Goodyear’s Wells Honoured as a Top ‘Under 40’ Finance Executive
Darren Wells, vice president and treasurer of The Goodyear Tire & Rubber Company, has been recognised by Treasury & Risk Management magazine as one of the nations top finance executives under the age of 40. Wells responsibilities include Goodyears financial risk management, treasury policy, and the companys relationships with the banking community. He was one of the key participants in renegotiating the companys credit agreements in early 2003.
Continue ReadingWestern European car sales down
Western Europe new passenger car registrations for October 2003 amounted to 1.179.024 units, representing a decrease of 0.3 per cent with respect to October 2002. The number of working days in October 2003 was the same as in October 2002. This basically flat result seems to point towards a stabilisation of the market, in line with most economic indicators. National figures show increases in 7 out of 15 EU countries, ranging from +5.4 per cent in Luxembourg to +33.9 per cent in Finland. Spain was the best performer among the 5 bigger markets. Decreases ranged from -0.3 per cent in Italy to -11.6 per cent in the Netherlands and Denmark. Cumulative figures for the first ten months of the year show a closing up of the overall decrease, now -1.3 per cent. Five countries post positive figures, ranging from +0.3 per cent in the U.K. to +25 per cent in Finland. All other countries report decreases, ranging from -0.6 per cent in Luxembourg to -20.2 per cent in Portugal.
Continue ReadingHankook Tire on target for Q3
Hankook Tire has announced its third quarter results, which prove its strong earnings growth stories. Its net profit was improved by 91.6 per cent YTD. A slight slowdown of its 3Q numbers came mainly from fewer working days. Hankook exhibited another good profitability growth again. Despite its YTD sales growth being at only 9.1 per cent, its operating profit was enhanced by 108.2 per cent YTD and its net profit improved by 91.6 per cent. Meanwhile, there was a slight slowdown of numbers on a QoQ basis, down 7.3 per cent in sales growth and down 0.7 per cent in operating profit. Such a decline was partially due to no sales contribution from apartment sales. But the bigger reason comes from fewer working days in 3Q03 (minus 10 days in YoY). As the company has three-shift production and its fixed cost burden amounts to 55 per cent (largely from depreciation, salaries and others), the fewer number of working days enlarged fixed cost burden and its operating profit was slightly decreased by 0.7 per cent QoQ.
Continue ReadingBridgestone/Firestone announce new winter tyre brand in US
Bridgestone/Firestone North American Tire (BFNT), recently launched Winterforce, its latest winter tyre product line. The Winterforce is “stepped, siped and studable” for superior winter driving and is available in 33 sizes. “The new line is an outstanding value at an affordable price,“ said Phil Pacsi, executive director, North American consumer tyre marketing, BFNT. “The Winterforce is designed to deliver a quiet and comfortable ride to your destination – regardless of weather conditions.“ With the latest in high-sipe density, three-dimensional tread patterns, this tyre offers confident snow, wet and ice traction. Winterforce also features a computer-modelled unidirectional tread designed to provide optimum traction accompanied by a quiet, comfortable ride. The line meets Rubber Manufacturers Association (RMA) and Rubber Manufacturers of Canada (CMA) severe snow requirements and is pinned for 12 studs to offer extra grip. An “winter mountain theme“ sidewall design adorns every size of the Winterforce line. The tyres are available in a full range of 33 sizes.
Continue ReadingBeru increases TSS sales by 77.5 %
In the first six months of the business year (1st April - 30th September 2003), the German Beru Aktiengesellschaft, Ludwigsburg, increased its consolidated sales by 9.6 per cent from 140.3 million Euro to 153.8 million Euro. The company recorded EBIT (before one-offs) of 24.4 million Euro in the first six months, compared with 20.4 million Euro for the same period of the previous year. The newest division — Electronics and Sensor Technology posted the highest growth.
Continue ReadingBridgestone steelworkers talks break down
Talks between the United Steelworkers of America and Bridgestone/Firestone broke off in St. Louis yesterday. We told them the offer that was on the table is not something we could work from, said Chuck Armstrong, co-ordinator for the unions Bridgestone/Firestone Council. The companys offer sought concessions on pension and health-care benefits and did not address key items found in the Steelworkers labour agreement reached with Goodyear Tire and Rubber this past summer. Bridgestone/Firestone spokes-man Dan McDonald declined to go into details but said the company and the union faced many hard issues that needed to be discussed to reach a consensus.
Continue ReadingPirelli Calendar 2004 overshadowed by events in Iraq
Whilst presenting the new Pirelli Calendar 2004 in London yesterday evening, Pirelli’s chairman and CEO Marco Tronchetti Provera asked the guests for a minute’s silence in commemoration of the victims from a bomb attack on an Italian military base in Iraq in which 15 Italian soldiers and others were killed. The new 2004 Calendar that was then presented by photographer Nick Knight and art director Peter Saville, takes getting used to. Star model of the evening was undoubtedly the Sudanese Alek Wek, who enjoys large reputation also because of various social commitments.
Continue ReadingStability control programs launched
Continental Teves is launching production of six new electronic stability control programs in North America for model year 2004 vehicles. Continental expects to supply more than 3.6 million stability control units to automakers in North America, Europe and Asia in the 2004 model year, a 7 per cent increase on 2003.
Continue ReadingC3M technology used in motorcycle tyres
Motorcycle tyres for the Moto GP are already running on C3M built tyres. The technology is said to give engineers better control over tyre manufacture. Michelin claim that Valentino Rossi laps a half-second faster on a C3M-built tyre compared to a traditionally built tyre using the same materials.
Continue ReadingVW Lupo through 20 countries… with just 100 Euro on fuel
Austrian journalist and fuel economy record man Gerhard Plattner succeeded in crossing 20 European countries in a VW Lupo 3L TDI, with a fuel budget of less than 100 Euros. Plattner relied on Bridgestone Ecopia low-rolling-resistance tyres that are fitted as standard on the Lupo. Their fuel-saving capabilities helped him to achieve a record average consumption of a mere 2.78 litres/100 km. The attempt began on 3 November 2003 in Oslo, Norway, and ended 4,683 kilometres and four days later in The Hague, The Netherlands. Running at an average speed of 80.76 km/h, the Austrian managed to complete the trip having spent only 90.94 Euro from the budgeted 100.
Continue ReadingMichelin to join BMW in auto research park
BMW is to build a research centre focused on information technology in an automotive research park in Greenville. Michelin North America Inc., the Greenville-based subsidiary of the French tyre maker, said it will also participate in the park, in a capacity not yet defined. Nan Banks, a spokeswoman for the company in Greenville, said Wednesday Michelin will play a role in the park. Were going to determine the form that support will take as the project unfolds, she said. Michelin, which already has a research and development operation in Greenville County, sees Clemsons park as something that will expand and enhance the activities we already have here.
Continue ReadingArvinMeritor Declares Quarterly Dividend on Common Stock
The ArvinMeritor, Inc., board of directors at a meeting has declared a quarterly dividend of ten cents per share on the common stock of ArvinMeritor, Inc., payable Dec. 8, 2003, to shareowners of record at the close of business on Nov. 24, 2003.
Continue ReadingBSA still expanding
Malaysian entrepreneur and BSA International Bhd group Executive Chairman Datuk Dr Cam Soh Thiam Hong, says the world is one huge market that is too lucrative to ignore. Soh Thiam Hong, who was the largest importer of alloy rims into Malaysia in the 1990s, turned the tables around and is now Malaysias largest exporter of alloy rims under his own BSA brand. For the year ended Dec 31, 2002, it posted revenue of RM113.7mil, of which 85% came from overseas sales. For the six months ended June 30, BSA posted a pre-tax profit of RM9.2mil on revenue of RM75.7mil. BSA is considering setting up two new factories - one each in Malaysia and China - which could produce an additional two million rims a year, for a total three million rims, over the next few years.
Continue ReadingIraqi Car Market Booms
Global Insight, Inc has announced its forecast findings on the newly-emerging Iraq light vehicle market. According to the Global Insight study, basic light vehicle demand during 2005-2007 should stabilise at estimated 200,000 units, after an immediate post-war surge to 250,000-300,000 units. Since the end of the Iraqi war, used car exports to Iraq have risen very sharply, trending towards the lowest priced cars available from the neighbouring regions of the UAE, Kuwait and Jordan. Between May and September of this year, it is estimated that 100,000 used cars have been shipped to Iraq, with Kuwait alone reportedly shipping 18,000 used cars to Iraq during this same period. Oil wealth, a free trade environment, external spending and financial support all augur for an Iraq potentially wealthier than some of its neighbours. Global Insights macro economic forecast shows GDP rising from 1,000 US dollars per capita in 2003 to close to 3,000 US dollars by 2009. The new car market will be seen to grow as the Iraqi economy makes these gains.
Continue ReadingBAR-Honda 2004 On Michelin Or Bridgestone Tyres?
May BAR-Honda switch from Bridgestone to Michelin tyres in 2004 or not? F1 driver Jenson Button doesnt know anything about that at the moment,“ he told As far as I know theyve just talked about it.“ Bridgestone and BAR have a contract for another Formula One season.
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