Off-road tyre specialist BKT has reported two important new developments in its European operation since the start of this year. The first of these is the appointment of Lucia Salmaso, who as marketing director has directed strategic marketing and communication activities at BKT Europe srl since the start of 2009 and helped to establish the European subsidiary’s headquarters in Seregno, near Milan, Italy, as managing director of BKT Europe.
Continental AG has announced that the company plans to pay a dividend of 1.5 euros per share for the 2011 fiscal year, almost tripling analyst estimates of 0.55 euros. Based on the approximately 200 million shares outstanding, the proposed amount to be distributed totals roughly 300 million euros. This equates to a payout ratio of about 24 per cent, according to an official statement on the subject.
Last year was a “very challenging year” for Yokohama Tire Corporation, reports Dan King, senior vice-president of sales and marketing at Yokohama’s North American operation. King describes the North American consumer tyre market as being “basically flat” and says in light of this Yokohama was pleased to have grown in all segments of its business.
Ugo Forner, senior vice president of Pirelli’s truck business unit, shares an insight into a sector of the world’s fifth largest tyre maker that is sometimes concealed in the shadow of the company’s sporting ambitions (such as Formula 1) and its positioning as a leading high performance passenger car tyre brand. This sector is of course commercial vehicle tyres, a business in which Pirelli has a presence in many markets around the world, including South America, where it is market leader; indeed, the region is considered the company’s “cash cow”.
Retreading specialist and fleet service provider Bandvulc recently celebrated its 40th anniversary. The Devon-based company marked the occasion at a recent end of year review. “With much subterfuge, code words and red herrings, members of staff managed to prepare a commemorative photobook, arrange a surprise gift and compile a 45 minute presentation to celebrate the occasion,” Bandvulc shares. During the proceedings commercial director Philip West delivered a light-hearted overview of the past four decades and secretly contributed messages of congratulations and best wishes from numerous customers and suppliers were shared with the O’Connell family, along with several mementoes.
At a recent dealer event, Hankook Tire America unveiled plans to launch an associate dealer programme during 2012. US-based industry publication Tire Review reports company officials as saying the as-yet unnamed programme will be formally introduced on 1 April. While details are still being finalised, the programme will apparently feature a tiered volume- and product-based bonus reward system. Participating dealers will receive start-up and POS kits. Hankook shares that distributors will be eligible for cash rewards based on sales volume and sales of key premium tyres.
Celebrity news and gossip site tmz.com reports Mel Gibson has settled the tyre tech-related lawsuit brought against him by Nader Sherif. The settlement involves Gibson’s payment of an undisclosed sum to Sherif, and further details have not been made public.
In a press statement intended for readers located outside of the USA, Compagnie Générale des Etablissements Michelin announced it has repurchased open market shares between October 2011 and January 2012 for more than ten per cent of the issued number of its lowest ranking subordinated notes (titres subordonnés remboursables de dernier rang), due 3 December 2033, for an aggregate nominal amount of 500,000,000 euros admitted to trading on the regulated market of NYSE Euronext Paris under ISIN FR0010034298. Following the repurchase which is mentioned in this information, the outstanding nominal amount is 97,938,000 euros.
During a special meeting held on 31 January, the holders of Pirelli & C. SpA savings shares nominated Professor Giuseppe Niccolini as their common representative for the years 2012, 2013 and 2014. He will replace Giovanni Pecorella, whom Pirelli wishes to thank for his service.
Schaeffler AG, which currently controls what is effectively a 60 per cent stake in Conti, has announced plans for new credit worth around 8 billion euros. In addition to this refinancing, the company announced plans to issue 2 billion euros of bonds.
According to financial analysts at Morgan Stanley, this all comes around the same time as ratings agencies Stand & Poor’s and Moody's are planning to publish official credit ratings. And all follows Schaeffler’s decision to change its legal form into AG back in September 2011 in order to gain better access to capital markets.
A world first has been claimed by Denmark’s Starco. The company reports it has begun coating the steel wheels it produces, both pressed and spun, with the ‘e-coat’ nanotechnology treatment. The application of e-coat during the steel wheel production process began at Starco’s Beli Manastir, Croatia wheel plant at the start of this year, following the installation and commissioning of equipment there in the final quarter of 2011. Starco says it is currently the only press wheel manufacturer using e-coat.
Titan Tire will utilise the former Goodyear plant in Union City, Tennessee to produce and redistribute materials to other company facilities. Tire Review shares that Titan Tire chairman Bill Campbell told local media that the plant’s operation – polyester and blending rubber and steel strands used in tyre belts – will create 300 jobs by the end of 2012.
Birmingham motorcyclist, Mitu Rahman has won a Pirelli Yamaha YZF-R1 British Superbike ‘pace bike’ in a competition organised by the Italian tyre company and Black Horse Consumer Finance. The bike was also signed by 2011 BSB champion Tommy Hill, and comes equipped with the latest Pirelli Diablo Rosso Corsa tyres. The bike helped Hill beat American rival Hopkins to take the series crown in the final round at Brands Hatch by 0.006 seconds.
Online tyre dealer Delticom reports that 2011 was “again a successful year.” The German-based company’s preliminary figures for the recently concluded financial year show a 14.4 per cent increase in revenues, to 380.0 million. During the 12 month period EBIT grew 9.6 per cent to 52.2 million and earnings per share were up 8.4 per cent to 2.99 euros.
The car industry reported that new car registrations fell 4.4 per cent in 2011, with new car demand totalling 1,941,253 units in 2011. That said the total was ahead of the 1.92 million forecast. The SMMT, which collates national registration statistics projected that 2012 will be “broadly flat.” Nevertheless a firmer recovery expected in 2013.
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