Continental to Increase Investment
In 2005 Continental’s capital expenditure increased by 20 per cent and should increase by a further 7 per cent to 910 million euros (6.3 per cent of sales). Over the last three years (2002 - 2004) Continental’s capital expenditure (capex) reached 5.5 per cent of sales, approximately 650 million euros per annum, according to Deutsche Bank analysts.
Continue ReadingTitan Announces Fourth Quarter Dividend
The Board of Directors of Titan International, Inc has approved a quarterly cash dividend of $.005 (one half cent) per common share for the fourth quarter of 2005. The cash dividend is payable 13 January 2006, to stockholders of record on 30 December 2005.
Continue ReadingMichelin OTR Plant Expansion Adds Presses
(Akron/Tire Review) The $85 million expansion program Michelin North America (MNA) announced for its Lexington, South Carolina, OTR plant will see the addition of at least eight new curing presses. And the company said that it could increase capacity further on available land at the plant site.
Continue ReadingParents sue Cooper
The parents of two young women killed in a head-on collision on Florida’s Turnpike are suing Cooper Tire & Rubber Company, alleging the company’s tyre caused a Thanksgiving 2004 wreck that left six dead. According to an associated press report, the lawsuit, in Palm Beach County Circuit Court, seeks more than $15,000 in the deaths of Michelle Seville, 23, and Marsha Seville, 18.
Continue ReadingGoodyear to Become Sole Owner of South Pacific Tyres
The Goodyear Tire & Rubber Company said it has reached agreement in principle on the final terms to acquire Ansell Limited’s interest in their South Pacific Tyres (SPT) joint ventures, pending government and other approvals.
Continue ReadingCooper Reports Results of Fixed Spread Tender Offer
(Akron/Tire Review) Cooper Tire & Rubber Co. announced that its tender offer to purchase up to $175 million in aggregate principal amount of its outstanding 7 ¾ per cent notes due 2009, 7 5/8 per cent notes due 2027, and 8 per cent notes due 2019 expired yesterday at 5:00 p.m., Eastern time.
Continue ReadingMichelin Boosts OTR Production in Lexington Plant
(Akron/Tire Review) Michelin North America (MNA) has confirmed reports that it plans to invest $85 million over the next five years at its OTR tyre production facility in Lexington, South Carolina, increasing production by nearly 50 per cent.
Continue ReadingUralshina Produces New ‘Shaina’ Tyre
Sibur Holding member, Uralshina has started producing a new ultra-low profile large-size tyre, under the brand name “Shaina.” According to Russian media reports, the new tyre is intended for “high floatation amphibian automobiles” such as Shaina, Ataka and others. The targeted vehicles are used for crossing impassable, swamped or snow-covered land and can cross rivers and lakes, the Russian Financial Information service reported.
Continue ReadingNew National Car Sales Director appointed at ATS Euromaster
Russell Fleetwood has literally stepped up a gear at ATS Euromaster. ATS Euromaster has named the 39-year-old as its new national car sales director, a position he immediately takes over after just one year as one of ATSE’s divisional sales managers.
Continue ReadingYokohama Announces Two New Chinese Joint Ventures
Yokohama has announced that it has entered into two new joint venture operations in China. Shandong Yokohama Rubber Industrial Products Co, Ltd, will produce and sell conveyor belts, and Yokohama Tire Sales (Shanghai) Co, Ltd, will sell tyres, both are set to be established in early 2006.
Continue ReadingGoodyear Announces Price Increase
(Akron/Tire Review) Goodyear has announced a price increase of up to 6% on all consumer, commercial and OTR brands, effective 1 January 2006. Rising raw material, energy and transportation costs were cited as reasons for the increase.
Continue ReadingMichelin to Leave Formula One After 2006
Michelin is to end its Formula One involvement after the 2006 season, the French manufacturer has reported. Explaining its decision, Michelin said it would not supply a single supplier Formula 1 series and was not happy with F1’s new direction, but did not rule out rejoining the series, if the rules were modified. For many motorsport observers this is a somewhat understated way of describing the rift that has emerged between the manufacturer and the sport’s governing bodies. The manufacturer also complained of “constant changes to racing regulations without warning.” Following a disastrous US Grand Prix, and public disagreements with the FIA chief, Max Mosely, Michelin have obvious decided to leave the Formula 1 circus to the only other act on the scene - Bridgestone.
Continue ReadingGPX International
GPX International Tire Corporation has announced that Donna Lynn DiSpirito has joined the company as the new director of quality. As an ASQ certified quality manager, certified six sigma black belt, senior examiner for the MA quality award, and a lead auditor for both ISO 9001 and TS 16949, Ms DiSpirito has extensive experience in integrating quality practices with production demands within a broad range of industries.
Continue ReadingProduct Flexibility
In 2005 Michelin, Europe’s leading agricultural tyre supplier, focused its efforts on promoting its Xeobib and CargoXbib product lines. At the same time the global manufacturer launched the Exelagri dealer scheme as a way of strengthening its relationship with dealers on local and regional levels.
Continue ReadingASA Announces TireMax Link to BibTread System
(Akron/Tire Review) ASA Tire Systems is now offering a new interface to Michelin’s BibTread system, which will reportedly allow independent tyre dealers to transfer retread information electronically from the Michelin BibTread software to ASA’s TireMax accounting and point of sale software.
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