The European Commission has agreed the accession of Conti Teves to the joint-venture Automotive Distance Control Systems ADC (Temic Telefunken Microelectronic/parent company: DaimlerChrysler and Leica Geosystems/Switzerland).
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 Michelins 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.
Edouard Michelin, CEO of the French tyre giant, can see opportunities for technical alliances with competitors, a French magazine reports. As an example, he cites the new tyre and wheel system Pax, which will be presented jointly by Michelin and Pirelli in Geneva.
Pirelli Buy Energy Cable Activities From BICC General
With the acquisition of the energy cable activities from BICC General for US$216 million Pirelli is strengthening its world-wide leadership in this particular business which will bring it up to US$ 3.4 billion in turnover. Their nearest competitors are Alcatel (sales - US$2 bn) and Sumitomo (sales - US$1.5 bn).
Michelin Strengthens Commitment to Truck Tyre Retreading
In the hot cure field Michelin is the European market leader with its product Remix. Recamic, Michelin’s cold cure process six years in the making, is still eyed with curiosity.In Europe Michelin has been a strong competitor for many years and has a current market share in truck tyre retreading of 23 p.c., which it intends to raise to 30 p.c. by the year 2005.
Michelin has announced a fall in net profits, from 535.5 million Euros to 154.4 million Euros for 1999. This is even lower than latest predictions of financial analysts. The figures were affected by the inclusion of a special provision of 370 million Euros, made to cover the entire cost of Michelins three-year restructuring plan. However, operating profit for the year rose to 1.23 billion Euros; an increase of almost 15%.
New OTR Tyres From Bridgestone To Be Shown At Intermat
Bridgestone/Firestone is displaying its new generation of off-the-road tyres at Intermat 2000, one of a series of exhibitions for the construction and civil engineering industries, to be held in Paris from 16-21 May. Bridgestone claims a global OTR tyre market share in excess of 40% and in the past three years, has invested US$ 100 million in this product sector.
Cooper-Avon Tyres Limited will be exhibiting a number of flagship products from both its Avon and Cooper brands at the Reifen 2000 international exhibition in Essen, Germany from 20-23 June. For the motorcycle market the company will be unveiling for the first time the Azaro with Avons variable belt density (VBD) technology. Furthermore two new winter tyres – CR75 and CR85 – will make their debuts at the show as well as the new 4x4 tyre named Ranger H.
3,000 Turkish tyre workers returned to work yesterday after the Government had ordered a two-month postponement because of national security issues. The Government wants to reduce inflation from the current 60% to 20%. Unions wanted a 35% rise and were offered 26.5%, which was rejected. Last week the three main manufacturers – Brisa, Goodyear and Pirelli – took out a joint press advertisement attacking the action.
Czech tyre manufacturer Mitas is to purchase the motorcycle tyre manufacturing business from Trelleborg. The purchase (the price of which was not revealed) includes the license of the trade mark Trelleborg and increases the Mitas motorcycle tyre portfolio by 15 designs in 57 sizes.
Buy Back in Hayes Lemmerz Stock Repurchase Program
Hayes Lemmerz International, one of the worlds leading suppliers of wheels, brakes, powertrain, suspension, structural and other lightweight components to the automotive and commercial highway markets, has announced that its Board of Directors has approved the repurchase of up to an aggregate of $30 million of its outstanding Common Stock. Based on current market prices, our stock is at a historical low and we believe that the repurchase program is a good investment of available funds, said Ron Cucuz, Hayes CEO and Chairman of the Board.
New US-Headquarter For Continental Teves In Auburn Hills
The new administration building an R&D-Centre has been officially opened in September. The two storey building has 250.000 square meters and the costs were 40 million US-$. 540 employees, within weeks this number will climb up to 600, who used to work before in three different places in Detroit, are now working in the headquarter, which is located very close to the US-HQ from DaimlerChrysler. Continental Teves employs 2,100 people in North America. 32 % of its turnover of about 2.5 bn Euro are made in the US.
Top Scores For New Generation Yokohama Tyre Generation
Japanese producer Yokohamas high performance tyres received top scores in the latest competitive tyre tests in the German motoring press. Magazines auto, motor & sport, sport auto and rallye racing emphasised the extraordinary performance of the AVS Sport and the TW 1 on wet and dry surface.