Amcast Completes the Sale of its Flow Control Business
Amcast Industrial Corporation, has completed the sale of the majority of assets from its Flow Control operation. The sale was made to the US subsidiary of Dutch group Aalberts Industries NV. Elkhart Plumbing, Elkhart Industrial and Amcast Industrial Ltd were all included in the sale. It is reported that the sale was made in order to comply with provisions of the companys loan agreements. The net proceeds of the sale equated to approximately $54 million and will be used to reduce debt. With an expected turnover of around $130 million (£71 million) and a workforce of 430 employees, Elkhart Products Corporation (EPC), is one of the three biggest players in the North American market. The company has an estimated 35 per cent share of the wholesaling market and a 10 per cent share of the retail market. The agreement puts the Dutch company at the top of the world market for copper fittings and provides it with a strong American base. With the acquisition of the three production facilities Aalberts will also gain an extensive sales network in the US and Canada.
Continue ReadingGoodyear in Profit for 2004 Second Quarter
In the second quarter of 2004 Goodyear achieved a record levels of sales, the company has reported. With all seven of its businesses profitable, the company also reported net income of $25.1 million (£16.5 million) for the second quarter of 2004, a record figure.
Continue ReadingMaxxis Joins General Motors as OEM Supplier
Following year-long negotiations Maxxis International has won an OE contract to supply General Motors. A new multi-year contract specifies that Maxxis will supply its brand of light truck tyre, LT225/75R16, to a General Motors ‘vehicle programme’ in the third quarter of 2006.
Continue ReadingGoodyear Results ‘Deflate’ Analysts
Goodyear may have been in profit for the second quarter and may have posted record sales but not everyone is impressed. Deutsche Bank analysts have pointed out a number of flaws in the company’s optimism.
Continue ReadingNew Study Reveals Large Players Struggle Most
Contrary to popular belief, smaller companies are not being forced out of the market by their larger counterparts, says a new report released by Plimsoll Publishing Ltd.
Continue ReadingHi-Q Strengthens Its Fleet Team
Hi-Q Tyre Services has appointed Naithan Keeping to the role of fleet director. Mr Keeping, 31, joins the Goodyear Dunlop retail network, from ATS, where he was fleet sales director.
Continue ReadingBuell and Pirelli Hit the Streets
Buell, a Harley-Davidson subsidiary, has selected Pirelli as its exclusive tyre supplier for its new Lightning CityX XB9SX. The company, which specialises in the production of sport motorcycles, has called the new model an “urban street fighter.”
Continue ReadingHankook Consider Moving to Eastern Europe
A number of news sources are reporting that Hankook Tire is considering sites in Eastern Europe for a possible new construction plant. The Korean Maeil Business Newspaper identified Poland as one of the front-runners, for the $1 billion project. The claim that the report is supported by the company’s president, Cho Choong Hwana, adds credence to the story. Meanwhile, the Warsaw Business Journal reports that it will take an estimated two to three years before construction of the plant is finished. The journal also suggests that Hyundai’s recent decision to open a plant in Slovakia could have been a motivating factor behind the move.
Continue ReadingConti is Becoming Analysts‘ Favourite
Continental’s recently published and extremly favourable half-year business results seem to have fired the imagination of analysts. After the German tyre manufacturer announced 9.9 per cent increase in turnover and a 21.4 per cent increase in EBIT, half a dozen company and market reports have been published arguing that Continental shares still have considerable development potential.
Continue ReadingCooper’s New Role to Control Motorsport Activities
James P Keller, has been announced as Cooper Tire and Rubber’s new vice president, competition and enthusiast products. Based in Stow, Ohio, Mr Keller will assume his new role as of 15 August. His responsibilities will now focus on directing, administering and coordinating the company’s motorsport activities, this is to include both the Cooper-Avon racing interest in the UK and Mickey Thompson Performance Tires and Wheels based in Ohio. We are beginning to capitalise on the enormous global opportunities for Cooper Tire in the area of motorsports, said Phillip D Caris, VP sales and marketing. This newly-created position will help us continue to develop, promote, grow and maximize performance results and brand awareness from the targeted market niche of competition, performance and enthusiast products for Coopers North American tyre division as well as for our global motorsports activities. Mr Keller has held a variety of roles within his 21-year career at Cooper. Since May 2003 he has served as the plant manager for Coopers fluid systems manufacturing facility in Bowling Green, Ohio. Prior to this role, he served as the vice president of purchasing for three years.
Continue ReadingWRC: Peugeot co-operates with Pirelli
The forthcoming season of the WRC championship will see the Peugeot team racing for titles on Pirelli tyres. A recent press release issued by the manufacturer claims that the contract provides this new co-operation for the coming three seasons. Pirelli views the contract as proof of performance of the P Zero rally tyres“. Up until now, Michelin was delivering tyres to the Peugeot team in the WRC championship.
Continue ReadingRubber Production and Demand Increases
The global demand for natural and synthetic rubber will rise in the next few years, according to figures from the International Rubber Study Group (IRSG) published in the recent issue of Rubber Asia. While demand in the European Union is expected to increase by 1.6 per cent throughout this year, demand in the Asian market will grow by 5.2 per cent. Asian companies already process half of the total world production of natural and synthetic rubber, almost 20 million tonnes. The IRSG expects world demands to develop by a further 5 per cent in 2005. At the same time production is expected to increase at the same rate, suggesting that there will not be any bottlenecks.
Continue ReadingGoodyear Announces Price Increases
Goodyear Tire & Rubber has announced that it will raise prices on its consumer, commercial, farm and OTR tyres, effective the 1 September. Consumer tyre prices will increase by up to five per cent and commercial tyre prices by two per cent. Farm tyre prices are set to go up by five per cent and OTR tyre prices will rise between three and five per cent. According to a Goodyear spokesman all brands will be affected by the price increase. Company officials are citing escalating raw material costs, higher energy rates and rising transportation costs as the reasons behind the price rises.
Continue ReadingBeru Develop Biodiesel Sensor
As a result of its collaboration with VW, Beru is developing a new “biodiesel sensor.” Development of the sensor is necessary in order to solve a technical problem that arises during the alternative combustion of mineral DF (diesel fuel) and RME (rape seed oil methyl ester, also known as biodiesel) in the same engine. The more stringent emission limits of the Euro IV and Euro V standards can only be met when engine management is precisely tuned to fuel consumption.
Continue ReadingGoodyear Receives Grant from US Congress
Goodyear is to receive a $2.25 million (£1.2 million) grant under the Defense Appropriations bill, passed last week by US Congress. The company’s Akron Technical Center will benefit from the majority of the financial injection, which will fund research and development of aircraft tyres to be used on America’s new Navy and Air Force joint strike fighter jets.
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