Goodyear Sells Plantation to Bridgestone
Goodyear Tire & Rubber has completed the sale of its 95 per cent stake in Goodyear Sumatra Plantations to Bridgestone Corporation. The price was around $62 million.
Tag Archive for: tax
Snap-on Announce Growth in Profits
Product NewsSnap-on Incorporated, parent company of UK companies UK Equipment, Snap-on Tools and Sun Diagnostics, has just announced a 20 per cent rise in second quarter pre-tax profits to US$ 26.6 million.
Jack Michaels, Snap-on’s CEO commented on the company’s goals: “We continue to believe that by placing urgent emphasis on improved customer responsiveness, and maintaining our strong heritage of product quality, performance and innovation, we can substantially strengthen our brands’ global appeal.”
“These results demonstrate that our corporation continues to deliver profitable growth in a very competitive business environment”, said Brian O’Sullivan, general manager UK Equipment. “In recent years Snap-on has invested heavily in new product design and the rewards for this can be seen in the continuing improvement in the companies fortunes”.
Slovakia Scrambles to Mend Hankook Deal
Product News(Akron/Tire Review) Reports say that Slovakian government officials are trying to meet with Hankook Tire Co to see if a deal to bring a 500 million euro tyre plant to that country can be salvaged. Earlier this week, government ministers rejected an incentive plan previously offered to lure the South Korean tyre maker to that country.
According to the Slovak Spectator, Economy Minister Pavol Rusko was expected to meet with Hankook officials yesterday to discuss “an acceptable amount of investment incentives.” The rejected incentive plan would have provided nearly 300 million euros in infrastructure improvements and tax breaks, said the newspaper.
Alliance Ends First Quarter with $5 million Dollar Net Profit
Product NewsIn the first quarter of 2005 Alliance Tire reported net profits of around $9.2 million including deferred tax assets of around $4 million. Alliance’s first-quarter exports amounted to $29.3 million, a growth of 16.7 per cent over the first quarter of 2004. Sales for the first quarter amounted to $37.6 million compared to $32.1 million the previous year, an increase of 17.1 per cent.
Cooper Standard Automotive Reports First Quarter 2005 Result
Product News(Akron/Tire Review) Cooper-Standard Holdings, the parent of Cooper-Standard Automotive, has reported results for its first full quarter as a stand-alone company. The company posted revenues of $470.1 million for the first quarter, which ended on 31 March, compared to a record $497 million for the prior year same quarter.
ATD Releases First Quarter Operating Results
Product News(Akron/Tire Review) American Tire Distributors Holdings Inc (ATD) has announced operating results for the first quarter ended 2 April. Consolidated net sales increased 17.6 per cent to $354.3 million, versus $301.4 million in the first quarter of fiscal 2004, and gross profit increased 10.9 per cent, ATD reported.
Copeland Named to Head Goodyear Australian JV
Product News(Akron/Tire Review) Joseph Copeland, senior vice president of business development, strategy and restructuring, for Goodyear Tire & Rubber Co has been named CEO of Goodyear’s South Pacific Tyres subsidiary. Goodyear owns a 50 per cent share in the Australian joint venture. Mr Copeland will report to the South Pacific Tyres board of directors, as well as to Pierre Cohade, president of Goodyear’s Asia/Pacific tire business.
Darren Wells, Goodyear’s vice president and treasurer, was promoted to senior vice president of business development and treasurer, reporting to Richard Kramer, executive vice president and CFO. Mr Wells will assume Joseph Copeland’s business development responsibilities as well as additional oversight responsibilities for the investor relations and tax functions.
Hayes Lemmerz Appoints ArvinMeritor Director
Product NewsHayes Lemmerz International has appointed Christine M. Sweda as director of taxes, reporting to James Yost, vice president of finance and chief financial officer.
Sweda comes to Hayes Lemmerz’ from its competitor ArvinMeritor where she worked as director of domestic tax. Prior to her seven year tenure at ArvinMeritor, Sweda worked as a tax manager for T&N Industries Inc., and in various positions at Arthur Andersen LLP.
Alcoa Posts First Quarter Results
Product NewsAlcoa has announced first quarter revenues of $6.3 billion, a four per cent increase from the sequential quarter. Income from operations was given as $273 million, or $.31 a share.
According to the company its income measures include negative impacts totaling $0.09 per share for the tax impact on Alcoa’s sale of its Elkem investment ($39 million after tax); restructuring charges ($25 million after tax); and costs of integrating the recently acquired Russian business ($12 million after tax). The fourth quarter of 2004 included a gain of $37 million, or $0.04, on the Juruti transfer, while the first quarter of 2004 include a gain of $58 million, or $0.07, on the sale of specialty chemicals.
Canadian Tire Announces New Five-Year Strategic Plan
Product News(Akron/Tire Review) Canadian Tire has introduced its 2005-2009 strategic plan, which includes establishing up to 285 new and replacement retail stores, to shareholders.
Apollo Tyres Gains Buy Rating
Product NewsThe Hindu Business Line newspaper has given Apollo Tyres its ‘buy’ rating. Though the performance of the Indian tyre companies have not been overly impressive in recent quarters, the situation is likely to improve, the report added, suggesting that Budget proposals along with the price hikes effected in the past would have a positive impact on tyre companies’ earnings.
Hankook Leans Towards Slovakia
Product NewsMedia reports are continuing to circulate about exactly where in Eastern Europe Hankook will make its proposed $500 million investment. Numerous previous reports have stated that the company is interested in manufacturing in this region, and that the shortlist has narrowed to two countries (Poland and Slovakia). Now a Polish newspaper has added further information. A Rzeczpospolita report suggests that the Korean company is leaning towards Slovakia because of a governmental policy offering “flat tax” incentives to foreign investors.
‘Breakthrough period’ for Matador
Product News“Matador Group has completed another successful year,” said company spokesperson, Dušan Koblišek in a statement about its 2004 activities.
Describing Matador’s acquisitions and its move into the automotive supply segment as “a breakthrough period in the history of our company,” he went onto explain that the group’s initial consolidated results recorded a profit before tax of SKK 388 million (£7 million).
Bridgestone Australia Predicts Poor 2005 Results
Product NewsBridgestone Australia is predicting that its 2005 results will suffer “significantly” because of a rise in raw material prices, reports Fairfax news site.
The manufacturer recorded a $10.86 million (£4 million) net profit in 2004, which was up 1.9 per cent on the previous year.
“As predicted in our October and December 2004 stock exchange releases, raw material prices increased significantly in the last quarter of 2004,” Bridgestone said.
Workers Buy Euzkadi Plant Tax Free
Product NewsMexican workers have bought the Euzkadi factory that Continental Tire had planned to close. By investing the severance packages that they received when the closure was announced in December 2001 the union workers have acquired 50 per cent of the factory that will shortly be renamed Cooperativa de Trabajadores Democráticos de Occidente. The remaining 50 per cent was purchased by Llanti Systems, a former customer of the factory and its Pneustone brand. At the same time the Mexican government honoured an agreement stating that union members who invested in the joint enterprise will be exempt from income tax.
Euzkadi’s closure left 1,164 workers unemployed, after claims that the factory was financially impracticable.
The fist tyre manufactured by the new enterprise is expected to be roll of the production line by mid 2005. The new company will have a capacity of between 10,000 and 13,000 tyres per day, a level similar to that of Euzkadi plant prior to its closure.
