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European Commission Compromises on S-Mark Rules

The European Commission has modified its interpretation of regulation 2001/43 so dealers with compliant but non-s-marked stock will be able to sell them under the following circumstances. While the new system is clearly not a self-certification system, the latest decision (made on 6 July) does offer much-needed clarification and flexibility to the market. Tyres & Accessories understands that while the other options the commission and member states discussed have been eliminated, this decision still has to pass through a “commentology” process and may not be officially ratified until September.

13th July 2009/by Tyrepress Editors

Indian Tyre Industry Expected to Have CAGR of 6.81% in 2010

A new report published by Aarstore Enterprise predicts the Indian tyre industry will report a compound annual growth rate of 6.81 per cent in full year 2010 figures. The industry registered a five-year CAGR of 8.02 per cent between full year 2003 and 2008, according to the research. The largest category of truck and bus tyres (T&B) recorded a five-year CAGR of 5.90 per cent while light commercial vehicle (LCV), motorcycle and car tyre categories grew at 13.34 per cent, 12.27 per cent and 13.98 per cent, respectively in the period.

13th July 2009/by Tyrepress Editors

Alabama Health Department Fines BFGoodrich

BFGoodrich Tire Manufacturing in Tuscaloosa, Alabama is to be fined $650 civil after violating state environmental health rules. According to local newspaper reports, Alabama Department of Public Health official identified the violation when BFGoodrich reported in May that “two devices containing radioactive sources were missing from the Tuscaloosa plant site.” WHNT news explained that they were discovered missing in April and were last accounted for in October 2008 and report suggests the devices might have left the site when “the production line they were on was dismantled and removed as scrap.” Such devices are used in gauges that measure the thickness of rubber during production.

9th July 2009/by Tyrepress Editors

Ruia to Resign from Role with Group Companies

According to Indian media sources, Pawan K Ruia has voiced the intention of stepping down as executive chairman of his group companies. According to a report in the Business Standard financial newspaper, Ruia may relinquish his position and appoint separate professional management to the firms. The Ruia Group, of which PK Ruia is chairman, will remain the enterprises’ holding company.

8th July 2009/by Tyrepress Editors

Serious Fraud Office Called Following MG Report

The Serious Fraud Office has been asked to consider whether there should be a criminal investigation into the collapse of MG Rover, after an inquiry into the demise of the MG Rover Group on in April 2005 owing creditors nearly £1.3 billion.

6th July 2009/by Tyrepress Editors

Reports: Lenders Set to Oppose Continental/Schaeffler Combination

Banks responsible for as much as half of Continental AG’s 11 billion euros ($15.5 billion) of debt are reportedly going to oppose the company’s proposed combination with 90 per cent shareholder Schaeffler Group. Citing “people familiar with the situation,” Bloomberg reported that the banks are concerned about the levels of debt necessary for the two companies to re-merge. According to the report, the banks are trying to half the move by blocking changes to a loan agreement first reached in 2007. The two companies have combined debts of around 24 billion euros.

Neither Continental, Schaeffler nor the banks involved have yet commented. However, for all the banks fears and apparent threats to de-rail what is expected to become a reverse takeover, with less than 100 days before the German general election, government support for the move (and the thousands of jobs that depend on it) have the potential to make the re-merger work. Continental executives are expected to officially reveal their plans at the end of July.

24th June 2009/by Tyrepress Editors

Miles Driven Increases for the First Time in More Than a Year

According to the Federal Highway Administration, US miles driven increased for the first time in 16 months. Total vehicle miles traveled (VMT) in April of this year was 249.5 billion, compared to 248.1 billion miles for April 2008, representing a 0.6 per cent increase. In addition, FHA has reported that all regions of the country saw either higher or the same VMT as last year. The report did find that cumulative VMT for the fist four months of 2009 is 1.1 per cent lower than it was for the same four months last year.

The June edition of the Traffic Volume Trends report can be found at www.fhwa.dot.gov/ohim/tvtw/09aprtvt/09aprtvt.pdf. (Tire Review/Akron/Aftermarketnews.com)

24th June 2009/by Tyrepress Editors

Winschiers Named Managing Director, Continental Tire Canada

Continental Tire North America (CTNA) has appointed Oliver Winschiers, formerly director, Corporate Purchasing for its Automotive and Rubber Groups in The Americas, to the position of managing director of Continental Tire Canada. Winschiers will be based in Ontario and take on responsibility for the profitable growth and overall operation of the company’s Canadian division.

Winschiers’ career with Continental began with the Siemens VDO acquisition – he joined Siemens AG in Stuttgart, Germany in October 1997 as a regional sales manager, and progressed through a number of roles. During his time with Continental, Winschiers has also been responsible for the direct material purchasing for Continental Tire North America, including the overall operation of the Aldora Mills cord fabric plant in Barnesville, Georgia.

23rd June 2009/by Tyrepress Editors

RMA: Scrap Tyre Re-use Continues to Rise in USA

A new study by the RMA shows that nearly 90 per cent of tyres that are replaced every year are put to a new productive use. In fact, the study shows, the reuse rate of scrap tyres tops most recovered waste materials including glass bottles, paper and aluminum cans. The RMA said the report “shows continued progress in scrap tyre management practices across the nation resulting in significant reduction of scrap tire stockpiles and continued progress in putting waste tyres to new uses.”

In 2007, 89.3 per cent of the scrap tyres generated in the US by weight were consumed in end-use markets. By comparison, in 2005, about 82 per cent of tyres were consumed by weight, and in 1990, only 11 per cent of tyres were consumed on a per tyre basis. The total volume of scrap tyres consumed in end-use markets in the US in 2007 reached approximately 4105.8 thousand tons of tyres – the largest amount ever since RMA began tabulating scrap tyre statistics.

RMA estimates that about 4,595.7 thousand tons of tyres were generated in the US in 2007. Scrap tyres were consumed by a variety of markets, including tyre-derived fuel, civil engineering and ground rubber applications. The RMA publication, “Scrap Tire Markets in the U.S.; 9th Biennial Report,” is available free for download at www.rma.org. (Tire Review/Akron)

23rd June 2009/by Tyrepress Editors

Sue’s Tyres Fined for Missing Waste Transfer Notices

Cannock-based Sue’s Tyres Limited has been fined £540 for failing to provide the appropriate waste transfer notices. Stafford Magistrates also fined the firm £90 as costs of £491 and a victim surcharge of £15 – a total of £1,136. The total could have been significantly higher, but the company was given a 10 per cent discount for changing its plea from not guilty to guilty. According to an Express and Star report, the council has no reason to believe the company was fly-tipping but says it was acting as a waste broker without the required documentation. The maximum fine for flytipping is £50,000 and/or five years in prison. The maximum fine for giving waste to someone who then fly-tips it is £5,000.

22nd June 2009/by Tyrepress Editors

Conti Delays Pay to Meet Loan Terms

Continental AG has reportedly opted to put payroll payments on hold for “a few days” in June to so it can honour its loan commitments. According to a report published by Bloomberg, all of Continental’s 45,000 workers in Germany as well as some in France and the US will be affected. Bloomberg quoted Continental’s headquarters as saying that Employees will receive their wages by July 3 at the latest. However, Continental Tyre Group representatives confirmed the news won’t affect UK employees.

22nd June 2009/by Tyrepress Editors

Retreads Deliver 30% Lower Carbon Footprint – Study

An independent study commissioned by the Centre for Remanufacturing and Reuse has shown that the process required to manufacture and retreaded tyres produces around 30 per cent less carbon emissions that that required to produce a new tyre.

Testing for the study was carried out by carbon footprint specialists Best Foot Forward and involved the use of new and retreaded 17.5-inch light commercial vehicle tyres. According to the results obtained, the manufacture of a new 17.5-inch tyre produces 86.9 kilograms (191.6 pounds) of CO2 emissions compared to 60.5 kilograms (133.4 pounds) CO2 for an equivalent retreaded tyre; a difference of 30.4 per cent.

19th June 2009/by Tyrepress Editors

Kwik-Fit Debts Reach £822.1 million in 2008

Kwik-Fit has warned that it may risk breaching its banking covenants after being hit by increased debts and foreign currency effects in 2008. Kwik-Fit, which supplies around 5 million tyres a year in Britain, reported that net debts increased from £96.6 million to £822.1 million last year. Nevertheless Kwik-Fit reported flat operating profits of £75.7 million last year and managed to grow sales 9.8 per cent (up 0.5 per cent if you only count like-for-like sales) to £942 million despite the recession. However, according to a Sunday Times report on the company’s annual accounts, Kwik-Fit has already sold most of its freehold properties in an attempt to reduce its borrowings.

Directors and staff, led by the chief executive, Ian Fraser, own 11 per cent of Kwik-Fit’s shares. According to the Herald newspaper, Ian Fraser saw his pay and benefits surge by 40 per cent last year. Citing accounts filed at Companies House the report points out that the highest-paid director (assumed to be Ian Fraser) got a pay rise of £200,000 to £700,000 in the year to December.

17th June 2009/by Tyrepress Editors

Analysts: Michelin is Generating Free Cash Flow

Michelin’s decision to pay down a 350 million euro loan borrowed at 6.7 per cent interest and maturing in 2033 is said to be an early sign that the tyre manufacturer is beginning to generate free cash flow. According to a Deutsche Bank report, despite the fact that analysts are expecting Michelin to publish first half net losses of 230 million euros, the fact that the company is buying back a loan that is more expensive than the group’s average debt (5.9 per cent) is “a strong positive signal that Michelin is currently generating free cash.”

16th June 2009/by Tyrepress Editors

Michelin to Cut 1,500 Jobs in France?

A report in the French newspaper Le Monde indicates Michelin will eliminate 1500 jobs in France. These job reductions will apparently be part of a range of measures to combat declining tyre demand the tyre major will announce on June 24.

Le Monde did not quote any sources for the information given in its June 16 article, however the newspaper did quote a union representative, Sakir Ali Mandjee, as saying “on June 9, during a group committee, we have asked whether a layoff scheme was being prepared and the management did not provide any denial.”

16th June 2009/by Tyrepress Editors