Name 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 ReadingCooper Promotes Three
The Cooper Tire & Rubber Co. has named three key senior appointments, effective 1st May, as a result of a realignment within the Tire Group to better focus on target markets. Harold C. Miller has been named President, International Tire Division - he joined Cooper in March 2002 as vice president, corporate planing and control. D. Richard Stephens becomes President, North American Tire Division. His Cooper career spans 26 years and has been president of Cooper Tire since December 2001. Patricia J. Brown takes up the newly-created post of Vice President, Global Branding and Communications, after a Cooper career of nearly 36 years, latterly as vice president, advertising and communications.
Continue ReadingPirelli Prices To Rise In North America
Pirelli Tire North America is to increase prices of passenger car and light truck tyres from 1st June. All Pirelli branded tyres will be affected by the increase, which will vary by product offering but will average three per cent. PTNA President and CEO Guy Mannino blamed raw material costs for the increase, but added that they were lower than in other parts of the world because of manufacturing efficiencies made by PTNA.
Continue ReadingPolyurethane Car Tyres Pass Test Standards
Polyurethane car tyres, made by the Amerityre Corporation, have passed US Federal Motor Vehicle Safety Standard No. 109, which specify tyre dimensions, load ratings and laboratory test requirements for bead unseating resistance, strength, endurance and high speed performance. Passing the test is the first step towards a tyre being able to be offered for sale in the USA.
Continue ReadingKumho Gives In To Union Demands On Labour
In Korea, Kumho has given in to demands from its union to change the status of 282 part time workers to become full time staff. 360 out of a total of 427 unionised workers at the two plants in Kwangju and Koksong voted for the change, which the company estimates will increase labour costs by 30 per cent.
Continue ReadingMichelin 1Q results – Volumes rise as European and US markets grow
Michelins first quarter results show that the groups net sales totalled 3.799 billion Euro; up 3.9 per cent on the 1Q 2003 figure of 3.654 billion Euro. If currency fluctuations are factored out, the increase would be nearer 9.5 per cent. In tonnage terms, volumes rose 7.6 per cent over 1Q 2003. Net Sales by Product 1Q 04 were as follows millions of Euros: Car/light truck: 1,842.3. Truck: 995.5. Other businesses: 1,187.6. Inter-sector eliminations: - 226.4. Total: 3,799.0.
Continue ReadingContinental And JK Tyre Review Options
Continental and JK Industries are in talks to explore how the two companies can strengthen their existing alliance. Among the options is that of Continental investing in a joint venture for the Indian market. Continental board member Hans-Joachim Nikolin is quoted in the Indian press as saying that the discussions are taking place at levels up to the most senior in both companies. He also adds that radialisation is increasing in the Indian tyre market and the technological capabilities of Continental were now applicable to the Indian situation.
Continue ReadingHigh Ad Spend For Goodyear In USA
In the US, Goodyear is launching its biggest media campaign since the launch of the Aquatred in 1992, featuring its new Assurance tyre brand. A 30-second advert will run on network and cable television during prime-time viewing hours. It will also be shown during popular late-night shows (Jay Leno, David Letterman etc.) and will run during high profile sporting events such as the Kentucky Derby. The campaign also features a 90-second mini-film to be shown in cinemas - the first time Goodyear has used this medium. Both the TV commercial and the movie were shot in Iceland, directed by film director Jan De Bont and feature the voice of internationally famous actor Patrick Stewart.
Continue ReadingAvon Celebrates 400th Formula 3 Race
Back in 1982, Avon Tyres Racing signed a three-year contract to supply control tyres to the Formula 3 championship. 22 years later, the company supplied tyres for its 400th F3 race, at Donington Park in early April. The single seat racers are capable of speeds up to 165 mph and F3 is widely regarded as a stepping stone to Formula 1 driving. Among those who have made the transition are Jenson Button, Mauricio Gugelmin, Mika Hakkinen, Johnny Herbert, Rubens Barrichello and the late Ayrton Senna.
Continue ReadingTitan Buys Back Shares
Titan International is to purchase 4.9 million shares of Titan International common stock from Citicorp Venture Capital (CVC). This represents around 23 per cent of the total shares outstanding and the purchase price is US$ 15 million.
Continue ReadingHayes Lemmerz Appoints Director
Ms Laurie Siegel has been appointed to the board of Hayes Lemmerz. Ms Siegel joined Tyco International in January 2003 as Senior Vice President, Human Resources and, before that, she spent eight years at Honeywell International, latterly also in human resources. Hayes Lemmerz Chairman and CEO Curtis Clawson said Lauries broad business knowledge, deep HR background and extensive experience in benchmark companies will be valuable assets to Hayes Lemmerz and its Board.
Continue ReadingMatador In Ethiopian JV
Slovak tyre manufacturer Matador is set to sign a joint venture agreement with Ethiopian firm Addis Tyre. Details are sketchy, but it is believed that Matador will pay around US$ 10 million for a stake in Addis of between 60 to 76 per cent. The Addis factory was built in 1971 by a company from what was then Czechoslovakia and produces 100,000 tyres annually for the local market. Matador will upgrade technology and equipment with the aim of tripling output by 2006.
Continue ReadingFord 1Q Figures Surprise
Ford continues to show signs that its recovery programme is on track. Its first quarter results showed an earnings per share of $0.96, as against Fords forecast of $0.45. The pre-tax margin was 4.7 per cent, up from 1.9 per cent last year and -1.2 per cent the year before. The figures show that Ford has improved from one of the worst performing car companies to one of the best in less than two years.
Continue ReadingRecord Sales For Cooper In 1Q
Cooper Tire & Rubbers first quarter results show sales at an all-time record high of $974 million; a Year-on-Year increase of 23 per cent. Net income increased by 56 per cent to $24 million (1Q 2003: $15 m). Tire Group operations showed a record turnover of $485 million, 23 per cent up on the 1Q 2003 figure of $396 million, and a 12 per cent increase in volumes and an improved mix. Sales of high performance tyres rose by 47 per cent, those of P-metric tyres were up 52 per cent and truck tyre sales were up 27 per cent. Despite this, operating profit was down slightly at just under $16 million. Raw material costs reduced operating profit by $18 million while product liability and litigation costs were $9 million higher than 1Q 2003.
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