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Conti: Schaeffler Takeover is ‘Desirable’

Schaeffler Group’s so-called “sneaking takeover” of Continental AG now appears to be unstoppable, following the supervisory and executive boards’ decision that an agreement with Schaeffler is “desirable.” The supervisory board has consented for the executive board to enter into direct negotiations with Schaeffler for either a better premium for Continental shareholders or to persuade it to limit its stake. Both boards agreed, after intensive deliberation, that Schaeffler’s revised 11.3 billion euro offer does not value the company sufficiently highly “and fails to reflect the best interest of the company.” In response Schaeffler cautiously welcomed Continental’s decision: “The Schaeffler Group welcomes that the management and supervisory boards of Continental AG are of the opinion that an agreement with Schaeffler Group is desirable…[and]…is now waiting for Continental AG to substantiate their expectations.”

What really rattled Continental about Schaeffler’s original offer, which was the lowest it legally could have been under German law (market regulator Bafin up it from 11.2 to 11.3 billion so it would match its minimum calculation), was that it does not take tax disadvantages and increased re-financing costs triggered by such a bid into account. This is something that is particularly significant in Hannover because Conti is one of the most high leveraged tyre businesses around. And if that isn’t enough Schaeffler’s takeover will trigger a renegotiation of the terms of the 13.5 billion euro loan Conti took out to buy Siemens VDO. When you take the credit crunch into account, it will be difficult for Conti to secure the same terms it did then.

24th July 2008/by Tyrepress Editors

Apollo First Quarter Revenues up 15%

Apollo Tyres Ltd has reported that it achieved consolidated first quarter revenues of 13.2 billion rupees (£155 million), up 15 per cent from 11.5 billion rupees during the same period last year. During the same period, consolidated net post tax profit grew 7.3 per cent to 586.6 million rupees (£6.87 million).

Commenting on the results, Onkar S Kanwar, chairman & managing director, Apollo Tyres Ltd, said: “These are probably one of the most challenging times we have faced as a company.”

18th July 2008/by Tyrepress Editors

Michelin Pressure Check Campaign Visits Stoke

Despite particularly heavy downpours, this month Michelin staff have been giving members of the public free tyre pressure checks – all part of the company’s “Fill up with Air” campaign. The tour (which is being run in parallel across Europe) is designed to communicate messages warning of the dangers and expense that come with underinflated tyres. The plan is to reach out to consumers at high footfall sites, such as: Eurotunnel; Tesco and Asda branches; and Total Fitness gyms. In addition the tyre pressure roadshow will visit Michelin’s Ballymena truck tyre production plant in Northern Ireland.

11th July 2008/by Tyrepress Editors

Cooper Tire Move Warehousing Operations

Ohio-based manufacturer Cooper Tire has revealed its plans to move its warehouse facility from Dayton to Franklin, Ohio. According to local news sources, the move is scheduled to be completed in 2011, when the new site – which will be positioned near Interstate 65 on Franklin Tech Park – will open with a staff of 60.

Reportedly, Cooper has requested approaching $750,000 in tax exemptions and state incentives in return for relocating to the new setting, which will see a new 808,500 sq ft building erected for the purpose.

4th July 2008/by Tyrepress Editors

Tyre Pyrolysis Plant Boosts Octagon Profits

Malaysia’s Octagon Consolidated Bhd, operator of what is said to currently be the world’s largest tyre pyrolysis facility, expects its green energy division to contribute as much as 30 per cent to both company turnover and pre-tax profit in the financial year ending October. The company commissioned the 120 tonne per day plant in May, after more than four years of development.

3rd July 2008/by Tyrepress Editors

US State Adds Tax Break to Keep BFNAT Centre

The US state of Ohio has granted some $18 million in tax breaks in an effort to convince Bridgestone/Firestone North American Tire to keep its technical centre in Akron. In the deal, BFNAT would pay a reduced state commercial activity tax for 15 years in exchange for a commitment that the tyremaker would remain in Akron for at least 18 years.

The city of Akron, the state and Summit County have been working to assemble a financial incentive package to help keep BFNAT’s 600-employee technical center in Akron. The tiremaker is also considering a site in Murfreesboro, Tennessee, south of its Nashville headquarters, for a new facility.

1st July 2008/by Tyrepress Editors

Titan International Announces Stock Split

Titan International announced on June 11 that the company’s Board of Directors approved a five-for-four stock split with a record date of July 31, 2008, and a payable date of August 15, 2008.

“This action is being taken to show our stockholders how much we appreciate their support,” said chairman and CEO Maurice M. Taylor Jr. “We are optimistic that 2008 will continue to be a period of further growth in sales and earnings as we proceed with the implementation of 57- and 63-inch off-the-road tyre production in the third quarter.”

13th June 2008/by Tyrepress Editors

Sumitomo Increasing Capacity at China Facility

Plans are reportedly underway to increase capacity at the Sumitomo Rubber (Changshu) Co. Ltd tyre facility in China by 20 per cent. Capacity at the factory, opened four years ago, has already been expanded once, and this latest round will increase daily output by some 30,000 passenger car tyres and 3,500 truck and bus tyres. About £68 million will be invested in the project.

2nd June 2008/by Tyrepress Editors

Kelani Tyres’ Share Price Up 30%, Profits Double

Sri Lanka-based manufacturer Kelani Tyres PLC has recently witnessed its share price jump up 30 per cent. Speaking to local newspapers Managing Director Rohan Fernando said apart from the company’s strong performance in the last quarter, he is “unaware of any reason” for this. for share prices to increase except for the high performance of the company in the last quarter. However, he did concede that the stock jump was “an unusual increase in the price of shares traded.”

30th April 2008/by Tyrepress Editors

Annual Profits More than Double for Sibur-Russian Tyres

SIBUR Holding JSC reports that its Sibur-Russian Tyres JSC (SRT) operation generated 23,777 million roubles (£508 million) in revenue in the year ended December 31, 2007, an increase of 25.2 per cent on the 18,989 million (£406 million) of a year earlier. Operating profit, at 592 million roubles (£12.6 million) was a healthy 212 per cent above the previous year’s figure. In the absence of income tax or other costs, net profit for the year also stood at 592 million roubles.

Broken down into product segment, the total SRT tyre sales of 23,777 million roubles were largely made up of truck tyre sales, which stood at 13,385 million roubles (£286 million), a 26.4 per cent per cent increase on 2006 sales. Passenger car tyre sales, at 6,279 million roubles (£134 million) increased year on year by 27.4 per cent, and other tyre (including aircraft and agricultural) sales increased 18.4 per cent to 4,113 million roubles (£88 million).

3rd April 2008/by Tyrepress Editors

Annual Profits More than Double for Sibur-Russian Tyres

SIBUR Holding JSC reports that its Sibur-Russian Tyres JSC (SRT) operation generated 23,777 million roubles (£508 million) in revenue in the year ended December 31, 2007, an increase of 25.2 per cent on the 18,989 million (£406 million) of a year earlier. Operating profit, at 592 million roubles (£12.6 million) was a healthy 212 per cent above the previous year’s figure. In the absence of income tax or other costs, net profit for the year also stood at 592 million roubles.

Broken down into product segment, the total SRT tyre sales of 23,777 million roubles were largely made up of truck tyre sales, which stood at 13,385 million roubles (£286 million), a 26.4 per cent per cent increase on 2006 sales. Passenger car tyre sales, at 6,279 million roubles (£134 million) increased year on year by 27.4 per cent, and other tyre (including aircraft and agricultural) sales increased 18.4 per cent to 4,113 million roubles (£88 million).

3rd April 2008/by Tyrepress Editors

Pirelli Forecasts Little Growth in 2008

This year’s outlook for Pirelli & C SpA, according to a March 26 forecast, is one in which very little growth is expected. The company predicts its results will remain flat, and Pirelli further announced the postponement of its new three-year business plans, anticipated to be made public in May. The company has blamed volatile markets for this decision. “We confirm business operating results in line with 2007 not withstanding a continuous pressure and volatility on raw material costs in the tyre business,” said Pirelli chairman Marco Tronchetti Provera during a conference call on Pirelli’s 2007 results. “By the end of September to mid-October, we should have a better vision of future results.”

27th March 2008/by Tyrepress Editors

Tax On New Tyres Pays For Clean-up

An eyesore in West Virginia is about to be cleared up by the State authorities as part of a state-wide clearance campaign. A stream in Japanese Gulch contains an estimated 3,000 scrap tyres and has been an eyesore for the best part of a decade.

17th March 2008/by Tyrepress Editors

Egypt Drops “Anti Dumping” Tax On Indonesian Tyres

After an 18-month-long investigation, Egypt has announced it will drop a 40 per cent anti-dumping tax applied to Indonesian tyre products and said dumping allegations were cleared.

17th March 2008/by Tyrepress Editors

Delticom Announces 2-Euro Dividend

Delticom AG achieved 12.3 million euros of consolidated in 2007, meaning pre-tax profits are up 21 per cent year-on-year. The 12.3 million euro EBIT figure is towards the top end of the 12.0 – 12.5 million euro projection the company gave in December 2007; and represents a margin of 5.7 per cent.

According to the preliminary unaudited figures, revenues amounted to 215 million euros, up slightly on the 214 million reported euros on 31 January 2008. Consolidated net income was also up 33 per cent to 8.4 million (previous year: 6.3 million euros).

5th March 2008/by Tyrepress Editors