Michelin to pump up the price of their tires June 1

Greenville-based Michelin North America will raise tire prices by up to 6 percent, effective June 1, on passenger car and light truck replacement tires sold in the United States on the Michelin, BFGoodrich, Uniroyal, private and associate brands as well as Michelin replacement motorcycle tires sold in Canada, Mexico and the United States.Raw materials costs are increasing, said Lynn Mann, Michelin of North America spokeswoman. The company experiences a lag in the increase in raw material costs and the adjustments that are made in contract prices, particularly in the specialty tire business.

The plan to increase pries comes as Michelin Group reported Thursday first-quarter net sales of 3.94 billion euros ($5.2 billion), up 12.2 percent over year-ago numbers, with significant rebounds in almost all tire markets.

Volume for the quarter was up 15.3 percent, with momentum growing late in the three-month period, as market share held firm, the company said.

The company expects to see about 10 percent growth during the remainder of 2010 as the North American and European economies gradually recover. It also anticipates capital expenditures of 1 billion to 1.2 billion euros, primarily for projects in Brazil, China and India.

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Titan Announces Positive First Quarter 2010 Results

Press Release Source: Titan International, Inc. On Monday April 26, 2010, 6:01 am EDT
QUINCY, Ill.--(BUSINESS WIRE)--Titan International, Inc. (NYSE: TWI - News):

First quarter summary:

• Net income for the first quarter was $2.1 million, or $.06 per diluted share, compared to $7.0 million, or $.20 per diluted share, in the first quarter of last year.
• Sales for first quarter 2010 were $196.4 million, compared to $232.6 million in the first quarter of 2009.
• Gross profit for first quarter 2010 was $26.1 million, compared to $30.1 million in 2009.
• First quarter income from operations was $10.1 million, compared to $14.1 million last year.
• Interest expense was $7.1 million for the first quarter, compared to $3.9 million in 2009.
• Titan’s cash balance was $215.2 million at March 31, 2010, compared to $20.2 million at March 31, 2009.

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Bridgestone Will Hike OTR Tire Prices

NASHVILLE, TN - Bridgestone Americas Tire Operations LLC's Off-Road Tire division will raise prices on its mining, construction and industrial tires up to 4 percent on April 1.

Some in-line adjustments will be made, as well. "Despite our efforts to absorb cost increases through efficiencies and other means, we are increasing prices in order to cover a portion of the rising costs for raw materials, energy and transportation," said Shawn Rasey, president of Bridgestone Americas Tire Operation's Off-Road unit.