Plant Upgrades, Management Change Ready Nexen for Next Level
Back in 2010 Nexen Tire Corp. announced plans for a one trillion won ($1.2 billion) investment in its largest factory yet in Changneyeong in the same region as its first plant (Yangsan), which along with the company’s second plant in Qingdao, China, continues to expand. Just before the start of the Chinese New Year, Tyres
Birla Carbon Buys U.S. Firm
On Jan. 31, India’s Aditya Birla Group disclosed it has entered into a definitive agreement to acquire U.S.-based Columbian Chemicals Company from One Equity Partners, the merchant banking arm of J. P. Morgan Chase & Co. Aditya Birla has purchased One Equity Partners’ equity in Columbian Chemicals through its associates Alexandria Carbon Black Co. and
Honeywell to Sell Consumer Products Group
Honeywell announced that Rank Group, a private investment company, will acquire its automotive Consumer Products Group business in a cash transaction valued at approximately $950 million. The CPG business, headquartered in Danbury, Conn., has more than 2,000 employees and includes Fram filters, Prestone antifreeze, Autolite spark plugs and Holts car care products. The unit posted
Sales and Earnings Up at Yokohama
Yokohama Rubber Co. said that through the nine months ending Dec. 31, 2010. Its net sales increased 13.5% vs. the same period last fiscal year. The sales of 390.4 billion yen was backed by an operating income increase of 52.2% to 26.3 billion yen, and a net income increase of 25.2% to 11.3 billion yen.
Hankook Takes Net Profit Up 21%
Hankook Tire Co. posted improved 2010 earnings year-on-year with its net profit reaching 424.8 billion won ($381 million) last year, up 21.1% from 350.8 billion won a year earlier. Helping drive the positive results was Hankook Tire America Corp., which posted sales of more than $1 billion for 2010, selling 12.6 million tires across the
Monro Muffler Brake Reports Record Quarter
Monro Muffler Brake has announced record financial results for its third quarter ended Dec. 25, 2010. Sales for the third quarter of fiscal 2011 increased 8.4% to a record $165.5 million, compared to $152.7 million for the third quarter of fiscal 2010. The company said sales growth was driven by strong same-store sales and from
Nankang Shows Record 2010 Sales
Nankang Rubber reported an increase in sales of 28.7% in 2010, making it a record year for the company. Commenting on this figure, Nankang said the increase is partially due to the company’s rising tire prices implemented in response to rising raw material costs. It also said the quality and technology within Nankang’s product range
Analyst Offers that Pep Boys May be in Play
Is a ‘For Sale’ sign hanging around the necks of Manny, Moe and Jack? That’s the Wall Street scuttlebutt being proffered by Tony Cristello, managing director of BB&T Capital Markets-Equity Research in an update report this morning. “Are Manny Moe & Jack In High Demand?” reads Cristello’s report. “What a wild day for PBY as
Rubber Price Squeeze Expected to Last: Analysts
Wonder when raw material cost pressures will ease and tire prices will steady? Keep wondering, because it will be some time before that happens. The acceleration in demand for tires in rapidly growing economies like China and India has led to a sharp increase in natural rubber prices over a sustained period. Now, climatic conditions
Toyo, Conti, Yokohama Settle GTY Dispute
Toyo Tire Holdings of Americas Inc., Continental Tire the Americas LLC and Yokohama Corp. of America have reached an agreement settling all claims relating to the lawsuit filed roughly one year ago regarding Toyo’s forced exit from the joint venture GTY Tire Co. As was first reported by Tire Review, Toyo claimed that back in