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Analysts: Hankook share sale is Michelin “cashing in on failed partnership”

Following the announcement that Michelin is selling its 9.98 per cent share of Hankook, financial analysts have shared their view that the move amounts to “cashing in on a failed partnership.” Morgan Stanley's suggestion is that the Hankook shareholding ended up being a mere financial investment after attempts to cooperate more broadly “repeatedly failed.” Michelin built its stake in Hankook between 2003 and 2008 and reportedly tried to establish a partnership with Hankook to develop distribution, R&D and manufacturing together in Asia.

8th November 2011/by Tyrepress Editors

Hankook share sale a boost for Michelin entry-level and medium production

In order to place a greater focus on its own production of tier two and three tyres, Michelin plans to sell its share in Hankook Tire Co. Ltd. The French tyre maker announced on November 8 its intention to sell up to 15,195,587 shares, an amount representing approximately 9.98 per cent of Hankook’s share capital, through its 100 per cent owned subsidiary Compagnie Financière Michelin. According to Michelin, the sale of its Hankook share forms part of its portfolio optimisation efforts in line with the new growth strategy the company first presented a year ago and reiterated during its October 2011 investor day, specifically the optimising and strengthening of factories dedicated to producing passenger car and truck tyres in the entry-level and medium-range segments.

8th November 2011/by Tyrepress Editors

Analysts: Good results Nokian to have neutral share impact

Financial analysts at Morgan Stanley described Nokian's recent third quarter financials as “a good set of results”, with sales and pre-tax profits (EBIT) ahead of consensus. As a result the the consensus is that these provide a positive outlook for the fourth quarter of 2011. However the investor's note also said that growth in order intake is levelling off.

7th November 2011/by Tyrepress Editors

Point S enters American market

Tyre dealer network point S has announced its entrance into the American market at an official event on 1 November at the SEMA Show in Las Vegas, where the company is exhibiting for the first time. US collective The Independent Tire Dealers Group, LLC (ITDG) has signed a partnership with point S, stepping up the group’s international development onto a new continent. Following its entrance into Turkey earlier this month, the network is now present in 21 countries in Europe with over 2,000 depots.

2nd November 2011/by Tyrepress Editors

Amtel-Vredestein debt dispute to be heard on 26 October

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.

25th October 2011/by Tyrepress Editors

Cooper issues 159th consecutive quarterly dividend

Cooper Tire & Rubber Company has announced it will once again issue a quarterly dividend. This time the US-based tyre manufacturer is offering 10.5 cents per share on common stock, payable 30 December 2011, to stockholders of record at the close of business 2 December 2011. This will mark the 159th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.

21st October 2011/by Tyrepress Editors

Longxing Chemical aiming to raise 400 million yuan in share issue

China’s Longxing Chemical Industry, which supplies carbon black and electricity to “major tyre makers” in the people’s republic is reportedly planning to raise 400 million yuan by issuing a maximum of 45 million shares at 9.26 yuan per share in a private placement.

19th October 2011/by Tyrepress Editors

Illinois developer buys former Cooper plant

The shuttered Cooper Tire & Rubber Co. tyre plant in Albany, Georgia, has been sold to an Illinois developer, according to Tire Review. No details of how much was paid have yet been released.

14th October 2011/by Tyrepress Editors

Credit agencies lower GITI Tire rating, Gajah Tunggal not affected

Credit agencies Fitch and Standard & Poor’s have altered their rating for GITI Tire Pte. Ltd. According to Fitch’s latest assessment, “GITI's liquidity is likely to remain strained over the next 12 months because of substantial cash outflows despite the refinancing of the company's notes.”

6th October 2011/by Tyrepress Editors

Three new products added to Nokian’s off-road portfolio

Nokian Heavy Tyres has introduced a trio of new off-road products, the TRI 2 Extreme Steel, Loader Grip 3 and Nordman Mine All-Steel Radial. The first two of these are intended for earthmoving applications while the Nordman, as its name suggests, is aimed at the mining sector.

29th September 2011/by Tyrepress Editors

P Zero Silver – Pirelli’s first F1 derived road tyre

Pirelli has launched its first Formula 1-derived UHP road tyre. This latest offering from the Italian tyre maker, the P Zero Silver, sits alongside the P Zero in Pirelli’s product portfolio and is intended to increase the company’s premium range and cater to the ever more differentiated needs of Pirelli’s top market segment – a segment that Pirelli aims to grow in all geographic areas. The P Zero Silver was officially unveiled in September at an event attended by, amongst others, Pirelli chairman and CEO Marco Tronchetti Provera, Pirelli Tyre CEO Francesco Gori, Team Ferrari technical director Stefano Domenicali and Team McLaren driver Jenson Button.

21st September 2011/by Tyrepress Editors

Hankook proclaims DTM influence in latest Ventus

The fruits of Hankook’s DTM involvement can now be seen by all – the Korean tyre maker has released its first ultra high performance tyre to employ engineering drawn from DTM racing technology, the Ventus S1 evo². This flagship of Hankook’s UHP portfolio is said to benefit from expertise the company has gained as exclusive tyre supplier to the DTM – Hankook states a “multitude of technical innovations and design features” has enabled its engineers to arrive at the “best balance” between wet and dry performance. The Ventus S1 evo² has also been developed to meet next year’s EU-labelling requirements.

20th September 2011/by Tyrepress Editors

Cooper Tire shares mark 52-week low

Company News, International News

Shares in Cooper Tire & Rubber Company hit a new 52-week low on Monday 12 September trading at $10.36, below the previous 52-week low of $10.50. According to a report at thestreet.com, Cooper Tire & Rubber has a market capitalisation of $696 million and shares were down 53.6 per cent year-to-date at the close of trading on Friday 9 September.

13th September 2011/by Tyrepress Editors

Double Coin, Michelin, Huayi JV finalized

The deal is done and a new tyre company has been born, thanks to the formalization of the proposed joint venture agreement between Groupe Michelin, Double Coin Holdings Ltd. and Shanghai Huayi (Group) Co. The newly minted Double Coin Group (Anhui) Warrior Tires Co. will produce Warrior brand passenger and light truck/SUV tyres, some of which will reach the North American market next year.

7th September 2011/by Tyrepress Editors

Hankook shares concerns over horsebox tyre maintenance

Hankook’s recent partnership with the Royal International Horse Show at Hickstead has revealed some worrying concerns over the tyre maintenance of horseboxes and trailers. According to the company, last year alone tyre failures accounted for approximately 30 per cent of all horsebox breakdowns at the roadside, many of which could probably have been avoided. In an effort to raise standards of tyre maintenance amongst the horse riding community, Hankook has published this advice:

30th August 2011/by Tyrepress Editors