Goodyear is $3 billion Underfunded
Due to a gaping hole in its pension fund, Goodyear is anticipating the prospect of paying at least a minimum of US$550 million into the fund this year. According to DB Global equities the company could face additional funding requirements in 2007 and 2008, and is currently underfunded by as much as $3 billion.
Continue ReadingMichelin Pleased that USGP Class Action is Thrown Out
Michelin has admitted that it is pleased a class action case brought against itself, Indianapolis Motor Speedway and Formula One was thrown out of court. The case was brought following last June’s now infamous US Grand Prix. “Michelin is very pleased with [US District Judge Sarah Evans Barker’s] decision dismissing the entire class action lawsuit,” pitpass.com quoted Michael Fanning, vice president, corporate affairs Michelin North America as saying.
Continue ReadingReifen Essen Review
Anyone who visited the Essen Reifen Messe will know that walking around all of the world’s largest dedicated tyre exhibition requires marathon-esque stamina. Despite this, next month Tyres & Accessories will report on all the breaking news from the show. From the recent influx of new Chinese companies, to Cooper and Marangoni’s decision to launch their passenger car run-flat technology, we hope to bring you all the information you need if you didn’t attend, and more detail if you did. Look out the comprehensive exhibition review in July’s Tyres & Accessories.
Continue ReadingDiesel Driven Audi Takes Le Mans on Michelin Tyres
Frank Biela, Emanuele Pirro and Marco Werner scored a victory in the 2006 Le Mans 24 Hours in front of 235,000 spectators. Audi has effectively succeeded in its bold bid to win the worlds most demanding endurance race with diesel technology. And Michelin rose to the challenge to join its partner on the top of the podium, its ninth consecutive victory at Le Mans. The French tyre firm was also successful in the LMGT1 category with Chevrolet Corvette and in LMP2 with the RML-run Lola. Pirelli also came away with honours after the LNT British team, Panoz Esperante, won the LMGT2 category. Pirelli took the LMGT2 title with Yokohama-equipped teams following in second and fifth places in the same category.
Continue ReadingOld Timer
Resisting to the urge to make any kind of joke about T&A celebrating its 60th anniversary, next month’s magazine will feature the latest developments in the specialist vintage tyres segment. July’s edition will report on the latest product releases and take an inside look at what’s going on with some of this niche market’s key players.
Continue ReadingUAE Tyre Rental Racket
Some unscrupulous dealers in the United Arab Emirates (UAE) have allegedly been running a tyre rental racket. According to the Gulf news report, drivers are able to hire tyres at a fraction of the cost of buying a new set in order to gain MOT-style certification. This deal is said to cost as little as 40 dirhams (around £5.90) to customers who use popular cars such as Toyota Corolla and Honda Civic. Local police have publicly condemned the trade and warned that those involved will be prosecuted. Gulf News reported that 20 per cent of road accidents in the region are attributed to faulty or badly maintained tyres.
Continue ReadingWill Mozambique Government Sell Tyre Factory?
The Mozambican government may be preparing to sell off a derelict tyre factory on the outskirts of Maputo, according to the Agencia de Informacao de Mocambique news agency. The Mabor tyre factory was reportedly something of a national showpiece until it closed following a fire in December 2004. According to local news sources the state is now running what is left of Mabor through its Institute for the Management of State Holdings, IGEPE. The IGEPE is reported to have been looking for ways to reactivate the plant since it was “paralysed” and, of course, one solution is to sell the facility.
Continue ReadingQuiet Performer? Goodyear India
(India/Rubber Asia) Goodyear India is quietly getting into the news again. After years of lack-lustre performance, the company is making rapid strides in select segments and is charting out aggressive growth strategies. Antonio M.Capellini, chairman and managing director of Goodyear India, has reason to be happy. Despite severe competition from multinational and local brands, the company has carved out a niche market for itself. In the OTR tyre segment it’s the market leader in the country. With an 18 per cent market share in the passenger car radial segment, it is the only tyre company in the country approved by all car manufacturers for OEM supplies.
Continue ReadingMacquarie Bank Buys Inflation Company for US$470 million
A consortium led by the Macquarie Capital Alliance Group (MCAG), which is part of the Macquarie Bank Group, has acquired the world’s largest operator of tyre inflation vending equipment, ASI Holding Corp, for $US420 million. According to local news reports, MCAG will invest up to $109 million, which is up to 61 per cent of the total equity requirement of $179 million.
Continue ReadingWalsall Dealers Tread Carefully
Walsall tyre technicians Dave Carrier and Chris Bunce have received certificates from Bridgestone UK technical training manager Phil Thirsk, having passed a health and safety course run by the tyre manufacturer. The course is part of a training scheme endorsed by the Institute of the Motor Industry, and the two technicians, who work at First Stop dealership Lodge Tyres on Pleck Road, are now well on their way to achieving full accreditation.
Continue ReadingTwo Service Centre Staff Injured in Tyre Accident
Two workers were injured when a tyre exploded at the Durranhill Industrial Estate in Carlisle, Carlisle News and Star has reported. The health and safety executive is said to be investigating the accident. The two workers were reportedly the only people on the premises when the accident happened. The manager of Hewden Hire Centre declined to comment to local news reporters. According to the News & Star there is also a Hi-Q/Motorway service centre on the industrial estate.
Continue ReadingAlcoa Raises Forged CV Wheel Prices
Alcoa Wheel Products Europe is to raise its forged CV aluminium wheels prices between 8 and 12 per cent, depending on the product specification. New prices will be implemented for all shipments after 31 July 2006.
Continue ReadingBandag Announces Cost Cutting Programme
Bandag, Incorporated announced that it has closed its pension plans to new hires in the U S and Canada, and will freeze the existing pension plans for US employees and for salaried Canadian employees effective 31 December 2006. The cost-cutting programme includes an early retirement programme and voluntary and involuntary redundancies for some US employees.
Continue ReadingBrand Overhaulin’
The biggest news from Cooper’s Reifen Essen stand was the US-based company’s decision to launch run-flat technology into the European market. At the same time Cooper’s large open-plan stand showed that the company is continuing to invest in raising its profile by modernising its brand image. Tyres & Accessories met with Cooper president, chairman and CEO, Tom Dattilo and found out more about how the brand re-launch is going and what the strategy behind the company’s run-flat launch is.
Continue ReadingThree Decades of Processing Experience
Eldan Recycling A/S Denmark has been recognised as a leading supplier of Tyre Recycling Plant and Equipment for over 30 years. The company first manufactured a Rasper model 800 in 1970 to process car tyres into 20 mm chips to feed into a boiler to heat a commercial Greenhouse in Denmark. Since that time the company has expanded from a small family run business into a large manufacturing company employing over 100 people, however, it has still managed to retain the personal touch often lacking with larger companies.
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