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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

ITC to Rule on Imported Chinese Tyres This Week

The US International Trade Commission will determine by June 18 whether or not consumer tyres imported from China are harming or have the potential to harm potential tyre manufacturers, and will report its findings to President Obama and the US trade representative the following day.

15th June 2009/by Tyrepress Editors

Continental, Schaeffler to Avoid State Assistance?

According to Reuters and other German media outlets, sources with “direct knowledge of the matter” report that Continental and owner Schaeffler intend to avoid any requests for government financial aid. The finance minister of Germany’s Lower Saxony region, where Continental has its headquarters, said the state has not been received any requests for aid. “We have not even been approached with a preliminary enquiry,” said finance minister Hartmut Möllring. Neither Continental nor Schaeffler have commented about their intentions.

10th June 2009/by Tyrepress Editors

Michelin Marks June 5 With Fuel Savings Report

June 5 is the United Nations’ World Environment Day – I’m sure you’re already aware of this and have planned a suitable celebration for later in the evening – and Michelin has revved up the festivities by preparing a report on the savings generated by its most recent car and truck tyre line-ups since their launch in 2008.

Michelin calculates that, thanks to these latest car and truck tyres, overall fuel consumption has been reduced by more than 66.7 million litres and CO2 emissions by more than 134,000 tonnes. The company points out the active role it plays in reducing the cost and environmental impact of road transport, noting that tyres consume one tank of fuel out of five for cars and one out of three for trucks. The company’s goal, says Michelin, is to design tyres that help to reduce fuel consumption while maintaining the same high performance in the areas of safety and tread life.

5th June 2009/by Tyrepress Editors

Kramer Named Goodyear COO

Goodyear Tire & Rubber’s Board of Directors has elected Richard J. Kramer chief operating officer of the company. In this new role, which takes effect immediately, Kramer will report to company chairman and CEO Robert J. Keegan. Kramer will also continue in his current position as president of the company’s North American Tire business until his successor is named.

“Rich’s appointment as chief operating officer reflects our game plan of having a laser focus on operations globally during these extraordinary times,” Keegan said. “It also reflects the confidence that the Board and I have in Rich’s overall business leadership capability.

4th June 2009/by Tyrepress Editors

Continental Stock Falls 2.4%

Continental AG share fell 2.4 per cent today after a Reuters report suggested Conti’s banks oppose a the reverse takeover plan of current owner Schaeffler discussed in the press. According to the news, the biggest problem for the banks is the “significant increase in debt and therefore higher risks” for lending banks. Meanwhile Financial Times Deutschland reported that Continental’s banks are planning to set up a steering committee to represent their interests.

28th May 2009/by Tyrepress Editors

Plimsoll: Rich/Poor Divide Widening in UK Tyre Market

Industry analysts Plimsoll Publishing are suggesting that the brunt of the slowdown is being felt by a fifth of the companies in the UK tyre market. However surprisingly, almost half of those surveyed have been largely unaffected, maintaining their financial strength, margins and some managing to even increase sales.

Overall the market is said to be showing no growth, compared to growth of almost 7 per cent this time last year. However, 229 firms reported that they have seen their sales decline, some by as much as 13 per cent. 477 firms have seen their sales increase, some by as much as 15 per cent.

26th May 2009/by Tyrepress Editors

China Increases Scrappage Subsidy

While flagging Western markets are offering handouts to carmakers in order to lubricate sales, in China – with a car market still widely regarded as booming by comparison – has announced that it is to increase its own scrappage budget from one billion yuan (£95.6 million, $146 million) to six billion yuan (£573.6 million, $876 million). According to a China4Auto.com report, the move follows the success of the incentive program in rural areas.

26th May 2009/by Tyrepress Editors

Beijing Auto signals interest in Opel stake

China’s Beijing Automotive Industry Corp (BAIC) has reportedly become the fourth company to express an interest in buying into Opel/General Motors’ European operations. According to the Financial Times, BAIC wrote to Commerzbank’s Dresdner Kleinwort a day after the bidding deadline. However, the report also characterised BAIC’s offer “more an expression of interest rather than a formal bid” quoting sources close to the deal. Italy’s Fiat, Canada’s Magna, and Brussels-listed RHJ International all entered bids for the strategic stake on Wednesday, for which GM is seeking about 650 million euros ($900 million).

26th May 2009/by Tyrepress Editors

Fourth Michelin Sustainable Development Report Published

Michelin has released the fourth edition of the Michelin Performance and Responsibility report, its document outlining the company’s commitment to balanced development. This year the report is organised around the five stages in a tyre’s life: design, raw material purchases, manufacture, sale and use, and end-of-life recovery. The information contained within the document, says Michelin, comes from lifecycle analyses conducted to measure the tyre’s environmental impact, and its objective is to demonstrate that this commitment to responsible development is fully integrated into all Michelin projects and initiatives.

19th May 2009/by Tyrepress Editors

Michelin and Goodyear Top JD Power Survey

Michelin and Goodyear have topped the most recent JD Power (OE) tyre satisfaction survey in three segments, while Goodyear won in one segment. Michelin ranked highest in the luxury, passenger car and truck/utility segments, while Goodyear topped the performance sport segment. Within each of the four segments (luxury, passenger car, performance sport, and truck/utility) four factors are examined to measure tire owner satisfaction: wearability, appearance, traction/handling, and ride. Rankings are based on owners’ experiences with their tyres after two years of ownership.

In the passenger car and luxury segments, Michelin performed particularly well in the wearability and appearance factors. In the truck/utility segment, Michelin performs particularly well in the tyre wearability factor. Goodyear ranked highest in the performance sport segment. While the tyre manufacturer performed well in traction and handling, according to the survery, Goodyear differentiates itself in the area of tyre wearability.

18th May 2009/by Tyrepress Editors

Michelin to Feature on Recession Documentary

Michelin’s Campbell Road retreading facility will feature in a documentary about how manufacturing companies are coping with the recession. According to a report in the Sentinel, factory manager Peter Marsh and three shop floor workers feature in ITV1’s Tonight programme on May 18. Michelin employs around 1,200 people at its Campbell Road factory in Stoke and is one of several companies trying to avoid redundancies through flexible working agreements with employees and trade unions.

12th May 2009/by Tyrepress Editors

NASDAQ Chastises Hayes Lemmerz Over Late Results Publication

On 4 May 2009 Hayes Lemmerz International, Inc. received an exchange listing non-compliance letter from the Nasdaq stock exchange notifying the company that it was “no longer in compliance with the rules for continued listing according to Listing Rule 5250(c)(1),” which refers to the prompt publication of financial results. According to a statement issued by Hayes Lemmerz, the letter comes as a result of its failure to file its annual report on Form 10-K for the fiscal year ended 31 January 2009 with the US Securities and Exchange Commission. Hayes has until 3 July 2009, to submit a plan to regain compliance with Nasdaq’s continuing listing standards. The company says it expects to file its Form 10-K on or before 15 May 2009. The notification has no effect on the listing of the common stock of Hayes at the moment.

12th May 2009/by Tyrepress Editors

Toyo Reports 10 billion yen 2008 Net Loss

Toyo Tire & Rubber Co., Ltd. has announced a full-year 2008 net loss of 10,722 million yen (£72.87 million) on the back of what the company termed “extremely severe” management conditions. In its full-year 2007 results Toyo had reported net profits of 6,137 million yen (£41.7 million). Compared to 2007 net sales decreased to 328,371 million yen (down 8.1 per cent). Toyo’s tyre segment posted net sales of 242,009 million yen (£1.644 billion), a figure that fell at half the rate of the group as a whole, down £70.7 million yen or 4.1 per cent compared to 2007). Toyo’s tyre business reportedly accounts for 73.6 per cent of total sales.

According to the company report, sales volumes and net sales of original equipment tyres for the domestic market fell drastically below the previous year’s level, due to the global recession, especially the sharp reduction of domestic car production in the fourth quarter of 2008. While the company’s North American branch experienced the same kind of dramatic decline seen across the whole market, in the European market sales volumes and net income were the same level as full-year 2007, partly due to sales expansion activities. Even more positively Middle Eastern and South East Asian market sales volumes and net sales “significantly exceeded” prior year levels. However, sales volumes were the same level as 2007 and net income fell below.

11th May 2009/by Tyrepress Editors