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The Quiet Achiever

Yokohama Tire admits that an OTR division is typically not the highest profile area in a tyre company’s hierarchy – yet it’s one of the most profitable. While they produce and sell the world’s largest and heaviest tyres, it is the consumer and, to a lesser extent, commercial divisions that receive most of the limelight. To set the record straight, Yokohama Tire USA has interviewed two key members of its OTR division, director of OTR sales Gary Nash and national sales manager Nelson Richards. The two men discuss the inner workings of Yokohama’s OTR department, the marketplace and the future of OTR.

6th October 2008/by Tyrepress Editors

US Passenger Car Sales fall 27% in September

The US auto industry has sustained considerable sales haemorrhaging in September, with figures plumbing 15-year depths, while US Department of Transportation year-on-year figures reveal that driving miles by Americans continued to fall in July 2008. In addition the harbingers of doom were prevalent among top car manufacturers: BMW, Ford and Renault all agree that the slump could be the beginning of a more sustained slump than previously predicted.

Financial news sources site comments from Norbert Reithofer, Alan Mulally and Carlos Ghosn – the CEOs of the three aforementioned giants – suggesting that predictions of a swift recovery may have to be put on hold. Ghosn told journalists at the Paris Auto Show, “We don’t know if we’re at the beginning of the end or the end of the beginning,” turning down requests to reiterate earnings targets.

3rd October 2008/by Tyrepress Editors

Amtel-Vredestein Sibur Deal Off

The Amtel-Vredestein Sibur-Russian Tyres deal has now officially been called off, according to a company filing to the London Stock Exchange published on 30 September. The plan had been to merge the two companies in order to make a $2 billion a year tyre firm with over 30 per cent domestic market share and access to high performance technology and European markets through Vredestein.

Amtel-Vredestein’s confirmation that the deal is off followed news reports that the deal was faltering due to a lack of the credit necessary to fulfil the deal’s financial terms and conditions. However, the statement also struck an optimistic note: “The company is actively considering a number of options and it is expected that a further announcement will be made in due course.” Yesterday Amtel-Vredestein’s press department in Russia told Tyres & Accessories that the company had not walked away from the deal. “It is an ongoing work in progress,” they explained.

1st October 2008/by Tyrepress Editors

Amtel-Vredestein/Sibur Merger in Trouble

The proposed merger of Russian tyre manufacturing giants Amtel-Vredestein and Sibur Russian Tyres looks to be faltering after reports from news agencies Interfax and Reuters suggested Sibur had walked away from the deal. The plan had been to merge the two companies in order to make a $2 billion a year tyre firm with 30 per cent domestic market share and access to the European markets through Vredestein.

Reuters quoted an unnamed source as saying: “As far as I understand Sibur decided not to move forward with the initial agreement.” Sibur Russian Tyres representatives could not be reached for commented. However, Amtel-Vredestein’s press department in Russia told Tyres & Accessories that Amtel had not walked away from the deal. “It is an ongoing work in progress,” they explained.

30th September 2008/by Tyrepress Editors

HiQ Unveils Franchisees Following Strategic Growth Decision

Goodyear Dunlop’s decision to pursue a franchising programme for a number of HiQ servicing outlets met with so much interest from bidders that the company opted to extend the scheme to all its HiQ sites, split into 15 regional zones. Following this decision, Neil Burrows – the company’s retail director – left the company, while former HiQ retail director, Chris Kisby, successfully bid for the South Midlands, East Midlands and West Midlands zones. The company also announced that St Austell tyre trade expert, Justin Roberton would become the franchise-owner of three fast fit centres in Cornwall.

25th September 2008/by Tyrepress Editors

Bridgestone Firestone Announces Two Key Appointments

Two key appointments have been made at Bridgestone Firestone Off Road Tire Company (BFOR), a division of Bridgestone Firestone North American Tire, LLC (BFNT). Mike Poirer and Wilhelm Brau have joined BFOR and will work in the areas of marketing, sales and distribution for the Continuum brand of retreading materials.

Mike Poirier, formerly North American OTR sales manager for Bridgestone Bandag Tire Solutions, joins BFOR as general manager Corporate Accounts and Original Equipment. Wilhelm Brau joins BFOR as general manager Continuum Retread and Recycle Solutions. Brau served most recently as vice president of Sales and Operations for RDH Tire & Retread Company.

24th September 2008/by Tyrepress Editors

Nokian Stock Plunges

Shares in the world’s most profitable publicly traded tyre manufacturer (according to Bloomberg), Nokian Renkaat Oyj, have experienced a sharp decline alongside most Russian stocks following the descent of the ruble in recent days. The company currently enjoys a 30 per cent share of Russia’s premium replacement market, though overtures from Bridgestone and Pirelli – who have earmarked 250 million euros for a joint venture in the country with Russian Technologies – sound out a threat to the stability of that figure.

Mika Leskinen, a fund manager at Pohjola Asset Management of Helsinki stated that “competition is set to intensify” and that reasons for the stock’s fall included a massive 37 per cent rise throughout May and the recent Russian military intervention in Georgia. He suggests that analysts recommending the stock and raising earnings estimates had been a little “too optimistic”. Bloomberg’s straw pole of 15 banks however suggests that analysts are still happy to get behind the stock, with only London-based Merrill Lynch analysts suggesting their sale.

12th September 2008/by Tyrepress Editors

Continental to Complete Spikes Acquisition

Continental are to complete the acquisition of all shares in the Finnish spikes manufacturer TIKKA Spikes Oy, along with its Russian subsidiary OOO TIKKA, based in St. Petersburg.

Lothar Salokat, the director of Conti’s Korbach plant in Germany, stated that, “The deal will strengthen Continental’s winter tyre business as well as its position in Scandinavia and Russia. It is our intention that cooperation with other tyre manufacturers will continue via TIKKA Spikes.” TIKKA Spikes provides employment in Tikkakoski and St Petersburg for approximately 120 people. The TIKKA group states that “they will continue in the service of the new owner as workers of long standing.” The company’s estimated turnover is approximately 15 million euros for this year.

5th September 2008/by Tyrepress Editors

Conti Secures Sponsorship Deal for World Cup Qualifiers

As an official sponsor of the 2010 FIFA World Cup in South Africa, Continental AG has secured significant television coverage for itself during the 260 qualification group matches to be played in Europe. Continental will appear on four of the advertising hoardings in the stadiums used for more than 170 matches, and the television images broadcasted around the world will extend Conti’s presence to millions of TV screens.

4th September 2008/by Tyrepress Editors

Tyremakers Lead Rising TSE

Sumitomo, Yokohama, Toyo and Bridgestone have excelled on the Tokyo Stock Exchange today, leading general gains in other sectors. The results are based on the decreasing price of oil, down 24 per cent from its record 147.27 US dollars a barrel on July 11. Also contributing to the gains was an analyst report from Nikko Citigroup upgrading Sumitomo to “buy” and Bridgestone to “neutral” from “sell”.

Sumitomo – Japan’s third-largest manufacturer of tyres – had a particularly good day, rising by the widest margin in three weeks to 927 yen (5.9 per cent, 52 yen). Analysts are predicting further gains for the Kobe firm, as it looks to boost earnings with increased sales in Russia. Toyo rose 2.6 per cent to 277 yen, Bridgestone 1.7 per cent to 1,848 yen and Yokohama 0.4 per cent to 563 yen.

2nd September 2008/by Tyrepress Editors

West Yorkshire Farmer Records First Bering Straits Car Crossing

A farmer from West Yorkshire has driven his Land Rover Defender into the record books, following a successful attempt to become the first person to cross the Bering Straits using a road vehicle. Steve Burgess, the pioneering Yorkshireman, reserved special praise for the Cooper 4×4 tyres that helped him score the first.

The 52-year-old from Mirfield, near Huddersfield, drove 10,379 miles in 50 days, taking in the easternmost tip of Russia. Driving across icy tundra and frozen riverbeds with temperatures as low as -46 degrees Celsius in some of the most remote places on earth, the Cooper Discoverer ST off-road tyres was able to provide the additional traction and performance levels necessary for the feat.

20th August 2008/by Tyrepress Editors

Amtel-Vredestein Suspends Production at Kirov Factory

Amtel-Vredestein is halting production at its Amtel-Povolzhye factory in Kirov, Russia. Upon making the announcement on August 19 the company said the stoppage is the result of a working capital shortage it has experienced in recent months.

A second tranche of the stabilisation loan provided by Sibur Russian Tyres is anticipated by Amtel-Vredestein in accordance with previously made agreements. The provision of such funding is subject to the passing of resolutions at the company’s Extraordinary General Meeting of shareholders, scheduled for 29 August.

19th August 2008/by Tyrepress Editors

If Only They Had Run-Flats

Nothing’s stranger than the truth…or so the saying goes. But would you believe that a flat tyre could have led to recent war between Georgia and Russia? According to The Telegraph, a flat tyre on a Russian diplomatic car did exactly that. When the diplomat the car in question was supposed to be carrying failed to arrive at peace talks in South Ossetia the day before fighting broke, it seems the two states passed the point of no return. Refusing to take his excuse at face value, the Georgian government feared the worst and began the pre-emptive shelling that “invited” the subsequent Russian invasion.

18th August 2008/by Tyrepress Editors

Organisers Expecting More Visitors for CITExpo 2008

Show organisers are expecting more visitors than ever when nearly 300 exhibitors present their tyre products at the 6th CITExpo, held at the Shanghai Everbright Convention and Exhibition Center on 17, 18 and 19 September 2008. Technology on show will include radial tyres, bias tyres, wheels/rims, tyre maintenance equipments, retread materials and equipments, tyre production material and equipment and other related products. According to CITExpo organisers, Reliable International Exhibition Services Co., Ltd., the two original exhibition halls have already been fully occupied by new and rebooking exhibitors, causing them to add Hall 1A to exhibition space.

Looking ahead, Reliable announced that the 7th CITExpo will be held in the same venue on 9, 10 and 11 September 2009. According to the organizer, they have already received more than 15 exhibitors’ bookings for the 2009 show. Those early bookings have committed a year in advance in order secure the best booth location for the future CITExpo show, the organisers explained.

13th August 2008/by Tyrepress Editors

Yokohama Results Show Strong Tyre Sales in Emerging Markets

The Yokohama Rubber Co., Ltd., has reported a 1.3 per cent increase in net sales, to 123.1 billion yen (£582.1 million), in the three months ended June 30, the first quarter of the 2009 fiscal year. This result came on the back of, the company explained, continuing Tire Group expansion that more than offset lower sales in the Multiple Business Group. Within Yokohama’s tyre business, sales increased most markedly in the Japanese OE market and for replacement market sales in emerging economies and natural resource exporting nations, including Russia, Latin America and the Middle East. Sales within the tyre business increased 2.5 per cent to 92.95 billion yen (£439.4 million).

11th August 2008/by Tyrepress Editors