New VP, Business Development for Goodyear
Rick Navarro has been appointed vice president, business development, responsible for developing and co-ordinating strategies to achieve business growth and profitability through acquisitions, divestitures, mergers and joint ventures. He joins Goodyear from Solectron Corp., where he was senior vice president of corporate development. Before that, he worked for Honeywell International.
Continue ReadingWilliams criticises FIA investigation
Williams Technical Director Patrick Head has criticised the FIA for its investigation into Ferraris Bridgestone tyres, used at the Italian Grand Prix in Monza. The FIA took away a left front tyre and a right rear tyre and Head says that, due to the conditions at Monza, these tyres require a harder compound, while a softer compound would be an advantage on the left rear and right front. Had Ferrari been mixing compounds, this would not have become apparent, says Head, who described the investigation as not very useful.
Continue ReadingYokohama to extend Chinese factory
Yokohama has announced that it is to spend US$26 million to double capacity at its Chinese factory to 1.4 million tyres a year by the end of 2004. Originally the timetable for the expansion was the end of 2006, but increased demand has prompted Yokohama to bring the plan forward.
Continue ReadingExplosion closes Hayes Lemmerz factory
The Hayes Lemmerz cast aluminium wheel factory at Huntington, Indiana, has been temporarily closed after an explosion, the cause of which is not yet known. Staff were evacuated from the plant, but there were three injuries, including one fatality.
Continue ReadingHonda net profit up 58 per cent
Hondas net profit for the third quarter was up 58 per cent to 137.36 billion Yen (1.08 bn Euro). The main reasons were strong sales of the Accord in China and the USA, plus good US sales of the Pilot and Element SUVs. Operating profit was down slightly at 151.69 billion Yen (1.2 bn Euro), compared with 153.05 billion Yen for the same period last year. Despite the good figures, Honda says that full year revenue will probably be lower than forecast, due to unfavourable currency movements and continued low sales in Japan.
Continue ReadingContinental supplying tires to Ford for its 2004 F-150
Continental Tire North America, Inc. (CTNA), has announced that it is supplying original equipment tires to the Ford Motor Company for the companys all-new 2004 F-150 pick-up truck. Continental is supplying Ford with ContiTracTM P255/65R17 tires, General AmeriTrac TRTM P255/70R17 tires and General AmeriTrac LT245/70R17 tires. The F-150 is one of Fords best-selling vehicles, and we are pleased to help Ford fulfill its product promises with our Continental and General tires, said Andreas Gerstenberger, vice president of Continentals original equipment tire business.
Continue ReadingALPS begins mass production of batteryless TPMS
Back in May, Japanese company ALPS Electric and German firm IQ-Mobil signed an exclusive worldwide licensing contract, whereby ALPS will develop and produce a batteryless tyre pressure monitoring system. Mass production of such a system is about to start. Batteries, says ALPS, have a finite life, plus there are possible environmental and weight problems. The new batteryless TPMS replaces the central receiver with a transceiver, which transmits and receives signals and a transponder, which replaces the transmitter in the pressure sensor and uses the energy of the signals received to send a return signal.
Continue ReadingGoodyear update – share price holds up
It was a quiet day on the legal front for Goodyear yesterday, with only one more law firm announcing that it was going to bring a class action against the company, following the recent admission that income had been over-stated. Reaction to recent events has been mixed, with website message boards showing a sharp divergence of views - unsurprisingly, there are bitter comments about the management, both past and present, but there are harsh words too for the lawyers, who some see as exploiting an unfortunate situation for financial gain. Taking Goodyears share price as a barometer of opinion shows that yesterday it rose 17 cents, to close at $6.72.
Continue ReadingGoodyear India OE on four cars
Goodyear India has been chosen as OE tyre supplier for Skoda Octavia, GM Chevrolet Optra, the Telco City Rover and Telcoline 4x2. Goodyear is the sole tyre supplier for the City Rover and is also the sole supplier for the DaimlerChrysler Mercedes E Class.
Continue ReadingGoodyear in more trouble over re-statement
Yesterday we said that a Goodyear shareholder was instituting a class action against the company over its re-statement of profits, alleging that Goodyear deliberately misstated its profits in order to maintain an artificially high share price. Today, the company has been hit by a flurry of similar actions as lawyers across the US leap on to the bandwagon. A typical announcement from a firm with offices in Connecticut and California says that it has commenced a securities fraud class action claiming damages against Goodyear, Samir Gibara, Robert Tieken, Robert Keegan and Stephanie Bergeron and invites disgruntled shareholders who bought Goodyear shares at the time in question to join the action. No doubt other actions will be brought as more and more law firms try to get in on the act - something which will do nothing to improve Goodyears relations with both investors and financial institutions.
Continue ReadingConti’s nine-month sales hit by currency effects
Continentals nine-month figures would have been 5.7 higher than for the same period last year, but currency exchange effects mean that they were virtually identical at 8.485 billion Euro. The EBITA (earnings before interest, tax and regular goodwill amortization) for the nine months was up 20.7 per cent to 661 million Euro (2002: 547 million). The return on sales was 7.8 per cent (2002: 6.5 per cent). Sales rose at Continental Automotive Systems and at ContiTech. On the tyre side, sales and earnings increased for the Passenger Tire division, but declined for Commercial Vehicle Tires.
Continue ReadingVultures gather round Goodyear
The image of scavengers circling a recently-dead corpse may be premature in the case of Goodyear, but it is one that comes irresistibly to mind as the news breaks of more and more firms of lawyers initiating class action lawsuits, claiming damages against the company and named executives following the recent announcement that income had been overstated by up to $100 million. Five separate law firms announced towards the end of last week that they would begin an action (the announcement from Goodyear was only made on the Thursday, so these were certainly quick off the mark) and, so far this week, another five companies have joined the list, with no doubt more still to come. So far, the effect on Goodyears stock has been negligible, with shares closing yesterday up 21 cents, at $6.55.
Continue ReadingVredestein signs up for Tyre ASI
Vredestein UK has signed up to exhibit at Tyre ASI, the UK exhibition being held at the NEC this January. It is an integral part of the Aftermarket Show and runs alongside Autosport International. The visitor profile was a major factor in Vredesteins decision and the companys stand will feature the Giugiaro Design Aston Martin 2020.
Continue ReadingSocial award for Alcoa factory
The Alcoa-Kofem factory in Székesfehérvár, Hungary, is the first-ever recipient of the Good Corporate Citizenship and Social Responsibility Award, from leading Hungarian business and economic journal Figyelo. The Alcoa-Kofem factory produces forged aluminium truck wheels.
Continue ReadingSoutham Tyres to import Merit
Southam Tyres has announced that the company is to be the exclusive UK distributor for the Merit brand of 4x4 tyres from the USA. Southam specialises in tyres for 4x4 vehicles and the first sizes in the Merit range will be available to the trade this month.
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