Goodyear announces Huntsville closure plans
Goodyear has announced plans to close its factory at Huntsville, Alabama, by December 5th, affecting around 1,100 associates. The closure of Huntsville was widely expected, following the recently-ratified labour agreement with unions. Meanwhile, union representatives at the Kelly-Springfield plant in Tyler, Texas, say that tyre production has been cut by 11,000 units a day and up to 200 workers could be laid off by mid-November, hopefully only temporarily, says the union.
Continue ReadingAlcoa Recognized as Visionary
The Alcoa Wheel and Forged Products team that developed Dura-Bright(R) surface treatment was honored earlier this month with the 2003 Visionary Award. Presented at the Innovation in Business Conference in Cleveland, by Ohio-based business magazine Smart Business Network and Anthem Blue Cross and Blue Shield of Ohio, the Visionary Award was created five years ago to recognize Northeast Ohio businesses and arts for innovative ideas and applications.
Continue ReadingMichelin to invest in Romania
Michelin is set to make an initial investment of 10 million Euro in a new factory, producing steel cord for tyre reinforcement, situated in Zalau, Romania. The project is expected to take around 10 months to complete. Michelins annual turnover in Romania is estimated between 60 and 80 million Euro.
Continue ReadingExtended steam agreement with Dayton Tire
Smith Cogeneration, of Oklahoma City has signed an agreement with Dayton Tire Company. The accord provides a seven-year extension of their agreement to provide low-cost steam as a byproduct of their electric power, cogeneration plant. The PowerSmith cogeneration power plant began service in 1989 supplying low-cost steam to Bridgestone at a time when the tire plant was scheduled to be shutdown due to high costs. After the closure announcement, PowerSmith offered to provide low-cost steam by building a cogeneration plant adjacent to the tyre plant. The plant would generate 110 MW of electric power and produce 80,000 lbs of steam per hour to be used in Firestones tyre making facility. Today the plant produces some 44,000 tyres per day and is one of the most efficient in the US.
Continue ReadingCooper to Announce Q3 Results
Cooper Tire & Rubber Company will announce its third quarter financial results before the market opens on Thursday, October 16, 2003. A conference call discussing the financial results will follow at 11:00 a.m. (EDT). Individuals can access a webcasting of the conference call at our investor relations web page at www.coopertire.com
Continue ReadingUS Patent Office Allows Patent Application for Run Flat Tire
Amerityre Corporation has received notice from the U.S. Patent and Trademark Office that its patent application for its Run Flat Tire with an Elastomeric Inner Support has been allowed with 11 claims. The allowance of the application is signification because most of the tyre companies today are trying to establish a run flat system, said Richard Steinke, Amerityres CEO. This design will carry the load well beyond the 50 miles currently targeted by the industry, he added.Mr. Steinke further stated, Two years ago we developed air-no air automobile tyres that we drove for over 500 miles with zero air pressure and several holes in them. We have been building on that technology to create both a run flat system that operates with existing pneumatic tyres as well as developing an air-no air tyre without mechanical assistance.
Continue ReadingReifen Schwarz in deep water
The company, based in the South of Germany and founded in 1924, has 50 outlets, of which are 4 in Austria and 2 in the Czech Republic, and makes a turnover of more than 100 million Euro with 500 staff. Due to the ongoing poor business situation there have been rumours in the market that Schwarz would sell to Bridgestone, as an emergency measure. Now the management was forced to admit during a meeting of creditors that Bridgestone has surprisingly withdrawn. It is said that the expectation of the Schwarz Family regarding a goodwill payment was far too high. Schwarz might possibly apply for insolvency early next week. Suppliers such as Dunlop, Pirelli and Bridgestone have already collected the remaining tyres which Schwarz had in stock. This magazines information is that there will be a meeting on Tuesday next week with creditors. In the meantime, it is said that the Schwarz family will establish a rescue company.
Continue ReadingFord Sacks 3,000 In Belgium
Ford began its much-heralded jobs reduction programme by cutting 3,000 jobs at its factory in Genk, Belgium. This is in contrast to previous plans to invest 900 million Euro in the plant. Lewis Booth, recently-appointed as Fords COO in Europe, was pessimistic about market conditions, saying that he expected no recovery in the European car market next year, nor the year after. Ford of Europe lost $774 million in the first six months of the year.
Continue ReadingMetro Tyres Predicts Turnover Growth
Indian two-wheeler tyre producer Metro Tyres predicts a 10 per cent growth in turnover this fiscal year to 3.3 billion Rupees (US$72 million) and five billion Rupees ($109.9 m) in the next three years, on the back of its technical alliance with Continental AG. Metro will also invest 200 million Rupees (44.4 m) to double production at its factory in Ludhiana to a monthly capacity of 100,000 tyres and tubes. The Indian domestic two-wheeler tyre market is estimated to be worth 10 billion Rupees ($219.5 million) annually.
Continue ReadingFranchised Dealer moves to exploit end of Block Exemption
Reg Vardy, the car dealer, is planning on opening a range of branded repair shops, not attached to its showrooms. The company will be spending 10 million pounds and will focus on cities where it already has a strong presence. Each repair shop will cost in excess of 1 million pounds but the company expects that the expansion will allow the Group to increase its market share. The new regulations will allow authorised repairers to shop around for cheaper parts for the first time, buying parts directly from third party suppliers.
Continue ReadingPressure on Goodyear is growing stronger
There has been an unequivocal direction from Akron and Brussels, European Goodyear directors tell their subordinates. Once again, no matter by what means, the company has to cut expenses. Apparently the 2003 Ebit goals (reportedly 400 million US Dollars), that have been set by the creditor banks, are seriously at risk. Should the Ebit remain below the minimum 400 million threshold the banks would be entitled to withdraw from the concessions made earlier this year. And achieving the set Ebit goals seems to be becoming more difficult due to rising raw material prices and a sluggish American economy. The latest round of economy measures does nothing to dispel the feeling of insecurity among employees. What is more, it makes them angry and frustrated because even the smallest purchase of goods now has to be authorised. The potential of these economy measures would appear to be virtually insignificant. According to insiders, in Europe this potential is less than 2 million Euro. How far away the corporate group still is from its expected turnaround will be revealed with the third quarter figures. That Goodyear will end this year with another severe loss can be taken as read, no matter what economy measures are taken.
Continue ReadingCarlisle freezes in Caribbean
Implement and ATV manufacturer Carlisle Tire has had its assets frozen in Trinidad. The company dismissed 400 employees from its Point Fortin plant which was closed two weeks ago after workers began protesting about what they claimed were unsafe working conditions, including exposure to harmful chemicals. Carlisle said it dismissed the workers because they had abandoned their jobs. Workers were not given severance packages. The courts ruling allows Carlisle to spend only 4,200 US dollars in monthly operating expenses at the plant. The plant, located in a free-trade zone, manufactured 3,000 to 4,000 tires a day for export, according to court documents.
Continue ReadingTPMS creates 200 jobs in Antrim
Tyre technology firm Schrader Electronics has announced that it is to build a new factory at Carrickfergus in Antrim (Northern Ireland), which will create 200 jobs.
Continue ReadingUpdate – Court Upholds Judgement Against Michelin
The European Court of First Instance has dismissed the appeal by Michelin and upheld the 19.76 million Euro fine imposed by the EC.
Continue ReadingCar Makers To Slash Jobs
Only days after signing new master labour agreements with unions in the USA, Ford and DaimlerChrysler have announced comprehensive job-cutting plans. Ford will lose 12,000 jobs worldwide (1,700 in Europe), while DCX will offer early retirement packages to thousands of US workers according to reports. One unconfirmed press story suggests that DCX could close up to nine US factories as the car makers face a downturn described as the most severe that the industry has suffered.
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