Team Bosses Agree F1 Changes
The proposed radical rule changes for Formula One (this site 23.04.2004) have been agreed by team bosses at a meeting in Monaco, where FIA President Max Mosley outlined the proposals, designed to make racing cheaper and more exciting. The meeting agreed that there should be one tyre supplier only and Mosley said that having a control tyre would be safer and less expensive – if everybody had the same, levels of grip and thus cornering speed could be controlled. It was possible, he added, that, with one supplier only, slick tyres could make a come-back in place of the current grooved tyres.
Continue ReadingBandag and Yellow Roadway end outsourcing relationship
Bandag announced that Yellow Roadway Corporation elected on April 30, 2004 not to renew the existing Bandag outsourcing agreement for Roadway Express tire and wheel services in place since 1999. Under the existing agreement Yellow Roadway is obligated, by August 1, 2004, to repurchase all tires and wheels owned by Bandag and used on the Roadway Express fleet. Bandag estimates the value of the tires and wheels to be approximately $37.0 million. The definitive purchase price is subject to an inventory and valuation pursuant to the terms of the existing agreement.
Continue ReadingNokian 1Q Sales Increase
Nokian Tyres has released its 1Q figures, which show a 17.8 per cent increase in sales over 1Q 03, from 95.7 million Euros to 112.7 million Euros. Group operating profit was up to 10.7 million Euros (3.2 million). Profit before taxes was 9.6 million Euros (1.6 million) and net profit totalled 6.5 million Euros (0.7 million). Sales of passenger car, heavy tyres and retreading materials rose, but bicycle tyre sales fell.
Continue ReadingDaimlerChrysler To Sell Hyundai Stake
DaimlerChrysler is to sell the 10.5 per cent stake it bought in Hyundai four years ago for an estimated $1 billion – more than twice what it paid. This is another reversal for DaimlerChryslers Asian strategy, as only last week the company announced that it would not inject further funds into Mitsubishi, where DaimlerChrysler holds a 37 per cent stake.
Continue ReadingRecord Sales For TBC
The TBC Corporation has turned in a strong financial performance for the first quarter of the year. Net sales were up by 69 per cent to $433.8 million (1Q 2003: $256.5 m) while net income rose by more than nine per cent to $6 million ($5.5 m). In volume terms, tyre sales rose by 32 per cent. Both wholesale and retail divisions performed well and TBC expects annual earnings to be better than originally forecast.
Continue ReadingBridgestone To Raise North American Prices
Prices of Bridgestone, Firestone and Dayton brand tyres in the USA and Canada will be increased on June 1st. The price rises will affect both OE and replacement tyres and will be up to five per cent, although some off-the-road tyre prices could go up by eight per cent. The company says that it has taken steps to minimise the effects of rising raw material costs, but has been unable to offset them entirely, hence the price increase.
Continue ReadingAnother Cooper Appointment
David S. Craig has been made Director, Advertising for North America in the latest move in Cooper Tires realignment. He joined Cooper in 1993 as a territory sales manager in international sales and served as European marketing manager between 2001-2002. His most recent appointment was as manager, associated brand advertising and communications. He has a bachelors degree and is currently working for his MBA.
Continue ReadingContinental Cuts Production And Jobs At US Plant
200 jobs are to go from a total workforce of 1,150 at Continentals factory at Mayfield, Kentucky. The losses will be implemented at the beginning of July, as production is reduced from 10,900 tyres a day to 7,300. Continental operates five factories in the USA and Mexico, employing a total of 10,500 and the company has said that it has no plans to axe a factory.
Continue ReadingOne Million Runflats For Bridgestone
Bridgestone has supplied its one millionth runflat tyre - more than any other manufacturer, claims the corporation. The first runflats were prod uced in the early 1980s for physically disabled motorists and Bridgestones first runflats for a production car were delivered in 1987 for the Porsche 959, then the worlds fastest production car. Since 1999, Bridgestone has supplied runflats as OE for nine vehicle models. The majority of the 1,000,000 runflats have been sold in Europe.
Continue ReadingNinth Award In A Row For Bridgestone
Bridgestone has picked up its ninth consecutive annual Supplier of the Year award from General Motors. The company was one of 77 winners, chosen from more than 3,500 suppliers to GM across the world.
Continue ReadingMarangoni Tread Plant Comes On Stream
Marangoni Treads factory at Madison, Tennessee has begun producing Ringtread spliceless precure tread rings. The timing is impeccable, as Marangonis business in North America continues to grow, with this year so far 50 per cent higher than 2003. The 50,000 square foot factory is part of a $10 million investment by Marangoni in US manufacturing, supplying the 15 Ringtread dealers currently operating in North America.
Continue ReadingPelmar Engineering Buys Goodyear Equipment
Pelmar Engineering, the Israel - based dealers in used, reconditioned and new tyre machinery, have recently bought the entire equipment released by Goodyear Wolverhampton as a result of closure of about 50 per cent of their plant. The equipment is now being dismantled and removed; part of it directly to customers and part to Pelmars warehouse in Manchester. It includes mainly rubber compounding and processing equipment, such as complete extruder lines, calendering lines, mixing lines and miscellaneous other machinery. Pelmar has seven warehouses in Europe, Israel and U.K., providing machinery, engineering and complete turnkey projects related to the technical rubber and tyre industries worldwide.
Continue ReadingName Change For International Tire Expo
The International Tire Expo–part of the SEMA Show in the USA–is changing its name to Performance Wheels & Tires sponsored by TIA. TIA is the Tire Industry Association and the event will still be held in conjunction with the SEMA Show. This years event runs from November 2 - 5 in Las Vegas.
Continue ReadingVW Recall Hits Shares
VW, which has warned that its 1Q results would be bad, was hit further yesterday when it recalled 870,000 Passats, Audi A6 and A8 models. The worldwide recall is because of a possible fault to the cars front axles. The news affected the companys share price, which at one stage fell by two per cent.
Continue ReadingAustralia Warns Against Space-saver Spares
Australian motorists organisation the RACV has warned that space-saver spare tyres could increase stopping distances by 50 per cent and reduce cornering grip by up to 13 per cent. This follows tests against standard tyres on four vehicles–small, large and mid-sized cars and a four wheel drive. The tests were an emergency stop from 80 km/h, a cornering test on a 50 metre circle and an emergency swerve. The RACV estimates that a quarter of Australian new cars are fitted with the skinny, space-savers, which are standard on more than 50 individual models, and it calls for dealers to point out the performance limitations to potential buyers.
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