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Later today, Fiat Auto will reveal its restructuring plans to unions. There is speculation that up to 8,000 workers – 20 per cent of Fiat Auto’s workforce – could be laid off. Fiat Auto lost 813 million Euros in the first half of the year and there are rumours that the company will be sold to GM. Two years ago, GM acquired 20 per cent of Fiat Auto and the Italian company has the option to sell the remaining 80 per cent to GM after January 2004.
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Maxxis International, perhaps better known in the tyre world as Cheng Shin Rubber, is to build a new factory in Thailand to produce passenger and light truck tyres. Phase 1 of the multi-phase project will be completed in late 2004, when the factory will be producing 10,000 tyres a day, employing 1,700 staff. The site, in Rayong City, south of Bangkok, covers 72 acres. This new venture is the latest in a series of expansions for Maxxis; it is expanding its factory in mainland China, has moved to a larger distribution centre in California and expanded its US HQ in Suwanee, Georgia.
The proposed merger between JK Industries, India’s third-biggest tyre manufacturer, and Vikrant Tyres, initiated in 1997 when JK bought the majority of Vikrant shares, has moved a step closer with the announcement that Vikrant stockholders would receive two JK shares for every five outstanding Vikrant shares held. No timescale or deadline was discussed. The merged business would have around 25 per cent of the Indian commercial vehicle tyre market, says JK Industries.
Goodyear Great Britain has sold its Wolverhampton manufacturing site to Birmingham-based St. Modwen Developments Limited and entered into a 10-year, extendable lease-back agreement which will enable production to continue. Financial details were not revealed. Wolverhampton was Goodyear’s first factory outside North America, opened in 1927. Production has fallen due to lack of competitiveness and clerical jobs have been relocated to the new HQ at Tyrefort in Birmingham. The sale/lease arrangement allows production to continue and for Goodyear to release value from the 88.6 acre site.
The US Supreme Court has refused to hear an appeal from Cooper Tire and Rubber against a $3.3 million jury award in a 1995 rollover case. Cooper appealed the decision, calling the amount “so excessive that it violated the constitutional right to due process”.
The European Commission has approved the sale of Kwik-Fit to equity group CVC Capital Partners for 330 million Pounds. The EC said that there were no overlaps between Kwik-Fit and CVC’s other interests in the motor vehicle sector, saying that the transaction “is compatible with the Common Market.”
Directors of The Goodyear Tire & Rubber Company declared a quarterly dividend of 12 cents a share. The dividend is payable December 16, to shareholders of record November 15. The payout represents an annual rate of 48 cents per share.
Ashley Croft has resigned “for personal reasons” as Managing Director of Stapleton’s Tyre Services, effective from October 1st – a post he has held for three years. He is succeeded as MD by Mike England, formerly the company’s Retail Director. Ashley joined Stapleton’s straight from university 27 years ago when the company was a family-run organisation. Stapleton’s Tyre Services was bought by the Japanese Itochu Corporation in late 1994.
Good news for manufacturers and truck tyre distributors in the UK – truck tyre prices of several leading brands are set to increase. Goodyear prices have already been increased by 3.5 per cent and Bridgestone prices are set to rise by an average of 3.5 per cent also. Pirelli has confirmed that it will increase its truck tyre and retread prices by 4 per cent in November and Michelin is said to have increased new truck tyre prices by 3 per cent, Remix prices by 2.5 per cent, with no change to Encore prices. The rising cost of raw materials is cited as the main reason for the increases.
Robert J. Keegan (55), Goodyear’s president and chief operating officer, has also been appointed chief executive officer of the company, effective from January 1st. He takes over from Sam Gibara (63), who will remain as chairman for an unspecified period – in this capacity, he will advise and assist Keegan and other senior managers as they assume responsibility for day-to-day management of the company. Keegan joined Goodyear from Eastman Kodak two years ago, during which time he has, says Gibara, “gained an impressive understanding of the industry and is now fully prepared to take the company forward.” Keegan’s contract included a clause whereby he would receive compensation of several million Dollars if he was not appointed to the position of CEO by October next year.
1997 marked the US-comeback for BFGoodrich Tires in the agricultural segment, where the brand had a long tradition. Now BFGoodrich Tires – well-known for off road and car tyres – is returning to the European agricultural tyre sector as the second world brand in Michelin’s multi-brand-strategy. Across the world and in the tyre segments where Michelin is well-known for attributes like “premium, innovator, top technology”, BFGoodrich Tires will be positioned in the “value for money” segment, in original equipment and the aftermarket also. Overlapping in some sub segments such as front and implement tyres with the brands Stomil/kormoran and Taurus will, in the long run, be resolved in favour of BFGoodrich.
The Bridgestone Potenza RE92 has been selected as the OE tire for the new 2003 Subaru “Baja.” Bridgestone/Firestone North American Tire Company is supplying the tyre in size P225/60R16 in an H-speed rating. While the H-speed rated all-season Bridgestone Potenza RE92 has been available for some time, raised white letters on the tire sidewall are a feature designed for Subaru.
Goodyear is planning to return bias ply race tyre manufacture to Akron after moving the work to South America five years ago. This will see the employment of 65 new workers (the move away cost 115 jobs). The good news for American employees is tainted by the news that the deal involves an agreement by the Unions to allow contracting out of some housekeeping services to lower paid workers.
The first 15 seat passenger van tyre related roll-over case has begun at Wichita Falls, Texas. This is the first case to come to court since the NHTSA issues an advisory about the vehicles in April 2001. The first hearing will establish the validity of expert testimony. The defendants are DaimlerChrysler Corp, Michelin North America (Canada) Inc, Michelin North America Inc, and Michelin Americas Research and Development Corporation. The case arose after the alleged tread separation of a Michelin tyre which is claimed to have caused the vehicle to roll over several times resulting in four deaths.
Ford has announced that it plans to cut $2 billion from its European supply budget. Chairman of Ford of Europe, David Thursfield, said that the cost reductions would be achieved through design improvements, rather than forcing suppliers to cut prices.
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