LANXESS to buy back shares and strengthen pension assets

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The Board of Management of specialty chemicals company LANXESS decided to make use of the authorization granted by the stockholders’ meeting on May 20, 2016 and to acquire own shares of up to EUR 200 million (excluding incidental costs) via the stock exchange. On the basis of the current share price (status: January 9, 2019), this would amount to around 4.9% of the share capital and would correspond to a number of approximately 4.5 million own shares, LANXESS says in a Press release.

Read the source article at Rubber Asia

Here’s Why Goodyear Tire & Rubber Fell 11.9% in December

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Shares of Goodyear Tire & Rubber (NASDAQ: GT) fell nearly 12% last month, according to data from S&P Global Market Intelligence . The global tire manufacturer owns a portfolio of 47 manufacturing facilities in 21 countries, but that planet-spanning diversification has turned into more of a liability in recent years.

Read the source article at finance.yahoo.com

Russian investment group seeks to exit Voltyre venture with Titan

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QUINCY, Ill.—An affiliate of Russian Direct Investment Fund, one of three shareholders of Voltyre-Prom, has notified Titan International it is exercising a put option on its share in the Russian tire maker, which could be worth up to $76.2 million.

Read the source article at Rubber and Plastics News

Nokian Tyres: Financial targets aim for faster growth in Europe, North America

The Board of Directors at Nokian Tyres has set new financial targets for 2019-2021. These targets include faster than market growth of more than five per cent CAGR, EBIT at 22 per cent and a shareholders’ dividend of more than 50 per cent of net earnings. Nokian says the financial targets will guide the company in reaching the strategic ambitions it set in early 2018, which include increasing sales by 50 per cent in Central Europe and doubling them in North America within the next five years.

Read the source article at Tyrepress

Goodyear Reports 3rd Quarter 2018 Results

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The Goodyear Tire & Rubber Co. has reported results for the third quarter of 2018.

“We continued to improve the operating performance in our key mature markets, driven by strong volume growth, including significant increases in the more profitable 17-inch-and-greater rim sizes in the U.S. and Europe,” said Richard Kramer, chairman, CEO and president.

Read the source article at Aftermarket News

Tyre maker Nokian profit hit by Russia, Norway issues, emissions rules

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Nokian shares tumbled 14 percent on the latest warning from the automotive industry after a string of trimmed forecasts and weak results from Michelin, Continental and Daimler.

Nokian, which has a large plant in Russia and a smaller one in Finland, said 2018 sales and operating profit were now expected to be flat or slightly higher than 2017, compared with a previous forecast of growing sales and profit.

Read the source article at Stock Market Quotes and News

Atlas Tire Wholesale: Invested in the Future

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Atlas Tire has announced the company’s latest expansion plans, and they’re big!

Atlas Tire Wholesale Inc. recently informed their suppliers and key clients of a massive expansion project that is sure to change the industry landscape here in Canada, as well as further improve the quality of service Atlas Tire is able to offer tire retailers.

Read the source article at Autosphere.ca

Cooper Tire & Rubber Reports 3rd Quarter 2018 Results

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Cooper Tire & Rubber Co. has reported third quarter 2018 net income of $54 million, or diluted earnings per share of $1.07, compared with $62 million, or $1.18 per share, for the same period last year.

“Unit volume in the U.S. improved in the third quarter and outpaced the USTMA. We ended the quarter on an encouraging note, with U.S. unit volume that outperformed both the USTMA and total industry in the month of September,” said Brad Hughes, president and CEO.

Read the source article at Aftermarket News

David Herro Comments on Continental

Continental (XTER:CON)’s stock price has fallen due to industry-wide concerns about auto production volumes and tariffs, but we believe the company has superior end-market exposures and a lower risk profile than many of its peers. Continental’s tire business accounts for about 45% of the company’s earnings, and we find that it generates solid margins and returns relative to industry peers. Replacement tires account for a large portion of segment earnings and …

Read the source article at Value Investing

ATD’s TireBuyer launches new identity, enhanced site

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KIRKLAND, Wash. — TireBuyer.com, American Tire Distributor Inc.’s (ATD) online tire sales platform, has unveiled a new brand identity that it says features several improvements that will enhance the shopping experience for consumers.

The enhancements include a new product recommendation engine, easy search tools, proprietary fitments, seasonal updates and deals and enhanced mobile compatibility for shoppers in a hurry.

Read the source article at Tire Business