Excise Duty Cut Urged For Indian Tyres
In India, Parliamentary committee has urged the Government to reduce the amount of excise duty levied on tyres sold into the replacement market, from 24 per cent to 16 per cent. This follows a recent reduction from 32 per cent to 24 per cent. Such a reduction would save a single truck operator Rs 18,000 (361.8 Euro) a year in excise duty, says the committee. The Indian tyre industry contributes Rs 3,500 crore (703.5 million Euro) a year in taxes, the report adds.
Continue ReadingToyota To Sell Stake In Indian JV
Toyota is negotiating to sell 10 per cent of its Indian joint venture to the Kirloskar group, Toyotas partner in the venture. Kirloskar originally held 26 per cent of the equity, which was reduced to 11 per cent and, later, one per cent, as the group found difficulty in meeting its capital commitments - problems which now appear to be over.
Continue ReadingToyo In Talks With Michelin
Toyo Tire & Rubber is involved in talks with several companies to jointly develop a run-flat tyre, say press reports. The name mentioned most often is that of Michelin, but Satoshi Takashina, spokesman for Toyo, said that no final decision has been reached and discussions are under way with a number of companies. A report in a Japanese business publication said that Toyo and Michelin would jointly develop and sell run-flat tyres, produced in Japan and the USA, by the year 2005. The speculation caused Toyos shares to rise sharply - at one point up by over 13 per cent.
Continue ReadingNew Chairman For Pirelli UK
Lord Marshall of Knightsbridge has been named as non-executive Chairman of the Boards of Pirelli UK plc, Pirelli General plc and Pirelli UK Tyres Ltd., effective September 1st. Lord Colin Marshall is currently Chairman of British Airways and is also a member of the Board of HSBC Holdings, Chairman of the International Advisory Board of the CBI and Chairman of Britain In Europe.
Continue Reading“Tentative Agreement” Reached Between Goodyear And Unions
The long-running saga of discussions between Goodyear and the United Steel Workers of America took another turn when it was announced that the two sides had reached a tentative agreement on a new, three-year labour contract. The next step is for USWAs 19,000 workers to vote to approve the deal. No details were given, but one unconfirmed press report said that the factory at Huntsville, Alabama, which produces Dunlop tyres, would close as part of the agreement, resulting in the loss of 1,000 jobs.
Continue ReadingIndian Firm To Double Carbon Black Output
Hi-Tech Carbon of India is set to double output of carbon black at its factory at Gummipoondi. An investment of Rs 80 crore (US$17.5 million) will see annual production increase to 80,000 tonnes by next March. Half the current production of 40,000 tonnes goes to export.
Continue ReadingSettlement In Lawsuit Case
An out-of-court settlement has been agreed in the USA in a case where three students are suing Bridgestone Firestone and a trailer rental company for $72 million, following an accident in 1999 involving a Ford Explorer, which overturned. The size of the settlement was not revealed, but Bridgestone Firestone was adamant that the settlement in no way implied any admission of liability.
Continue ReadingHayes Lemmerz Senior Appointments
Wheel manufacturer Hayes Lemmerz has made some new appointments at Director level. Gregory A. Kalin has been appointed Director of Internal Audit, having held similar positions with other leading companies. In another appointment, George T. Haymaker Jr. (65) has been named as lead director of the board, bringing the number of directors at Hayes Lemmerz to seven. Mr. Haymaker holds a number of other non-executive directorships and chairmanships.
Continue ReadingFord Pins Hopes On 4Q Turnaround
Ford of Europe, which two months ago lowered its second-half-year production target by 80,000 vehicles, has announced that it will increase its fourth quarter production by 40,000 vehicles. This is in anticipation of an increase in demand later in the year and the introduction of new marketing programs to stimulate demand even further.
Continue ReadingContinental back in DAX after seven years
After a seven-year gap, Continental AG, Hanover, is back in Dax. On September 22 the international automotive supplier will return to the German’s stock market’s blue chip index. The announcement was made yesterday by the Deutsche Börse AG in Frankfurt/Main. Continental, a founding member of the index, thus becomes the first company in Dax’s fifteen-year history to stage a comeback into the circle of Germany’s 30 largest companies.
Continue ReadingFord Pins Hopes On 4Q Turnaround
Ford of Europe, which two months ago lowered its second-half-year production target by 80,000 vehicles, has announced that it will increase its fourth quarter production by 40,000 vehicles. This is in anticipation of an increase in demand later in the year and the introduction of new marketing programs to stimulate demand even further.
Continue ReadingNew Production Process From Kumho
Kumho is the latest tyre manufacturer to introduce a new method of tyre manufacture. Known as APU (Advanced Processing Units), the modular system is being incorporated in the new Kumho factory that is being built at Pyongtaek, Korea, close to some major car assembly plants. The new factory will be dedicated to tyre production for the OE market and the first module will start production in November this year. Further modules will come on stream at the rate of one per month until full capacity is reached in February 2004. This full capacity will be in excess of two million tyres a year.
Continue ReadingContinental Banks On Winter
Business analysts report that Continental is running its winter tyre production at full capacity (70,000 tyres/day), having started production earlier in the year than usual. The estimate is that around 12 million winter tyres will be produced for the coming season. Conti has also introduced an enhanced order and logistics system, which should ensure that fill rates are well over 80 per cent.
Continue ReadingUnions “Need More Time” To Study Goodyear Proposals
The long-running talks between Goodyear and the United Steelworkers of America continue to drag on after the deadline of last Friday set by Goodyear. The USWA says that it needs more time to study the latest proposals from Goodyear, which were put forward on Sunday. It is believed that Goodyear wants to shut four plants in the USA (out of a total of 14) and the union is seeking guarantees on job security. Despite the uncertainty, Goodyear shares rose 3.9 per cent in New York to reach $5.80.
Continue ReadingLassa European Sales & Marketing Director
Lassa has announced the appointment of John Westwood as the new senior director responsible for the running of its London-based European export sales operation. He joins the company after a long and distinguished career with Goodyear in a variety of senior sales and marketing positions. Mr. Westwood will replace Gunduz Akin as European Sales and Marketing Director, responsible for all Lassa brand sales in Austria, France, Germany, Italy, Spain, Portugal, Sweden and the UK. Mr Akin has returned to Turkey to work for Lassas parent company, Brisa.
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