Bekaert Expects Double Digit Growth for 2004
Bekaert sustained its sales growth across all business segments in the third quarter. However, after making further efforts to manage unpredictable raw material markets, sales prices inevitably grew. In the first nine months of 2004, Bekaert achieved an increase in consolidated and combined sales of 19 per cent and 17 per cent respectively (1)(2). The consolidated sales’ increase was 20 per cent from organic growth and three per cent from the net movement in acquisitions and divestments, while adverse currency movements amounted to four per cent.
Continue ReadingContinental Sime Exports Grow 40 per cent
Contental’s Malaysian joint venture partner, Sime Tyres, reports that it is on track to achieve 10 per cent increase in sales on the back of higher domestic and international demand, according to chief executive officer Mohd Shukri Baharom. Folowing the strong results, the company is expected to increase tyre production to 5.5 million this year, with exports projected to grow by 40 per cent. In a move designed to further boost sales, the company says it will explore the regional market under the Asean Free Trade Area (Afta). Afta will allow us to expand further, Mr Shukri told journalists at a Simex 4x4 International Rainforest Challenge (RFC) 2004 briefing in Petaling Jaya yesterday.
Continue ReadingNokian and Matador Expand Cooperation
Nokian and Matador are to expand their co-operation, the companies report. The two tyre manufacturers signed an agreement on 5 November, which will see Nokian increase the number of passenger car tyres that are produced at Matador’s plant in Slovakia. In conjunction with this, Nokian Tyres and Matador also signed an agreement on machinery acquisition. The Finnish company will purchase new equipment at a cost of around 3 million euros in order to secure the production capacity at Matadors tyre plant. The objective is to increase the present production of 300,000 tyres to 500,000 tyres in 2005 and to gradually increase the volume to 1 million tyres. According to Nokian, the manufactured tyres will mainly be Nokian-branded passenger car tyres intended primarily for the Central European markets. The contract manufacturing agreement will be valid until the end of 2009 and after that renewed for one year at a time. The new agreement will replace the earlier agreement signed in January 2003.
Continue ReadingBridgestone’s Financial Results
Bridgestone has released its unaudited consolidated business and financial results for the first three quarters of the present fiscal year ending 30 September. In its tyre segment it recorded operating income of $983 million on sales of $12.6 billion. The manufacturer claims “strong sales supported by surging demand, mainly in markets outside Japan, offset the effect of rising raw materials costs on profitability.”
Continue ReadingNew Business Development Manager for Goodyear
Goodyear Tire & Rubber Company has appointed Joseph Copeland as senior vice president of business development strategy and restructuring. According to the company, the new appointment combines the business development responsibilities previously led by Rick Navarro, as well as the strategic and restructuring initiatives that were part of the previous assignment of chief financial officer Richard Kramer.
Continue ReadingDunlop’s Triple Tyre Launch
Goodyear presented three new high performance Dunlop tyres at the SEMA show in an effort to rejuvenate its North American line up of the fading brand. Independent tyre dealers and consumers that attended the show had the chance to see the Dunlop SP Sport Maxx, the company’s new “flagship ultra-performance tyre” that has already been released into the European market and that performed well in Autocar’s recent tyre tests. According to Andy Traicoff, director of the Dunlop brand in North America, the tyre has been received enthusiastically from manufacturers seeking “original-equipment tyres for their high-horsepower models.”
Continue ReadingWin tickets to Max Power London
Max Power London is back, offering a weekend of modified motors, stunt driving action and in-car-entertainment. On the 27th and 28th November thousands of car enthusiasts will be making their way to the Dockland’s ExCeL Centre to catch a glimpse of the six best modified motors in the world that will be on display at this year’s show. Models including Victoria Sivlstedt, Lucy Pinder, Michelle Marsh and Kerri Parker will also be there to meet fans and autograph pictures. Max Power London will be open from 9.00am – 06.30pm on Saturday and Sunday. Tyres & Accessories has five pairs of tickets to give away. If you fancy winning a pair of free tickets along with a copy of the show DVD then answer this question… What is the maximum speed category, in mph/kmh, of a V rated tyre? Email your answers to info@77.237.250.82. Mark MAX POWER clearly in the subject header of your emails, and include your full contact details. The competition deadline is the 15th November.
Continue ReadingGoodyear Appears to be on The Right Track
Rivals Bridgestone, Michelin and Continental published turnover and earnings figures last week, something that could only serve to put pressure on Goodyear. The US tyre manufacturer will publish its third quarter figures on 9 November, but unofficially the management signalled that the company had again made a small profit after a profitable second quarter. For Goodyear, any profits are very welcome. After three catastrophic years with losses totalling more than $2 billion, it is expected that Goodyear will reach a red zero at the end of the year. But, it is painful to see that Goodyear, after having paid well over $100 million in fees for the restatements of 1999 to 2003, is in trouble again regarding accounting irregularities. Analysts agree that it is unnerving that Goodyear has been unable to overcome these problems.
Continue ReadingCooper to Supply New Motorsport Series
Cooper will supply the A1 Grand Prix, a new FIA approved motorsport series, which will begin in September 2005. The three-year agreement requires Cooper to produce slicks and treaded rain tyres for the series championship, which the company describes as “the World Cup of motorsport.”
Continue ReadingEU Report Gives Luxembourg Second Place For Research
The former Prime Minister of the Netherlands, Wim Kok, has presented an interim report to the European Union, pursuing the goal of making the EU the strongest economic power in the world, by 2010. The report found that Luxembourg fares well, already in an “above average” position. The research summarised a countries potential to grow based on the number of scientists per thousand. With a European average of 5.7 per thousand, Luxembourg was found to have the second largest proportion in Europe, with 8.78 researchers per thousand. Only Finland has a higher number of research scientists. Luxembourg was less successful in other categories. The reason for Luxembourg’s impressive standing is because of the number of private research centres based within its borders. Luxembourg is the home of a number of significant research centres including, Goodyear, DuPont and Delphi. Currently the Lisbon Strategy is a long way away from its goal of making Europe the strongest developed economy in the world.
Continue ReadingSearching for a Battery?
A battery search facility, which provides fitment details at the touch of a button, is now available online at Exide Technologies’ website. The new feature, which has been added to the site following development from the company’s marketing team, enables users to call up a host of useful information by simply typing in the details of the car or commercial vehicle model. “This is an excellent tool for trade customers who can carry out a search for the correct battery application within seconds. It’s not only quick but extremely user-friendly, detailing all the technical aspects of the product in a clear-cut format,” commented Craig Everett, Exide Technologies’ UK marketing manager. “This project also demonstrates Exide’s commitment to maintaining its high levels of customer service and technical support through the introduction of exciting initiatives such as this new online battery search facility,” he added.
Continue ReadingMontupet Winds-up
French automotive supplier Montupet SA, has released first half results showing a reduction in the company’s turnover. The company, which produces PAX wheels, amongst other products, This year the company’s turnover totaled 225.8 million (£157.64 million) euros compared with 236.24 million euros the year before. In contrast to this the remainder of the company’s figures show significant improvements. Thus the company’s halved its net debts from 53.33 million to 24.3 million euros, while its net profit increased from 14.92 to 18.14 million euros (£12.66 million).
Continue ReadingBridgestone Establishes Chinese Investment Company
Bridgestone has announced that it has established a company responsible for managing its Chinese tyre operations. The new company, established on 22 October is called Bridgestone (China) Investment and has a start-up capitalisation of $68 million. The company’s establishment follows the formal opening of Bridgestone’s third Chinese tyre plant in Wuxi, Jiangsu province. The company says the new company will enable it to “respond faster and more flexibly to customer expectations.”
Continue ReadingBridgestone Sets Record Figures
Japanese tyre manufacturer, Bridgestone, has reported record figures for the first nine months of 2004, the company says. Bridgestone’s third quarter results show that the company produced a turnover of $15.8 billion, while making operating profits of $1.25 billion. The company says that this translates to a net profit of $724 million. During the first nine months of 2004 Bridgestone recorded a turnover of $2.1 billion in Europe, while the company’s operating profits totalled $140 million. According to company, its US turnover reached $6.8 billion while its operating profit amounted to $235 million in this region. In the manufacturer’s home market of Japan, the company achieved roughly the same turnover but almost three times as much in terms of operating profit - $726 million.
Continue ReadingBandag Sells South African Operation
Bandag Incorporated has reached an agreement to sell its South African business to local management. The new company will be known as Bandag Southern Africa. The deal is due become effective as of 1 December 2004, with a long term licensing agreement expected to follow when transaction is completed. The multinational retreader points out that the South African operation represents less than 2 per cent of the Bandag’s total assets and contributed approximately $0.6 million to the company’s pre-tax income in 2003. The business will cost its new owners approximately $3.5 million. Payment will include a cash sum of $2 million with the remainder to be paid in equal instalments over five years. According to the company, the effect that this will have on the earnings of the businesss may fluctuate over the five-year period depending on the stability of the euro and the South African rand. The company says that the expected loss will not affect Bandag’s cash flow, but rather will be an accounting entry which will reduce net earnings.
Continue Reading