Michelin and Volvo Sign a European Truck Tire Supply Agreement
Michelin signed a three-year agreement to supply Volvo Group with truck tires as original equipment on Renault and Volvo trucks assembled in Europe. The agreement confirms Michelin’s position as a major supplier of tires to the Volvo Group in Europe. The deal comes at a time when global radial truck tire production capacity is saturated, even as demand is expected to experience growth in the future. It is in line with Michelin’s commitment to balancing its operations in the original and replacement equipment markets in order to deliver optimal service quality across all markets, while maintaining its profitability.
Continue ReadingHankook disappoints in 4Q03
Hankook Tire’s operating profit for 4Q03 came in at 21.3bn Won (14.39m Euro), 59 per cent lower than IBES consensus estimates of 51.2bn Won (34.595m Euro). 4Q03 net profit was also thin at 1.9bn Won (1.184m Euro), disappointing street forecasts by a whopping 94 per cent. Operating profit also fell below consensus estimates for the full year, coming in at 170.4bn Won (115.147m Euro). There appear to be three key reasons for the disappointment: payment of 25bn Won (16.894m Euro) in bonuses during 4Q; a sharp increase in freight rates (increased by 52 per cent YoY); and a general rise in most raw material costs. Discounting the bonus figures, the company would have met estimates.
Continue ReadingBridgestone expects special profit
Bridgestone Corp. said yesterday it expects a group special profit of around 60.0 billion yen (445 million euro) related to plans to return 65.0 billion yen in pension assets to the government in 2005. The Japanese tyre maker said that on a parent basis it expects a special profit of around 60.0 billion yen. Since the move is planned for 2005, the size of the special profit it will book may change, the company said. Many companies in Japan have opted to return the state-financed portion of employee pension plans they managed on behalf of the government.
Continue ReadingHayes Lemmerz Announces Agreement with Hyundai Translead
Hayes Lemmerz International, Inc. (Nasdaq: HAYZ) announced that its Commercial Highway Division received a multi-product agreement with Hyundai Translead. Hayes Lemmerz will supply all standard wheel-end components for all of Hyundai Transleads dry freight vans, refrigerated trailers, chassis and converter dollies for the agreement term. The agreement includes CentruMount(R) steel wheels, and Cast Hub and Drums and Centrifuse(R) Drums. This announcement continues to support the Commercial Highway Divisions goal of providing high quality, lightweight wheel-end systems to the truck and trailer industry, improving fuel economy and increasing revenue producing payload.
Continue ReadingBridgestone raises tyre prices
Bridgestone Corporation has announced that it has begun raising tyre prices by around 5 per cent in Asia, Oceania, the Middle East, Africa and Russia to offset the rising cost of natural rubber and other raw materials. The price increases vary by product and by market and largely apply to radial and bias tyres for passenger cars, light trucks, trucks and buses sold under the Bridgestone and Firestone brands.
Continue ReadingCooper Tire Increases Investment
Cooper Tire and Rubber has announced increased capital equipment investments in three of their four US tyre manufacturing facilities. This increase provides additional production capacity of more than 2.4 million units. The 32.1 million US dollar investment will include the purchase of new tyre building machinery and presses and add 116 additional manufacturing employees.
Continue ReadingHankook Tire’s American Sales up 30 per cent
Hankook Tires North American sales rose by 30 per cent in 2003 to close to 250 million US dollars. Sales were driven by increased demand for high performance tyres. In all Hankooks exports climbed to 700 million US dollars, amounting to some 20 million tyres and a 59 per cent increase in sales of performance tyres. The sales increase combined with increased prices helped improve the companys bottom line more than doubling income for the first three quarters of 2003.
Continue Reading“Spirit of America” to be rebuilt
Goodyear Tire & Rubber Co.s newest blimp, the Spirit of America, which crashed during a landing six weeks ago, will fly again. The company has announced that it will rebuild the damaged airship and return it to the skies by late summer. The rebuilding project will take place at Goodyears Wingfoot Lake airship hangar in Suffield Township. The blimp will keep its name, and will not undergo any design changes. The blimps envelope sustained a large gash when it hit a fence. Workers will replace the damaged envelope with a spare envelope, which the company already has on hand, spokeswoman Jennifer Arnold said. The gondola suffered minor damages, and will be repaired, she said. The engine, fins and propellers were undamaged, she added.
Continue ReadingHayes Lemmerz Int. Expands its Aluminium Wheel Presence
Hayes Lemmerz International, Inc. purchased certain assets from Hayes Wheels Aluminio, S.A. de C.V., which operated a cast aluminum wheel plant in Chihuahua, Mexico. The Chihuahua aluminium wheel plant has been renamed Hayes Lemmerz Aluminio, S. de R.L. de C.V. and will be part of Hayes Lemmerz International Wheel Group.
Continue ReadingPenske Truck Leasing Extends Goodyear Agreement
Goodyear is to serve as Penskes primary supplier of tyres in North America until at least 2008. Goodyear supplies Penske with a variety of truck tyres, including replacement and retreaded tyres. We have developed an excellent supply relationship with the Penske team, and we are pleased to announce an extension of the agreement, said Steve McClellan, Goodyears vice president of commercial tyre systems. In recognition of Goodyears past outstanding service, Penske named Goodyear as a Supplier of the Year.
Continue ReadingACEA figures good news for the Far East
ACEA figures for 2003 passenger car sales hardly make good reading for European car manufacturers. The only country to show significant sales increases in 2003 was Finland, with an increase of around 30,000 units. Portugal’s drop in sales though of almost 27,000 almost wipes out that gain. Despite claims in the UK of a good year for car sales, the actual figure shows only a 0.6 per cent increase. Overall the market in Western Europe shows a fall of 1.3 per. Looking at vehicle manufacturer sales the only western manufacturer to make any gains has been BMW with a meagre 1.4 per cent increase in sales, largely generated by sales of the Mini. For all the other groups it is bad news, with sales down between 1.3 and 10.2 per cent (the latter at the long ailing Fiat Group). Japanese and Korean manufacturers though can smile as sales for all bar Suzuki and Mitsubishi are all on the increase, with Nissan and Mazda performing particularly well, and Korean manufacturer Kia making an incredible comeback from the brink of extinction. ewan.scott@77.237.250.82
Continue ReadingBridgestone to Supply Kawasaki Racing
Bridgestone Corporation will supply tyres to the Kawasaki Racing Team for MotoGP racing in the 2004 season. Bridgestone began supplying tyres for MotoGP competition in the 2002 season displaying winning potential in the past two seasons.
Continue ReadingNokian plant in Russia
Nokian Tyres will start construction of a 120 million US Dollar tyre plant worth in the Leningrad Oblast in 2004. The plant, due to be completed in 2005, will be built in three stages and eventually reach capacity of 6 million tyres per year. Nokian holds about 14 per cent of the imported tyre market in Russia.
Continue ReadingControl Tyres for WRC in 2005?
At an extraordinary meeting of the FIAs World Rally Championship Commission FIA President, Max Mosley, announced plans for developing the WRC. Part of plan for 2005 is to require control tyres, in order to reduce the current high expense of tyre testing. An idea that may hold some merit but one that perhaps will reduce tyre company involvement in sponsorship. In 2006 it is expected that tyre regulation limits will be expanded so that competitors are allowed only one set of tyres per day, another cost saving measure. Also being considered are the use of common components among cars, so that one single nominated supplier develops the same components used by each team.
Continue ReadingHankook Tire wins $90 Mil. order from Ford
Hankook Tire has announced that it has gained an OE order from Ford for the Econoline van for the next five years. The Korean firm is to supply 380,000 tyres every year. This large contract signifies the worldwide recognition of our product quality and should contribute to stronger brand power, the firm said in a statement.
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