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IPO for Online Tyre Retailer Oponeo.pl

Polish online tyre and automotive products retailer Oponeo.pl plans to issue up to 4 million new shares in an upcoming IPO and spend the proceeds on boosting working capital and the development of its IT systems, the company’s chief executive Dariusz Topolewski informed a press conference on July 5.

“We want to raise around a dozen million zloty (£2.15 million) in the IPO, maybe more,” Topolewski said. “We will offer up to 4 million new shares to investors.” The company’s equity is currently divided into around 8.676 million shares, and therefore founding shareholders will thus continue to control the business. They have also not ruled out buying more shares in the IPO. Current shareholders have a 12-month lock-up for their shares.

Oponeo.pl achieved net profits of PLN 1 million (£179,000) in 2006, up from PLN 135,000 (£24,000) a year earlier. Total revenue was PLN 29.8 million (£5.3 million), an increase of 70.29 per cent in 2005. The company estimates that it holds at least 60 per cent of Poland’s online tyre sale market and between 1 and 1.5 per cent of the country’s total tyre market.

6th July 2007/by Tyrepress Editors

KeyBanc Raises Goodyear Share Target to $48

KeyBanc has raised its price target for Goodyear Tire & Rubber shares from $39 to $48, maintaining its Buy rating. The firm said: “We believe the main thrust of the GT story is the combination of external forces, such as improving demand, strong pricing and moderating raw material costs, and those unique to GT, including the new labour agreement, lower unfunded pension liabilities leading to reduced pension expenses, other non-union cost reduction initiatives (including interest expenses) and the yet-to-be announced next round of profit enhancing moves.”

6th July 2007/by Tyrepress Editors

Bridgestone Revises Profit Forecast

According to newly released non-consolidated financial projections for the 2007 fiscal year January 1 to December 31), Bridgestone’s management expects net sales and operating income to increase over the projections the company announced on February 20, 2007 due in part to the weaker-than-expected Japanese yen against the US dollar and the euro. Net sales have been revised to 1,020,000 million yen (£4.138 billion), up 5.2 per cent on the previously anticipated 970,000 million yen figure.

Bridgestone management also expects an increase in ordinary income and net income over the projections announced on February 20, again due in part to exchange rates, combined with dividend revenue from subsidiary shares due to the reorganisation of some of the company’s domestic subsidiaries. The latest projections for ordinary income put it at 105,000 million yen (£426 million) for the 2007 year, 19.3 per cent higher than expected in February. Net income is anticipated to be 73,000 million yen (£296 million), 25.9 per cent higher than the previous estimate and 18.7 per cent above the 2006 year result of 61,552 million yen (£249.7 million).

27th June 2007/by Tyrepress Editors

Nokian tyres Releases Convertible Bonds

On June 20 Nokian Tyres announced its intention to offer convertible bonds to the total value of 130.4 million euros. Nokian Tyres has granted financial services group Nomura International an over-allotment option to subscribe for up to 19.6 million euros of additional bonds solely to cover over-allotments, if any, to a total amount of 150 million euros. The shares to be issued upon conversion of the bonds will represent up to approximately 3.4 per cent of Nokian Tyres’ current issued share capital, assuming the over-allotment option is fully exercised.

At the company’s annual general meeting on April 3 the board of directors were given authority to carry out this operation despite existing pre-emptive subscription rights held by shareholders. The board of directors made the decision to exercise this authority for what it claims are “important financial reasons,” and intend to use the bonds to finance investments “in accordance with the company’s investment strategy”, to re-finance existing financing facilities and for general corporate purposes.

20th June 2007/by Tyrepress Editors

Slowing Vehicle Sales & Tyre Imports Squeezing Indian Tyremakers

The share market value of several Indian tyre manufacturers has fallen in the wake of news that domestic vehicle makers such as Tata Motors and Ashok Leyland are reducing their OE tyre orders. Vehicle sales in India have declined in the last year, with a 15-20 per cent fall in growth recorded. Shares in MRF Ltd fell 3.22 per cent on June 6, while stock in Ceat Tyres and JK Tyres fell by 5.07 and 3.68 per cent respectively. Apollo Tyres closed 0.81 per cent lower. “There will definitely be a little downturn in tyre stocks as auto stocks are all down,” said Ms Vaishali Jajoo, an automotive analyst with brokerage firm Angel Broking.

8th June 2007/by Tyrepress Editors

Bridgestone Australia Now in Company Hands

Following the cancellation on Friday, 11 May 2007 of all shares held by minority shareholders, Bridgestone Australia Ltd. became a wholly owned subsidiary of Bridgestone Corporation of Japan. The selective capital reduction and subsequent privatisation which cost AUD$49 million (£20.7 million) is now complete and the Company was de-listed from the Australian Stock Exchange on 30 May.

Bridgestone Australia Ltd. said they are pleased with the outcome of the transaction.

7th June 2007/by Tyrepress Editors

Amerityre Names Benninger as President and CEO

Amerityre Corp. has promoted chief operating officer Dr Gary Benninger to president and chief executive of the company. Benninger, 64, will become president immediately and will succeed Richard Steinke as CEO from 1 September. Steinke, 63, will serve as a full-time technology consultant once Benninger becomes CEO.

In January 2007, Mr. Steinke announced his intention to step down as chairman and chief executive officer of the company as part of the company’s overall management succession plan. The board of directors selected Dr. Benninger following months of deliberations and interviews with several potential candidates proposed by an independent executive search firm. Dr. Benninger has been serving as the company’s chief operating officer since October 2005.

7th June 2007/by Tyrepress Editors

Goodyear Common Stock Offering Closes

Goodyear has announced the closing of its public offering of 26,136,363 common stock shares, including the fully exercised over-allotment option, at $33.00 per share. Taking into account the exercise of the over-allotment option the offering’s net proceeds, after subtracting underwriting discounts and commissions, totalled approximately US$834 million.

According to a company statement Goodyear intends to use the net proceeds from the offering to redeem approximately $175 million in principal amount of its outstanding 8.625 per cent senior notes due in 2011 and approximately $140 million in principal amount of its outstanding 9.00 per cent senior notes due in 2015. The company expects to use the remaining net proceeds for what it calls ‘general corporate purposes’, which may include, among other things, investments to stimulate growth within the company’s core tyre business and the repayment of additional debt.

Deutsche Bank Securities, Citi and Goldman, Sachs & Co. served as the offering’s joint book-running managers.

23rd May 2007/by Tyrepress Editors

Goodyear Offering to Go at $33 Per Share

(Akron/Tire Review) Goodyear has confirmed that it has set $33 as the per share price for its public offering of 22.7 million shares of common stock. The offering will close on May 22, Goodyear said. In addition, Goodyear said it has granted the underwriters a 30-day option to purchase up to 3,409,091 additional shares of common stock to cover any over-allotments. The tyremaker plans to use the proceeds – expected to be $725 million – to retire existing bank loans and for “general corporate purposes.”

18th May 2007/by Tyrepress Editors

Goodyear Offering Shares to Raise Capital

(Akron/Tire Review) Goodyear Tire & Rubber Co. announced plans to offer 22.5 shares of its common stock, a move that will reportedly raise an estimated $725 million. Goodyear said it expects the shares to be offered at $33.26 per share.

Goodyear is granting underwriters a 30-day option to purchase up to an additional 3.4 million shares to cover any over-allotments.

Goodyear said it will use the proceeds from the offering to repay some $315 million in debt.

10th May 2007/by Tyrepress Editors

Goodyear Shares Plans to ‘Get There’ at Dealer Meeting

(Akron/Tire Review) Last year was “turbulent, dramatic,” said Robert Keegan, Goodyear chairman and CEO, in front of more than 2,000 attendees at the tyremaker’s annual dealer meeting, held Feb. 3-5 in Orlando, Fla. “About the only thing that didn’t hit you and I in 2006 was plague and pestilence.” Reflecting on one of the longest work stoppages in Goodyear history, Keegan said the company’s relationship with dealers was put to the test late last year.

“We needed your support more than at any time in many decades,” Keegan told dealers. He thanked dealers and even credited them with the strike’s successful resolution. “You supported us in a way that, frankly, drove for us a better agreement with the union that we could not have had without that support,” he said.

19th April 2007/by Tyrepress Editors

Dunlop GP Racer Wins Magazine Tyre Test

Dunlop, fresh from victory in the opening two rounds of the 2007 British Superbike Championship, scored another win in an independent test of superbike tyres. The test was conducted by leading UK monthly magazine ‘Superbike’, who tested the leading fast-road and track day tyres on the market. All the tyres tested were road-legal but aimed at the fast-growing track day market, where owners take road bikes onto race tracks where they can exploit the full-potential of their bikes.

‘Superbike’ tested eight different tyre brands at the demanding Albacete circuit in Spain. The magazine mixed subjective feedback with measured lap times, using three expert riders and a Suzuki GSX-R1000 superbike. The Dunlop GP Racer was declared equal first in the test, and also secured the fastest average lap time of the eight contenders. Superbike’s Jon Pearson declared the Dunlop-shod bike to “feel planted at full lean, especially on the faster, longer corners.”

16th April 2007/by Tyrepress Editors

Bandag Shareholders Approve Sale

Bandag Inc. held their final shareholders’ meeting on April 3, at which shareholders approved the sale of the retreader to Bridgestone Americas Holding, subsidiary of the Japanese tyre major, for US$1.05 billion. Bandag will become part of the US Bridgestone operation once the deal closes, which is expected to take place during the second quarter. Bandag spokesman Bill Block said the companies are awaiting regulatory approval in Europe and Canada before the deal is completely finalised, but anticipate no complications.

4th April 2007/by Tyrepress Editors

Pirelli Set to Sell Telecom Italia Stake

Pirelli has been in discussions with AT&T, the American telecoms giant, and America Movil to sell two thirds of its controlling share-holding in Telecom Italia. Media sources have been reporting that Pirelli has been negotiating to sell the stake for months. According to an official statement published 1 April, AT&T and America Movil, of Mexico, are involved in talks to buy a third each of Olimpia, a holding company that controls 18 per cent of Telecom Italia and which is 80 per cent owned by Pirelli, the Italian tyre and property group. The deal could value Pirelli’s stake at about €9.5 billion (£6.5 billion).

The deal would value each Telecom Italia share at €2.82 minus the undisclosed net debt of Olimpia. That is expected to be way below the €4 that Mr Tronchetti Provera originally paid for his holding in 2001 but could be a third above the company’s €2.14 closing price on Friday 30 March. The offer is subject to due diligence and is valid until April 30, Pirelli said.

2nd April 2007/by Tyrepress Editors

Goodyear Outlook Positive: S&P

(Akron/Tire Review) Standard & Poor’s has revised its outlook on Goodyear Tire & Rubber Co. to “positive” after the tiremaker agreed to sell its engineered products business to Carlyle Group’s EPD Inc.

The rating agency also affirmed Goodyear’s “B+” long-term and “B-2” short-term corporate credit ratings.

Yesterday, Goodyear shares rose 4.9% and closed at $31.76 on the New York Stock Exchange.

28th March 2007/by Tyrepress Editors