Cooper Share Price Falls
Cooper shares fell six per cent after the company withdrew its third-quarter earnings forecast, thestreet.com reported. The announcement was said to be in response to a number of factors including: “softer industry demand in the North American replacement tyre market; changes in raw-material costs; higher shipping and transportations costs; and higher energy costs,” the company said. In August, Cooper predicted it would post third-quarter earnings of between 10 and 14 cents a share, including a charge of 8 cents a share related to a strike at one of its Arkansas tyre plants and a loss of 4 cents a share related to an “unusual tax rate.” Analysts had been expecting earnings of 9 cents a share. As a result of the announcement, share value dropped 81 cents to $13.74
Continue ReadingBridgestone Provides Tyres for Giugaro’s 50th Anniversary Car
Bridgestone has announced that its Potenza RE050 tyres will be fitted onto the Ferrari GG50 concept car designed by world- designer Giorgetto Giugiaro. The Ferrari GG50 was designed by Giugiaro to celebrate his 50th year engaged in car design. The concept model, based on the Ferrari 612 Scaglietti, is the only one of its kind in the world and is not intended for production or sale.
Continue ReadingHankook in Talks with Hungary on New Tyre Plant
(Akron/Tire Review) Hankook has reportedly conducted talks with Hungarian Economic Minister János Kóka on potentially locating its new Eastern European plant there. The report is according to a daily newspaper in Hungary. Earlier this year, Hankook announced its plans to spend $650 million on an Eastern European plant capable of producing five million tires annually. The tyremaker had picked Slovakia as the site, but negotiations have since been hampered due to disagreements over the government’s incentive package. Korean news reports have stated that Hankook will announce the intended location of its new plant by November. Production is slated to begin in 2007.
Continue ReadingContinental to Invest up to £27 million in Malaysia
Continental AG is planning to spend between £22 million and £27 million on equipment and machinery at its plants in Malaysia, the company’s director of marketing and sales for passenger car replacement Europe Jurgen Schmidt told the Malaysia Star newspaper.
Continue ReadingTire Pros to Acquire St Louis-Based Autotire
(Akron/Tire Review) Tire Pros/Am-Pac Tire Distributors Inc has signed a definitive agreement to acquire Latham Tire Co and its Autotire Car Care Centers business for an undisclosed amount. The agreement, expected to close shortly, brings the number of Tire Pros’ national retail stores to 300.
Continue ReadingNETE Wins Michelin Five-star Award
Newcastle is home to one of the top six Michelin accredited tyre centres in the UK, the manufacturer has announced. North East Tyre and Exhausts’ new centre on the Silverlink Business Park, Wallsend, North Tyneside has just received Michelin accreditation, a standard which certifies high quality premises, expert staff and exemplary customer service.
Continue ReadingText ATS Euromaster
ATS Euromaster is tapping into the new wave of mobile phone commerce by providing an SMS service to keep fleet drivers moving. Motorists can now text “tyres” to 82025 to locate their nearest ATS Euromaster service centre and will receive details such as the depot’s address, contact details and the exact straight-line distance from the position of the mobile phone. Though free, users will be charged the standard texting rate set out by their service provider.
Continue ReadingVan den Ban Clears the Way for New Brand
At the beginning of September Van den Ban Autobanden BV launched its new ‘Clear’ brand in several European countries. Produced in China, the new exclusive brand, is said to have attracted “a great deal of interest” already. Van den Ban has stated its intention to enhance its size range by the end of 2005, but the company says its “ultimate objective” is to present a comprehensive portfolio of over 30 high performance size options in due course. There are even plans to extend the range to include SUV and truck sizes. The Clear HP166 model is being promoted on the basis of its V-shaped pattern. In addition to wet and dry traction performance, the new tyre is said to include a rim protector to guard against wheel damage.
Continue ReadingHankook to Re-select European Plant Site
Hankook Tire Co, says it will select a new site for its proposed European plant by November, and is aiming to break ground next spring. According to Asian news sources, Hankook’s chief executive Cho Choong-hwan reiterated the plan to begin European production in 2007 during his speech at an international automotive industry forum, stressing the strategic importance of the European market.
Continue ReadingAmerityre Appoints New Chief Operating Officer
(Akron/Tire Review) Gary N Benninger, PhD has been appointed chief operating officer at Amerityre Corp, effective 16 October. Previously, Benninger was director of technology development at auto parts supplier Magna International Inc. and its affiliate MEC. He was responsible for identifying new technologies and managing product launches.
Continue ReadingDana to Market SmarTire’s CV TPMS
SmarTire Systems Inc has announced that it has signed a contract with Dana’s Commercial Vehicle Systems group to market and sell SmarTire’s tyre pressure and temperature monitoring systems to the commercial truck, bus and RV markets.
Continue ReadingMichelin 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 Reading