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On 1 August, Andreas Penkert, former CEO and director of Continental India Ltd, the former Modi Tyres operation acquired in 2011, has taken over leadership of sales and marketing for Pirelli in Germany. In his new role Penkert reports to Pirelli Deutschland GmbH CEO Michael Schwöbel and Pirelli tyre S.p.A. Central Europe CEO Daniele Deambrogio.
Goodyear Tire & Rubber is set to receive its first Trade Americas Award from the Latin Trade Group at this year’s BRAVO Business Awards on 25 October. The tyre maker reports it will be given the BRAVO Trade Americas Award for its “valuable contributions fostering the development of small and medium size enterprises development in the Latin America region.”
The Yokohama Rubber Co., Ltd. subsidiary YH America, Inc. (YHAI) will produce automotive air conditioning hoses in Mexico next year. According to the company YHAI plans to begin delivery of the hoses to a Japanese car maker in Mexico from summer 2014. To limit the investment burden, YHAI will consign assembly to a local company rather than build its own plant. It also aims to use the Mexican output to expand transactions with Japanese car makers and with the US Big Three. Local Mexican production will be located in the suburbs of the west central Mexican city of Aguascalientes, where a number of auto makers have established plants.
The Yokohama Rubber Co., Ltd., reported record first half sales for the first six months of 2013. According to the company, net sales edged up 0.3 per cent over the same period of the previous year, to 269.7 billion yen. However, while sales were high, profitability took a hit. Operating income declined 4.2 per cent, to 19.1 billion yen, and net income was down 5.3 per cent, to 13.0 billion yen. The tyre division appears to have borne the brunt of this.
Toyo Tire & Rubber says expansion work on its White, Georgia passenger car and light truck tyre plant in the US is set to begin and will be finished in three years’ time. This fourth-stage capacity expansion project will initially lift production capacity at the Toyo Tire North America Manufacturing Inc. plant by 2.5 million units per annum. The 20 billion yen (£133.7 million), 44,000 square metre expansion will increase the facility’s size by 50 per cent and house equipment that represents half of all plant capacity.
Apollo Tyres Ltd has reported first quarter 2013-2014 financials including a 19 per cent rise in net profits to 1.66 billion rupees (22.8 million euros; US$29.7 million). The announcement followed the approval of a large dividend pay-out of 50 per cent per share (0.50 per equity share), for the year ended 31 March 2013.
Cooper Tire & Rubber’s second quarter 2013 results – most likely the last it will post before its incorporation into Apollo Tyres – showed a year-on-year drop in net sales, operating profit and net income. Net sales amounted to US$884 million, a decrease of $174 million compared with the same period a year ago, and operating profit for the second quarter was $69 million, $26 million lower year-on-year and 7.8 per cent of net sales. Net income was $35 million, or $0.55 per share, down from $52 million, or $0.82 per share, for the same period last year.
Cooper Tire & Rubber has announced payment of its 166th consecutive quarterly dividend to shareholders. A dividend of 10.5 cents per share will be paid on common stock, payable 30 September 2013 to stockholders of record at the close of business 5 September 2013.
Moulded polyurethane and rubber wheels and tyre manufacturer Stellana US Inc. has appointed a new industrial sales manager. Jack Garcyznski joined the company on 1 July and is responsible for developing sales of custom poured polyurethane parts throughout the United States.
Although it retains a positive view of long-term developments, Germany’s Lanxess AG has admitted its current performance falls short of the company’s own expectations. Board of Management chairman Axel Heitmann spoke frankly upon the release of the specialty chemicals firm’s second quarter 2013 results – figures that include a 95 per cent year-on-year drop in net income.
On 26 July, the Hart-Scott-Rodino (HSR) review period for Apollo Tyres’ pending acquisition of Cooper Tire & Rubber expired with no action taken by the Federal Trade Commission or the Department of Justice in the US. In a statement issued on 2 August, Cooper Tire explained that the expiration of the HSR review period satisfies one of the conditions necessary for the acquisition transaction to close. Cooper and Apollo now expect that, subject to the remaining customary closing conditions, the transaction will be completed before the end of the year.
Bridgestone’s title sponsorship of the World Golf Championships-Bridgestone Invitational has been extended through to 2018. The continuation of this arrangement, which began in 2006, was announced by Bridgestone Corporation CEO Masaaki Tsuya and Bridgestone Americas CEO and president Gary Garfield together with Commissioner Tim Finchem, who represents the International Federation of PGA Tours, during a press conference prior to the leaders teeing off for the final round of the 2013 Bridgestone Invitational. Bridgestone also extended its official marketing partner relationship with the PGA Tour through 2018 and will remain the “Official Tire of the PGA Tour and Champions Tour.”
Wayne Culbertson has been appointed managing director of Michelin Tyre Plc, replacing Eric Le Corre who has taken up the Paris-based position of head of public affairs.
Sumitomo Rubber Industries has released its CSR Report 2013. At this stage it is only available in Japanese; the English-language version will be available at a later date. The report is available for download at srigroup.co.jp/csr. In addition to publishing its CSR Report, the company has updated its Japanese CSR website with detailed CSR guideline information.
Reporting its second quarter and first half results, Executive Board chairman Dr. Elmar Degenhart cautioned that the stronger development seen in the second quarter shouldn’t be viewed as a turnaround; rather, sales developed better due to seasonal and technical factors. The European market – where Continental makes 55 per cent of its sales – was described as unstable, and following what the company calls “modest development” in the region’s replacement tyre market in the first half of the year, Continental states its previous estimate for the segment “no longer seems possible.” It now anticipates an “increase of one per cent at best.” The company also said growth in the Asia and NAFTA regions is “also expected to diminish as the year progresses.” As a result, Continental has decreased its full-year forecast from growth of five per cent to four per cent, or “around €34 billion”.
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