shares Archives - Page 42 of 76 - Tyrepress

Posts

Conti Cuts 6,000 Jobs in 2009 Q1

German news sources have reported that Continental cut 6,000 jobs from its worldwide operations during this year’s first quarter. Karl-Thomas Neumann, the manufacturer’s chief executive, told shareholders at the annual meeting in Hanover that an additional 25,000 workers will be working shorter hours by the end of April. Both actions are at least partially related to the “major challenge” facing the company as a result of the mingling of loan agreements, deflated auto markets and ongoing global financial turmoil, if it is to meet debt and earnings conditions agreed when the company bought Siemens’ VDO automotive-electronics division in 2007. Conti is facing up to a 3.5 billion-euro payment in August 2010 as a result of that purchase, which has necessitated the forthcoming change of strategy, to be announced within 100 days according to Neumann.

23rd April 2009/by Tyrepress Editors

MAM Aids IFA

MAM Software is helping members of the Independent Motor Factors Association (IFA) share valuable product knowledge through its Autocat+ electronic parts catalogue. This facility, which is currently being used by fourteen members, enables individual businesses to create product notes for any product or application and share them with other members through the catalogue.

The Autocat+ notes facility allows comments to be recorded against any part number, product group or application that appears in the catalogue. These are stored in a central database and, once approved, made available to all members within the group. The comments will appear automatically whenever the trigger part number, group or application is used.

16th April 2009/by Tyrepress Editors

Automotive Industry Optimism Sees Shares Rising

Automotive sector stocks in Europe and Asia soared on April 2 following the release of positive data. Shares in BMW, Daimler and Renault jumped 14.5 per cent, 13.6 per cent, and 12.8 per cent, respectively, while shares in Michelin increased 14.4 per cent. Shares in Continental AG are said to have risen by a similar amount. Investors have been encouraged by US vehicle sales, which jumped by nearly 25 per cent last month from February.

3rd April 2009/by Tyrepress Editors

Amtel-Vredestein Receives “Binding Offer” for Vredestein Banden

A buyer for Vredestein Banden has been found. In a written statement released on April 1, holding company Amtel-Vredestein N.V. says it has received a “binding offer from an industry player” for the purchase of the total share capital of Vredestein Banden BV. According to company CEO Rob Oudshoorn, the agreement is “very binding”, and it is “highly unlikely” that an acquisition of Vredestein shares would fail.

3rd April 2009/by Tyrepress Editors

“It’s Time for Us to Stay the Course:” Maria-Elisabeth Schaeffler

In an interview with the German newspaper, Spiegel, Maria-Elisabeth and Georg Schaeffler – the owners of 20 and 80 per cent respectively of the automotive supplier – have answered a variety of questions relating to the current status of the business, considering the financial difficulties it is facing due to the timing of its takeover of Continental and the ongoing financial crisis. They insist that accusations of irresponsibility on the Group’s part in the takeover ignore the conditions in summer 2008 and use hindsight, which is in Georg’s words “the key to the debate,” to criticise their actions after the fact. In addition, the owners have referred to the banks’ and the government’s “responsibility” in the crisis and the differentiation between “the assistance benefiting a company that is fundamentally healthy and one that was already ailing before the crisis.”

26th March 2009/by Tyrepress Editors

Apollo Board Approves Share Buyback Proposal

The Apollo Tyres Board of Directors has given its approval for a buyback of equity shares, as allowed by India’s Companies Act. The March 19 decision paves the way for a buyback programme of up to Rs 1.222 billion (£16.48), around 10 per cent of the company’s paid up capital and free reserves as of March 31, 2008. The buyback will be for a minimum of 67,00,000 equity shares, and the maximum buyback price is Rs 25 per share, on a face value of Rs 1.

23rd March 2009/by Tyrepress Editors

BT-016 Selected as Sole OE for Triumph’s Best Selling Bike

Bridgestone’s Battlax BT-016 tyre has been chosen as original equipment (OE) for Triumph’s best seller -the Street Triple. As of this month Bridgestone reports that it has 100 per cent share of OE on the model which, like the BT-016 tyre itself, has been recognised for revolutionising its class.

This latest announcement tops what has been a successful year for the BT-016. The tyre, which successfully transferred Bridgestone’s five-layer compound technology, usually used to produce hand-made MotoGP tyres, onto the production line for the first time, has received plaudits from riders and racers alike.

18th March 2009/by Tyrepress Editors

Analysts Upgrade Goodyear and Cooper Shares

Goodyear Tire & Rubber Co. and Cooper Tire & Rubber Co., both experienced gains in their share prices after analysts raised their ratings for the two firms’ stock. According to Bloomberg, Cooper climbed 17 per cent after CRT Capital Group Inc. rated the stock as “fair value,” up from “sell.” Goodyear gained 15 per cent after KeyBanc Capital upped its rating to “hold” from “underweight.”

11th March 2009/by Tyrepress Editors

A Step Closer to Renewable Rubber

Genencor announced the first transfer of BioIsoprene product – designed to provide an alternative to petrochemically derived isoprene, a key intermediate for synthetic rubber production – to Goodyear. Four containers of the clear liquid were handed over to Goodyear at Genencor’s Palo Alto, California, research facility. “This is a historical moment, after substantial research on this technology,” said Rich LaDuca, senior director of business development at Genencor. “It signifies a new era in biochemicals. We’re excited to be ushering in a future where tyres and many other products will be produced with renewable materials.”

Genencor, a division of Danisco A/S, and Goodyear first announced their research collaboration on the technology and integrated production system for BioIsoprene product in September 2008. BioIsoprene is derived from renewable raw materials, and represents a significant development within the biochemical and rubber industries. Aside from synthetic rubber for tyre production, traditional isoprene is used for the production of a wide range of products, such as surgical gloves, golf balls and adhesives. Thus, the potential for BioIsoprene is substantial, according to the companies. (Tire Review/Akron)

10th March 2009/by Tyrepress Editors

Sapphire Merges With Glacier

Sapphire Energy Recovery – now fully-owned by Lafarge Cement UK following a buy-out of joint venture shares from Michelin Tyre plc – has restructured in what it describes as “an aim to operate closer to the sources of waste and further improve customer service.” The business has completed a merger with sister Lafarge resource recovery company Glacier, which was dedicated to sourcing alternative raw materials and fuels for the cement business. The Glacier name will go, and the new company will operate across the waste spectrum with one management team.

Headed by General Manager Jamie Randall, the new-look Sapphire Energy Recovery will continue to serve the tyre recovery market, and even has plans for growth despite the current downturn. Thanks to recent new contracts, it expects to process well over 18 million tyres in 2009; a significant increase on previous years’ averages of 16 million.

5th March 2009/by Tyrepress Editors

Kremenchug Wheel Plant Idles Production

Ukrainian cold-formed steel wheel maker JSC Kremenchug Wheel Plant has opted to suspended production between 12 February and 16 March. According to a report published at Russian news site, ityre.com, the company cited sharp declines in demand as the reason. Kremenchug Wheel Plant reportedly also intends to lay off 334 people. The latest move follows an earlier decision to reduce its working week from five to three days.

20th February 2009/by Tyrepress Editors

Dneproshina Appoints Roman Naumenko as New Director General

The shareholders of Ukraine’s second largest tyremaker (Dneproshina) has appointed Roman Naumenko the company’s new director general. The Ukrainian News information agency reported that the new director general was introduced to staff on 2 February. Naumenko headed Ukraine’s largest tyre maker, CJSC Rosava between 2004 and 2008.

Dneproshina produces truck, agricultural, car and motorcycle tyres. Two Cypriot companies (Serverio Trading and Aliatros Trading) and two companies from British Virgin Islands (Sapphire Worldwide Assets and Laindors Trading) each own 17 per cent shares in Dneproshina.

18th February 2009/by Tyrepress Editors

Reports: Schaeffler Could Now Get State Aid

According to Reuters, Conti shares grew 6.7 per cent on Friday (13 February 2009) after Renate Schmidt, member for the SPD in the German Bundestag, reportedly declared that state aid for Schaeffler may be possible under certain conditions. The news follows potential investor Abu Dhabi-owned IPIC denying it was interested. Pirelli also ruled itself out of any possible deal earlier in the week.

13th February 2009/by Tyrepress Editors

Michelin Net Income Falls 53.8%

Michelin has reported that group sales fell 2.9 per cent in 2008, and 16 per cent in the final quarter. Net income fell 53.8 per cent, to 357 million euros in 2008 compared with 774 million euros in 2007. The financial come against a backdrop of spiralling tyre unit sales volumes (down 2.9 per cent for the year, falling a huge 16 per cent in the fourth quarter). However, when calculated at constant exchange rates, net sales reportedly grew 1.1 per cent in 2008. Either way, operating margin took a real beating falling 4.2 percentage points to 5.6 per cent in 2008.

In response to the figures, Forbes reported “investors sent shares of Michelin up 0.7 per cent, or 20 euro cents to 31.16 euros. Like Pirelli just a few days earlier, Michelin announced that it will work on enhancing plant flexibility, with an emphasis on driving further expansion in the new, high growth potential markets. In order to face the challenges that the “difficult” market is presenting, the company will cut capital expenditure to around 700 million euros.

13th February 2009/by Tyrepress Editors

Nokian Net Income Down 17% in 2008

Sales at Nokian Tyres increased 5.5 per cent in the twelve months to December 31, 2008, totaling 1.08 billion euros for the year. During the final quarter of the 2008 year, however, sales slumped 24.9 per cent to 267.7 million euros. Annual operating profit, at 247.0 million euros, was also up 5.5 per cent, however during the final quarter it more than halved to 46.5 million euros. Net profit for the 12 months amounted to 139.9 million euros, 17.2 per cent less than in 2007. Nokian Tyres reports a net loss of 11.6 million euros for the final quarter.

11th February 2009/by Tyrepress Editors