Bandag Second Quarter Results
Bandag, Incorporated has reported consolidated net income of $8.7 million, or $0.45 per diluted share for second quarter 2003, compared to second quarter 2002 consolidated net income of $11.7 million, or $0.57 per diluted share, a decrease of 26% and 21% for consolidated net income and diluted earnings per share, respectively. Second quarter 2003 results were reduced by approximately $2.2 million due to net foreign exchange losses. Second quarter 2003 results were also reduced by approximately $1.5 million in net charges related to Bandags distribution subsidiary, Tire Distribution Systems, Inc. (TDS), for store divestitures and a real estate impairment charge. Consolidated net sales for second quarter 2003 were $204.1 million, a decline of approximately 12%, compared to consolidated net sales of $231.1 million in the prior year period.
Continue ReadingCooper Q2 Results
Cooper Tire & Rubber Company has reported results for the second quarter of the year. Net income was $13 million, compared with the all-time record earnings of $39 m for Q2 last year. Turnover was up slightly at $840 m ($836 m) and operating profit was $38 m. The Tire Group reported turnover up 4 per cent to $432 m ($414 m) while operating profit declined to $14 m from $37 m in Q2 2002. The high cost of raw materials was blamed. Overall, unit sales of Cooper brand tyres rose 8 per cent in the quarter.
Continue ReadingRecord overseas sales for Federal in June
Overseas sales of the Taiwan-based Federal Corporation totalled US$ 10.2 million in June; a record monthly high and 17.18 per cent higher than June last year, which was itself a record. Federal reported a record first quarter sales figure of US$ 26.44 million, 16.32 per cent up on Q1 2002.
Continue ReadingKwik-Fit Back On The Box
Today, Kwik-Fit begins its first television commercial campaign for some years. CEO Tim Parker told T&A that the re-organisation of the company was now complete and it is time to concentrate on the market. He also promised an increase in Kwik-Fits marketing spend.
Continue ReadingEC 108 and 109 To Be Mandatory In UK
EC regulations 108 and 109, covering type approval for car and truck retreads, will become compulsory in the UK from 1st January 2004. The regulations, which have been available for use on a voluntary basis since June 1998, should help boost public confidence in the quality and performance of retreaded tyres, says the Retread Manufacturers Association.
Continue ReadingVW To Double Capacity In China
VW is set to invest six billion Euro over the next five years to double capacity at its two Chinese joint venture plants to 1.6 million vehicles a year. The company is also looking for new manufacturing sites in China. The initial one billion Euro investment in the factory at Changchun will be funded entirely from revenues from the Chinese market.
Continue ReadingPirelli OE On Aston Martin
Aston Martin has chosen the Pirelli P Zero Rosso tyre as OE for its prestigious, limited edition DB7 Zagato. Based on the DB7 Vantage, but with more power, the hand-built Zagato has uprated brakes, sports suspension and an all-new two-seater aluminium coupe body.
Continue ReadingNet Profit Up For Stamford Tyres
Shares in Singapore-based Stamford Tyres rose by over 13 per cent on news that the companys net profit had risen from S$ 2.75 million (1.39 m Euros) last year to S$ 8.18 million (4.12 m Euros) for the latest fiscal year. This comes at a time when the Singaporean economy shrank by 11.8 per cent in the second quarter, as tourism was hit by the SARS virus and the war against Iraq led to a decrease in production, said the Government.
Continue ReadingCrash Family Sues Dunlop
In the UK Scott Harvey (14) is suing Dunlop Tyres and a family member who was driving a car when a tyre burst at 60 mph. Harvey was not wearing a seat belt in the back of the car and was thrown clear, suffering head injuries and fractures and had to have two fingers removed from his right hand. Dunlop made no comment, saying that the case was in the hands of the companys legal team.
Continue ReadingFit4Fleet Expands Into Irish Republic
Fit4Fleet, the GM-owned, UK-based network of independent tyre dealers supporting company car fleets, has announced an expansion of its activities into the Republic of Ireland. The network already has 60 centres in the Republic and the Irish Fit4Fleet operation will be headed up by Barry Eccles, who has extensive fleet experience.
Continue Reading“China Still Ideal For Manufacturing” Says Michelin
An article in Asia Times quotes Eric Jugier, chairman of Michelin (China) Investment Co. Ltd., as saying that the company still considers China an ideal investment destination for the world manufacturing industry. He is also quoted as saying that Michelin plans to turn its operations in mainland China into its biggest manufacturing base in the world.
Continue ReadingAlcoa Expands Coated Wheel Range
Alcoa has expanded the range of its Dura-Bright(r) coated aluminium wheels to 14 rims, in response to customer demand. The coated wheels have all the advantages of aluminium, such as less weight and better heat dissipation, while the Dura-Bright(r) surface treatment helps them to resist corrosion.
Continue ReadingSmarTire Partner Wins Product Development Contract
SmarTire Systems Incs strategic partner, Hyundai Autonet Company has been contracted by Hyundai Motor Corporation to develop commercial vehicle tyre pressure monitoring systems.
Continue ReadingHayes Lemmerz Looks To Reduce Costs
Hayes Lemmerz, the wheel producer who recently emerged from Chapter 11 bankruptcy protection, is trying to reduce costs without compromising financial recovery. This comes in response to the expectation that US vehicle manufacturers will ask suppliers to reduce prices in order to improve the manufacturers own bottom lines.
Continue ReadingPelmar Engineering Buys Most Of Traiskirchen Machinery
Machinery at the Semperit factory in Traiskirchen, Austria, was auctioned off recently, with most of it purchased by Israeli company Pelmar Engineering Ltd.; one of the worlds largest dealers in new and used tyre machinery. The auction raised around $2 million and, among the equipment acquired by Pelmar, were off the road curing presses and tyre building equipment. Traiskirchen will continue to supply the Continental group with custom compounds, rubberised steel cord and rubberised yarns, but tyres are no longer made at the plant.
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