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MAN SE, MAN AG (MAN)

MAN SE, formerly MAN AG, is a Germany-based engineering group. The Company has operations in 120 countries, conducted through four divisions: MAN Nutzfahrzeuge (Commercial Vehicles), Commercial Vehicles Latin America, MAN Diesel and MAN Turbo. MAN Nutzfahrzeuge produces trucks ranging from 7.5 to 50 tons; buses and coaches; vehicle, marine and industrial engines, and a range of related services. Commercial Vehicles Latin America is engaged in the production of trucks and buses, which are primarily sold in Latin America and South Africa. MAN Diesel covers two- and four-stroke diesel propulsion engines for marine, power plant and railway propulsion. MAN Turbo manufactures compressors for industrial processes, as well as gas and steam turbines for drive systems and power generation. The Company is majority shareholder in Renk AG, a manufacturer of special purpose gears, components of propulsion technology and test systems.

 

Adidas (ADR)

adidas AG is a global producer of sportswear and sports equipment. The Company offers its products through three main brands. The adidas brand covers footwear, apparel and hardware in two segments: the Sport Performance segment develops modern products, focusing on running, football, basketball, tennis and training, for performance athletes, and the Sport Style segment is aimed at fashion-conscious consumers and is comprised of the Y-3 collection. The Reebok brand covers sports and lifestyle products in three segments: the Reebok segment offers footwear and apparel for men and women for sports and street, as well as hardware, such as bags and balls; the Reebok-CCM Hockey segment provides hockey equipment and apparel, and the Rockport segment offers dress, casual and outdoor footwear, and accessories. The TaylorMade-adidas Golf brand covers a range of golf clubs, accessories, footwear and apparel, marketed under the brand names TaylorMade, adidas Golf and Ashworth.

Business Segments

The Adidas Group organizes its business segments by brand:

* adidas (72.5% of 2008 net sales): The adidas brand is the ultimate profit driver for the adidas Group, accounting for 72.5% of all group sales in 2008. The brand, which was restructured during 2007, now consists of 2 segments: Sports Performance (80% of brand sales in 2008) and Sports Style (20%). The adidas segment has seen its revenues grow to €7.8 billion in 2008 from €7.1 billion in 2007. This brand, which employs a premium-price strategy, is the root of the group's strength in Europe, with the brand generating 50% of all its sales there in 2008. In addition to selling its products to retailers, the brand has 1332 own-retail stores worldwide, included 329 new stores opened in 2008.

* Reebok (19.9% of 2008 net sales): Reebok has three different divisions: Reebok (80% of brand revenue in 2008), Reebok-CCM Hockey (9%), and Rockport (11%). The brand also contributes to the group's strength in Europe, where it makes 32% of its sales. Since being acquired in 2006, the group has been trying to reposition the Reebok brand image. Before its acquisition, Reebok had employed excessive discounting in an effort to drive volume sales, but the adidas Group has been raising prices. The group is also trying to position the brand as a specialist in the women's and running markets. Success has been limited. Reebok's sales have fallen from €2.33 billion in 2007 to €2.15 billion in 2008 and the segment recorded a loss of €7 million in 2008, from a profit of €109 million the year prior, due to clearance sales in the second half of the year and increased operating expenses. Overall, Reebok's brand image is still diluted because of its previously low prices. Most analysts believe that a Reebok integration and shift in brand image are significant opportunities for the adidas Group.

* TaylorMade-adidas Golf (7.5% of 2008 net sales): TaylorMade-adidas Golf is comprised of TaylorMade (clubs and balls) and adidas Golf, (footwear and apparel). Golf clubs and accessories accounted for 71% of the segment's sales in 2008, with the remaining 29% from footwear and apparel sales. TaylorMade-adidas Golf generated $812 million in 2008 net sales, 50% of which came from the North American market. Revenues over the last three years have fluctuated. This can partly be attributed to the divestiture of the Greg Norman Collection (GNC) in November 2006. In 2006, GNC contributed $79 million of sales to TaylorMade-adidas Golf.

 

Goodyear Tire & Rubber Company (GT)

The Goodyear Tire & Rubber Company (Goodyear) is a manufacturer of tires. The Company, along with its United States and international subsidiaries and joint ventures, develops, manufactures, market and distribute tires for applications. Goodyear also manufactures and markets rubber-related chemicals for various applications. The Company is an operator of commercial truck service and tire retreading centers. In addition, it operates more than 1,600 tire and auto service center outlets where it offers its products for retail sale and provides automotive repair and other services. The Company manufactures its products in 61 manufacturing facilities in 25 countries, including the United States. During the year ended December 31, 2008, Goodyear operated its business through four segments: North American Tire; Europe, Middle East and Africa Tire; Latin American Tire, and Asia Pacific Tire.



Business Segments

Original Equipment Tires (27.3% of FY2008 Total Tire Sales)
OE Tires are new tires bought by manufactures to fit the specific needs of its vehicles. Within this category, Goodyear produces produces tires for passenger cars, light trucks, trucks and specialty vehicles. OE tire sales decreased by 15.7% in FY2008 compared to FY2007. The decrease in OE tire sales were mostly affected by operations in North American Tire (U.S. and Canada), where OE tire sales decreased by 22.9% compared to FY2008. The decrease was led by recessionary economic conditions resulting in lower demand for new vehicles.

Replacement Tires (72.7% of FY2008 Total Tire Sales)
Replacement Tires consist of tires bought by consumers to replace the tires on their vehicles. Replacement tire sales decreased by 5.5% in FY2008 compared to FY2007. Replacement Tire sales decreases were also led by recessionary economic conditions, but were less impacted due to less impact from the new vehicle industry.

 

Smurfit (SSCC)

Smurfit-Stone Container Corporation is an integrated manufacturer of paperboard and paper-based packaging in North America, including containerboard and corrugated containers, and is also a paper recycler. Smurfit-Stone is a holding company with no business operations of its own. Smurfit-Stone conducts its business operations through its wholly owned subsidiary Smurfit-Stone Container Enterprises, Inc. (SSCE). The Company’s operations include 14 paper mills (12 located in the United States and two in Canada), 119 container plants (99 located in the United States, 15 in Canada, three in Mexico, one in China and one in Puerto Rico), 26 reclamation plants, one paper tube and core plant and one wood products plant located in the United States and one lamination plant located in Canada. In July 2008, the Company completed the acquisition of a 90% interest in Calpine Corrugated LLC, an independent corrugated container producer.

 

Tesco (TESO)

Tesco Corporation (TESCO) designs, manufactures and services delivery of technology based solutions for the energy industry. The Company’s product and service offerings include proprietary technology, including TESCO CASING DRILLING (CASING DRILLING), TESCO’s Casing Drive System (CDS) and TESCO’s Multiple Control Line Running System (MCLRS). The Company’s four business segments are Top Drive, Tubular Services, CASING DRILLING and Research and Engineering. The Top Drive business consists of top drive sales, top drive rentals and after-market sales and service. The Tubular Services business includes both its proprietary and conventional Tubular Services. The CASING DRILLING segment consists of its proprietary CASING DRILLING technology. The Research and Engineering (R&E) segment consists of its research and development activities related to its proprietary Tubular Services, CASING DRILLING technology and Top Drive model development.

Company Overview & Business Segments

Not to be confused with the British retailer, TESCO Corporation was formed on December 9, 1993 as a result of a merger between Coexco Petroleum Inc., Tesco Corporation, Forewest Industries Ltd. and Shelter Oil and Gas Ltd. The company provides drilling (Top Drives) and casing services to oil companies in order to extract natural resources from the earth. Although Tesco makes most its revenue from its Top Drive segment, it is working to promote its Tubular Services division. As a result, Tesco employs many proprietary technologies including TESCO CASING DRILLING® (“CASING DRILLING”), its Casing Drive System (“CDS™” or “CDS”) and its Multiple Control Line Running System (“MCLRS™” or “MCLRS”) to create structural support for both offshore and land-based wells.

Headquartered in Houston, Texas, Tesco Co. employs 1,834 people to provide Oilfield technologies for drilling contractors, rig builders and equipment brokers, independent oil companies, and national oil companies.

 
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