Edouard Michelin: Young And Rich
The UK magazine EuroBusiness ranks Edouard Michelin at number 103 among Europe’s richest 400 people with a fortune of 1.85 bn Euros.
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Global Car or Not?
Opinions differ: In many of their components American and European cars – as can be seen at the Detroit Motor Show – seem to be becoming more like each other. The advance in pick-ups and vans in the USA and the boom in the small(est) cars in Europe, but much more in Japan, however, leaves room for doubt that the recurring theme of the “global car” is a real possibility mid-term.
EUROC for the Chop?
After the STW race series, the new European Roadster Challenge (EUROC) is also under threat. As it seems that the German Touring Car Championship (Deutsche Tourenwagen Meisterschaft) will be successfully revived this year, well-known drivers anticipated to take part in EUROC have begun to look elsewhere at the last minute. Who will be equipping the Touring Car Championship teams with tyres is also not yet clear, although an exclusive contract is talked of, with auto motor und sport magazine already naming Dunlop. On the other hand the involvement of the Michelin subsidiary BFGoodrich in the EUROC series seems to have come to nothing even before the first race, unless Bernie Ecclestone can be persuaded to allow these cars, in which immense sums have already been invested, to take part in the Formula One circus.
Suppliers Put their Hopes in Nissan/Renault Joint Production
The Nissan factory in Barcelona is not working to capacity and is the obvious candidate for joint production work in similarly built Renault models, according to a statement at the Detroit Motor Show by Carlos Ghosn, ex-Michelin manager, now responsible for the integration of Nissan with Renault. Vehicle suppliers hope to profit from the new arrangements, as Ghosn announced a significant reduction in their numbers. For instance, Hayes Lemmerz supplies nearly all the aluminium wheels to Nissan Europe and is now making big strides with Renault as well.
New Managing Director at Vergölst
Frank Jung (40) will take over as Managing Director at the Conti subsidiary Vergölst, following the departure of Andreas Scheiba. Jung was previously responsible in-house for the German tyre replacement business at Continental.
Phoenix Long-Term Ambitious
Phoenix, supplier to the vehicle industry, itself a tyre manufacturer many years ago and still specialising, though not exclusively, in rubber parts for the automobile industry, is not reaching its turnover and profit targets as quickly as planned. Air springs, an area in which Continental is also involved, however, promises to develop into a jewel for the group from 2001 and gives ground for hope of steep rises in turnover and earnings in the long term.
BMW US Factory Expands
The BMW factory at Spartanburg (South Carolina), in which in addition to the Roadster ever more X5 off-road vehicles are produced, will soon face production capacity problems. A higher vehicle output could also benefit American wheel suppliers such as Superior Industries or Alcoa/Reynolds.
ContiTech and Behr
The ContiTech group, part of Continental AG, will cooperate on certain projects with Behr GmbH of Stuttgart, which specialises in air conditioning equipment and in engine cooling. As part of the cooperation Continental will take from Behr a 51 p.c. holding in the Kühner company (making hoses, principally for original equipment in Oppenheim). The company will be integrated into ContiTech Fluid, giving Continental the industrial leadership.
Goodyear Sued By Customer
In the USA, Goodyear is defending a product liability lawsuit brought against the company by former customer Heatway Systems. Heatway alleges that Goodyear supplied it with millions of dollars worth of defective hoses, used in heating systems for buildings, which caused up to $2 bn of damage. Heatway has already paid $6.5 m to settle 119 claims.
Michelin Cuts 473 Jobs At Stoke
Michelin is to lose 473 jobs from its workforce of 2,700 at its factory in Stoke-on-Trent in the UK, mostly among those producing passenger car tyres. This is part of Michelin’s overall European strategy to improve efficiency. Michelin sees a long-term future for Stoke and this year will invest £11 million in updating the factory, which was opened in 1927.
General Motors acquire remaining 50% of Saab
General Motors announced that it will acquire the remaining 50% of Saab. 130,000 Saab vehicles were produced in 1999.
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News from the Detroit Motor Show
DaimlerChrysler denied interest in acquiring a stake in or taking over Daewoo.
Nissan’s Xterra is US “Truck of The Year 2000”
Spokesmen of “The Big Three” expect auto sales this year to be about 16.5 to 17 million vehicles.
Reuters To Sponsor BMW-Williams Formula 1 Team
The news group Reuters has been named as sponsor of the BMW-Williams F1 team for three years. In December, BMW and oil company Castrol announced that they would work together but the main sponsor was only revealed today.
Viborg Gets Take-over OK
The Viborg Group/Dorana has been given the go-ahead to take over Gummi Mayer by the European Competition Authorities.
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