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Pirelli Granted New Line of Credit

Pirelli Tyre SpA, Europe’s third-biggest tyremaker, has arranged a line of credit worth 500 million euros (£337 million) in an attempt to improve the company’s financial structure and boost flexibility. The Italian banks NP Paribas and Banca Monte dei Paschi di Siena SpA have been hired as lead arrangers to organise the five-year multi-currency credit line. This new credit line is larger than any previous funding, a reflection of the tyre unit’s increased independence from the greater Pirelli group.

9th January 2007/by Tyrepress Editors

Pirelli Hoping to List Tyre Division

Italian corporate giant Pirelli & Co SpA is reportedly in favour of seeing its tyre division listed on the stock exchange in March or April as trading conditions improve.

Pirelli’s Initial Public Offering (IPO) plans for the tyre division were dropped last year because market conditions were deemed unfavourable at the time, and instead the company agreed to sell a 38.9 per cent stake in the operation to a company controlled by six Italian and foreign banks. Pirelli & C SpA received 740 million euros (£499 million) from the sale of the 38.9 per cent share.
Under the terms of this agreement, Pirelli has an option to buy back the shares if the banks do not conduct an IPO within four and a half years.

5th January 2007/by Tyrepress Editors

Hayes Lemmerz Reports Loss, Continues Restructuring

Wheel and automotive parts manufacturer Hayes Lemmerz International Inc. has reported a third quarter loss of US$59.6 million, up from US$13.3 million a year earlier. The company has been quick to point out, however, that this figure includes the sum of US$39 million paid as an asset impairment charge for their suspension facilities in Indiana and Michigan. Third quarter sales for the company were also down 2.4 per cent to US$589.5 million.

12th December 2006/by Tyrepress Editors

Bridgestone Australia Says G’day to Proposed Buyback

After more than half a century as a publicly listed company, Bridgestone Australia Ltd looks set to privatise its operations. Bridgestone Australia directors have announced an AUD$50 million (£20 million) buyback of the minority of shares not already owned by Bridgestone Corporation. If shareholders approve the transaction, Bridgestone Australia will become a wholly owned subsidiary of the parent company.

12th December 2006/by Tyrepress Editors

Amtel-Vredestein Obtains Credit for Moscow Tyre Plant Acquisition

Europe’s fourth largest tyre producer, Amtel-Vredestein N.V. announced that its subsidiary, OJSC Amtel-Vredestein, along with CJSC Moscow Tyre Plant-M have secured three lines of credit totalling almost £39 million with the Russian Federation’s Sberbank in order to finance costs associated with its acquisition of the Moscow Tyre Plant. These costs include the restructuring and refinancing of the factory’s debts.

7th December 2006/by Tyrepress Editors

Bridgestone Shares Rise on Back of Bandag Acquisition

Bridgestone shares rose three and a half per cent to 2,550 yen, the greatest gain in two months, after the tyremaker agreed to purchase retreaders Bandag Inc.

7th December 2006/by Tyrepress Editors

Analysts Upgrade Cooper Shares

Some financial analysts report they have become increasingly optimistic regarding Cooper Tire’s intermediate term performance. The Deutsche Bank report suggested the that poor US demand would soon get better with Cooper benefiting. The analysts also commented that Goodyear’s strategy is likely to have a positive effect on Cooper in the tight supply market. They were also “increasingly convinced” about Cooper’s ability to significantly reduce costs and improve profitability.

5th December 2006/by Tyrepress Editors

Bridgestone Tyres Enhance Brera’s Handling

The Brera coupé is the latest of three Alfa Romeo launches in 2006 to come fitted with Bridgestone tyres and features the F1-derived, ultra-performance Potenza RE50As as an original equipment option. This product is also available on the new Alfa 159 and 159 Sportwagon.

4th December 2006/by Tyrepress Editors

Investors Keen on Dunlop Nigeria Shares

Stockbrokers and dealers said existing Dunlop Nigeria shareholders and new investors are considering using the company’s forthcoming share offering as a way of taking strategic stock positions.

27th November 2006/by Tyrepress Editors

Union Ends Talks With Goodyear

The United Steelworkers has walked away from contract talks with Goodyear. The USW informed its members that its negotiating team has left Cincinnati – site of the Goodyear/USW master contract talks – and that no new negotiations had been scheduled. “We will go back when the company has something new to show us,” USW spokesman Wayne Ranick said in a Reuters report. Goodyear, for its part, said that its negotiating team would remain in Cincinnati and stood ready to continue bargaining for a new master contract.

So where do the two sides go from here? Deutsche Bank analysts reported that the USW sees Goodyear’s unilateral announcement of a plant closure as “setting an unacceptable precedent, and the bottom line is they aren’t going to budge on this issue.”

20th November 2006/by Tyrepress Editors

Hankook Profits Fall 16 per cent

Hankook Tire Co. has reported that its third-quarter profit fell 16 per cent on higher raw material costs and a stronger currency. Net income was 44.4 billion won ($47 million) in the quarter that ended 30 September compared with 52.9 billion won ($56 million) a year earlier, the company said in a regulatory filing. Sales rose 7.9 per cent to 526.4 billion won ($558 million). Operating profit fell 27 per cent to 40 billion won ($42 million).

15th November 2006/by Tyrepress Editors

Outperform Rating Pushes Michelin Shares to 17-year High

Michelin shares reached their highest price in 17 years following JPMorgan’s decision to rate the manufacturer as “Outperform.” Michelin stock in Paris rose 1.15 euros (£0.77, $1.47), or 1.8 per cent, to 65.50 euros (£44.31, $83.84). The shares are up 38 per cent this year, valuing the company at about 9.39 billion euros (£6.35 billion, $12 billion). Houchoise also commented that the company’s staffing level is currently “30 per cent too high.”

15th November 2006/by Tyrepress Editors

Pirelli Parent Posts 3Q Loss

Pirelli & C. SpA, the parent company of the tyre manufacturer, reported a loss in its third quarter after writing down the value of its investment in Telecom Italia SpA, Italy’s largest phone company. The net loss, excluding some items, was 1.6 billion euros ($2 billion), compared with net income of 105.8 million euros ($135 million) a year earlier.

8th November 2006/by Tyrepress Editors

Nokian Shares Dip After Morgan Stanley Downgrade

On the Helsinki Stock Exchange, Nokian Tyres’ shares fell slightly to 15.35 euros after the company was downgraded by analysts Morgan Stanley from “overweight” to “equal weight”. Nokian’s valuation has outperformed others in the market since July, says Morgan Stanley, but is now starting to appear stretched. Another factor is the possibility of increased competition in Russia, following reports that Bridgestone has acquired land in St. Petersburg.

20th October 2006/by Tyrepress Editors

Hayes Lemmerz Sells Components Machining Plant

Hayes Lemmerz International, Inc. has announced the sale of its Southfield, Michigan iron suspension components machining plant to Whitebox Advisors, LLC and the management team who had previously purchased the Company’s Cadillac, Michigan ductile iron foundry in December 2005.

17th October 2006/by Tyrepress Editors