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Better Times For Bridgestone

Bridgestone Corporation appears to have come through the Firestone recall nightmare, with first half figures showing a net profit of nearly 24.5 billion Yen (218 million Euros), compared to a loss last year of 30.5 billion Yen. The company has increased its profits forecast by 5 billion Yen to a full year profits figure of 70 billion Yen and also announced that production would be increased at 12 plants over the next two years, boosting annual output by 8 million tyres. Bridgestone shares in Tokyo rose 6.4 per cent at the news, reaching 1,685 Yen.

10th August 2002/by Tyrepress Editors

Upgrade For Ford Shares Despite Reservations

In the USA, UBS Warburg has upgraded Ford’s shares from “Reduce” to “Hold”. Despite this, the analysts have reservations about the future and believe that a re-scaling of Ford’s business and a more drastic restructuring will be necessary.

26th July 2002/by Tyrepress Editors

Analysts Cautious On Nokian

Nokian’s shares have risen 12 per cent over the past three months and, for the year as a whole, have risen slightly against an 11 per cent general decline in the auto and component sector. The Finish company traditionally makes the lion’s share of profits in the second six months of the year, because of winter tyre sales, plus Nokian has announced a joint venture in Russia and its RoadSnoop tyre pressure monitoring system has great potential. Despite all this, analysts Morgan Stanley have downgraded the company from “Equalweight” to “Underweight”. The reasons for this caution are 1. A worry that the winter tyre market may not be as good as expected, due to large stocks. 2. The high level of investment needed and time scale of the Russian JV. 3. The high level of investment in retail expansion which has yet to show returns.

25th July 2002/by Tyrepress Editors

Further Fall For Goodyear Shares

Goodyear shares fell to just 17 US$ on Friday; a loss of 6 per cent over the week. Asian companies fared better, with gains for Hankook (+10 p.c.), Kumho (+ 9 p.c.), Sumitomo Rubber (+ 8 p.c.) and Bridgestone (+ 8 p.c.).

8th July 2002/by Tyrepress Editors

Goodyear Reacts to ‘Mini Tender’

The Goodyear Tire & Rubber Company said it has become aware of an unsolicited “mini tender” offer by TRC Capital Corp. to purchase up to five million shares of its common stock, or approximately 3 percent of Goodyear’s total shares outstanding, for $19.50 per share. Goodyear said it expressed no opinion on the unsolicited offer, but advised its shareholders to exercise extreme caution in considering the offer. “Mini tender” offers are not subject to many disclosure, filing and procedural protection requirements of the U.S. Securities and Exchange Commission and are often structured to obtain shares at below market prices. “Mini-tender” offers – tender offers for less than five percent of a company’s stock – have been increasingly used to catch investors off guard. Many investors who hear about mini-tender offers surrender their securities without investigating the offer, assuming that the price offered includes the premium usually present in larger, traditional tender offers. But they later learn that they cannot withdraw from the offer and may end up selling their securities at below-market prices. Goodyear urged its shareholders to review the terms of the “mini tender” offer carefully and to consult with their financial advisors before considering this offer.

27th June 2002/by Tyrepress Editors

Bandag Buys Stock

Bandag has agreed to purchase over 1.5 million of its shares from Lucille A. Carver, widow of the company’s founder and mother of current President, Chairman and CEO Martin Carver. Mrs Carver was a director of the company from 1957 until May this year and the sale reduces the voting power of the Carver family from 78 per cent to around 64 per cent. The total purchase price is $40,183,636.

19th June 2002/by Tyrepress Editors

Shredding Mystery Causes Fall In Cooper Shares

Shares in Cooper Tire & Rubber fell dramatically (by as much as 25 per cent at one stage, although they later recovered to 11 per cent down) after reports that someone in the company had shredded documents relating to a personal injury court case against the company. Cooper denies that executives ordered the documents destroyed and blamed “two, low-level, non-management rogue employees” for the destruction of the documents. The case in question results from a fatal accident in 1998. Cooper denies that the tyre in question suffered from a manufacturing defect.

13th May 2002/by Tyrepress Editors

Bigger-Than-Expected Loss For Goodyear

Goodyear has reported a first quarter loss of $63.2 million; larger than many analysts expected. The biggest regional operating loss was $51.3 m, incurred by the North American Tyre operation. Europe was profitable with operating profits of $16.6 m (Q1 2001 $31.4m), as was Asia. Sam Gibara declared himself “disappointed” by the figures, but he expected the company to “make progress in the second quarter”. The loss was blamed on production cuts, currency levels and the return of stock worth $10 m when the Penske Automotive Center chain closed. Despite the figures, Goodyear’s shares rose 3.6 per cent on expectations of profitability in the second quarter.

26th April 2002/by Tyrepress Editors

SmarTire Engages Financial Advisor

Tyre pressure monitoring specialist SmarTire has appointed H. C. Wainwright and Co. Inc. (Boston) as the company’s financial advisor. Wainwright was founded in 1868 and is one of the United States’ oldest private, independent investment banking firms. Additionally, SmarTire has completed issuing 750,000 shares to raise 1.31 million dollars. The funds will be used for debt repayment and working capital.

17th April 2002/by Tyrepress Editors

$17.9 Million For Nasser

Former Ford Chief Executive Officer Jacques Nasser received $17.9 million in compensation last year when he was replaced at the helm of the second-largest automaker amid losses and declining sales.

11th April 2002/by Tyrepress Editors

Rise In Turnover For Apollo Tyres

Indian tyre manufacturer Apollo Tyres has reported an increase in turnover of 17 per cent for the twelve months ended March 31st. Revenue was 17 billion Rupees (394.9 m Euro), compared with 15.54 bn Rupees (360.9 m Euro) for the previous twelve months. Apollo’s shares on the Bombay Stock Exchange rose 7.27 per cent at the news.

11th April 2002/by Tyrepress Editors

Continental Takes Over The Outstanding Shares Of Temic

Last year Continental bought 60 percent of DaimlerChrysler’s microelectronic subsidiary Temic for 398 million Euro. Now DaimlerChrysler pursued the option to sell the outstanding 40 percent to Continental for 215.3 million Euro. The German group has already renamed the new subsidiary as Conti Temic microelectronic GmbH which is under the leadership of Continental’s board member Dr. Wolfgang Ziebart and is part of the business unit Continental Automotive Systems.

10th April 2002/by Tyrepress Editors

Increased Share Capital For Nokian

At its AGM, Nokian Tyres decided to raise its share capital from 17,798,127.40 Euro to 21,164,572.00 Euro. The company’s Articles of Association were amended to allow for a share capital of between a minimum of 16 million Euro and a maximum of 64 million. No new shares will be issued; the 3,366,444.60 Euro will be raised by transferring this amount from the share premium account to the share capital.

5th April 2002/by Tyrepress Editors

Oil Sheikhs Make The Americans Worry

Shares at Goodyear and Cooper are falling. At Goodyear especially, internal factors are not being helped by rising oil prices, which increase costs and affect the spending power of consumers. This has led to weaker-than-expected demand for new cars. Wall Street analysts, such as Deutsche Bank Research, are warning of possible inflationary pressure, but they do not want to sound too pessimistic.

5th April 2002/by Tyrepress Editors

Continental: End Of Truck Tyre production?

Morgan Stanley sees Continental Shares as positives at the end of the 17th Global Automotive Conference. Conti boss Manfred Wennemer had previously stuck to the goal of reducing debts and had announced that Continental was to buy the remainder of the Temic shares from Daimler Chrysler in the co ming month at a cost of 200 million Euro. When, as planned in the previous year, all five factories have been closed down, more than 50 per cent of Conti’s production capacities will be located in low wage-cost countries. After Wennemer’s statements in New York, some analysts, as has already been quoted in leading economic journals, regard it as possible, or even probable, that Continental is already thinking about dropping its truck tyre production completely – whereas the passenger tyre sector is still closely allied to the concept of chassis management.

28th March 2002/by Tyrepress Editors