shares Archives - Page 44 of 76 - Tyrepress

Posts

Quebec Tyre Law Creating Storage Headaches

The introduction of a law compelling motorists in Canada’s Quebec province to fit winter tyres has not been a smooth ride. First tyre retailers across the nation reported a shortage of the seasonal product as ‘Quebecers’ scrambled to tog their vehicles out in the right rubber for the weather, then regional media sources began reporting sporadic winter tyre thefts, some thought to be the work of ‘organised’ crime cartels. Now it appears that those who see the lighter side of Canada – the creators of the ‘South Park’ television series are two shining examples – have been handed additional ammunition to use against the North American nation: Many in Quebec have discovered they haven’t a convenient nook and nary a spare cranny in which to store their off-season set of tyres.

16th December 2008/by Tyrepress Editors

Is Schaeffler Walking Out on Continental Investment Agreement?

Schaeffler Group has signalled that it is willing to consider abandoning the investment restrictions it agreed earlier this year to pacify its hostile takeover of Continental – much to the annoyance of Conti executives. Schaeffler sources told Financial Times that the investment agreement had become obsolete “as it was constructed at a time when the world was very different.” The agreement limits the ball-bearing maker to a 49.99 per cent stockholding in Continental and upholds the tyre and automotive supplier’s independence as a legally separate entity.

Schaeffler initially said it was only interested in holding a minority stake in Conti, however, as it stands the company holds the rights to more than 90 per cent of the shares. In addition, on 14 December Frankfurter Allgemeine Zeitung’s Sunday edition printed an interview with Maria-Elisabeth Schaeffler and company chief executive officer Juergen Geissinger, in which the executives revealed they are seeking four seats on Continental’s supervisory board. According to Reuters, Schaeffler would like the four seats it is seeking to be occupied by company CEO Juergen Geissinger, CFO Thomas Hetmann, Maria-Elisabeth Schaeffler and her son Georg.

15th December 2008/by Tyrepress Editors

Ukraine’s No. 2 Tyre Producer Dismisses its Director General

Dneproshina JSC, the second largest tyre manufacturer in the Ukraine, has dismissed its director general Jozef Rucek. This news was given in a December 1 company statement and disseminated by iTyre.com; it is reported that the decision was made on November 26 by company president Vitaliy V. Verbas, and Rucek’s contract was ended by mutual agreement on November 29.

3rd December 2008/by Tyrepress Editors

South Koreans Drop Output

Reuters reports that South Korean tyre manufacturers began to cut output during November. The news source says that its information has come from the country’s top companies in the field, such as Hankook.

On 25 November, shares in the country’s automotive industry players took a nosedaive, with Kia down 12.07 per cent – falling for the second session in a row – and Hankook down 9.26 per cent.

28th November 2008/by Tyrepress Editors

Schaeffler/Conti Saga – ‘Over By Christmas’?

Company News, Editorial/Comment

The announcement had a phenomenal response at the stock market where, following publication of Schaeffler’s statement on EU approval, tendered shares in Continental grew by as much as 50 per cent before levelling off at around 36 per cent up, in response. Why? Because up to this point investors had become decidedly nervous about Schaeffler’s ability to complete the deal and the EU announcement was seen as a sign that the deal as a whole is on track. Due to the well-documented contraction in credit markets bankers had been scratching their heads about where the necessary financing would come from and whether the supporting banks would be able to come up with cash.

25th November 2008/by Tyrepress Editors

Goodyear Shares Hit Lowest Point in Five Years

Shares in Goodyear Tire & Rubber sank to their lowest point since 2003 on November 20. Their fortune linked to the downward spiral of the ‘Big Three’ vehicle manufacturers, despite Goodyear’s recent efforts to emphasise that the majority of its sales are for the replacement market.

21st November 2008/by Tyrepress Editors

Bridgestone Among Mazda Share Buyers

Bridgestone Corporation is now an owner of Mazda, albeit a small-scale one. The tyre major was one of more than 30 buyers acquiring chunks of the 13 per cent stake in Mazda that was sold by Ford in mid-November. According to a November report in Japan’s Nikkei newspaper, Bridgestone has acquired 0.25 per cent of the outstanding Mazda shares, however the Nikkei did not indicate the source of this information.

20th November 2008/by Tyrepress Editors

Snapshot of UK Replacement Market Released

Research and Markets has released its “Snapshots UK Replacement Tyres 2008” report. It provides 2007 year-end market size data and 2008 estimates, as well as covering the past five years of historical data and looking forward with five-year forecasts.

The report, as its name suggests, is designed to give an overview of the UK replacement tyre market, covering both summer and winter rubber for passenger cars. Market volume figures are based on sales, with data supplied in tabular and graphical formats. The report excludes motorcycle, OE and retread tyres.

Snapshots Report Overview:
– Snapshots Executive Summary
– Category Definitions
– Market Size by Volume (2003-2007)
– Market Segmentation by Volume
– Market Shares by Volume
– Company Websites (Main Players)
– Market Forecast

17th November 2008/by Tyrepress Editors

Schaeffler Confident of EU Merger Approval in 25 Days

Schaeffler Group has received the go-ahead from the EU Commission to formally file its Continental AG merger notification, but speculation remains that Conti’s new owners may sell some of their assets. In an official statement Schaeffler Group reported that it will submit the documents required for initiating a merger clearance examination today (14 November 2008). “We will implement our strategy according to plan and conclude the takeover after approval from the EU Commission,” said Dr. Jürgen M. Geißinger, Schaeffler Group president and CEO.

However while Schaeffler’s public comments are fine-tuned to communicate that the merger plans are on track, details of whether or not tyres will figure in any possible future merged company are noticeable by their absence. In the EU approval statement Dr. Geißinger said Schaeffler would aim to combine the two companies strengths in “mechanical, mechatronic and precision components for engines, transmissions and chassis with Conti’s strengths in electronic, software and system solutions for engines, chassis and the passenger compartment” so together Schaeffler and Continental can “develop systems for reduced fuel consumption such as hybrid and electrical drives.” Tyres were not defined as one of Continental’s strengths.

14th November 2008/by Tyrepress Editors

Schaeffler: Conti Share Sale ‘Cannot be Ruled Out’

Maria-Elisabeth Schaeffler, the joint owner of the ball bearing manufacturer in control of 90 per cent of Continental AG, may sell some of the company’s Conti shares. Schaeffler told journalists at an automotive business conference in Berlin that the financial crisis was hindering her company’s plans to take over Continental AG. “It cannot be ruled out that a long-term orientated investor could take a larger stake in Continental,” the Financial Times quoted Schaeffler as saying.

5th November 2008/by Tyrepress Editors

Goodyear Sees Q3 Profits Fall

Goodyear has released its Q3 financial report, showing a drop in quarterly profit. News sources suggest that weak demand in both OE and replacement markets are responsible. However shares are up 14 per cent following the net income announcement, because the quarterly profit of $31 million ($0.13 per share) beat very low expectations. Last year, the company’s net profit for Q3 was at $668 million ($2.75 per share), boosted by the sale of its engineered products division.

The company reports a $19 million operating loss in the North American market, way down from last year’s profit of $66 million. “The tyre industry is facing challenging business conditions as the global financial crisis and slowing economic conditions are impacting consumer demand,” stated Goodyear CEO Robert Keegan. However, there was better news in Latin America and Asia-Pacific regions, where the company’s profits grew.

3rd November 2008/by Tyrepress Editors

JK Tyre Reports September Quarter Losses

India’s JK Tyre showed a loss of 323.70 rupees (3.97 million pounds sterling; 1.00 GBP = 81.58 INR) for the quarter ending September 2008, the company has reported. The same quarter in 2007 yielded a profit of 243.9 million rupees. Meanwhile, net sales for the quarter rose 27.1 per cent on the same quarter last year, rising from 6.88 billion to 8.74 billion rupees. Shares in the company earned 10.05 rupees each, meaning that there was a growth of 26.89 per cent on the previous year, when earnings per share were at 7.92 rupees.

30th October 2008/by Tyrepress Editors

Details of Bridgestone – Toyo Business Alliance Released

Following the May 16, 2008 conclusion of a basic agreement over a business and capital alliance, Bridgestone Corporation and Toyo Tire & Rubber have engaged in discussions in order to, as reports Bridgestone, “create increased efficiencies and generate synergistic efforts” in a number of areas. The two companies have agreed upon a number of initiatives, which have now been made public. The planned joint undertakings cover a number of business areas – tyre production technology development, the procurement of materials and equipment, cross production, logistics and the entry into businesses other than tyres.

27th October 2008/by Tyrepress Editors

Schaeffler May Sell a Quarter of Conti

The German Schaeffler Group, which currently owns 90 per cent of Continental AG, may sell up to a quarter of the tyre and automotive supplier to investors in order to lift the financial burden of its so-called stealth takeover. Quoting unnamed bankers, Sueddeutsche Zeitung reported that the Schaeffler family is facing “increasing pressure from six banks” to change the terms of the company’s funding after Conti shares fell to less than 40 euros.

24th October 2008/by Tyrepress Editors

Insurance Company Owns 5.5 Per Cent Of Nokian

Nokian Tyres has received an announcement, according to which the ownership of Varma Mutual Pension Insurance Company has increased above the level of five per cent of the voting rights and share capital in Nokian Tyres plc as a result of a share transaction concluded on the 16th October 2008. Varma Mutual Pension Insurance Company now holds a total of 6,870,657 Nokian Tyres’ shares, representing 5.50 per cent of the company’s 124,831,190 shares and voting rights.

20th October 2008/by Tyrepress Editors