Hankook Sales Rise 16.3% in First Quarter
Hankook Tire Corp. announced the highest quarterly global sales on record for the first quarter of 2011 with turnover totaling 1.4 trillion South Korean won, a 16.3% year-on-year increase. Hankook’s first quarter operating profit for 2011 amounted to 179 billion won. Operating profit to sales ratio was 12.4%, up from 6.9% in the fourth quarter
South Korea Replacement Passenger Market Growing
With South Korean replacement passenger tire sales of over 8.6 million units worth $800.9 million last year, the replacement tire business joins the rest of the automotive industry in being a major part of the entire local economy. According to GfK’s automotive retail audit, sales in the second half of the year climbed 15% over
Pep Boys Buys Wash. Big O Stores
Pep Boys has bought the assets of seven Big O Tires locations in the Pacific Northwest. The parts and tire retailer bought stores owned by Big O franchisee Herb Davenport located in the Seattle-Tacoma, Wash., area. The deal was done in March, and Pep Boys intends to convert them to its brand.
ATD Buys Canton Wholesaler
American Tire Distributors continued its growth march with the acquisition of Ohio’s North Central Tire Group. NCT reported it serviced 2,700 customers from three distribution centers in Canton and Cincinnati, Ohio, and Rochester, N.Y. The Canton location is right in the backyard of Alliance, Ohio-based Terry’s Tire Town, which recently expanded into New England. ATD
Continental Acquires Modi Tyre
Continental AG has taken a step toward the Indian market after the tire manufacturer and automotive supplier signed an agreement with Modi Rubber Ltd. to acquire a 100% shareholding of its Modi Tyres Co. Ltd. subsidiary. According to both companies, the completion of the transaction still depends on the fulfillment of certain conditions including regulatory
Kumho Delivers Full-Year Profit
Following several years in the red, Kumho Tire Co. has turned its fortunes around and reported a net profit for the 2010 financial year. The South Korean tiremaker recorded a net income of KRW 8,901 million during the year, a marked contrast from the loss of KRW 776,168 million a year earlier. Sales for 2010
Goodyear Chief ‘Confident’ in Company’s Direction, Future
Goodyear chairman, president and CEO Rich Kramer is a mighty confident guy. He expressed his confidence in the tiremaker and its direction to its dealer base at February’s annual dealer meeting, and carried the theme at the company’s annual shareholder’s meeting on April 12.
Pep Boys Wants 50 More Tire & Service Stores
Philadelphia-based Pep Boys saw a net income of $36.6 million against 2010 sales of $1.91 billion for the year. The company said it had a 1.1% year-over-year rise in comparable service revenue and a 3.1% jump in comparable retail sales. With those results, which he termed as “successful,” Pep Boys president and CEO Mike Odell
Nokian Seeing Increasing Demand, Say Analysts
Following Nokian’s recent pre-announcement of fiscal results, financial analysts have characterized them as proving "demand has continued to grow in all Nokian’s key markets." According to an investor’s note published by Deutsche Bank, this is said to be especially true in Russia, where foreign car sales are expected to grow by about a third in
Goodyear Completes Latin American Farm Tire Sale to Titan
Goodyear Tire & Rubber Co. has completed the sale of its Latin American farm tire business to Titan Tire Corp. for approximately $99 million, subject to post-closing conditions and adjustments, for the Latin American business. The transaction includes Goodyear’s Sao Paulo, Brazil, manufacturing plant, property, equipment and inventories and a licensing agreement that will allow