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No Re-arrangement Of Continental/Michelin JV

Continental spokesman Peter Schwerdtmann has denied reports that Continental and Michelin are planning to re-arrange or discontinue their two-year-old joint venture which includes combined purchasing of raw materials and Michelin’s share of Barum. The teamwork between both companies is excellent, he said, and the joint venture will continue. Terms to form the basis of a new settlement would have caused problems because of the brand rights for Uniroyal, owned by Michelin, but produced in Europe by Continental, under licence.

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Tyre Manufacturers In Global E-Commerce Initiative

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Six of the largest tyre manufacturers have announced their intention to develop a global e-business purchasing company. Rubbernetwork.com is an independent company which will host a global exchange, including Conti, Cooper, Goodyear, Michelin, Pirelli and Sumitomo Rubber. Confidentiality is assured and the exchange will be open to all manufacturers and suppliers. It will be operating by the year end. ‘Significant’ savings and efficiencies in purchasing are predicted.

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Half Year Loss Reported By Nokian Tyres

Following Goodyear and Michelin, Nokian Tyres has released its half year figures. Sales rose 25% over the same period last year to reach 152.2 m Euro but operating profit fell from 5 m Euro to a loss of 1.5 m Euro. Net profit was also negative at -4.1 m Euro. One cause was increased raw material prices (rubber, oil, carbon black) up 8% over last year. Despite the loss, Nokian is broadly on track because, as a Scandinavian company, it generally makes huge profits in the second half of the year.

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Policy Of Appeasement From Michelin?

In a telephone conference on 28th July, following an earlier profits warning and subsequent fall in Michelin shares of around 10%, the management tried to explain the reasons for the profits warning. June was a bad month but there is still hope that the company will achieve an EBIT comparable to that of the first half of 1999. Exact figures will not be available until September. The problems are in the USA, where it was not possible to obtain better prices for truck tyres. On the other hand, the increase in raw materials prices (rubber, oil, carbon black), forecast to be about 3%, will now, it seems, be more like 4 or 5%.

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