Bridgestone Outlines Senior Management Changes
Bridgestone Corporation has announced a number of senior personnel changes, scheduled to take effect October 1. Yoshiyuki Morimoto has been appointed vice president and officer of Tire Research and Material Development plus assistant to the vice president and officer, Office of Group CEO Technology Relations. Akihiro Eto will become vice president and officer, chief financial officer of Finance and chief information officer of IT & Network; Eto will concurrently serve as director Corporate Planning Division, Internal Control Division, Advanced Business Development Division; he will also take on the role of general manager Paper Business Planning and Sales Department. Yutaka Yamaguchi is to become vice president and officer Tire Products Development. At the end of October Akihiro Eto will shed some of his responsibility, and will serve as vice president and officer, chief financial officer of Finance and chief information officer of IT & Network plus director Corporate Planning Division and Internal Control Division.
Continue ReadingEurotire Becomes Global PressurePro Distributor
Following the signing of a definitive agreement, Eurotire Inc. has become a global distributor for the PressurePro range of TPMS products produced by Advantage PressurePro. According to Advantage PressurePro, distribution of its TPMS product line is a “natural extension of Eurotire’s focus on providing their mining customers with the OTR tyre service and support tools they need to maximise tyre productivity.” The US headquartered company lists facilities in every continent amongst its worldwide operations.
Continue ReadingKumho ‘Looking Positively’ Towards Next 50 Years
On September 1 the management and staff of Kumho Tire Inc., along with important customers and partners, celebrated the company’s fiftieth anniversary at its headquarters in Seoul and its parent facility in Gwangju. “We look back with pride over the past fifty years and the successful development of Kumho Tires and based upon this look positively towards the future and the and the successful accomplishment of the next fifty years,” Kumho Tires CEO stated Kim Jong-Ho during the celebrations at the Gwangju facility. He thanked all employees for their loyalty to Kumho Tires during both good and bad times.
Continue ReadingConti Places Billion Euro Bond
Continental AG reports it has further improved its debt maturity profile through the placement of a euro-denominated bond with an aggregate principal amount of one billion euros. The seven year notes are to be issued by Conti-Gummi Finance B.V. and guaranteed by Continental Aktiengesellschaft and certain subsidiaries. The coupon will be 7.5 per cent per annum interest, payable semi-annually in arrears.
Continue ReadingBridgestone Announces Cross-Segment European Price Increase
Bridgestone has announced that it will raise the prices by between 3 and 6 per cent of its consumer, commercial and speciality tyres in Europe during October 2010. Bridgestone Europe CEO and president Makio Ohashi said that “historically high” raw materials prices had necessitated the hike, while “further increases will be necessary in the coming year”.
Continue ReadingHauling Out of the Recessionary Market
As in almost all industries, the calamity of the credit crunch has had a huge impact on the truck tyre market, reducing demand for products, and forcing manufacturers and traders to regroup. As a result of the economic crisis commercial vehicle businesses were forced to become savvier, demanding more from their tyres. Others simply went under. So with the remaining customers demanding improved performance, mileage and fuel consumption from their tyres while simultaneously being under economic pressure themselves, what affect has this scenario had on the size and development of the market? And what does this mean for truck tyre pricing both in the UK and across Europe?
Continue ReadingCGS Receives State Funding for US Plant
On August 19 it was announced that the Iowa Economic Development Board, an Iowa state government agency, has awarded CGS Tires US $924,000 from its Grow Iowa Values Fund. This amount, the board reports, will be used to support 154 of the 192 jobs to be created when the Czech Republic’s first factory in North America is built. The total project cost is $43.8 million and involves reconfiguring the former Winnebago Industries manufacturing facility in Charles City for the production of radial agricultural tyres, amongst other products.
Continue ReadingRussian Tyre Makers in Merger Talks
Russian business daily Vedomosti reports that Sibur Holding and Nizhnekamskshina, a Tatneft petrochemical subsidiary, intend to merge their tyre assets to create an entity holding two-thirds of the market share in Russia. While Sibur Russian Tyres general director Vadim Gurinov was quoted as saying no decision has yet been made regarding such a merger, the news that the two companies are in talks was confirmed by a Tatneft official.
Continue ReadingNew Union Agreement Ratified at Accuride Plant
Accuride Corporation has negotiated a new collective bargaining agreement with the unions representing 215 workers at the company’s aluminium wheel manufacturing facility in the US state of Pennsylvania. The existing agreement representatives with the International Union, United Aerospace and Agricultural Implement Workers of America was set to expire at midnight September 3, 2010. The new agreement for the Erie plant is effective September 4, 2010, through September 3, 2014.
Continue ReadingGoodyear Prices Additional $100 Million of 8.25% Senior Notes
Goodyear Tire & Rubber has announced it has priced its offering of an additional US$100 million aggregate principal amount of its 8.25 per cent senior notes due August 15, 2020. The notes will be senior unsecured obligations of the company. The notes will be sold at 100.75 per cent of the principal amount. Goodyear expects the offering to close on August 25, 2010, subject to customary closing conditions.
Continue ReadingGulfstream Names Goodyear Aviation Supplier of the Year
Gulfstream, a manufacturer of technologically-advanced business jet aircraft, has named Goodyear Tire & Rubber Co.’s Aviation business one of its 2009 Suppliers of the Year. The tyremaker supplies Gulfstream with its Flight Eagle tyres, which are produced for the business jet segment and manufactured at Goodyear’s Danville, Virginia, plant.
Continue ReadingIreland Tyre Tax Increase Would Compromise Jobs & Safety – ITIA
Ireland’s government apparently is considering increasing the tax levied upon tyres, and the association representing the country’s tyre industry has slammed it as a measure that would compromise safety and jobs. HGV Ireland reports that in a submission to Environment Minister John Gormley, the Irish Tyre Industry Association (ITIA) has stated that any tax increase would lead to hundreds of job losses as motorists would cross the border into Northern Ireland to make their tyre purchases.
Continue ReadingBib Kits Up for Phase 2 of Michelin Ad Campaign
He’s performed sterling service battling an evil fuel pump and doling out fuel efficient tyres for the benefit of motorists, and now Bibendum – known more widely as the ‘Michelin Man’ – returns for the second phase of Michelin’s “the right tyre changes everything” advertising campaign. This time round Bib has been drafted in to save animals from becoming roadkill.
Continue ReadingSuperior Industries Posts $10.1M Q2 Profit
Aluminium Wheel Manufacturer Superior Industries International has announced a net income of US$10.1 million for the second quarter of 2010, a figure that includes a $4.1 million loss on the sale of the company’s joint venture in Hungary. This compares to a net loss in the second quarter of 2009 of $21.0 million.
Continue ReadingConti to Place High-Yield Bond
According to ‘confidential sources’, Continental AG is planning another high-yield bond placement for September. Reuters Deutschland reports the bond will be to the value of less than a billion euros, a scale comparable with the five-year bond the indebted company released in July. Company CFO Wolfgang Schäfer has previously stated that Continental plans to place bonds to a total volume of up to four billion euros.
Continue Reading
