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Tenneco Automotive is spending one million Pounds (1.6 m Euro) on a refurbishment programme at its Walker exhaust manufacturing factory at Tyseley, Birmingham in the UK. The investment will improve flexibility and reduce downtime between manufacturing different products. The factory produces two million exhausts a year.
The latest report from industry consultants Autopolis makes gloomy reading. The title “A sharp decline to come: the outlook for the global vehicle industry to 2005 and 2010” says it all. It predicts that car and truck sales will drop by 11% from their peak before the end of next year. That is six million units, or the equivalent of the whole Japanese market and the report predicts fundamental changes to come in the world’s auto industry.
As part of its major restructuring, Pacific Dunlop is to close two Victoria-based tyre plants in Australia. The move is aimed at ensuring the future of South Pacific Tyres and will result in 890 job losses – 820 at the factories and 70 in management and back-office positions. Olympic Tyres Ltd has confirmed that it has secured continuous supply of Olympic Tyres, supplied by South Pacific Tyres. Olympic distribute SPT’s agricultural, off road and construction tyres throughout the UK and much of Europe.
Automotive supplier TRW has received orders worth 900 million US-Dollars from Renault (for the Megane) and Fiat (for the Stilo), concerning the production of Electrically Assisted Steering systems (EAS) for this year and beyond. These new contracts bring TRW’s volume for EAS-systems in 2001 up to 500 million US-Dollars. The steering-systems for Fiat will be developed in Birmingham and produced in Livorno (Italy). The steering system for Renault will be developed and manufactured in Pamplona (Spain).
Goodyear has revised its earnings outlook for the third quarter of 2001, downwards, Net income per share is be similar to the second quarter’s 5 cents per diluted share. This compares to 11 cents per share for the third quarter 2000. Goodyear says that an already slowing demand had weakened further in the aftermath of the terrorist attacks on the USA.
Goodyear has reached an agreement with the Spanish Institute of Magnetism and electronics manufacturer 3BYMESA to develop a prototype tyre wear sensor for possible mass production. Initial development has been by the Institute of Magnetism, further development of the sensors, antennae, transmitter and receiver will be the responsibility of 3BYMESA.
Titan Tire has won a contract to supply in excess of 45 million US Dollars with of bolt together two-piece wheels to the United States Army. This is claimed to be the largest military contract Titan has ever won.
Bridgestone/Firestone Brazil’s former vice president of legal and government affairs has been promoted to the managing directors’ post upon the retiral of Vito De Florio on 1st October.
Ford has chosen Hankook as the single supplier of tyres for the F-150 pick-up in the USA. The tyre sizes are 235/70R17 and 235/75R17. The first shipments will start in a few months and expected volume is to be around 600,000 tyres. Hankook is also hoping to win an OE order from Volkswagen: The possible tyre size could be 205/45R16 to be offered as an option by Volkswagen.
Goodyear Tire & Rubber has appointed George Rietbergen (37) as its European director of e-commerce. He comes to the tyre manufacturer from KLM Royal Dutch Airlines, where his most recent post was director, e-commerce and commercial development.
HelabaTrust (the investment and research subsidiary of Landesbank Thueringen-Hessen) believes that Continental could be a candidate for a takeover. Reasons given are the enormous debts of 3.6 bn Euro and the weak level of the shares.
The Tire Association of North America (TANA), the Tire Retread Information Bureau (TRIB), the International Tire & Rubber Association (ITRA) and Tire Review have announced the creation of “The One Fund”. A unified effort to collect and distribute donations to the victims of the terrorist attack on the World Trade Centre. Donations will be accepted through until February 2002 and will be distributed to named benefactors.
Pirelli has become the first firm to successfully negotiate a revised take-over deal after the poorer than expected markets after making its bid for Olivetti. In a complex deal Pirelli will still pay the same share price but will gain a 10% discount on a second tranche of Olivetti shares. The deal is still subject to EU approval.
Jim Wilson, Managing Director of Bridgestone/Firestone UK since 1995 has retired to return home to the USA. Wilson joined Firestone in 1965 and has worked overseas since 1967. His position will be held by marketing director Chikuma Otsuki until further notice.
In the first half of the year 2000, tyre business accounted for 40 per cent of Pirelli’s turnover, but this has now fallen to only 37 per cent, whereas cables/systems/communications increased to 63 per cent. There was an improvement in tyre business figures for the first six months, but this could not match the results of the other business units. The main reason was the economic problems in Turkey and America, which are very important markets for Pirelli.
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