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Yokohama Reports 88% Increase in Net Earnings

Yokohama Rubber Co., Ltd. has reported an 88.1 per cent increase in net income. According to official financial results, the company generated a total of 25.7 billion yen (£123.5 million) net income in the first three quarters of its current financial year, ended 31 December. Increases of 80.2 per cent in operating income, to 30.8 billion yen (£148 million), and 11.4 per cent in net sales, to 409.7 billion yen (£2 billion) underlined growth in post-tax earnings.

Operating income nearly doubled in Yokohama’s Tire Group, climbing 98.8 per cent, to 25.6 billion yen (roughly £123.5 million), on sales growth of 13.1 per cent, to 312.5 billion yen (£1.5 billion). Improved profitability at Yokohama’s subsidiaries in the US and in Asian nations outside Japan is said to have “amplified” unit sales gains.

12th February 2008/by Tyrepress Editors

BKT to Establish New Facility, Increase Capacity

Balkrishna Tyres is reported to be planning a new facility within the Special Economic Zone in Gujarat, northwest India. An investment of Rs 5 billion (£64.7 million) will go into the facility over a three-year period starting in the 2009 financial year, with the completed plant expected to have an annual output of 75,000 tonnes. The company’s head of finance, B K Bansal, told local media “we are analysing two to three Special Economic Zones in Gujarat and are in talks for acquisition of land, though nothing has been finalised as yet.”

10th January 2008/by Tyrepress Editors

Quarter Figures Reveal Mixed Results for Indian Manufacturers

Recently released quarterly results for India’s Ceat Ltd show robust growth in the quarter to 30 September 2007. While net sales increased by a respectable but unremarkable 8.5 per cent over the same three months of 2006, to Rs5.83 billion (£72.65 million), operating profit more than doubled during the period. For the quarter to 20 September 2007 Ceat achieved an operating profit of Rs 622.9 million (£7.76 million), up from Rs 307,3 million (£3.82 million) a year earlier. Pre-tax profit showed an even more impressive increase, rising to Rs405.6 million (£5.1 million), a 470.5 per cent increase on the September 2006 figure of Rs71.1 million (£885,600).

11th December 2007/by Tyrepress Editors

Conti Purchase of Siemens VDO Officially Concluded

The Continental Corporation concluded its purchase of Siemens VDO Automotive AG on December 3, four days after the EU Commission issued its unconditional approval. The company remitted 11.4 billion, euros, including tax benefits of around 1 billion euros, to Siemens AG as payment for the purchase, and Conti reports that it intends to commence the Siemens VDO unit’s integration into the corporation immediately.

“With conclusion of the transaction, we have, in principle, taken the final step in our comprehensive preparation and are delighted that we can now welcome the employees at Siemens VDO as colleagues,” said Continental’s Executive Board chairman Manfred Wennemer. On December 5, the official first day of what Conti has dubbed the “new Continental”, Mr. Wennemer will welcome the employees at an internal event to be held at the former headquarters of Siemens VDO in Regensburg, Germany.

4th December 2007/by Tyrepress Editors

New Trade Deal With China May Impact Tyres

(Tire Review/Akron) In a new trade deal, China will eliminate “improper” trade subsidies it was allegedly using to prop up profitable trade with the US, to the detriment of local and foreign companies. The deal was announced earlier this week by US Trade Representative Susan Schwab, who called it a major breakthrough.

In the deal, China will eliminate WTO-illegal tax breaks that aided Chinese companies exporting to the US and other countries, and end taxes and tariffs that harmed reciprocal trade with China. There was no immediate word how the agreement will impact the import or export of tyres and tyre-related products.

3rd December 2007/by Tyrepress Editors

EU Commission Approves VDO Purchase

Continental AG reported on November 29 that it has received approval from the EU Commission for the unconditional acquisition of Siemens VDO Automotive AG. Antitrust authority approval had already been issued by the relevant national offices. This enables Continental to close the transaction in early December and transfer the purchase amount, €11.4 billion including tax benefits of around €1 billion, to Siemens AG. The integration of Siemens VDO into the Continental Corporation will begin immediately after closing.

30th November 2007/by Tyrepress Editors

Delticom Pre-tax Profits up 69%

Delticom AG, Europe’s leading Internet tyre retailer, has increased revenues by approximately 34 per cent year-on-year in the first 9 months of this year to 146 million euros (2006: 108.9 million euros). EBIT rose by 69 per cent to 6.9 million euros (previous year: 4.1 million). At the same time, net income for the period was up by 92 per cent to 4.8 million (previous year: 2.5 million euros).

26th November 2007/by Tyrepress Editors

Cabot Announces Fourth Quarter and Fiscal Year Operating Results

Carbon black producer Cabot Corporation has announced a net income of US$24 million ($0.36 per diluted common share) for its fourth quarter of 2007 period, including $5 million after-tax ($0.07 per diluted common share) of charges from certain items and discontinued operations, compared with net income of $27 million ($0.39 per diluted common share) for the fourth quarter of fiscal 2006, which included $16 million after-tax ($0.25 per diluted common share) of charges from certain items, discontinued operations and the cumulative effect of an accounting change.

For the full fiscal year 2007, the company announced a net income of $129 million ($1.90 per diluted common share), including $22 million after-tax ($0.32 per diluted common share) of charges from certain items and discontinued operations, compared wit the company’s full fiscal year 2006 net income of $88 million ($1.28 per diluted common share), which included $36 million after-tax ($0.54 per diluted common share) of charges from certain items, discontinued operations and the cumulative effect of accounting changes.

2nd November 2007/by Tyrepress Editors

Yokohama Revises Earning Projections

The Yokohama Rubber Co., Ltd., has upwardly revised its projections for consolidated earnings in the interim fiscal period from April 1 to September 30, 2007. These new projections, announced on October 26, call for the interim operating income to increase 3.5-fold over the same period of the previous year, to 11.5 billion yen (£49.1 million), and for interim net income to increase 3.7-fold, to 12.5 billion yen (£53.4 million). Yokohama’s revised projection for operating income is 27.8 per cent higher than the projection announced on August 9, and the revised projection for net income is 66.7 per cent higher. The company’s projection of a 13.3 per cent increase in net sales, to 252.0 billion yen (£1.08 billion), is unchanged from the earlier projection.

29th October 2007/by Tyrepress Editors

Conti Receives Local Help to Remain Competitive in US

Local government is giving the Continental Teves brake facility in the US state of North Carolina a helping hand in order to help it remain competitive. On October 19 Henderson County agreed to give Conti $32,150 next year – an amount equalling 80 per cent of the company’s annual property tax – and up to that amount for each of the following four years, and the Town of Fletcher will give the manufacturer exactly half this amount.

Continental sought economic incentives to help secure new contracts, in particular with Daimler and Chrysler to manufacture brake callipers for the Jeep Grand Cherokee, Durango and Dakota and the Mercedes M Class vehicles. The funding will enable the Teves plant to create 35 new jobs. “We in the automotive industry are competing on a worldwide basis,” said plant manager Bobby Nelon. “It’s absolutely necessary we come together as a community and industry so the Town of Fletcher and county of Henderson can continue to prosper.”

22nd October 2007/by Tyrepress Editors

Michelin Poland Logistics Centre to Employ 1,000

A thousand new staff will be taken on by Michelin Poland when its logistics and production centre in Olsztyn, in the country’s northeast, is completed. The £180 million facility, being constructed on a 50,000 square metre site, will serve production in the domestic market, the rest of Europe and in North America.

Michelin’s growth in Poland has been made easier through the granting of a couple of concessions; the town of Olsztyn gave Michelin a 99-year lease on an 82 hectare site in early 2005, for which the tyremaker pays a sum of 100,000 zloty (£18,650) per month. That same year the Polish government implemented a number of tax rebates for the company and approved an aid package valued at around £11 million.

12th October 2007/by Tyrepress Editors

FPB Accuses Chancellor of Failing Small Businesses

The Forum of Private Business (FPB) has accused the Chancellor of the Exchequer of failing to address the issues of smaller businesses in his first Pre-Budget Report. Alistair Darling delivered his speech to the Commons (9 October 2007) but omitted any reduction in the tax burden for those companies that most need it.

10th October 2007/by Tyrepress Editors

Analysts: Goodyear Poised for Growth

Goodyear shares have overcorrected “amid confusion over its second quarter performance and concerns about the slowing US economy.” That’s the view of analysts at Deutsche Bank who predict that “the current low valuation and low expectations present a compelling opportunity.”

The analyst’s report explained that Goodyear’s EBIT margins have been that of a somewhat schizophrenic company; achieving segment pre-tax margins approaching 11 per cent outside of North America but less than 1 per cent within North America.

18th September 2007/by Tyrepress Editors

Profits Up At McConechy’s

McConechy’s Tyre Services, Scotland’s biggest independent in truck tyre supply and repairs, has recorded a 53 per cent rise in profits. The results come just under a year after the company announced that its surplus had fallen by around 50 per cent. In its latest set of financial accounts, McConechy’s reports pre-tax profits of £975,942, compared with £636,368 the year before. However, this figure was a much as £1.2 million in 2005, a height that the company said was hit by one-off restructuring costs including the closure of its Paisley retreading plant. The 2006 accounts show that turnover is up 7 per cent to £33.8 million.

The report added that directors plan to invest £1.4m this year as part of its ongoing programme of refurbishments, relocations and acquisitions.

12th September 2007/by Tyrepress Editors

Cars With Bald Tyres Crushed

The DVLA and Police have seized 270 vehicles with potential deadly hazards, such as bald tyres, in South Yorkshire. Part of the local Police force’s campaign to crack down on vehicle crime, Operation Impact on Crime has resulted in 170 being crushed. Temporary Assistant Chief Constable Paul Broadbent, told reporters: “There are cars with bumpers hanging off and bald tyres – any one of them could have been involved in an accident and killed or seriously hurt someone. Some are good quality cars, but which have no tax or insurance. It shows that we do not care how old or how new a car is, if there’s no tax or insurance it’s going to get towed away.”

The crackdown has also targeted dodgy scrapdealers who handle stolen goods. South Yorkshire Police’s Scrapwatch scheme will focus on Rotherham – where 44 per cent of metal thefts are carried out.

11th September 2007/by Tyrepress Editors