Michelin Full-Year Sales & Income up in 2007
In its 2007 financial results, published February 15, French tyre major Michelin has reported increased sales and a markedly higher net income than that of the previous year.
Record Sales, Savings Propel Goodyear 2007 Gains
Goodyear Tire & Rubber Co. posted record sales of $19.6 billion for 2007, it reported this morning, up 5% vs. 2006, and net income for the year came in at $602 million, up from 2006’s loss of $330 million.
Nokian Annual Results Show Increased Sales, Profits
Nokian Tyres reports that its net sales increased 22.6% during 2007 to 1.025 billion euros.
Sibur-Russian Willing, If A-V Can Clear Debt
According to unconfirmed reports, Sibur-Russian Tires has agreed to some type of merger with troubled Amtel-Vredestein provided the later can restructure its current debt load.
Indian Tire Companies Want End to Inverted Duty
Indian tiremakers want the country to change its upside-down duty system that places a higher duty cost on raw materials – like natural rubber – than it does on finished products – like tires. The producers have asked the Indian government to cut the duty on NR from 20% to 7.5%, a move they claim
Elastomer Costs Equal Share Woes for Zeon
Shares in Japanese synthetic rubber manufacturer Zeon Corp. have experienced the largest fall in more than a decade after the company slashed its profit forecast.
Pirelli to Buy Back Tyre Unit Share in H1 2008?
For a number of months Pirelli SpA has openly expressed its intention to buy back the 38.9% share in Pirelli Tyre that it sold to a group of six banks in 2006.
Yokohama Sales, Earnings Up
Yokohama Rubber Co. claimed an 88.1% year-over-year increase in net income, to 25.7 billion yen, through the first three quarters of its fiscal year, which ended Dec. 31, 2007.
Canadian Tire Earnings Up 18%
Canadian Tire Corp. reported full year 2007 profits of $410.1 million against sales of $10.1 billion. The year’s net earnings were up 18% vs. 2006, while sales saw a 3.3% increase.
New Visteon Unit Owner Keeping Brand Name
Nashville-based Centrum Equities XV has finalized its purchase of the aftermarket hard parts business of Visteon Corp. Terms were not disclosed.
Goodyear Fourth Quarter 2007 Earnings Release
Goodyear Tire & Rubber Co. will report fourth quarter 2007 financial results before markets open on Thursday, Feb. 14, to be followed by an investor conference call at 10 a.m.
Kumho Predicts $1/2 billion in 2008
Kumho established its European base in Frankfurt, Germany in January 1978; now three decades later, the South Korean tyre manufacturer is aiming to celebrate its 30th anniversary with half a billion dollars worth of European sales.