You are here: / Tyrepress Editors

About Tyrepress Editors

This author has not written his bio yet.
But we are proud to say that Tyrepress Editors contributed 35524 entries already.

Entries by Tyrepress Editors

Two New Appointments At Federal

Federal Corporation, the tire manufacturer with its headquarter based in Taiwan, today announced the appointment of Richard Huang, formerly Global Business Manager, to Vice President. In the new appointment Richard Huang will oversee Federal’s Sales and Marketing for both overseas and domestic, including Federex Marketing Corporation, a Taiwan domestic sales and marketing company. Federal also announced the appointment of C. I. Chen, formerly Vice President, to Executive Vice President. In his new appointment, Mr. Chen will be responsible for overall management of all functions at Federal and will be the focal point of coordinating and synergizing Federal’s operations in China and Taiwan.

Related news:

  1. Continental Automotive Appoints Director
  2. Lin Rejoins Federal as Sales and Marketing VP
  3. Federal launches Formoza AZ-01
  4. Federal Tyres joins ITMA

Ford’s Kwik-Fit Woes Deepen

Kwik-Fit, the fast fit chain snapped up by Ford for 1.6 billion US$ has proven to be a step too far for the motor manufacturer. Not only has the originally touted ticket price of 800 million not been reached in the sale, but the highest bid looks to be nearer 300 million pounds. The potential buyer, CVC, is still undergoing negotiations with Ford. However, in the wake of Enron, WorldCom and rumours of unusual accountancy practices at General Motors (denied by GM), there have been irregularities found in Kwik-Fit accounts. PwC, Ford’s auditor has found that liabilities for the fast fit chain have been understated by £3.4 million. The “error” came about by accounting for goods supplied, without taking the unreceived invoices into account.

Related news:

  1. Management Moves At Ford
  2. Conti Teves Wins Ford Contract
  3. Pirelli OE On Ford Focus In USA
  4. Nitto Tire USA Expands Luxury Touring Line to Include CUV Sizes

Losses Improve At Amcast

Third quarter results from Amcast show the company improving on its position in the previous year. For the previous fiscal year to date sales were similar to this year’s and produced a loss of 25.9 million dollars. This fiscal year to date sales ran to 423.6 million dollars producing a loss of 12 million dollars. Compared to the previous year to date nine out of the company’s eleven operating divisions were showing a profit this year, as against five out of eleven last year. Star of the turnaround is North American Wheels which has shown a six-fold operating income on a sales increase of 24 per cent. The company debt at the start of the year has been reduced by 13.3 million dollars to 185.7 million dollars.

Related news:

  1. New Strategy At Titan
  2. First Quarter Results From Amcast
  3. Wheel Finish on Accuride Products
  4. New Pneumatic Wheel Lifter

Goodyear Reacts to ‘Mini Tender’

The Goodyear Tire & Rubber Company said it has become aware of an unsolicited “mini tender” offer by TRC Capital Corp. to purchase up to five million shares of its common stock, or approximately 3 percent of Goodyear’s total shares outstanding, for $19.50 per share. Goodyear said it expressed no opinion on the unsolicited offer, but advised its shareholders to exercise extreme caution in considering the offer. “Mini tender” offers are not subject to many disclosure, filing and procedural protection requirements of the U.S. Securities and Exchange Commission and are often structured to obtain shares at below market prices. “Mini-tender” offers – tender offers for less than five percent of a company’s stock – have been increasingly used to catch investors off guard. Many investors who hear about mini-tender offers surrender their securities without investigating the offer, assuming that the price offered includes the premium usually present in larger, traditional tender offers. But they later learn that they cannot withdraw from the offer and may end up selling their securities at below-market prices. Goodyear urged its shareholders to review the terms of the “mini tender” offer carefully and to consult with their financial advisors before considering this offer.

Related news:

  1. Goodyear Going Shopping For TC Debica Shares
  2. Analysts Bullish On Tyre Shares
  3. Goodyear Concludes Convertible Note Exchange
  4. German Government to Restart Talks With Schaeffler

Michelin US Exchanges 30,000 Tyres

30,000 Phantom A/P tyres that Michelin produced between 1997 and 1999 can, in unusual and extreme situations, fail before the profile is under the limit. These tyres can now be exchanged free of charge as Michelin North America announced a voluntary and absolutely precautionary issue, clarifying that this is not a recall.

Related news:

  1. RFID First For Michelin
  2. Currencies Affect Michelin 1Q Sales
  3. New Michelin winter tyres in North America
  4. BFGoodrich’s SEMA Exhibits

US Dept. Of Transportation Sued

Auto safety pressure groups in the USA are suing the Department of Transport for allowing car manufacturers to use inferior tyre monitoring equipment. They claim that despite the NHTSA (National Highway Traffic Safety Administration) recognising that direct tyre pressure monitoring is superior to indirect tyre pressure monitoring, the Department was allowing the use of the inferior product on a cost basis. The groups filing the lawsuit include the New York Public Interest Research Group, Public Citizen and the Center for Auto Safety in New York.

Related news:

  1. Review Of 2001
  2. RMA Petition Federal Government For Reserve Air Pressure
  3. Q Tires Relocating R&D to South Carolina
  4. US and Italian Tyre Retreaders to Cooperate

Continental Shows Interest In Sime Darby

Malaysian conglomerate, Sime Darby Berhad is to concentrate its tyre businesses and float it independently from the parent company (sales of around 3.2 billion US dollars). Key elements of these companies are tyre maker DMIB Berhad with a factory in Selangor and Sime Tyres Int. with factories in Alor Setah and Kedah. A spokesman for Continental confirmed that the German tyre giant wishes to buy 30 per cent of the tyre business, and signed a letter of intent with Sime Darby Berhad on the 26th June. Continental will have the opportunity to increase its share at a later date. This follows an earlier agreement in January between Continental and DMIB and Sime Tyres to share technical support. A former agreement between the Malaysian manufacturers and Sumitomo Rubber Industries had at that point concluded.

Related news:

  1. Freightliner LLC Selects Goodyear as Standard Supplier
  2. Continental Cuts Production And Jobs At US Plant
  3. Workers Buy Euzkadi Plant Tax Free
  4. Are UK Males Tyre Shy?

Ford “Close To Decision” On Kwik-Fit

In an article in the Financial Times, Sir Nick Scheele, chief operating officer of Ford, said that the company was making progress on the proposed sale of Kwik-Fit. He is reported as saying: “We’re pretty close on Kwik-Fit; you can anticipate an announcement in the medium term.”

Related news:

  1. Sale of Kwik-Fit Becomes Increasingly Likely
  2. BFNAT Writes $240 Million Check to Settle With Ford
  3. Hayes Lemmerz Names Yost Executive Vice President
  4. Visteon Files Chapter 11 Bankruptcy Protection

Pirelli Unveils Automatic Mixing System

Pirelli unveiled its automatic Continuous Compound Mixing system (CCM) which complements its MIRS tyre production system and allows extremely accurate and environmentally-friendly mixing of up to 40 components. Seven patents have been applied for, with the first one granted in North America. Together, says Pirelli, CCM and MIRS will mean “a new generation of tyres, with performance unimaginable up to now.”

Related news:

  1. Pirelli Announces Improved Figures and New Investments
  2. Kumho Announces Price Increase
  3. BFS And Pirelli Hike North American Prices
  4. Pirelli Interested in Continental Truck Tyre Unit

Jean Bergh New Managing Director At GTC*L

The new Managing Director at the Goodyear Technical Centre in Colmar-Berg, Luxembourg (GTC*L) is Jean Bergh (59) after the retirement of Theo Famulok. Famulok has headed up the 900 technicians at Goodyear’s R & D centre since 1994. 900 technicians in Luxembourg develop car, truck and agricultural tyres for Europe as well as for the Asian and African markets.

Related news:

  1. Goodyear to supply ‘Runflats’ for Maserati Quattroporte
  2. Goodyear Philippines to Add 50 Dealers
  3. A Leader in its Field
  4. Goodyear Appoints New Luxembourg Tech Head

Bandag Buys Stock

Bandag has agreed to purchase over 1.5 million of its shares from Lucille A. Carver, widow of the company’s founder and mother of current President, Chairman and CEO Martin Carver. Mrs Carver was a director of the company from 1957 until May this year and the sale reduces the voting power of the Carver family from 78 per cent to around 64 per cent. The total purchase price is $40,183,636.

Related news:

  1. Bandag Purchase Approved
  2. Goodyear Offers Convertible Notes [Update]
  3. New Chinese International Merger and Acquisition Rules
  4. Bridgestone Shares Rise on Back of Bandag Acquisition

Goodyear Eagle Tops UK Test

Goodyear’s Eagle F1 high performance tyre came top in a test of eight premium brands, organised by UK specialist motoring magazine EVO. Drivers rated the tyres in a series of 11 tests over five days – all the tests were conducted “blind” – and the Eagle F1 attained the highest aggregate score as well as winning outright the wet and dry braking categories and coming joint first in the wet lateral test.

Related news:

  1. Goodyear’s New Eagle F1 Asymmetric Wins Independent Test
  2. Indian Tyre Stocks Ride on Budget Hopes
  3. Goodyear Launches £2 million Ad Campaign
  4. Goodyear’s Search for Innovative Farmers Continues

Michelin OE Decision Affects US Business

Michelin recently took the decision to abandon OE orders from GM Europe as the company wants to concentrate on OE business in the more lucrative high performance segment. Michelin said that its North American business with GM is not affected (Michelin is GM’s second largest tyre supplier, with the Uniroyal, BFGoodrich and Michelin brands) but it now appears that GM North America does not want to consider Michelin for future OE projects.

Related news:

  1. Michelin to Raise Prices on Passenger, LT Tires in July
  2. Michelin to Raise Truck & Agri Tyre Prices in US
  3. Michelin North America Announces Price Increases
  4. Price Increases For Michelin NA Products Announced

We see you are visiting us from China.

If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.