Apollo Tyres Plans Share Issue
The board of Indian tyre manufacturer Apollo Tyres Ltd. has approved a plan to raise 2 billion rupees (34 million euros) through a public issue of shares. Apollo also plans a rights issue, whereby company shareholders would get one share for every six held under the rights issue. The company would also allot one warrant for every four rights shares issued.
Continue ReadingKumho Considering Larger DC in Atlanta Area – Reports
(Akron/Tire Review) Reports out of Atlanta indicate that Kumho Tire USA Corp. is considering opening a new and larger warehouse and distribution centre in Henry County, Ga.
Continue ReadingHankook Set to Raise Prices in USA
(Akron/Tire Review) Hankook Tyre America Corp. is raising prices by up to 5 per cent on all of its passenger, light truck/SUV and medium truck tyres as of July 1. Hankook said the increases will vary by line and tyre size.
Continue ReadingAnalysts Upgrade Goodyear
Analysts at the Deutsche Bank are upgrading Goodyear shares to Hold from Sell, saying that Goodyear shares have experienced a material correction since the bank lowered its recommendation to Sell in January. In the short term, the analysts say that they continue to see earnings risk associated with very weak demand, which may force Goodyear to idle factories in order to bring down inventories.
Continue ReadingNZ Green Party Slams “Misleading” Environmental Booklet
A New Zealand Government-produced booklet on the state of the countrys environment has been dismissed as complacent pap by a spokesman for the Green Party.
Continue ReadingMAHA UK Expands
MAHA moved into their new 12,000 sq ft purpose built factory and warehouse in June 2000 with a staff of 14. Extensions to the service stores started in March 2006 and which has increased the service stores area from 650 sq ft to almost 2,000 sq ft. Bob Smith joined MAHA UK in May 2006 as an experienced parts manager to maintain and expand MAHA’s service to all their customers throughout the UK.
Continue ReadingNew Footpaths from Old Tyres
Research in the USA has led to the development of a footpath surfacing material, made from scrap tyres. The new surface is said to be both cheap to produce and provides a joint-friendly surface for pedestrians and joggers.
Continue ReadingConsultant Fired Over a Year Ago, Cooper Says
(Akron/Tire Review) Recent television news reports concerning Cooper Tire & Rubber Co. using an ex-con to conduct accident site investigations were more than they appeared to be, according to Cooper. According to a Cooper spokesman, the tyre maker did employ Frank Ruggier to investigate vehicle accidents on its behalf, but fired him “over a year ago” when the company discovered Ruggier had previously been convicted of insurance fraud and grand theft.
Continue ReadingRMA Says Scrap Study Shows Tyre Age Not a Performance Issue
(Akron/Tire Review) A study undertaken in the USA by the Rubber Manufacturers Association (RMA) claims there is no correlation between the end of a tyre’s “safety performance” and its chronological age. RMA released its study data earlier this week after examining some 14,000 scrapped P-metric and LT-metric tyres late last year, comparing each tyre’s date of manufacture to the date it was examined.
Continue ReadingHippe Expects CTNA Losses Again in 2006
(Akron/Tire Review) Continental AG expects its U.S. operations to continue losing money at least through this year, according to an interview by Euro magazine with Alan Hippe, Continental’s CFO and president of Continental Tire North America (CTNA).
Continue ReadingBandag Signs Up New Partner at Reifen ’06 in Essen
At the Reifen ‘06 exhibition in Essen, Germany, Bandag has announced a strategic partnership with one of Austria’s best-known tyre companies, Reifen Wondraschek. The agreement with the tyre specialist from Linz reinforces Bandag’s penetration of the region, bringing its tyre products and services much closer to the existing and potential customer base.
Continue ReadingJohn Nevin Dies
John Nevin, the former CEO of Firestone, died suddenly on Tuesday at his home in Illinois. He was 79.
Continue ReadingBurst Tyre Causes Plane Fire
A British Hercules C-130 aeroplane, carrying the new British Ambassador to Afghanistan, Stephen Evans, was completely destroyed when a tyre burst on landing, sending debris into the engine, which then caught fire. Everyone escaped safely from the aircraft and there were no casualties.
Continue ReadingLudwig Downgrade Drops Goodyear Shares
(Akron/Tire Review) Goodyear Tire & Rubber Co. share prices dropped to a new 52-week low May 22 after an industry analyst downgraded the company’s stock. Goodyears stock fell as low as $12.22 per share in trading Monday before finishing the day at $12.71, down from the previous low of $12.78 per share, according to exchange reports.
Continue ReadingPirelli Sponsors New York Exhibition
Pirelli is a primary sponsor of a new exhibition running from May 19 through June 10 at the Milk Gallery in New York City, highlighting the design, fashion and high technology products of Milan. Appropriately, Milan is the headquarters of the Pirelli Group.
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