Car 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.
Continue ReadingApollo Tyres Signs Memorandum Of Understanding For New Plant
In India, Apollo Tyres has signed a Memorandum of Understanding to set up a tyre manufacturing plant at Vadodara (previously known as Baroda). The project entails an investment of six billion Rupees (112.7 million Euro) but details of product types, capacity etc. are not known.
Continue ReadingGoodyear Eagle F1 Is “Best Buy”
In the US, the publication Consumers Digest Magazine has named the Goodyear Eagle F1 tyre as the Best Buy in the performance tyre category - an accolade that CDM awards to fewer than three per cent of the products it reviews. The tyre was also rated as the Premium Selection - a designation that means the product is the best at any price according to CDM.
Continue ReadingNew Bridgestone Motorcycle Tyres
Bridgestone used the EICMA show in Milan last month to introduce new motorcycle tyres. The Battlax BT-014 already has several OE homologations and the BT-020 and BT-45 are designed for the growing enduro/touring sector. The fourth new tyre, the Battlax BT-002, is for riders competing in supersport races or track days.
Continue ReadingVico Now Holds 96.8 Per Cent Of Vredestein Shares
The Vredestein Investment Consortium (Vico) has increased its shareholding in the Dutch company from 61.2 per cent to 96.8 per cent, following an offer tabled in August, to purchase Vredestein shares for 7.5 Euro. The tender period officially closed on 24th September, by which time Vico has purchased 3,035,594 shares, bringing its holding to 8,265,581 shares. Despite the ending of the tender period, Vico will still buy shares up to 15th October. The listing of Vredestein shares on the official market of Euronext N.V. will be terminated on 24th October.
Continue ReadingFord Offers Early Retirement To Trim Jobs
Ford is aiming to lose 1,700 jobs in Europe, by offering voluntary early retirement to workers at two factories in Germany. A similar move is expected at the Ford factory in Gent, Belgium, while workers in the UK have already been offered early retirement.
Continue ReadingKumho Moves Up A Place In World Rankings
Kumho Tire has moved up from tenth to ninth position in the list of world tyre manufacturers, published by US magazine Tire Business. With sales of over $1.44 billion last year - a double-digit increase - Kumho overtook Toyo in the world rankings. Tire Business estimates that the top three tyre manufacturers control 60 per cent of the world tyre market, and the top ten account for 80 per cent.
Continue ReadingDaewoo Cuts Jobs In Poland
Daewoo-FSO Motor Polska is to slash up to 1,500 jobs in Poland, in a bid to save the company from bankruptcy and to encourage investment in restructuring. The exact number of jobs to be lost will be decided in discussions with unions, but 1,000 workers picketed a meeting of shareholders at the Economy Ministry.
Continue ReadingContinental Invests 74 Million Euro in Czech Republic
Continental is set to invest 74 million Euro in building a plant on the Barum Continental site in Otrokovice, in the Czech Republic. Expected annual capacity will be three million tyres, mostly high performance products for the OE market. The project will mean the creation of 430 jobs over the next decade and a new company, wholly-owned by Continental, will be incorporated to manage the project.
Continue ReadingGerman Recovery To Fuel Tyre Market Growth
Industry analysts expect the German automotive sector to recover in the final quarter of this year, having a beneficial impact on tyre suppliers. The high performance tyre market is showing growth of over 20 per cent and the winter tyre market will see double-digit growth. These factors, combined with more favourable raw material prices, should mean an overall growth of seven per cent in the European tyre market, the analysts predict.
Continue ReadingContinental To Cut Jobs In USA
Continental Tire North America is to cut production at its plant in Mayfield, Kentucky, by 22 per cent, resulting in the loss of 200 jobs; around 15 per cent of the total workforce. Rising costs, especially so-called legacy costs were blamed for the move.
Continue ReadingEU Appeals Court To Rule On Michelin Case
The EU Appeals Court is set to rule on whether Michelin breached EU anti-monopoly rules in the early 1990s. At that time, Michelin offered rebates for retreading and replacing tyres on trucks and buses in France; something that illegally tied dealers and foreclosed the French market, the European Commission originally ruled in 2001.
Continue ReadingGoodyear invests 30 million dollars in India
Goodyear Tire & Rubber Company will invest 30 million US dollars to ease the debt burden of its Indian arm. The funds would be invested through the external commercial borrowing route in Goodyear India to retire high cost debts in favour of low cost borrowings. India is an important market for Goodyear. We continue to seek ways to introduce tyre technology, said Antonio Canallini, chairman and managing director, Goodyear Tire & Rubber Company, India. The joint venture company Goodyear South Asia Tyres Ltd. has recently augmented production capacity by 25 per cent at its Aurangabad facility.
Continue ReadingBridgestone revises earnings forecast
Tyre manufacturer Bridgestone Corp. released a revised earnings outlook Wednesday containing the impact of the fire at its Tochigi factory, having lowered net and pre-tax profit forecasts for the year ending Dec 31. Bridgestone now expects a group net profit of 78 billion yen against the 80 billion yen the company projected in August when it issued an earnings report for the January-June half.
Continue ReadingUps and Downs for Goodyear in August
Goodyear claims to have increased replacement tyre shipments by 4 per cent over the previous years level. In August industry shipments of tyres to OE declined by 11 percent, Goodyears decline was less than the industry average. However shipments of commercial replacement tyres declined by more than the industry level of 10 per cent. Additionally product mix was unfavourable due to market share gains by Dunlop, Kelly and associated brands. Goodyear shipments of commercial OE tyres fell at the industry rate of 10.5 per cent. Outside the North American market Goodyear performed well in all other areas with increases in aftermarket car and tyres in every region, but some decline in most markets for commercial vehicle tyres. OE supply varied depending upon the application of the companys selective OE strategy.
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