Bridgestone Denies It is Upset With Ferrari
(Akron/Tire Review) Speculation that Bridgestone is “unhappy” with its Formula 1 partner Ferrari is “totally untrue,” according to Adrian Atkinson, Bridgestone’s F1 media delegate.
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Goodyear Results Led By Assurance
Goodyear’s Assurance played a key role Goodyear’s recent financial improvements, according to a report in the Akron Beacon journal. Goodyear first rolled out the products a year ago in an effort to generate excitement for its flagship brand.
Ten Great Myths – The Case for Passenger Tyre Retreading
The last issue of Tyres & Accessories carried an in-depth article analysing the future of passenger tyre retreading in Europe. Contrary to the current prevailing opinion, the RMA believes that the passenger retreading sector is far from dead. Indeed, the association believes the overall pessimistic view of the prospects for passenger retreading is based on the failure of the retreading industry to effectively explain the role and position that passenger retreads are capable of having as well as a misunderstanding of the kind of sales levels required by the retreading industry in order to create a viable business proposition for the UK’s remaining retreaders. This viewpoint, I believe, is perpetuated by ten key misconceptions, which I have characterised here as “The Ten Great Myths of Passenger Tyre Retreading”.
Continental AG Proposes Record Dividend Payment
Continental AG’s executive board has announced that it will propose a payment of 0.80 euros per share to the Annual Shareholders meeting. The record dividend represents an increase of 53.8 per cent over the previous year’s payment of 0.52 euros per share. According to Continental, “a considerable improvement in cash flow and a marked reduction in corporate debt allow for the proposed dividend.” At the end of the 2004 the company’s net debt dropped to under 700 million euros, including debt assumed from the company’s acquisition of Phoenix.
“Investors are to share in Continental AG’s business success not only in the form of a much higher stock market value for their company but also in the form of a more than 50 per cent increase in the per-share dividend, raising it to the highest level in the history of the company,” said executive board chairman Manfred Wennemer.
Del-Nat President Leaves
(Akron/Tire Review) Del-Nat Tire Corp. president Dan Hunter abruptly left the company on 14 March. Mr Hunter, who served as president of the private brand cooperative, joined Del-Nat in 2001 after holding executive positions with Yokohama Tire Corp. Del-Nat chairman Dick Erickson, of Sun Tire in Jacksonville, Florida, is heading the search for a new president. He has assumed duties as Del-Nat’s president until a replacement for Hunter can be found.
Cooper Talks Break Down
(Texarkana/Tire Review) Talks between Cooper Tire & Rubber Co and members of USWA Local 752 at Cooper’s Texarkana, Arkansas, tyre plant reportedly broke off 14 March, leaving the passenger and light truck/SUV tyre plant operating on a skeleton crew as union workers picket outside.
2005 China International Tire Expo
CITEXPO, the largest tyre exhibition in China is publicising its change of venue. The exhibition venue has moved from Shanghai East Asia Exhibition Center to a much bigger venue – Shanghai Everbright Exhibition Center. The exhibition’s organisers say that show aims to bridge the gaps between the soaring tyre industry in China and companies from overseas. After being launched in 2003 the second CITEXPO attracted over 100 exhibitors and 5000 visitors from a range of tyre industry roles including manufacturers, buyers, distributors, wholesalers, direct retail and manufacturing purchasers. This year, CITEXPO will be held from 14 – 16 December 2005.
Fisichella: Australia Tyres ‘Fantastic’
Renault’s Giancarlo Fisichella wants to win again in Malaysia and is under no illusion about the part that tyres will play. “I will do everything I can to win the race,” the Italian told the Reuters news agency. “In Australia the tyres were fantastic,” he said. “I did my best lap time on the 55th lap with just two laps left. Malaysia will be more severe for the tyres because track temperature is much higher. We will need to save the tyres to win the race.”
Fisichella’s recent victory in Australia was his second in 142 races. The driver said Ferrari and McLaren would be Renault’s main threats and added that tyre preservation will be a crucial factor in Sunday’s race. New rules require drivers to qualify and complete the race on the same set of tyres.
US Trade Gap Widens
(Washington/Tire Review) The Associated Press has reported that the US trade deficit in 2004 hit a massive $665.9 billion – the largest in history, and 25.5 per cent higher than the previous record shortfall of $530.7 billion posted in 2003. The Commerce Department trade report noted that the trade deficit worsened as 2004 progressed, hitting $187.9 billion in the fourth quarter alone. That figure was a full 13.3 per cent higher than the third quarter of 2004.
Watts Wins Two FLTA Awards
Watts Industrial Tyres has won two of the Fork Lift Truck Association’s (FLTA) Annual Awards for Excellence. Watts Industrial Tyres received the ‘Environment’ award, which recognises the progress Watts has made in the difficult field of ‘Solid’ tyre recycling. Watts now has a number of programmes in place that enable its tyres to be either ‘Remoulded’ or processed into ‘rubber mulch’ for equestrian and playground use and also into rubber crumb to be re-manufactured into a variety of rubber products.
Goodyear Retread Facility Gets Green Light
Goodyear Dunlop has been given planning permission for a new retread facility. The announcement signals the move of the truck tyre retread facility from its existing location to a newly refurbished building at the south end of the company’s Bushbury, Wolverhampton, plant.
Pirelli 1-2-3 in Mexico Rally
Pirelli-shod cars swept the board in the Rally Mexico in mid-March, taking all three podium places.
Out in front was the Subaru of Petter Solberg, who led from start to finish for his second victory of the year. He won six out of the 14 all-gravel stages, finishing 34.5 seconds ahead of the Pirelli-equipped Peugeots of Marcus Gronholm and Markko Martin.
Sumitomo Rubber Reports Increased Income
In 2004, Sumitomo Rubber Industries reported an operating income of 45,526 million yen (£227 million) compared with 37,765 million yen in 2003, up roughly 20 per cent. The company’s net sales rose 4.5 per cent to 470, 562 million yen (£2.34 billion) in 2004 from the 450,490 million yen the company raised the previous year. The company’s tyre segment contributed to 76 per cent of the company’s total turnover. This section reported that it had an operating income of 32,899 million yen (£164 million), an improvement on the previous year’s figure of 31,207 million.
Goodyear Announces Record Full-Year Sales
(Akron/Tire Review) The Goodyear Tire & Rubber Co announced that its net sales for 2004 were a record $18.4 billion, an increase of 21 per cent over 2003. Tyre volume in 2004 was 223 million units, which was up 5 per cent from 2003. Goodyear’s net income in 2004 was $115 million, compared to a net loss of $807 million in 2003. The company estimated that raw material cost increases negatively impacted 2004 earnings by $280 million but that currency translation had a positive impact of approximately $30 million.
TIA Seeking Board Member Nominations
(Akron/Tire Review) The Tire Industry Association (TIA) is now accepting nominations for positions on its 2005/2006 board of directors. “TIA is looking for energetic members with a passion for the tyre industry,” said Roy Littlefield, executive vice president. “Any TIA member in good standing or an official representative of a state tyre dealer association may recommend another member in good standing,” noted Dick Gust, president of TIA. “Self-nominations are also welcome.”
