Bridgestone Europe Takes Another Bite
Prices for all Bridgestone consumer, commercial and specialty tires are set to increase by an average of 7% in European markets – its second rise this year. The new prices take effect with the start of the second financial quarter in April and exact increases will vary between product categories, Bridgestone Europe reports. “This is
IndyCar Owners: The Name That’s Known is Firestone
Even as other tire companies have been contacted, the owners of IndyCar race teams voted March 7 to beg Bridgestone Americas to reconsider dropping its support of the race series.According to reports, the vote was “near-unanimous” to “stick with Firestone – regardless of the price.” Bridgestone announced late on March 4 that its Firestone brand
MNA Report Shows Sales, Headcount Increases
Michelin North America’s newly released 2011 "fact sheet" reports regional sales of $8.2 billion for the tiremaker in 2010, a 17.1% increase on a year earlier and 34% of Groupe Michelin’s total global sales. Last year Michelin employed approximately 21,400 people in the North America region, some 500 more than in 2009. This small growth
Pirelli Beats Estimates, Confident About Raw Materials
A preliminary report suggests that Pirelli SpA’s fourth quarter financial figures have beaten consensus estimates in terms of earnings before interest and tax by 15%, 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
Continental Looking to Refinance Loans: Reports
Continental AG plans to cut its debt with a new $8.3 billion loan to replace existing credit lines, according to various reports. Reports say that Citigroup Inc. and Deutsche Bank AG have been enlisted to coordinate the refinancing. Continental’s existing loans come from its 2007 acquisition of Siemens AG’s VDO unit for 11.4 billion euros.
Midas Reports Flat 2010 Profits
Midas posted net sales of $192.4 million for its fiscal 2010, up from FY2009’s $182.8 million. Net profit for the year came in at $2.6 million, dead even with FY2009 results. "The gains in retail sales at Midas shops in the United States that began in the fourth quarter of 2009 continued throughout 2010," said
Consumers Already Cut Spending Because of Rising Gas Prices
One-in-three U.S. consumers (33%) has already significantly reduced discretionary spending because of the increase of rising gas prices, according to the monthly Consumer Outlook Index from RBC Capital Markets.With the national average price at approximately $3.20 per gallon at the time the survey was conducted (Feb. 25-28) another 18% say they would reduce spending if
Conti Looks to ‘Double-Digit’ Growth This Year
Following a 2010 in which set targets were "clearly surpassed," Continental AG says it aims to achieve double-digit growth this year. At the company’s annual financial press conference, held on Mar. 3, CEO Elmar Degenhart reported a sales growth of almost 30%, to 26 billion euros. This represents record sales for the automotive supplier, a
Reports Confirmed: Itochu is New Owner of Kwik-Fit
Kwik-Fit Group has confirmed earlier reports that PAI Partners has sold the fast fit chain to the Japanese Itochu Corp. for £637 million. The purchase price is said to include £457 million of debt, which will be paid off in full at completion, according to a Financial Times report. The deal is reportedly Itochu’s biggest
U.K. Giant Kwik-Fit Sold to Itochu?
Kwik-Fit has reportedly been sold to Itochu Corp., the Japanese conglomerate that owns Stapleton’s. According to a City AM report, the deal follows the signing of a three-digit million pound deal March 1. The article suggests Kwik-fit’s former owner, private equity firm PAI Partners has “cashed out” of its six-year ownership of the chain for