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New Car Registrations Continue to Grow in November

New car registrations in Europe EU27 + EFTA) rose 26.6 per cent to 1,182,082 in November 2009, a far cry from the 25.8 per cent drop in the same month last year. Western Europe’s increase of 30.6 per cent contrasted with a 16.7 per cent drop experienced by the new EU Member States and reflects the impact of fleet renewal schemes in a number of main Western European markets. The UK market, for instance, shot up 57.6 per cent to 158,082 new registrations in November – although, admittedly, November 2008 was the month of steepest decline during the 15-month run of falling volumes between May 2008 and June 2009. Scrappage accounted for 21.6 per cent of all new car registrations during the month.

16th December 2009/by Tyrepress Editors

From Hi-Viz to High Fashion

The high visibility vest, once the preserve of rail workers and those engaged in emergency services, has become ubiquitous. In his book ‘Pies and Prejudice’, Stuart Maconie refers to the reflective tabard, along with Greggs' pasties, as a new emblem of the North. And he has a point – people from all walks of life can be found wearing the high visibility tabard for workplace duties, changing a tyre or simply walking their similarly attired dog. And this army of fluorescent vest wearers are united by one common bond – they all look equally unfashionable.

15th December 2009/by Tyrepress Editors

Global Recession Costs UK Tyre Manufacturers and Distributors £299 million

The recession has cost the UK tyre manufacturers and distributors £299 million in lost profit during the last year, according to new research by Plimsoll Publishing. David Pattison, senior analyst and author of the Plimsoll Analysis – Tyre Manufacturers & Distributors, commented: “The recession has hit the sector hard with more than half of the companies analysed in our new report making less profit than they were a year before. The bill in lost profits stands at £299 million”.

When pressed for a reason for this collapse in the bottom line of companies throughout the market, Pattison suggested: “With demand so subdued and the resultant competition, many companies are unable to charge the price they need to make healthy profit margins. In the absence of pricing power many companies will have to make painful but necessary cutbacks in the next 12 month”.

3rd December 2009/by Tyrepress Editors

FT: PAI Pumps £20 million into Kwik-Fit

PAI, the French private equity fund has owned Kwik-Fit since 2005, is reportedly planning to inject £20 million (22 million euros; $33 million) into the UK’s leading tyre retailer to avoid a banking covenant breach, according to a report in the Financial Times. Kwik-Fit, which was last sold to PAI for around £800 million after seeing off fellow bidder Bridgestone, has reportedly seen a slight slowdown in sales growth in the recession and been hit by foreign exchange rates. Nevertheless the Edinburgh-based business is still expected to generate turnover of more than £900 million this year, that’s a 7 per cent growth in like-for-like sales. EBITDA is expected to drop 3 per cent to £96.3 million.

2nd December 2009/by Tyrepress Editors

Reports: Continental Refinancing ‘Will Be Done By Christmas’

Continental AG is aiming to complete the refinancing negotiations of its syndicated loan before Christmas, Reuters quoted sources “familiar with the matter” as saying. Further reports suggest Continental is opting to pay a higher interest rate in exchange for postponing a 3.5 billion euro payment due in August next year. Instead the automotive supplier is expected to use a 1 billion euro capital increase and extend the remaining 2.5 billion in loan payments, “temporarily eliminating any need to raise cash via the disposal of its Rubber Group activities” according to Reuters.

27th November 2009/by Tyrepress Editors

Bridgestone Wilson Plant Gets Wildlife Re-Certification

The 300-acre Freedom Wildlife Habitat and Refuge at the Bridgestone Americas tyre plant in Wilson, North Carolina, was recently re-certified under the Wildlife Habitat Council's Corporate Lands for Learning and Wildlife at Work programs, says a report from Tire Review. “We are very excited to attain Wildlife Habitat Council re-certification,” said Jim Pridgen, Wilson plant manager. “Our habitat gives us a great opportunity to reach out to the local community and young people with a hands-on environmental message.”

24th November 2009/by Tyrepress Editors

Slowdown in UK Car Production Decline Seen in October

The Society of Motor Manufacturers and Traders report a total of 114,335 new vehicles produced in the UK in October, a 10.1 per cent year-on-year decline. Of this total, 106,400 passenger cars were manufactured, 6.7 per cent less than a year ago, and 7,935 commercial vehicles, a 39.5 per cent decrease compared with October 2008. These figures represent a slowdown in the pace of car output decline, with the month’s shortfall the smallest this year. Commercial vehicle output, however, continues to decline sharply.

23rd November 2009/by Tyrepress Editors

Tyre Business to be 95% of Pirelli Revenues Following Real Estate Spin-Off

Deutsche Bank Equity Research analysts report Pirelli’s intention to purely concentrate on the company’s tyre business following the spin-off of its real estate assets by mid-2010. Once this has taken place, tyres will represent 95 per cent of Pirelli’s revenues, the report adds. Management at the Italian manufacturer is said view the coming year with confidence, a positive view driven mostly by a recovery of volumes in replacement markets. It believes the entire seven per cent decline experienced in the passenger car tyre market and half the truck tyre market’s 14 per cent drop can be recovered during 2010. This positive effect, comments the bank’s analysts, should more than offset a small increase in raw material expenses, as the tyre industry is expected to remain “disciplined” in passing on raw material price increases to consumers.

20th November 2009/by Tyrepress Editors

Accuride Brands Win Thomas Built Supplier Awards

Accuride Corporation’s Gunite and Accuride Wheels brands have received Silver Supplier Awards for 2009 from Daimler Trucks North America division Thomas Built Buses. This award is given to Thomas Built Buses suppliers whose “supplier report cards” exceed a 90 per cent standard of excellence for the year. Suppliers are graded on their performance in specified criteria surrounding quality, delivery, cost, warranty, and technical support.

18th November 2009/by Tyrepress Editors

Ex-Conti CEO Neumann Takes on VW Role

On December 1 Karl-Thomas Neumann, former chief executive of Continental AG, will start in a new role with Volkswagen. Neumann will take on the newly created role of group chief officer for electric traction, and in this position will report directly to VW CEO Martin Winterkorn. This is not the first time that Neumann, who left Conti in August, has worked with the carmaker – he held various positions within the Volkswagen’s electronics operation between 1999 and 2004.

13th November 2009/by Tyrepress Editors

BlackRock Takes 5% Share in Nokian

Investment firm BlackRock Investment Management (UK) Ltd. now holds a more than 5 per cent share in Nokian Tyres plc, Tire Review reports. The Finnish tyre maker announced the 9 November transaction, and is required to report when any single shareholder gains a 5 per cent share or greater. According to Nokian, Black Rock now holds a total of 6,270,634 Nokian Tyres’ shares representing 5.02 per cent of company’s 124,848,890 shares and voting rights.

11th November 2009/by Tyrepress Editors

New Triangle Plant in Production Q1 2010

The Smithers Report provides information on a new facility being built by the Triangle Group in China. The plant, located near its headquarters in Weihai, Shandong, will reportedly be operational by the first quarter of 2010 and have a capacity to produce 5.6 million truck and bus tyres or eight million passenger car tyres per annum. The US$465 million facility is also being designed to minimise raw materials waste and energy use.

10th November 2009/by Tyrepress Editors

UK Tyre Derived Rubber Materials Protocol Released

The final version of the Environmental Agency and the Waste and Resources Action Programme (WRAP) quality protocol has been released after approval by the European Commission. The 'Quality Protocol for Tyre-derived Rubber Materials', made public on November 3, finally provides a separate classification for rubber materials manufactured from waste tyres; classification as a product as opposed to a waste, as was previously the case, removes such items from waste regulation.

5th November 2009/by Tyrepress Editors

Bridgestone Disputes Liberian Government Pollution Claims

(Tire Review) Bridgestone Americas is disputing Liberian government claims that its Firestone rubber plantation is causing pollution in nearby creeks. Liberia’s Environmental Protection Agency closed out a lengthy investigation, finding high levels of orthophosphate being released into the water in creeks near the company’s natural rubber plantation and processing enter in Monrovia.

2nd November 2009/by Tyrepress Editors

Italian Brokers Believe Pirelli to Separate Tyre Unit from Real Estate Business

A Reuters report suggests that Pirelli is preparing a full separation of its tyre business from its real estate concerns in order to boost the Group’s value in the wake of improving tyre financial results. The Milanese broker Equita is reported as saying, “We believe some recent moves at the corporate level are clear pointers that will lead to a separation of Pirelli & C Real Estate PECR.MI from the group to transform Pirelli & C from a holding company to a tyre maker.” While the move is unlikely to happen in the short-term (separations of this kind generally take up to a year, says Reuters), the concentration on its tyre business could be motivated by the fact that Pirelli trails the market caps of Michelin, of whose cap the report states Pirelli’s is about a quarter at 2 billion euros, and Continental, though it is active in similar markets and sectors.

26th October 2009/by Tyrepress Editors