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Transport Minister & Winter Tyres: “A Complete Lack of Understanding”

While we appreciate tyres getting a mention in the House of Commons yesterday, it is regrettable that our Secretary of State for Transport hadn’t studied up on the subject beforehand. During a speech intended to reassure that last winter’s ‘big freeze’ mayhem would not be repeated this year, no less a person than the Rt Hon Philip Hammond MP questioned their suitability for the UK and told parliament that “winter tyres wear out very quickly on normal road surfaces” – a feature that would be a major disadvantage for the cold weather product, were it true.

3rd December 2010/by Tyrepress Editors

Dutch Winter Tyre Rise Points Way for UK: ATSE

While it is widely known that the UK’s winter tyres market will receive a bump this year – indeed, the question is now not whether there will be an increase in sales, but how large the increase can be, given the limitations of supply – a consensus seems to be forming that there will be room for greater future growth, given the performance of the segment in countries of similar climates. ATS Euromaster has contributed to this opinion today, stating that the results of a Dutch survey into road traffic accidents show that UK fleets would be safer if they fitted cold weather tyres. The survey by traffic psychologist Adriaan Heino revealed that cars with cold weather tyres were involved in significantly less accidents during winter than those which remained on ‘summer’ tyres.

2nd December 2010/by Tyrepress Editors

Pirelli Arranges 1.2 billion euros Credit Line

Today (30 November) Pirelli signed off on a new revolving line of credit, which provides the company with 1.2 billion euros over a duration of five years. According to the company, the new facility will replace existing lines of credit worth a total of 1.475 billion euros, launched in 2005 and 2007 with maturities in 2011 and 2012. These therefore will be cancelled in advance. An official statement on the matter explained that the new 2015 maturity is aligned to the timing of Pirelli’s recently presented industrial plan.

30th November 2010/by Tyrepress Editors

A Diverse Range and Approachable Team a Winning Formula for Clampco

When Clampco UK was founded in 2001, the company largely focused upon the supply of exhaust clamps and fittings to the exhaust and tyre fast fit sector. The firm was well received and its customer base grew to some 2,000 garages within a few years, yet during this period signs of decline in the exhaust market as a whole became apparent to Clampco. As Clampco managing director Stuart Hubble shares, it was clear the company’s only option for growth lay in diversifying and enlarging the product range on offer. With this in mind, Clampco focused its energies on investigating what other everyday items could be sold through its existing customer base. Two of the first additions to this wider range were tyre repair consumables and wheel balance weights – this was, notes Hubble, a “natural progression” from tyres and exhausts. Subsequently, Clampco added items covering the full spectrum of workshop requirements, including hygiene and safety products plus workshop cleaning products such mops, buckets and brushes. In addition to this, a full range of fast fit garage related tools such as impact wrenches and torque wrenches were added to the Clampco line-up.

30th November 2010/by Tyrepress Editors

Pirelli Broadband Solutions Sale Finalised

Pirelli’s sale of its broadband business is a done deal. On November 29, the Italian company reported the sale of Pirelli Broadband Solutions SpA to Advanced Digital Broadcast Group has been finalised and the transaction is now completed and closed. Advanced Digital Broadcast paid approximately 25.1 million euros in cash and 400,000 listed shares, equal to approximately 7.2 per cent of its capital, for the broadband business. With regard to these shares, Pirelli & C. has undertaken a lock-up commitment for the first two months following the closing, as well as a put option for Pirelli & C. and a call option for ADB, which can be exercised within two years.

30th November 2010/by Tyrepress Editors

Tyre Bay Direct Adds to Exclusive Portfolio

Tyre Bay Direct aims to be a one stop shop for all tyre fitting and consumable needs. The company reports the stocking of a complete range of valves, including exclusive customised valves available printed with a company’s details, plus balancing weights, repair materials, workshop tools, tyre changers and wheel balancers as well as other garage equipment. Much of the range on offer is exclusive to Tyre Bay Direct, the company adds.

26th November 2010/by Tyrepress Editors

Dunlop SportSmart Voted MCN Tyre of 2010

During more than 50 years in print the UK based publication Motorcycle News (MCN) has sold nearly half a billion copies, and the information it shares is widely read and respected at home and internationally. It is thus no surprise that Dunlop takes pride in the selection of its Sportmax Sportsmart for this year’s MCN Product of the Year – Tyre award. The Dunlop rubber took top honours based both on the decision of the MCN judging panel and votes submitted by readers of the popular weekly paper.

18th November 2010/by Tyrepress Editors

Hankook Stock Falls 2% After Rating Cut

Despite earlier positive news about the second phase of production at the company’s Hungary plant reaching the production readiness ahead of schedule, Bloomberg reports that Hankook Tire Co. shares dropped 2 per cent to 29,100 won during trading on 17 November 2010.

17th November 2010/by Tyrepress Editors

Pirelli Sells Broadband Business to ADB for 30 million euros

Pirelli & C has sold its broadband business to Advanced Digital Broadcast Holdings (ADB), a company quoted on the Swiss stock exchange for 30 million euros. Analysts received the move as confirmation that the company is wholly dedicated to its tyre business after the separation of its real estate arm earlier this year. The deal was announced on 21 October hours after the company confirmed that Prelios (the new name for Pirelli RE) would make it stock market debut on 25 October.

21st October 2010/by Tyrepress Editors

Analysts: Michelin Rights Issue ‘Overly Prudent’

Michelin’s unexpected decision to announce a 1.2 billion euro rights issue at the Paris Motor Show on Tuesday 28 September may have knocked confidence in the company’s free cash flow generation amongst those observers that are concerned the company is being too cautious. But question marks also remain over what the company’s strategy is here. In the trading session following the announcement, Michelin shares dropped by more than 8.0 per cent according to the AFP News agency.

30th September 2010/by Tyrepress Editors

Michelin: 50% Sales Volume Growth by 2020

A desire to accelerate corporate growth has prompted Michelin to launch a 1.2 billion euro capital increase aimed at existing shareholders. Through this capital increase the French tyre maker also aims to enhance its credit rating, access to financing and financial flexibility.

28th September 2010/by Tyrepress Editors

Ruia in Talks to Purchase German Auto Parts Maker

India’s Ruia Group is reportedly “close” to purchasing a German automotive component company, and may route any agreed transaction through its listed Falcon Tyres subsidiary. Group chairman Pawan Kumar Ruia states that Falcon Tyres will raise around Rs 8 billion (£111.6 million) by way of fresh shares through a rights issue, equity convertible warrant or other means to fund its expansion programme of overseas acquisitions and capacity expansion at home.

10th September 2010/by Tyrepress Editors

Morgan Stanley Upgrades Michelin to Overweight, Doubles Target Price

Morgan Stanley analysts have upgraded Michelin shares to “overweight” and more than doubled their target price from 36 – 80 euros, commenting that the French tyre manufacturer “can surprise again.” This means analysts believe Michelin will beat consensus earning projections by more than a fifth: “We expect earnings to come in 20-25 per cent above consensus and cash generation to surprise significantly.”

In an investors note published 25 August, Morgan Stanley’s Eduardo Spina explained that the upgrade is based on the fact that while Michelin stock trades at a roughly 25 per cent discount historically, “high earnings visibility” and pent-up demand contribute to making it attractive. As a result Spin predicts that earnings per share will ramp up to 10 euros by 2012, 25 per cent above the consensus of 8 euros by the same point.

26th August 2010/by Tyrepress Editors

Cooper Tire Shares Fall, But Analysts Say Market Underestimates Firm’s Potential

Shares in Cooper Tire & Rubber Co. fell by as much as 13 per cent yesterday (Thursday 5 August) after the tyre manufacturer reported second-quarter revenue below estimates and said earnings were hurt by increased raw material costs. However, market analysts reported that the market has underestimated Cooper’s “near term potential.”

6th August 2010/by Tyrepress Editors

Michelin Upgraded to ‘Buy’ Following Better than Expected Results

Analysts at Deutsche Bank have upgraded their rating for Michelin shares to “Buy” following first half 2010 financial results that were better than expected. The results published on 30 July show that revenues were up 17 per cent, mostly driven by volume growth of 15 per cent. According to the analysts, this was “by far the main earnings driver” since raw material price increases had no negative impact on first half results due to a lag effect. Overall first half 2010 operating income (822 million euros) virtually caught up with the firm’s full-year 2001 operating profit of (862 million euros).

Looking forward, the company’s management is now aiming for a full year operating margin of close to 9 per cent (1.5 billion euros), underscoring that in the second half the group should be able to more than offset a raw materials price headwind of 650 million euros.

3rd August 2010/by Tyrepress Editors