Kumho withdraws race tyres
Kumho Tire U.S.A. is recalling some 1,400 ECSTA V710 competition tyres because of inconsistent test results relating to tread splice and tread area durability. Kumho have said, Kumho Tires priority is safety, and we are committed to supplying our customers with the highest quality and best performing tyres that are available anywhere in the world. It is with this philosophy in mind that Kumho is taking immediate action in discontinuing the sale of the ECSTA V710 Competition Tire. The sale of the ECSTA V710 Competition Tire will be discontinued immediately, and tyres in use in the market will be collected from consumers. Kumho will replace them with either the Kumho ECSTA V700 or Victoracer tyre free of charge.
Continue ReadingGoodyear To Buy Remainder of Sava
In June, Goodyear will exercise its option to acquire the remaining 20 per cent of Slovenian tyre manufacturer Sava for approximately US$ 52 million. Goodyear originally purchased 60 per cent of Sava in 1988, acquiring another 20 per cent four years later. So far Goodyear has invested in excess of US$ 100 million in modernisation. Last year, the Sava factory at Kranj produced over seven million tyres for cars, light trucks and commercial vehicles. More than 80 per cent of these were exported, to 70 countries.
Continue ReadingGM Award for Pirelli
Pirelli has been named Supplier of the Year by General Motors. This title is awarded annually for outstanding performances as a supplier to the car industry. Pirelli is an example for a type of company with which we want to find our way to a world-wide leading position, GMs Bo Andersson said during the award ceremony last week-end in Prague. With this award General Motors underlines the effectiveness of our market strategy in the United States and Northern America, said Francesco Gori, general manager of Pirellis tyre sector.
Continue ReadingPirelli Buys Telecom Stake
Pirelli has exercised its option to acquire 0.46 per cent of the capital of Telecom Italia, the telecomunications group. The transaction involves the purchase of over 47 million ordinary shares at a price each of 2.12 Euro.
Continue ReadingEast African Community free trade threatens Firestone
The development of a free trade area by the EAC and the introduction of zero-rate tax on tractor tyres could eat into Firestone East Africas local market share according to local commentators. Further, a decision by the company to develop an equity retail chain is being met with resistance by the tyre trade. It is claimed that outgoing managing director Hiroshi Yamazaki had already expressed concerns that the new tariff decision by the government would severely affect the firms tractor tyre product line, which employs about 150 people. Sources said unless the firm improves its level of efficiency, monthly production capacities of 900 for tractor tyres and 2,500 for truck and bus tyres would fall. Even in Africa the market for light trucks and passenger vehicles has been facing heavy pricing pressures as a result of both the flooding of the local market by cheap imports and counterfeits.
Continue ReadingIndian manufacturers hike prices
Due to rising natural rubber prices in international markets, tyre makers across India are planning to increase prices in replacement markets. Prices are expected to go up by around 3-5 per cent by April-end. We have already hiked our prices almost four times in the past 12 months. And the input costs have shown no signs of softening, says Sunam Sarkar, director of Apollo Tyres. Prices of rubber alone have seen a 30 per cent jump year-on-year.
Continue ReadingBridgestone Europe Director For Nokian Board
At its Annual General Meeting, Nokian Tyres elected Mitsuhira Shimazaki, Director, Sales Administration, Bridgestone Europe, to the Nokian Tyres board of directors. A year ago, Bridgestone announced that it would take a stake in Nokian (nearly 19 per cent) for 78.34 million Euro. Also at the AGM, Nokian agreed to pay a dividend of 1.56 Euro per share.
Continue ReadingSmarTire Installed on Monorail in Las Vegas
SmarTire Systems tyre pressure monitoring systems have been installed on the Las Vegas monorail by Bombardier Transportation. Bombardier is providing all the mechanical and electrical systems for the fully automated monorail system. The Las Vegas monorail is a driverless, state-of-the-art urban public transportation system that will operate on a route approximately 4 miles long on the east side of the famous Las Vegas Strip connecting 8 major resorts, over 24,700 hotel rooms, and 9 convention facilities, including the worlds largest convention centre.
Continue ReadingHayes Lemmerz plant closure
Hayes Lemmerz International has announced a manufacturing rationalisation plan for its North American Wheel Group which will significantly lower operating costs and increase efficiency. Hayes Lemmerz is to close its Howell, Michigan manufacturing facility and transfer that plants production to other manufacturing facilities in the U.S.
Continue ReadingSmarTire for Kuala Lumpur Monorail
SmarTire Systems tyre pressure monitoring systems (TPMS) has been installed on the monorail system in Kuala Lumpur, Malaysia. The SmarTire system was supplied by Rodgard, a division of Hutchinson Industries, and utilises their run-flat systems that the monorail cars ride on. This development of SmarTires TPMS technology expands the Companys global market and sales potential. Its incredibly important for the monorail operator to know if any tyre on the train has a problem, says Joe Duffy, Technical Sales Manager for Rodgard. Our runflat systems enable the train to continue running, but it is the SmarTire TPMS that tells the operator that a tyre problem has occurred, allowing them to take preventative action.
Continue ReadingSix gone at Maxiprest Board
The resignation of six directors from Bridgestone Firestone Maxiprest cost the company some experience but that has been remedied by some new appointments. The company still, however, lacks an MD. The reasons for all the resignations are not clear, but at the bottom of it appears to be a rift between 66 per cent owner Bridgestone Firestone SA and the tyre suppliers management.
Continue ReadingKraiburg report strong financial year
Gummiwerk Kraiburg closed the 2003 financial year with positive results. The company reported reports sales up by nine per cent in comparison with the previous year, and a rise in turnover amounting to six per cent. With sales up by 20 per cent, the „hotcure“ segment showed above-average progress, while „precure“ remained steady at two per cent up. Kraiburg report that the Central European market is holding up at last years level and the Eastern European markets are growing.
Continue ReadingGoodyear Dunlop Signs 10 year Agreement with IBM
Goodyear Dunlop Tires has announced a 10-year Business Transformation Outsourcing programme worth an estimated 50 million Euros in cost savings in two years. The agreement to partner with IBM on a procurement-to-payment program for indirect supplies represents another step in the companys effort to reduce costs by 1.5 billion US dollars by the end of 2005. Goodyear Dunlop Tires Europe will retain its core purchasing competencies, the activities of between 50 and 80 Goodyear Dunlop employees will be transferred to IBM, on a phased basis.
Continue ReadingMaxiprest profits down in 2003
Bridgestone Firestone Maxiprest reports headline earnings per share of 1.4 cents for the year ended December – a sharp decline from earnings of 23.2 cents reported the previous year. The group reported a headline loss of 1.759 million Rand after a 21 million Rand profit the year before. At trading level, margins were maintained at 26 per cent, which was more than satisfactory given the pressure on pricing in the second half of the year end trading results from the African operations. The group said the results were impacted by charges approximating 24.6 million Rand relating to the strengthening on the Rand, the write-down of investments in African operations of 1.8 Rand and the provision for increased bad debt to 11.2 million Rand.
Continue ReadingKeegan joins SRI board
Robert J. Keegan, chairman and chief executive officer of The Goodyear Tire & Rubber Company, has been elected to the board of directors of Sumitomo Rubber Industries Ltd. in Kobe, Japan. Goodyear and Sumitomo Rubber Industries have six joint venture businesses in North America, Europe and Japan. In addition, each company holds common stock in the other.
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