Russia
The day before Pirelli announces its latest financial results, financial analyst are predicting that the tyre manufacturer is planning to announce new, more ambitious fiscal goals. Pointing out their view that Pirelli's premium strategy will allow it to grow faster than its peers through to 2015, Morgan Stanley suggested the Milan-based would unveil a 2013/14 margin target of 12 per cent or more:
On the back of a 41.3 per cent year-on-year increase in net sales in the first nine months of 2011, Nokian Tyres retains its outlook that it is “positioned to provide strong sales growth and to improve operating profit clearly compared to 2010.” The Finnish tyre maker recorded group net sales of 974.3 million euros, up from 689.4 million euros between January and September 2010. During this same period operating profit doubled from 130.4 million to 261.0 million euros. Earnings per share also effectively doubled, from 0.85 euros to 1.66 euros per share. Net sales increased 41.2 per cent in the third quarter to 346.3 million euros, operating profit jumped 97.4 per cent to 95.4 million euros and earnings per share increased 122 per cent year-on-year to 0.60 euros per share.
Russian billionaire Leonid Mikhelson has reportedly concluded a full takeover of Russia’s Sibur Holding.
According to various new reports, Mikhelson upped his stake in Sibur from 50 to 57.5 per cent through his investment firm Dellawood Holdings. His partner in Cyprus-based Dellawood Gennady Timchenko is also said to have acquired a 37.5 per cent shareholding in the petrochemicals group. The remaining 5% stake is held by Sibur’s top management.
A commercial court will hear on 26 October TIRE Invest's 42.256 million euro lawsuit against Holland's Amtel-Vredestein N.V., the court told the Russian Legal Information Agency (RAPSI). Nomos-Bank was the initial plaintiff, but reportedly assigned its claims to TIRE Invest last summer.
As reported yesterday, a new CEO and president is set to replace Makio (Mac) Ohashi at the helm of Bridgestone Europe (BSEU) at the start of January 2012. This change of top management will be accompanied by the creation of a new position within the company, that of chief operating officer. Bridgestone Europe has named Mitsuhira (Mike) Shimazaki as the first incumbent in this newly-created position. As COO, the current senior vice-president of Sales and Marketing at Bridgestone Europe will continue to manage the company’s Sales and Marketing organisations and additionally assume responsibility for Manufacturing and Supply Chain Management.
As of 1 January, 2012, Makio “Mac” Ohashi will end his tenure as CEO and president of Bridgestone Europe NV/SA. He will be succeeded in this role by Franco Annunziato, who is now chief quality officer and senior vice-president – technology at Bridgestone Europe as well as managing director of Bridgestone Technical Center Europe S.p.A. After taking on Ohashi’s current duties, Annunziato will remain chief quality officer of Bridgestone Europe and managing director at the Technical Center Europe. Annunziato also serves as a vice-president and officer of Bridgestone Corporation.
A direct pay contract signed between Russian corporation Tatneft and Thai Eastern Rubber is hoped to reduce the procurement costs associated with raw materials for tyres. The agreement was signed following a Thai Eastern Group delegation visit to the Nizhnekamsk SSC tyre plant and Kama Research and Technology Center in Russia; this visit and meeting was initiated by OOO Tatneft-Neftekhim Management Company under the scope of implementing company policy of entering into direct pay contracts with raw material producers.
Following the news that has announced plans to build a US$500 million passenger car tyre plant in the South Carolina between now and 2021, financial analysts have added their view on what the manufacturing plans means for the automotive supplier’s profitability.
Russia’s Tatneft reports that two tyre factories operated by its Tatneft-Neftekhim management company, OAO "Nizhnekamskshina" and OOO "Nizhnekamsk truck tires", have been certified according to ISO 9001:2008 and ISO/TS 16949:2009. In announcing the plants’ ISO certification, Tatneft states this accomplishment is “evidence of the successful completion of [a] special audit conducted after the reorganization of the tyre factories.”
…or are we about to witness a real dip in tyre markets? While the massive drops in OE demand of a few years ago appear to have turned a corner, and while tyre manufacturers the world over are steadily ramping up production to pre-recession levels, some are questioning whether or not replacement markets have really felt the full force of the recession. Could 2011 be shaping up to be worse than 2008/2009?
The Yokohama Rubber Co., Ltd. has received a letter of appreciation from the Japanese ambassador to the Russian Federation, Chikahito Harada, in recognition of its contribution to the support of people affected by the East Japan Great Earthquake. Yokohama held a variety of charity events at InterAuto Moscow 2011, held from 24-28 August. A ceremony was held on 8 September at the Japanese Embassy in Moscow, where the letter was presented to Junichi Okishima, president of Yokohama Russia L.L.C.
TAFF Industry Advertising Campaign Award nominee Hankook has launched the second phase of its global television advertising campaign, running with the slogan, “Be One with It”. In Europe campaign will run across September and October having first launched in May 2011, on air in France, Germany, Hungary, Italy, Spain, Russia and the UK.
A new addition has been made to Nokian Tyres’ Hakka summer tyre range. Called the Hakka Blue, this latest product from the Finnish tyre maker is designed with ‘northern’ roads in mind and thus is intended, in Nokian’s own words, to offer “the best possible traction and precise handling for challenging wet roads.” The Hakka Blue is aimed at high-powered cars and is produced in a total of 21 sizes in V and W speed ratings for 15 to 17-inch rim diameters. All dimensions offered will be XL marked. Retail sales of the new tyre will begin in spring 2012 in Nokian’s most important market areas: the Nordic countries, Russia, and Ukraine, as well as Kazakhstan and Belarus.
On August 25 2011 the third rubber so-called “welding” finishing and drying line was officially put into operation at OAO Nizhnekamskneftekhim’s butyl rubber plant. The hairman of the board of directors of OAO Nizhnekamskneftekhim, general director of PSC TAIF A. Shigabutdinov, general director of OAO Nizhnekamskneftekhim V. Busygin and members of the company's board of directors attended the official ceremony.
Old habits die hard, and for many of us our knowledge about Russia is at best sketchy. Yet much change is taking place there, and the tyre industry is not missing out on this. Europe’s major tyre makers today have, or are in the process of acquiring, a presence within the region, and Russian companies are also working to secure their share of a growing and lucrative market. Keeping track of various deals can sometimes be complicated…
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