Michelin Reorganises Top-Level Personnel
Hervé Coyco, Michelin Group Executive Council member responsible for worldwide car sales, will takeover responsibility for the running of Michelin’s Asia Pacific operations from Jean-Marc Francois. Francois is taking a year out to complete an MBA course before returning to the company in order to pursue other leadership positions.
Continue ReadingCooper Withdraws Third Quarter Guidance
Cooper Tire & Rubber Company today issued a statement advising that it has withdrawn its guidance for expected earnings in the third quarter of 2005. The company cited various market and company specific factors that changed materially from management’s assumptions at the original guidance was issued on 2 August 2005. These factors included softer industry demand in the North American replacement tire market, which led to lower than anticipated sales; changes in raw material costs; higher shipping and transportation costs; and higher energy costs. Cooper said it will provide additional detail on its operations and the impact of these factors when third quarter results are finalised and reported to the public on 8 November 2005.
Continue ReadingGajah Tunggal Sales to Increase 20 per cent
The sales of PT Gajah Tunggal Tbk are likely to increase 20 per cent compared with last year’s figure of 3.8 trillion Indonesian rupiah (£214 million), the company has reported. Gajah Tunggal director, Catharina Widjaja, said the growth was due to increased domestic demand and additional sales to Michelin & Cie. The company, which is 10 per cent owned by Michelin is under contract to supply the French manufacturer with 5 million tyres per annum until 2010.
Continue ReadingMichelin Rally Tyre Stolen
Michelin representatives have appealed for information regarding the whereabouts of a Michelin Z BTO, which they say was stolen from service facilities during the recent Rally Japan. The incident reportedly took place at the Obihiro service park during the night of 1 October. As you might expect the manufacturer was less the impressed. “The Michelin Group considers acts of this sort to be extremely serious and unreservedly condemns such acts of industrial and technological espionage,” an official statement said implying that the tyre was stolen by a competing manufacturer.
Continue ReadingBridgestone Announces Enormous Expansion Plans
Bridgestone Corp has announced huge expansion plans, which could see the manufacturer spend as much as 200 billion yen (£990 million) every year between now and 2008. Bloomberg has reported that Bridgestone is pre-empting a stagnation in the domestic Japanese market by increasing investment in new factories and upgrading equipment. The company is aiming for sales of 3 trillion yen (approximately £15 billion) by 2008, with a profit margin of 5 per cent, company president Shigeo Watanabe told a Tokyo press conference. ``We are aiming to capture about 20 per cent of the global market share for tyres” by 2008, from the current share of ``between 18 per cent and 19 per cent,” he said.
Continue ReadingDuracord Enters Receivership
Tyre cord maker Duracord (Europe) has collapsed with the loss of 70 jobs, the Manchester Evening News has reported. Durachord of Castleton, Rochdale, was previously known as Dunlop Textiles. The company’s directors called in administrators last week and the company has now gone into receivership. Phil Roberts, Rochdale branch secretary of the GMB union, said Duracord’s employees would have to apply to the government for their wages, holiday money and redundancy pay, which could be a lengthy process.
Continue ReadingBandag OE on 1,000 New Trailers
DFDS, the Danish road transport giant, has ordered 1,000 new trailers from German company Bernard Krone GmbH to be delivered over the next 18 months. The trailers will be fitted with 6,000 Bandag retreads as original equipment, manufactured by Bandag dealers in Belgium, the Netherlands, Germany, France, the UK, Czech Republic and Hungary.
Continue ReadingKayaba’s Changing Direction
Kayaba has adopted a new global name of ‘KYB’ to reflect its changing image. A new look logo and strap line - ‘Our Precision, Your Advantage’ – will also signal the companys refocused management vision and future direction.
Continue ReadingPierre Dupasquier Retires
Michelin motorsport director, Pierre Dupasquier has bowed out from international motorsport following the company’s 100th pole position and another Grand Prix win. Whilst always likely to be a Michelin pole - the French brand has taken 18 of the 19 top spots in qualifying this season – the 100th such achievement was a fitting way for Dupasquier to leave the F1 paddock, having presided over the companys return to F1.
Continue ReadingBridgestone Increases Number of Retail Outlets in China
(Akron/Tire Review) A report by the Shanghai Daily says that Bridgestone Corp. will add 750 retail tyre outlets to its distribution in China by 2010, with some 400 of them being “high-end branded stores.” Already, Bridgestone has 4,850 sales outlets in China, and will boost that total to 5,600 within five years. Among those are 100 Car Wings company-owned outlets, which Bridgestone says it will increase to 500 stores. Car Wings outlets sell tyres, wheels, stereo equipment and accessories.
Continue ReadingBridgestone Settlement Could Benefit US Operations
International ratings agency Fitch Ratings has said that the settlement between Bridgestone and the Ford Motor Company could pave the way for Bridgestone to improve profitability in its US operations. The settlement, which is in relation to the infamous “August 2000 Firestone/Ford Explorer Tyre Recall” problem, will have a negative effect on Bridgestone’s financial position in the short term. Despite this Fitch affirmed Bridgestone’s senior unsecured foreign currency rating at ‘A’ with stable outlook and short-term rating at ‘F1.’
Continue ReadingTitan Buyout Deal Surprises USW
(Akron/Tire Review – Freeport Journal Standard) The $18 per share “cash merger” offer by an New York private equity firm for Titan International apparently caught the United Steelworkers (USW) well off guard, leaving the national union and its Freeport, Illinois, local scrambling for information.
Continue ReadingMatador Reveals New Logo
Matador has revealed a new corporate identity. The Slovakian tyre manufacturer and equipment specialist announced the moves following an enormous publicity drive, which has even seen the company invest in corporate informercials on TV channels like CNN and BBC World. This year the company celebrated its centenary and saw the occasion as a good opportunity to “modernise and create a better impression about Matador’s work.” Use of the new corporate identity will come into effect from 17 October, when it will replace the old logo.
Continue ReadingBattery Check Kit from Varta
Varta Automotive Batteries is offering a workshop battery check to the trade in order to assist them to maximise user sales as the winter battery replacement season begins. .
Continue ReadingXL Brake Caliper Catalogue
XL, the automotive parts brand distributed through FPS, has introduced a new 2006 brake calliper catalogue which it claims offers the best range coverage in the UK market. It contains 204 new part references, increasing the range to over 2,500 part numbers. All XL brake callipers undergo stringent testing and are supplied with a 24 month no quibble warranty. Since 2001, XL has been part of Remy Automotive UK Ltd.
Continue Reading