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Didier Miraton relinquishes managing partner role

Didier Miraton has stepped down from his duties as managing partner of Michelin. According to the company, which announced the news in Paris today (21 June 2011), the move is part of “the adjustment in Michelin’s corporate governance and executive management team” and was decided by the company’s managing general partners with the agreement of the firm’s supervisory board. However it also follows reports in Le Monde yesterday (20 June 2011), in which Miraton reportedly suggested that he wanted to leave. Therefore the precise background to this news is not clear.

21st June 2011/by Tyrepress Editors

Material costs squeeze JK Tyre 2011 profits

Reporting on the financial year that ended March 31, 2011, JK Tyre & Industries Ltd. notes that the selling price increases implemented for its products were unable to keep pace with raw material cost increases, and this adversely impacted upon the company’s margins. Therefore, despite a 30.9 per cent increase in net sales to Rs 59,454.4 million (£806.9 million), the Indian tyre maker’s before profit tax dropped 64.2 per cent to Rs 1,119.6 million (£15.2 million) and net profit declined 71.5 per cent to Rs 625.5 million (£8.5 million). Revenue from the company’s operations in India accounted for 80.0 per cent of total net sales and the former Tornel facilities in Mexico the remaining Rs 11,343.5 million.

26th May 2011/by Tyrepress Editors

China appeals WTO tyre tariff ruling

China has appealed the World Trade Organization’s December 2010 ruling that upheld the three-year tiered added tariff placed on consumer tyres exported from China to the US. China insists the US violated international trade rules when it imposed the tariffs, a WTO spokesman said.

25th May 2011/by Tyrepress Editors

JT Motor owner is UK’s Top Technician

Chelmsford mechanic John Tinham has been named the winner of Top Technician 2011, winning the prize a second time after his victory in 2005. Tinham won the prize after completing a series of online, practical and written tests set by chief judge Ian Gillgrass, accreditation manager at the Institute of the Motor Industry and his team of expert judges including 2008 Top Technician winner Mark Banks and Delphi trainers Rob Lewis and Tim Roberts. The annual competition aims to recognise and reward the best automotive technicians in the UK.

26th April 2011/by Tyrepress Editors

Halfords Group reports £98 million sales from Autocentres

Halfords Group has warned that it is set to achieve pre-tax profits of between £124 million and £127 million (including a £2.2 million amortization charge for the purchase of its auto centre business) when it publishes its full-year 2011 results. The figure is down by up to 3 million from the more confident £127 million guidance the firm gave in January. The profits are expected to be generated from group sales of £869 million, of which the well-known retail business is expected to contribute £771 million and the Autocentres operation, delivered the remaining £98 million.

7th April 2011/by Tyrepress Editors

Nokian to build second plant in Russia

At the company’s Annual General Meeting on April 7, Nokian Tyres president and CEO will share plans about the construction of a second factory in Russia. This new plant will be erected alongside Nokian’s existing plant in Vsevolozhsk. “Market outlook has strengthened clearly and we need more production capacity,” reported Gran in a statement prior to the AGM. “We, together with the local authorities, are preparing a new plant next to the current one, which will increase our annual car tyre capacity by five to six million tyres. Negotiations about tax relieves and infrastructure investments are in their final stage.” Gran added that the factory will enter production in 2012 and capacity increases will be made in the two years to 2014.

7th April 2011/by Tyrepress Editors

Aeolus Tyre reports 50.8% drop in 2010 net profits

Aeolus Tyre posted a 50.77 per cent year-on-year drop in 2010 net profit to 153 million yuan, business news wires have reported citing a company filings. Earnings per share are said to have fallen 50.79 per cent to 0.41 yuan per share. The good news was that sales revenue rose 44.45 per cent year-on-year to 8.12 billion yuan, however this also means margins must have narrowed significantly.

14th March 2011/by Tyrepress Editors

Preliminary report: Pirelli 4Q improves on estimates

A preliminary report from analysts suggests that Pirelli’s fourth quarter financial figures have beaten consensus estimates in terms of earnings before interest and tax by 15 per cent, leading banks to predict an upgrade to the company’s stock value. Net debt is also lower than expected according to the report, while analysts called the Italian manufacturers message that its pricing will offset higher raw materials costs “very confident”.

8th March 2011/by Tyrepress Editors

Strike action may halt Hankook Hungary production

The Budapest Business Journal brings news of a potential wage related strike at Hankook’s plant in Hungary. Production apparently may come to a halt there “within days” following the establishment of a workers’ strike committee; the union representing employees at the South Korean manufacturer’s Rácalmás facility is reported as saying more than 1,700 Hankook workers there are now earning less than last year following the introduction of tax changes in January 2011. Talks with management over a potential pay increase have already begun, however the newspaper shares that Hankook Tire Magyarország Kft said a strike committee has been set up as an agreement over the size of the proposed pay rise “looked distant.”

3rd March 2011/by Tyrepress Editors

Auto Windscreens enters administration

Despite it being Valentine’s day, there was no love lost between Auto Windscreens and the HMRC on 14 February 2011. That’s the day the UK's second largest windscreen repair company went into administration, threatening 1,100 jobs, apparently owing money to the good old Inland Revenue.

16th February 2011/by Tyrepress Editors

Michelin North America Secures Tax Help for Possible New Indiana Plant

While Michelin North America officially says it has not committed to expanding its Woodburn, Indiana tyre plant, behind the scenes it has secured tax breaks to make that investment happen, reports Tire Review. The Allen County Council unanimously supported tax breaks, voting last week to provide incentives worth between $50 million to $75 million to the tyre-maker.

25th January 2011/by Tyrepress Editors

£1 billion Carbon Stealth Tax; ‘Big Society’ May Affect Public Transport Fleets

Following the chancellor’s announcement of spending cuts, a row has broken out over what businesses have called a carbon stealth tax. The small print of the government announcement reveals that £1 billion a year raised from companies under the carbon reduction commitment scheme will go straight to the government instead of being fed back to businesses with good environmental performances – apparently without consultation. Considering that the many businesses paid £15,000 just to join the scheme – and significantly more in factory upgrades to compete for the funding – this likely to receive a hostile reception from those predominantly manufacturing business affected.

21st October 2010/by Tyrepress Editors

Hankook’s Suh Becomes Honorary ‘Rácalmán’

Rácalmás is a central Hungarian town, located on the right hand side of the river Danube, and is home to some 4,500 people. It’s also home to Hankook Tire’s European factory, and the Korean tyre maker’s contribution to the region was formally acknowledged on August 20 when company vice chairman and global CEO Seung-Hwa Suh was made an honorary citizen of Rácalmás.

24th August 2010/by Tyrepress Editors

Blame it on the Rain

Rubber prices have reached their highest level in more than three months, in part due to concern that rainfall in key producing countries will reduce supply of the commodity. Heavy rain is expected across Thailand, the world’s number one producer, and a La Nina weather event may persist in Southeast Asia until at least the end of this year.

19th August 2010/by Tyrepress Editors

JK Tyre to Erect £200 Million Greenfield Facility

A Memorandum of Understanding was signed on August 4 between JK Tyre and Industries and India’s Tamil Nadu Government for the establishment of a greenfield tyre factory within the state. The plant, to be established with an Rs 15 billion (£204.3 million) investment, will produce both passenger car truck and bus radials and have an annual capacity of 5.6 million tyres.

5th August 2010/by Tyrepress Editors