Bridgestone Forecasts ‘Overly Pessimistic’
According to Deutsche Bank, Bridgetones second half forecasts are overly pessimistic. The company’s projections are also said to assume low production volume and reflect an overly negative cost-push scenario.” Instead Bridgestone’s strong first half results, which include an increase in turnover of 4 per cent and 29 per cent improvement in the companies operating income, have led analysts to project a more positive outlook and to affirm their advice to buy these shares.
Continue ReadingAXA acquires 12% of Conti Shares
The French investment and insurance group AXA has announced that is has acquired 11.75 per cent of Continental’s shares. AXA has held shares in Continental before now but only recently publicised the fact in order fulfil German law. According German legislation, companies disposing of more than 10 per cent of their shares have to make this knowledge public.
Continue ReadingSauber Berate F1 Tyre Suppliers
The ongoing rivalry between Michelin and Bridgestone is having too much effect on the outcome of races, according to a BBC interview with Sauber team owner, Peter Sauber.
Continue ReadingBringing in the Harvest
Goodyear have announced that, with the fruit and grape harvesting season not far away, it is launching its Optitrac DT812 DT818 in an expanded range of sizes.
Continue ReadingBeru Increases Revenues by 23%
Beru Aktiengesellschaft (Ludwigsburg, Germany) increased its total revenues in the first quarter of the 2004/05 financial year (1 April - 30 June, 2004) by 23.2% to €85.5 million (1 April - 30 June, 2003: €69.4 million). A high level of growth in the company’s youngest division, Electronics and Sensor Technology, made a decisive contribution (12.5% organic growth) to earnings achieved by the group, but not the tyre pressure monitoring system. Net income rose by 20.3% to €7.7 million after €6.4 million in the same period of last year. As a result, earnings per share reached €0.77 after €0.64 in the prior-year quarter.
Continue ReadingGoodyear to supply ‘Runflats’ for Maserati Quattroporte
Maserati have selected Goodyear as an exclusive option on its the 400 brake horse power Quattroporte. Goodyear will supply Eagle F1 GS-D3 Extended Mobility Technology (EMT) tyres.
Continue ReadingVredestein Tyres Claim Sales Growth
The European Rubber Journal has reported that Dutch tyre manufacturer, Vredestein Tyres BV, made a total of 305.6 million euros (£206.8 million) in sales during 2003. In addition Vredestein made “earnings” of 18.6 million euros (£12.6 million) from tyres. The journal also reported that Vredestein Tyres BV has 2103 employees. The company’s press office has not been able to answer doubts that these figures only refer to the tyre division. Vredestein has said it is unclear where The European Rubber Journal obtained its information, as the fact that the company is not listed on the stock exchange means it no longer publishes any business figures. The reason for all the secrecy is also unclear and the fact that the company refuses to confirm or deny whether the year has been successful suggests there is a reason for its silence.
Continue ReadingBandag Declares Quarterly Dividend
The Board of Directors of Bandag, Incorporated, declared a regular quarterly dividend of $.325 per share on the Common Stock, Class A Common Stock and Class B Common Stock of the company payable October 18, 2004 to shareholders of record at the close of business on September 17, 2004.
Continue Reading‘One-stop’ shopping for Goodyear Customers
Goodyear Dunlop Europe has been selected to supply replacement tyres for Volvos European truck tyre business through its chain of close to 1,000 truck dealers and workshops. According to Henry Johnson, managing director of Goodyear Dunlops European truck tyre business, Volvo customers will have the option to benefit from the one-stop shopping approach.
Continue ReadingManaging Director of Tip Top Steps Down
Terry Brooks of Rema Tip Top UK Ltd has announced that he will step down as managing director. Mr Brooks will remain on the board of the UK company and, as of 1 September 2004, will assume a new multi functional strategic development role within the group. Supporting a newly re-modelled global group structure, he will spearhead a number of projects that will focus upon key business growth opportunities. Although Mr Brooks is nearing 60, he relishes this new challenge in the knowledge that he will not only continue to interact with his former colleagues, but new ones too. The company says that until further notice Terry can still be contacted via Rema Tip Top in Leeds. New contact details will be announced shortly.
Continue ReadingMichelin Determined to cut North American Labour Costs
In a continuation of its recent wage dispute, Michelin has started negotiating a new wage agreement. The deal, which also discusses medical benefits, concerns four plants and 5,000 members of the company’s North American workforce.
Continue ReadingMichelin/Continental Venture to Supply Mercedes
Industry Media sources, including European Rubber Journal and Tire Business, are reporting that TW-Fitting, a Group Michelin and Continental AG joint venture, will set up a factory to supply Mercedes-Benz America with mounted tyre/wheel assemblies.
Continue ReadingContinental makes Rainer Strang responsible for ‘Public Relations Tyres’
Rainer Strang has been appointed to strengthen the PR team of the Continental AG’s two tyre divisions. He will is expected to begin his new position on 1 October, but will definitely start by 1 November 2004. Mr Strang succeeds Markus Burgdorf, who left the company in spring in order to work independently of the company. “I am looking forward to the vocational challenges in one of the most successful automotive industry suppliers in the world,“ comments Strang on his move to Hanover.
Continue ReadingMichelin and USWA Remain at the Table
Although Michelin North America Inc. and the United Steelworkers of America have been under self-imposed deadline pressure to come to terms with the negotiations on a new contract agreement, both parties remained at the table when the fixed date for a conclusion passed by.
Continue ReadingMAHA Introduce New SL Truck Scissor Lift
MAHA announce the introduction of the new SL truck scissor lift. This unique scissor lift can be expanded to lift any weight from 10 tons to 40 tons depending on the customers requirements.
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