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Michelin shares slip following 1H financials

Michelin shares fell 5 per cent after the publication of its first half 2013 financial results. Writing just a couple of hours after the earning details had been published, the Wall Street Journal opined that because first-half net profit fell 45 per cent and because Michelin is taking a 250 million-euro restructuring charge to improve manufacturing efficiency some investors became unsettled and closed their positions. However, Michelin was the not the only firm suffering in Europe and mixed responses to British GDP improvements and German business confidence are thought to have affected investors too.

25th July 2013/12,345 Comments/by Tyrepress Editors

The UK seasonal tyre market is larger than you think

The UK tyre industry has been taking deliberate steps to develop its winter tyre market for over a decade. As a result winter tyre sales constitute an increasingly important market position (see Related News in the subscriber section of this article). At the same time, the evidence Tyrepress.com has seen suggests all-season tyre sales have been growing at an even faster rate and could even be outperforming winter tyres when measured across complete 12 month periods. Back in May (see Tyres & Accessories May, page 18) we reported on the latest relevant research produced by market analysts GfK, which suggested winter tyre sales were accelerating faster than ever. This month, in keeping with our winter versus all-season theme, we expand on this data to include a number of all-season details and compare it with the conclusion drawn by our other sources.

24th July 2013/12,345 Comments/by Tyrepress Editors

Goldman Sachs buys Apollo shares

On July 22, Goldman Sachs Singapore PTE acquired 2,768,258 Apollo Tyres shares on the National Stock Exchange of India for Rs 69.70 per share. This gives the investment banking and securities firm a 0.55 per cent holding in the tyre maker.

23rd July 2013/12,345 Comments/by Tyrepress Editors

Swiss Finance acquires 1.34% stake in Apollo

Swiss Finance Corporation has purchased 6.78 million Apollo Tyres shares on the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange of India) for Rs 482.19 million (£5.3 million). This transaction gives the trading institution a 1.34 per cent stake in Apollo. The shares were purchased at an average price of Rs 71. In a separate deal, Swiss Finance then sold 200,000 Apollo Tyres shares on the NSE for a total of Rs 14.8 million, or Rs 74 per share.

19th July 2013/12,345 Comments/by Tyrepress Editors

Conti gives overview of green developments

The commercial availability of Sumitomo’s Enasave 97, albeit in small volumes, has demonstrated the feasibility of producing tyres containing very little in the way of fossil fuels. Introducing completely or nearly fossil fuel-free products in greater quantities is a goal held by all tyre majors, and Continental’s head of material and process engineering has shared some details about the German tyre maker’s progress in this direction.

18th July 2013/12,345 Comments/by Tyrepress Editors

Myanmar’s first tyre factory opens

The Southeast Asian country of Myanmar, formerly Burma, now stands amongst the ranks of the world’s tyre producing nations. The country’s first tyre factory, MEC Tire, officially entered operation on 1 May. The occasion was marked by ceremony attended by Myanmar commander-in-chief Min Aung Hlaing, the commander of the Navy, commander of the air force and other military and government officials, along with representatives from Chinese rubber and tyre industry machinery supplier Mesnac, who set up the plant. The MEC Tire facility was Mesnac’s first overseas turnkey project.

17th July 2013/12,345 Comments/by Tyrepress Editors

Morgan Stanley takes 0.5% share in Apollo

News of Morgan Stanley Asia (Singapore) Pte’s investment in Apollo Tyres has prompted a slight rise in the Indian tyre maker’s share price. Morgan Stanley purchased 2.7 million Apollo shares – a 0.5 per cent stake in the company – for Rs 63.37 a share. After this news was released, shares rose briefly to Rs 64.80; still more than 31 per cent down on their trading price before Apollo announced it would acquire Cooper Tire & Rubber.

11th July 2013/12,345 Comments/by Tyrepress Editors

Cooper Tire keeps ‘neutral’ rating

Financial analysts have maintained a “neutral” rating for shares in Cooper Tire & Rubber Company. The report published 4 July by Zack’s Equity Research explained the general reasoning, which follows Apollo Tyre’s agreement to buy the company for US$2.6 billion on 12 June: “We are pleased with its improved 2013-first quarter results and focus on reducing costs together with increased efficiency in each of the plants. However, we are concerned about the increasingly competitive landscape.”

9th July 2013/12,345 Comments/by Tyrepress Editors

Analysts: Korean tyre companies outperform index

Korean tyre manufacturers have outperformed the Korean Kospi index year-to-date. According to an investor’s note published by financial analyst at Deutsche Bank, the strong showing has come thanks to “a sharp decline in raw material costs, strong earnings delivery and expectations of demand recovery in in the second half of 2013”, with the latter point welcome news for everyone.

4th July 2013/12,345 Comments/by Tyrepress Editors

Comment: Explosive action – a life lesson for tyre buying consumers?

Company News, Editorial/Comment, International News, News

To say that June was an interesting month for the tyre industry is something of an understatement. It was explosive – and in at least one case literally so. But the drama of it all offers consumers a challenging life lesson.

2nd July 2013/12,345 Comments/by Tyrepress Editors

Collmann brand enjoying renewed growth – Micro-Poise focusing more closely on retreading sector

When US publication Popular Science Monthly enthused in March 1935 over “modern scientific methods” that enable a tyre casing to be “rebuilt” instead of discarded after a working life of 20,000 miles or so, the retreading industry was still a relative newcomer on the scene. It was less than 20 years since Oliver Rubber introduced pre-cure retreading, and when the Popular Science Monthly article hit the newsstands, one aspect of retreading remained very labour intensive – buffing a tyre was still partially carried out by hand, with steel brushes used to prepare the casing for retreading. This was soon to change; in the second half of the 1930s, a German named Nanno Collmann looked into ways of simplifying this part of the retreading process, and in 1938 his company introduced the world’s first specialised tyre buffing machine. Three quarters of a century later, the Collmann brand is still a name respected by retreaders the world over and the company, under new ownership, retains a strong interest in the sector.

1st July 2013/12,345 Comments/by Tyrepress Editors

New Conti harbour range caters to growing market

Current estimates place the global container trade at around 600 million teu, or 20 foot container equivalents, per annum. And if the experts’ predictions pan out, this business will grow significantly in the coming years. Continental has thus identified harbour and port users as an interesting segment and has developed a completely new product range catering to their requirements. At this week’s TOC Container Supply Chain Europe exhibition in Rotterdam, the company launched its new harbour tyre portfolio, and explained the technology it hopes will optimise end-user total cost of ownership.

27th June 2013/12,345 Comments/by Tyrepress Editors

Report: Investor sues Cooper over ‘too low’ Apollo bid

Cooper Tire & Rubber Co. was reportedly sued by one of its investors in a bid to block the company’s $2.5 billion takeover by Apollo Tyres Ltd., saying the offer of US$35 wasn’t high enough. According to a Bloomberg report, the Booth Family Trust said in a filing at Delaware Chancery Court in Wilmington: “The proposed transaction is the result of an unfair process [and] was negotiated and entered into in bad faith…”.

24th June 2013/12,345 Comments/by Tyrepress Editors

Apollo share price falls 21% after news of Cooper deal

Shares in Apollo Tyres Ltd plunged by up to 21 per cent the day the company announced its purchase of Cooper Tire. According to local news sources, it has been over 20 years since the share price fell this much. The negative sentiment is likely to related to the price Apollo has agreed to pay for Cooper, which at $35 a share, is far higher than the company’s 11 June closing price of $24.56 and potential price tags of around $25 that were mooted around the time rumours of the deal emerged in October 2012.

13th June 2013/12,345 Comments/by Tyrepress Editors

Cooper shares up 40% following acquisition announcement

In premarket trading on 12 June, shares in Cooper Tire & Rubber Co. surged 40.3 per cent to US$34.45 per share following news of Apollo Tyres Ltd’s agreement to acquire the company for around $2.5 billion, or $35.00 a share, in cash. Shares in rival tyre maker Goodyear Tire & Rubber Co. also rose six per cent following the Apollo/Cooper deal’s announcement.

12th June 2013/12,345 Comments/by Tyrepress Editors