Goodyear claims to achieve flexibility, cost goals with USWA Pact
The Goodyear Tire & Rubber Company has stated that its new labour contract with the United Steelworkers of America (USWA) meets the operational flexibility and cost-savings goals established prior to the negotiations. “Our goal for these negotiations was to achieve what some thought was impossible: a fair agreement that contributed approximately 1 billion dollars in cost savings and cost avoidance over its three-year term without a work stoppage,” said Robert J. Keegan, Goodyear chairman and chief executive officer.
Continue ReadingRethink Retreads gets Welsh support
CWMre, the Welsh Market Development Initiative for recyclate managed by The Wales Environment Trust aims to develop economically and environmentally sustainable markets for recyclate.
Continue ReadingNTDA Conference 2004 set for Marbella
The Council of the NTDA has announced plans for the 2004 NTDA Conference to take place at Marbella on 23rd - 24th September. The conference will take the open format of the previous years event and will incorporate all elements of the aftermarket trade, being billed as the Entyre Aftermarket Conference.
Continue ReadingCall for renewal of tread depth laws
The NTDA is to work with its European partners and FARCO in Holland to press for a review of the Tread Depth laws. It is seeking a new legal minimum for car tyres of 2 mm for S,T and H, and 3mm for higher speed rated tyres.There will also be campaigning for an increase in the minimum legal limit on commercial vehicle tyres.
Continue ReadingMagowan joins Group Tyre
Northern Irelands Magowan Tyres has joined Group Tyre. This development gives Group Tyre coverage in Northern Ireland and coincides with Magowans move from general bulk wholesaling to a more structured and targeted regional wholesaler of quality branded tyres. Daryll Magowan jnr. Says, This is a new challenge for the business and we see the future as being more structured and more sophisticated. We will be developing the quality of our portfolio and offering a much improved quality of service to our wholesale customers. Magowan reported that the company was building an all-new warehouse with 30,000 sq ft of floor space with four tiers of storage giving an equivalent 130-140,000 sq ft of storage space. The new facility , which should be operational within seven months will also house a 22 bay fast fit operation that will se the company move into a wider area of fast fit service.
Continue ReadingNew tyre plant for Wales
A sports car tyre retreading business has been launched in Wales. Maxsport Competition Tyres is to create up to 25 new jobs at its new tyre retread facility in Rhayader, Powys where it plans to eventually retread more than 50,000 tyres a year, primarily for the motorsport and off-road vehicle markets in Europe and Asia. The company, which has invested more than £1m in a 37,000 sq ft unit at the towns Brynberth Industrial Estate where it currently employs nine people. Maxsport Competition Tyres is part of the Treble B Group based at Caterham, Surrey, which distributes new and retreaded tyres throughout the UK and has depots in England and South Wales. The group plans to open a new storage and distribution facility in Rhayader in the future.
Continue ReadingIs Volkswagen keen on Ferrari?
Resulting from a co-operation between the car manufacturers Volkswagen and Ferrari could be an involvement of the Germans in the Italian sports car manufacturer, which also owns Maserati. Should Fiat need more money in order to emerge from its own crisis Volkswagen could be ready for a take-over if the price for Ferrari is right. So writes the German online service Der Spiegel-Online. In the meantime Volkswagen denies the news as an “absolute speculation”.
Continue ReadingGoodyear declares agreement with the steelworkers
Today at 10 a.m. (New York time) Goodyear CEO Robert Keegan and the president of the North American Tire Division, Jonathan Rich, will explain to journalists and analysts the details of the newly ratified contract agreement with the United Steelworkers of America (USWA). The management describes the agreement as being “fair and innovative”. It is expected that Keegan and Rich will comment on the company’s North American tyre business in quarter three where insiders don’t detect any improvements; and indeed the general conditions are not beneficial to the turnaround plan. For example the material costs are rising and will contribute to another quarter with high losses. All signs indicate that Goodyear’s figures will be worse than last year’s.
Continue ReadingContinental is still bleeding in its North American tyre business
According to unofficial statements the Continental corporate group will pile up a three digit million loss with its North American tyre business this year. This heats up the speculation about the future of Continental’s problem-child, General Tire. A year ago, the German board is said to have even considered the sale of its truck tyre business. This plan had to be put aside because of a lack of potential buyers. Under the leadership of Manfred Wennemer Continental has positively strengthened its earning capacity, has reduced dept quickly and massively and is now capable for new acquisitions if there should be an attractive opportunity.
Continue ReadingContinental back in DAX
After a seven year pause Continental AG, Hanover, is back in DAX. On September 22, the international automotive supplier returned to the German stock market’s blue chip index. The announcement was made by the “Deutsche Boerse AG” in Frankfurt/Main. Continental, a founding member of the index, becomes the first company in DAX’s fifteen-year history to manage a comeback into the circle of Germany’s 30 largest companies.
Continue ReadingAmcast Refinances Casting Technology Company
Amcast Industrial Corporation has announced that its wholly-owned Casting Technology Company signed a credit agreement with The Provident Bank. This agreement provides for a three-year revolving line of credit of up to 5 million dollars and a five-year term loan of 3 million dollars. Joseph R. Grewe, President and CEO of Amcast, said, We are extremely pleased with this new credit facility for CTC. This demonstrates the confidence that The Provident Bank has in CTCs continuing improved performance. CTC has implemented a number of initiatives under the Amcast Production System which has resulted in improved quality and delivery to our customers as well as improved profitability for our shareholders. We look forward to a lasting relationship with Provident.
Continue ReadingAll round Dunlop for SUVs and Light Trucks
Dunlop has announced a new, multiple application tyre targeted at the multi-purpose usage engaged by sport-utility vehicles and light trucks. The new Dunlop Rover RVXT is an all-terrain performance tyre carries the Rubber Manufacturers Associations standard that designates tyres designed for use in severe snow conditions. The Rover RVXT is labelled with the mountain-and-snowflake symbol on the sidewall to distinguish its capability as a winter tyre. A key benefit for Dunlop dealers is the consolidation of two existing product lines - the Dunlop Rover RV and Rover P-Metric - as the new Rover RVXT hits the market. The new line offers 31 sizes, ranging from 15-inch to 17-inch rim diameters. The Rover RVXTs tread pattern features a rugged, four-rib design to provide excellent on- and off-road performance. The tread has deep lateral grooves that provide extra traction in tough conditions, and circumferential grooves that assist in channelling water away from the tyres contact point patch with the road surface.
Continue ReadingOperating Profit for Hayes Lemmerz emerging from Chapter 11
Hayes Lemmerz International, Inc. has announced that it posted operating income of 51.6 million dollars for the second quarter ended July 31, 2003, these include costs related to the Chapter 11 period. This is a big improvement from a previous years loss of 12.6 million dollars, which also included expenses related to the Companys Chapter 11 reorganization. Earnings from operations excluding these items was 20.4 million dollars in the current quarter, compared with a year earlier loss of 7.2 million dollars. Gross profit margin increased to 11.2% in the second quarter of 2003 from 7.6% in 2002.
Continue ReadingHyosung to invest 110 million US dollars in China
The Hyosung Corporation has announced that it plans to invest 110 million US dollars in building a steel cord plant with annual production capacity of 33,600 tons in Qingdao, China. The joint venture with the Qingdao administration will be named Hyosung Steel Cord Qingdao. The company is planning to inject an initial 50 million US dollars by September next year to produce 16,800 tons of steel cord annually. The investment is being driven by the growing demand by Chinese tyre manufacturers and the countrys expanding auto market. When the new plant is completed, Hyosungs steel cord business will expand to make up 7 percent of the global market and 10 percent of the mainland Chinese market, the company explained.
Continue ReadingAmtel is sole holder of Voronezh Tire and Amtel-Siberia Tire Complex
Amtel Holding has become a sole owner of Voronezh Tire Plant and Amtel-Siberia Tire Complex. According to Amtel, it bought out a 25 per cent state-run stake in Voronezh Plant and purchased a similar stake in Amtel-Sibiria from the minor holders to take 100 per cent stock capital of both plants. Amtel has been consolidating assets since 2002. The target is to set up a single public company. Today Amtel owns 89 per cent of the Kirov Tire Works, 100 per cent of Khimvolokno Amtel-Kuzbass and 100 per cent of the carbon black plant at the Volgograd Works.
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