in the costs of raw materials and energy make this announcement necessary,” stated Bill Bainbridge, Hankook’s director of brand communications. He added that the company’s price increases are consistent with price rises announced recently by other major tyre manufacturers marketing their products in the US.

21st August 2008/by Tyrepress Editors

Amtel-Vredestein Suspends Production at Kirov Factory

Amtel-Vredestein is halting production at its Amtel-Povolzhye factory in Kirov, Russia. Upon making the announcement on August 19 the company said the stoppage is the result of a working capital shortage it has experienced in recent months.

A second tranche of the stabilisation loan provided by Sibur Russian Tyres is anticipated by Amtel-Vredestein in accordance with previously made agreements. The provision of such funding is subject to the passing of resolutions at the company’s Extraordinary General Meeting of shareholders, scheduled for 29 August.

19th August 2008/by Tyrepress Editors

Robbins Aims to Reduce Cost Per Cure

Alabama-based Robbins LLC is claiming world leadership in its field thanks to its range of Accu-Fit CMT envelopes. CMT stands for Compression Moulded Technology and is designed to eliminate splicing, improve pliability and gauge consistency while extending envelope life – all of which helps bring down the cost per cure.

Robbins envelopes can be used with all systems and accommodates a wide range of temperatures. The system is said to improve retread appearance and optimise envelope durability. The range is extensive, with envelopes for small industrial tyres, right up to large OTR tyres. Other products include the company’s range of Uni-Tubes and a comprehensive assortment of curing tubes.

12th August 2008/by Tyrepress Editors

Yokohama Results Show Strong Tyre Sales in Emerging Markets

The Yokohama Rubber Co., Ltd., has reported a 1.3 per cent increase in net sales, to 123.1 billion yen (£582.1 million), in the three months ended June 30, the first quarter of the 2009 fiscal year. This result came on the back of, the company explained, continuing Tire Group expansion that more than offset lower sales in the Multiple Business Group. Within Yokohama’s tyre business, sales increased most markedly in the Japanese OE market and for replacement market sales in emerging economies and natural resource exporting nations, including Russia, Latin America and the Middle East. Sales within the tyre business increased 2.5 per cent to 92.95 billion yen (£439.4 million).

11th August 2008/by Tyrepress Editors

Toyo Tire USA Increases Prices by up to 10%

On 1 October 2008 Toyo Tire U.S.A. Corp. will increase consumer (passenger and light truck) and commercial (truck and OTR) tyre products by up to 10 per cent. “The cost of raw materials, energy, and transportation continues to rise at a steep rate, making it necessary for us to increase our prices,” said Steve Weinger, senior vice president, sales & marketing, Toyo Tire USA Corp.

11th August 2008/by Tyrepress Editors

Bridgestone H1 Results Show Lower Profits

Bridgestone Corporation has released details of its consolidated business and financial results for the period January 1 to June 30, 2008, the first half of the current fiscal year. Overall net sales of 1,641.1 billion yen (£7.70 billion) were recorded during the six-month period, an increase of two per cent over the previous year. Operating income, at 83.6 billion yen (£392 million) showed an 18 per cent drop on the first half 2007 figures, and net income of 37.2 billion yen (£174.47 million) is 30 per cent down on the previous year’s result.

8th August 2008/by Tyrepress Editors

Pirelli Tyre 1H Results Show Declining Net Revenue

The Board of Directors of Pirelli & C. SpA, have released the company’s interim financial statements for the half-year ended 30 June 2008. These results show Group revenues of 2.6843 billion euros, an increase of 2.7 per cent compared with the first half of 2007. The company’s EBIT before restructuring charges of 21.2 million euros were taken into account was 211.5 million euros, a decrease of 4.4 per cent compared with 221.3 million euros as of 30 June 2007. The company’s net result was 9.5 million euros lower than the 198.3 million euros recorded in 2007, and in the most recent half year it recorded a net financial position of negative 823 million euros.

6th August 2008/by Tyrepress Editors

Aufine to Raise Prices

Aufine Group Co. Ltd is to raise prices for shipments from 1 September. According to a price adjustment notice dated 1 August 2008, the price increase is the “unfortunate” result of the current high cost of steam, electricity and raw materials. This has apparently resulting in the “not small” increase in the cost of Aufine’s production. “We therefore regretfully inform you our prices for shipments from 1 September 2008 will be further revised. Exact details are expected to follow soon. The Qingdao, China-based Aufine Group last raised its prices in June following a 23 per cent increase in natural rubber prices.

5th August 2008/by Tyrepress Editors

China Sunsine’s Second Quarter Profits up 52%

China’s Sunsine Chemicals has reported that net profits increased 20 per cent in the first half of 2008 to 53.5 million yuan, with a 41 per cent increase in revenues to 402.1 million yuan. In the second quarter, Sunsine’s net year-on-year profits rose 52 per cent to 37 million yuan revenues increased 47 per cent to 234.9 million yuan. According to China Knowledge, the company’s sales grew 14 per cent to 84 million yuan and reached 9,496 tons in the second quarter. The average selling price rose by 27 per cent to 24.764 yuan per ton as the cost of raw materials continues to rise.

4th August 2008/by Tyrepress Editors

Sales Up, Operating Profit Down in Hankook’s Q2

Hankook Tire has announced second quarter sales of 1117.2 billion won (£557.8 million), a year on year growth of 27.5 per cent, and 11.5 per cent quarter on quarter. Operating profit, at 79.0 billion won (£39.45 million), was 2.4 per cent down on the second quarter of 2007; likewise, recurring profit, at 89.8 billion won (£44.84 million) was also down 2.4 per cent. The quarter operating profit margin was 7.1 per cent.

Hankook reports sales revenue was boosted due in part to a weakened Korean won and an increase in tyre prices implemented in response to rising raw material costs – the company comments the tyre industry is facing increased pressure from a 24.3 per cent year on year increase in raw material costs, with natural rubber prices alone rising 40.5 per cent year on year. More than half of tyre production costs are now attributed to raw materials, adds the South Korean manufacturer.

1st August 2008/by Tyrepress Editors

Michelin To Increase Replacement Tyre Prices in Japan

In the second half of 2008 Nihon Michelin Tire Co., Ltd will raise the delivery prices for its replacement market products in Japan. Michelin states this series of price increases is unavoidable: “In the last year or so the industry has registered a continued escalation in the prices of raw materials. Continued efforts to internally compensate for this situation are not enough, obliging us to partially reflect this state of affairs in our prices,” the company said in a press release.

24th July 2008/by Tyrepress Editors