Toyo Executives Officially Open European Office
Having established its new European offices on 1 January, Toyo Tire invited guests to an official opening that fused European and Asiatic cultures. Dignitaries present included Toyo president and chief executive, Yoshio Kataoka and the Herbert Napp, the Mayor of Neuss, the German city where the new offices are based.
Continue ReadingGoodyear Considers Restructuring Options
Goodyear Tire & Rubber is considering restructuring options, including the closure of North American plants, shifting work to “low-cost” countries and cutting an unspecified number of jobs, the Wall Street Journal has reported.
Continue ReadingMichelin’s Guide to Great Britain and Ireland
Michelin has published its latest guide, this time to Great Britain and Ireland. Out tomorrow this year’s guide sees the addition of two new symbols, one indicating a good wine list and the other relaxation and well being facilities.
Continue ReadingBridgestone Australia Predicts Poor 2005 Results
Bridgestone Australia is predicting that its 2005 results will suffer “significantly” because of a rise in raw material prices, reports Fairfax news site. The manufacturer recorded a $10.86 million (£4 million) net profit in 2004, which was up 1.9 per cent on the previous year. “As predicted in our October and December 2004 stock exchange releases, raw material prices increased significantly in the last quarter of 2004,” Bridgestone said.
Continue ReadingHankook and Kumho Fined
The South Korea monopolies commission has said it will fine Hankook Tire and Kumho Tire 4.1 billion won (£2.1 million), Korean newspapers have reported. The Fair Trade Commission (FTC) said the two companies had raised the prices of products shipped to their distributors after consulting each other, violating the country’s fair trade act. The fines break down to 2.2 billion won for Hankook and 1.9 billion won for Kumho. The ruling comes after both companies raised their prices by between five and 10 per cent in May 2004, on the pretext of higher international rubber prices. The FTC is reported to have said both companies have admitted to the violations and provided evidence, entitling them to reduced fines under the governments leniency program.
Continue ReadingYokohama’s Salem Contract Awaits Approval
Yokohama and the United Steelworkers of America have reached a provisional agreement regarding a new contract for the manufacturer’s Salem plant, according to American news sources. The contract is pending approval by union members said Yokohama. However the terms of the new arrangement have not been disclosed. The previous contract, which expired in June 2003, was extended through negotiations. The Salem plant produces passenger, high performance and light truck tyres.
Continue ReadingDucati Bridgestone Test Tyres
Ducati Corse CEO Claudio Domenicali has announced that it is to set-up a special tyre test team in collaboration with Bridgestone, reports MotoGP News. The MotoGP project will see Japanese rider, Shinichi Itoh, become the official test-rider alongside a group of technicians, including a Ducati Corse engineer.
Continue ReadingMichelin Changes Accounting Standards
Michelin CFO, Michel Rollier has met with analysts in order to discuss the main effects of the Group’s transition to International Financial Reporting Standards or IFRS. The company previously used the French GAAP system. Michelin say its wishes, in line with French market authority recommendations, to provide the financial community with all available information. According to the company, adoption of IFRS standards has had consequences both in terms of measurement and presentation. Michel Rollier indicated that the main impact on Group consolidated accounts has been identified.
Continue ReadingT&G to Ballot for Action at Michelin
Members of the Transport and General Worker’s Union (T&G) at Michelin’s Stoke-on-Trent factory will be balloted for industrial action in a dispute over pay. According to the union, the action comes after a majority of members rejected the company’s December 2004 pay deal. The company has refused to alter its lump sum offer. Michelin representatives expressed their disappointment that the deal was rejected, but confirmed that they were committed to finding a solution. The company also offered the deal to workers at its Ballymena and Dundee plants.
Continue ReadingFulda Kick-Starts 2005 With Exelero Launch
Fulda is hailing its participation at the recent Autosport Show as a success, saying it has kick-started 2005 with the launch of its Exelero high performance tyre. In addition to showcasing its latest release, the company highlighted the activities of the UK Fulda Challenge team and its support of the show’s live action arena.
Continue ReadingTargeting the Lifestyle Consumer
Dunlop’s appearance at the Autosport show saw the company launch a new 22 inch SP Sport Maxx size and promote its 2005 Race Academy. There was even the opportunity to virtually compete, with a race simulator. The motivation behind all this? In order to increase its exposure amongst the key “lifestyle” target audience. The Autosport show was the first time that Dunlop has exhibited the 22 inch version of its SP Sport Maxx tyre in the UK. Developed in association with tuning companies that build modified BMW and Mercedes machinery, the company says the new tyres are designed to complement the existing product range which begins with a more humble 16 inch fitment. The SP Sport Maxx will now be available in 265/35R22, 285/30R22 and 305/30R22 sizes.
Continue ReadingConti North America Figures Turn ‘Blood Red’
According to sources the North American arm of Continental has suffered further financial losses, with negative figures resting around the hundred million mark (euros). A North American source claims that the losses would be greater still, if it were not for the support given by the European division of the group.
Continue ReadingWorkers Buy Euzkadi Plant Tax Free
Mexican workers have bought the Euzkadi factory that Continental Tire had planned to close. By investing the severance packages that they received when the closure was announced in December 2001 the union workers have acquired 50 per cent of the factory that will shortly be renamed Cooperativa de Trabajadores Democráticos de Occidente. The remaining 50 per cent was purchased by Llanti Systems, a former customer of the factory and its Pneustone brand. At the same time the Mexican government honoured an agreement stating that union members who invested in the joint enterprise will be exempt from income tax. Euzkadi’s closure left 1,164 workers unemployed, after claims that the factory was financially impracticable. The fist tyre manufactured by the new enterprise is expected to be roll of the production line by mid 2005. The new company will have a capacity of between 10,000 and 13,000 tyres per day, a level similar to that of Euzkadi plant prior to its closure.
Continue ReadingBoard Changes at Bridgestone Australia
Bridgestone Australia has announced that Mr Junichi Otsuka has resigned as a director of the company. The decision will take effect as of 18 February when Mr Otsuka will begin a new overseas assignment. In response Mr Shin Yamasaki, currently based in Spain, has been appointed as a director of the company from the same date.
Continue ReadingMichelin Innovations Signify Long-Term Strategy
In addition to the recently publicised Tweel and Airless Wheel puncture-proof products, Michelin has unveiled a third concept aimed at pioneering the development of the tyre. As a company Michelin spends around 4.5 per cent of its turnover on research and development, the Active Wheel is just one result of this. Aimed at electric and fuel-cell cars, the Active Wheel is an integrated module, which is made up of a conventional tyre, active electric suspension, a disc brake and an electric motor, which is designed to provide traction and much of the braking power. According to the manufacturer, the Active Wheel is the result of a total rethink of the movement transmission process. In addition to rolling and driving forward, as any wheel does, the new concept also acts as a suspension unit. The result is that the need for a gearbox, clutch, shock absorbers and transmission shaft is removed, saving considerable amounts of weight. Michelin is shying away from whole-heartedly backing any one of its products but instead appears to be playing the opening gambit of a long-term strategy. It is conceivable that in a decade or two any one of these innovations will be accepted as standard.
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