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Analysts Cautious On Nokian

Nokian’s shares have risen 12 per cent over the past three months and, for the year as a whole, have risen slightly against an 11 per cent general decline in the auto and component sector. The Finish company traditionally makes the lion’s share of profits in the second six months of the year, because of winter tyre sales, plus Nokian has announced a joint venture in Russia and its RoadSnoop tyre pressure monitoring system has great potential. Despite all this, analysts Morgan Stanley have downgraded the company from “Equalweight” to “Underweight”. The reasons for this caution are 1. A worry that the winter tyre market may not be as good as expected, due to large stocks. 2. The high level of investment needed and time scale of the Russian JV. 3. The high level of investment in retail expansion which has yet to show returns.

25th July 2002/by Tyrepress Editors

Nationwide Autocentres Buys Rest Of Lex

Nationwide Autocentres (NW), the Solihull (UK)-based car servicing specialist, has successfully completed the purchase of Lex Autocentres Limited (LA) from the RAC/Lex Service PLC. NW was formed in January 2001, when it acquired 41 of the Lex Autocentres. A further four independent garages were added to the network during 2001. With this acquisition, NW claims to be the largest independent network in the UK with 142 centres and a sales turnover of approximately £40m. Both NA and LA specialise in vehicle servicing, MOT testing, mechanical repairs and maintenance for both retail and fleet motorists.

17th April 2002/by Tyrepress Editors

Latest On The Kwik-Fit Sale

Speculation continues over the future of Kwik-Fit, with investment bank Goldman Sachs handling disposal of the chain. The word is that Ford would prefer to sell the group in one go, rather than in job lots. As well as talk of a management buy-out, there has been interest from venture capitalists CVC, Cinven and KKR, among others. Senior automotive analyst with Datamonitor Simon Hodson, suggests that there could be interest from a rival vehicle manufacturer. He also says it is possible that a US automotive market company, such as Penske Autocentres, could make a bid.

16th April 2002/by Tyrepress Editors

Goodyear/Dunlop Reorganisation

Effective February 1, 2002 Goodyear Great Britain Limited and Dunlop Tyres Limited will implement an organisational structure reflecting its intentions to manage the two brands separately in the marketplace supported by various shared service functions. Among the key appointments are the following, who report to Marco Molinari, Chairman and Group Managing Director UK Operations: Bill Yates, Managing Director Dunlop Tyres Limited, Bill Hall is appointed Managing Director Goodyear Great Britain Limited and Paul Harrell, GM Retail Operations.

31st January 2002/by Tyrepress Editors

Cuts In Rubber Output Planned

Indonesia and Thailand have threatened to cut rubber production. Indonesia and Thailand are planning an immediate 10 per cent cut in production in a plan to push prices up by as much as 30 per cent. Malaysia is expected to follow suite. If the cuts are effective it could result in 20 per cent price rises in the retail prices of tyres. In order to sustain the cuts, Indonesia and Thailand are proposing to convert rubber plantations into alleged cash crops such as cocoa and coffee. It is expected that the main beneficiary of this move would be Russia, the main producer of synthetic rubber.

29th January 2002/by Tyrepress Editors

NTS Definitely Sold to Management

It is now official: In a MBO, the retail chain NTS and the wholesaler Viking International, have been sold to their top executives. Although neither side wishes to comment on the price, it is now common knowledge that the price is more likely to be 40 million Euro than 50 million Euro. At the end of the 80s the Continental group bought the chain from Michelin for 140 million pounds Sterling because the Monopolies and Mergers Commission signalled that it would not accept the total acquisition by the French company. Continental managers are convinced that the details of the sale will ensure further co-operation with the new owners. Continental is convinced that it will consolidate, or even improve its current position in Great Britain through co-operation with the now independent retailer NTS, under the umbrella of the now named Axle Group.

9th January 2002/by Tyrepress Editors

Restructuring For Bridgestone/Firestone Inc.

US company Bridgestone/Firestone Inc. has announced a new corporate structure from Dec. 1st. The reorganised company will be known as Bridgestone/Firestone Americas Holding Inc (BFAH), which will be the holding company for a number of subsidiaries. John Lampe will be CEO and president of BFAH. The change has been made to take advantage of better financing rates and to re-focus on core businesses.

28th December 2001/by Tyrepress Editors

New UK Truck Servicing Network For Continental

Continental Tyre Group is to set up a new UK truck network, comprising independent businesses with exclusive territories, managed by Continental. This will obviously affect the commercial division of Conti’s subsidiary National Tyre Services. Some will be sold, while some will be taken over by existing staff – a number of these are expected to join the new truck network, which will be called ContiNetwork.

30th November 2001/by Tyrepress Editors

Continental “Expects To Sell National Tyre Service This Year”

Manfred Wennemer, management board chairman of Continental AG, is reported to have said that the company expects to sell its UK equity chain National Tyre Service by the end of this year. Earlier this year, Continental UK closed National’s truck tyre operations when it formed ContiNetwork; a partnership with independent truck tyre service providers. This left 210 retail outlets in the National chain. A spokesman in Hanover confirmed Mr. Wennemer’s comment, but would not reveal any further details. The news was only revealed because Continental had to enter a figure into the fourth quarter accounts which was picked up by analysts.

30th November 2001/by Tyrepress Editors

Sale Rumours Denied By National

TYRES & ACCESSORIES, on hearing stories of a Continental sale of National Tyres and Autocare decided to put the question to National. In response to enquiries about the possible sale by Continental, Roger Hawkins, Managing Director of National’s Retail division told TYRES & ACCESSORIES, “Continental has no immediate plans to sell National Tyres, rather it has invested a considerable amount into the fast-fit chain in the past 18 months on branch refurbishment and acquisition of “High Street” locations and will soon be unveiling an ambitious new fleet programme.” National Tyres and Autocare is a wholly owned subsidiary of Continental AG and reports to Continental AG in Germany. If the Equity were to be sold off it would send shock-waves through the UK retail and wholesale trade.

30th November 2001/by Tyrepress Editors

Purchase Completes Vianor Chain In Sweden

Nokian Tyres has purchased the 13-outlet tyre chain of Dackaffaren for the sum of 4.3 million Euro. Dackaffaren had a turnover of 110 million Swedish Crowns (11.5 million Euro) last year and employs 70 staff. The company will be incorporated into Nokian’s Vianor tyre retail chain, which now consists of 50 outlets in Sweden and a total of 170 outlets in five countries. Kim Gran, Nokian’s President and CEO, says that the acquisition completes the company’s coverage in Sweden.

30th November 2001/by Tyrepress Editors

New Director For Goodyear

James M. Zimmerman (57) has been elected to the board of directors of the Goodyear Tire & Rubber Co. He joins the company from Federated Department Stores Inc., where he was chairman and CEO, and has extensive experience in retail. It was also announced that Katherine G. Farley, senior managing director of Tishman Speyer Properties Inc., has resigned from the Goodyear board after three years’ service.

30th November 2001/by Tyrepress Editors

Improved Sales And Profit For Nokian

Nokian has released interim financial figures for the first nine months of this year. These show an increase in net sales of 7.4 per cent to 277.7 m Euro and an operating profit of 25.3 m Euro (11.9 m Euro for the same period last year). Net profit reached 9.1 m Euro (2.7 m in 2000). Nokian’s target for the year is to achieve a sales growth of around 10 per cent and improve on last year’s profitability.

30th November 2001/by Tyrepress Editors

Subsidiary Of Continental Stops Retreading Activities

It has been officially announced that the retreading activities of Vergölst, a subsidiary of the German tyre manufacturer Continental, will cease completely by the end of the year. This will not affect the nationwide retail chain. 262 employees will be made redundant at Bad Nauheim as a result. Final figures show 600,000 passenger car tyres and 124,000 truck tyres being retreaded annually.

30th November 2001/by Tyrepress Editors

Receivers Called In At Just Tyres

Just Tyres Holdings, the group consisting of the Just Tyres retail chain, the Southam Tyres wholesale business, Autostop and Autostop fleet network, has called in the Administrative Receiver. 40 of the 90 Just Tyres depots were closed down immediately, resulting in 100 job losses, or one third of the total group workforce. Autostop Fleet has also closed down. The Receiver is looking for buyers, either for the group as a whole or its component divisions separately and reports “considerable interest”.

30th November 2001/by Tyrepress Editors