Earnings Of Hayes Lemmerz Impacted By US Truck Production
Hayes Lemmerz International has announced results for the first six months of 2000. Sales were $1,138 million ($1,132), diluted earnings per share were $ 0.73 ($ 0.93). Business was impacted primarily by the drop in heavy truck production in the United States, coupled with the devaluation of the Euro against the Dollar.
Continue ReadingTyre Recall No Problem For Firestone In Europe
From 1991 up to the present, only about 16,000 tyres of the size in question have been sold in Europe. Most of these are no longer in use.
Continue ReadingManufacturing Agreements Signed Between Nokian And Michelin
Two agreements have been signed by Nokian and Michelin concerning the off-take manufacture of Nokian brand agricultural, industrial and truck tyres at Michelins Polish factory. The agreements will last for three years and will be renewed annually thereafter. Sales of agricultural and industrial tyres will start this year and truck tyres early in 2001.
Continue ReadingNew Radial Motorcycle Tyre From Continental
Continental has launched a new radial tyre for motorcycles, targeting the sport touring segment. The ContiForce is available in three sizes for the front and in eight sizes for the rear.
Continue ReadingSignificant Changes In The European Tyre Markets?
During a press conference in Romania, Continentals CEO Dr. Kessel predicted very significant changes in the European original equipment markets. He pointed out that the consequences regarding the Firestone tyre recall will also have a great impact in Europe. Kessel believes that Firestone will lose many contracts and, among others, the Continental group would benefit and he added that there were already clear signals. But, signals yes or no, the Continental share price has fallen and it will be interesting to see whether news like this will stimulate the shares.
Continue ReadingFoundation Of The Next MIRS-Factory In Höchst/Germany
The foundation stone for a MIRS-factory was laid in the presence of Ministerpräsident Koch from the area of Hessen/Germany. Pirelli is investing 100 million Euro to produce about 1.5 million ultra-high-performance tyres by the year 2005. MIRS will create 200 more jobs. In addition to its own investment, Pirelli will receive an additional government grant of about 15 million Euro for meeting special environmental requirements.
Continue ReadingMulti-brand Salesforce From Hanover
From the beginning of 2001 the Continental Group will be working with a multi-brand salesforce on the German tyre replacement market. The salesmen will represent Continental, Uniroyal, Barum and Semperit. The aim is to streamline and improve relationships with trade customers. Gislaved (Reiff) and Viking (Meyer Lissendorf) will keep their exclusive distribution in Germany, while Mabor will be supplied almost exclusively to Volkswagen.
Continue Reading3.8 Million New Car Registrations
The association VDA has calculated that 3.8 million new cars were registered 1999 in Germany; 2% more than in 1998. The association is expecting a decline in registrations for the year 2000 of between 2 and 5%.
Continue ReadingFinelist In Bid Rumours
There are rumours that an unnamed rival from continental Europe is to make a takeover bid for Finelist, the UK-based distributor of car components. Finelist has 40,000 trade customers and, during the last financial year, made pre-tax profits of £26.3 m (Euro 43.6 m) on a turnover of £483 m (Euro 801 m).
Continue ReadingGlobal Car or Not?
Opinions differ: In many of their components American and European cars - as can be seen at the Detroit Motor Show – seem to be becoming more like each other. The advance in pick-ups and vans in the USA and the boom in the small(est) cars in Europe, but much more in Japan, however, leaves room for doubt that the recurring theme of the global car is a real possibility mid-term.
Continue ReadingVRG Ends Consultations With Team
Surprisingly, Team and VRG could not come to an agreement in some major topics concerning the co-operation of the two German groups of tyre dealers. As a result VRG ended the consultations for the present.
Continue ReadingMichelin Price Increase
After Continental and Goodyear, Michelin is now planning a price increase of 3%, which would be equivalent to absorbing an increase in raw materials (Rubber, Oil) of about 12%. Due to the fact that raw material prices are continuing to grow it seems unlikely that much of the price increase will benefit the manufacturers.
Continue ReadingContinental Shares Like Lead
Despite excellent results and an on-going buy recommendation from Deutsche Bank, Continental shares are not rising. The management has announced that the intelligent tyre is to be fitted as OE from 2003 but refuses to name the car manufacturer. The management also feeds speculation regarding a joint venture partner for brakes in Asia. Will this help the share price to rise?
Continue ReadingShort-Time Working For Goodyear Wolverhampton?
Goodyear has suspended the guaranteed minimum 42-hour week for workers at its Wolverhampton plant. Union sources expect short-time working for many employees, blaming the strong pound, high stock levels and a decrease in sales to Rover. The union says that sales to Rover currently account for 5% of production.
Continue ReadingNokian Tyres Strengthens Retail Network
Nokian Tyres strengthens its retail network by purchasing Rengasmestarit-Kumi-Helenius Group that has 31 tyre retail outlets in Finland. After the acquisition, Nokian Tyres retail network covers the whole of Finland. The purchase price is 8.3 million euros. In 1999, the companys net sales amounted to approximately 34 million euros and it employed 240 people.
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