Continental has announced it will be acquiring a 15% share in Indian tyre manufacturer, Apollo Tyres. According to Indian media sources, the acquisition will enable Continental to build up a technological relationship with the Indian tyre market and there are plans to develop a truck tyre factory on a greenfield site in Pune. At the moment, neither Continental or Apollo Tyres have confirmed the partnership.
For the third time in a row, Goodyear has earned top honours in Fortune magazines Rubber and Plastics Product category of Americas Most Admired Companies. Among things measured were reputation, product quality, innovation, social responsibility and financial soundness.
After having fallen to a 52-week low again in mid March the shares prices of Goodyear, Cooper and the other tyre manufacturers rose or at least remained unchanged in the first weeks of April while Hayes-Lemmerz, Volkswagen and BMW each slipped by -5%.
This morning the venture capitalist company Alchemy Partners pulled out of talks with BMW to buy the Rover Group, including the Longbridge plant. The deal was expected to be successfully concluded today. BMW has allowed one month for another buyer to come forward or the Longbridge plant will be shut down.
Kenji Shibata (61), President and Chairman of Bridgestone/Firestone Inc. (BFS) in North America, retired effective June 30, 2000. Corporate duties of the office of President will be assumed by Masatoshi Ono, Chairman and CEO of BFS.
Michelin recently described the V/Z sector as the most dynamic sector in todays market, increasing by the rate of 15% per year in Europe and growing five times faster than the overall market. By 2003, Michelin estimates that 35.7 million tyres will be sold in this sector, accounting for almost one quarter of the replacement tyre market.
New Sales And Marketing Director At TWS Rotatec GmbH
As Sales And Marketing Director at Trelleborg Wheel Systems (TWS) Rotatec GmbH & Co. KG, Oliver Gehlker has been responsible for the German market since 3rd July. According to TWS, Gehlker, who is 33 years old, is very experienced in the tyre business. Before he signed up to his new job, he held different positions in the tyre industry and retail sector.
The Merry-Go-Round At Goodyear North America Goes On Again
Bill Sharp (59) has retired suddenly on July 14th after 36 years of Service for the tyre maker. His successor, John C. Polhemus (56) used to be President of Goodyears Latin America region. Marco Molinari, currently Vice President Marketing and Sales North America, becomes Vice President Global Marketing Projects. Jim Vogel, currently Director Corporate Accounts North American Tire, becomes Vice President Marketing and Corporate Accounts for North America.
The six tyre manufacturers making up RubberNetwork.com have signed a memorandum of association; a further step in creating the global electronic purchasing marketplace for tyres and rubber, which is on track to be up and running by the year end. The six members are: Continental, Cooper, Goodyear, Michelin, Pirelli and Sumitomo Rubber industries. On the other hand, Bridgestone has left the project. Asked for the reason by NEUE REIFENZEITUNG magazine, Bridgestone Firestone Europe said that a closer examination indicated that the relationship between costs and savings was not as beneficial as was first expected.
Despite the recovery in vehicle sales in Asia over the past two years, analysts are predicting a slowdown in sales in parts of the region, notably South Korea. The Asian car market is expected to fall by 3% next year, with little sign of recovery in 2002.