European Commission Gives Go-Ahead To Viborg Purchase
The European Commission has given approval to the acquisition of the Viborg tyre distribution group by Euromaster, the Michelin subsidiary. This gives the green light to the completion of the acquisition, which was first announced last December.
Continue ReadingBridgestone To Build Thai Carbon Black Plant
Bridgestone is to invest 1.7 billion Thai Baht (36.2 million Euros) in a new plant to produce carbon black. The factory, which will be sited in Rayong, Thailand, will begin production next year, with an annual capacity of 40,000 tons. It will be operated by the subsidiary company Bridgestone Carbon Black Thailand Co. and it is thought that the majority of output will go for export.
Continue ReadingGoodyear To Sell Chemicals Business?
Reports in the press suggest that Goodyear may be looking to sell its chemicals business, which turns over around $1 billion a year, and has retained Credit Suisse First Boston to handle the sale. However, a Goodyear spokesman refused to confirm the story, saying that the company reviews all its operations but would not speculate on the possible future sale of any of the assets.
Continue ReadingCollaboration Between Goodyear And TRW Automotive
Goodyear and TRW Automotive have signed a five-year agreement for a joint study of tyres, braking, suspension and steering systems. Goodyear will share its design and manufacturing expertise in conventional and EMT run-flat tyres, while TRW is a leader in the design of braking, steering and suspension systems. Both companies said they were excited about the potential for product improvement and development which the agreement would bring.
Continue ReadingZimbabwe Crisis Impacts On Tyre Sector
The Zimbabwe governments price controls have impacted on the tyre sector and forced vehicle operators to lay off vehicles. Tyres are now being sought after on the black market after local manufacturer, Dunlop downsized operations due to price controls. Firestone and Bridgestone are no longer imported. Only a small number of Goodyear tyres were escaping the price restrictions and supplies have all but dried up. Some transport operators have resorted to bulk buying and bypassing dealers and importing tyres for themselves.
Continue ReadingDeldo And Group Tyre Outlook Sunny
Group Tyre has successfully negotiated with Deldo to become the exclusive UK distributor for the Sunny brand, which will be available in seventeen sizes up to 17 inch, with new sizes being added as the brand develops. Deldo, who have exclusive European rights on Sunny, took the decision to partner with Group Tyre based on their proven credibility as a national distributor.The addition of Sunny to Group Tyres existing exclusive brands, Stunner, Trayal & Eurotour, is another positive step forward in their continued expansion programme and further enhances their reputation as one of the UKs leading independent distributors to the fast fit industry.
Continue ReadingTiger Wheels Realign Investments
South African Tiger Wheels is planning to realign its investments in wheel manufacturing, which might lead ultimately to an overseas listing for the company. This was announced by CO, Eddie Keizan, as he unveiled an impressive set of financial results for the six months to December.
Continue ReadingSafety Award For Pirelli
In the USA, Pirelli has received a prestigious award from the Rubber Manufacturers Association (RMA) for its excellent worker health and safety record over the past year. The Safety and Health Improvement Program (SHIP) award was presented to Pirelli at the RMAs annual meeting. The award was created in 1981 to recognise advances in workplace health and safety and this year 174 plants from 29 member companies supplied data for the annual survey. Pirellis MIRS plant in Georgia was the clear winner with a remarkable zero incidents record.
Continue ReadingAutomatic Tyre Pressure Monitoring Tyre IQ System
Goodyear, in co-operation with Siemens VDO Automotive has launched the first commercially available battery-less tyre-based pressure monitoring system. The new Tyre IQ system relays specific tyre information to drivers, and provides appropriate warnings when improper inflation is detected.
Continue ReadingGoodyear Gets Loan Extension
Goodyear Tire & Rubber has announced that the company has been granted an extension on its loan agreements. The waivers were due to expire on March 7, but the extension is until April 4. Goodyear has secured agreement from JPMorgan and Citigroup to underwrite a new, three-year, $1.3 billion asset-based credit facility and this, says Robert W. Tieken, Goodyears executive vice president and chief financial officer, provides additional liquidity that offers financial and operational flexibility for our businesses.
Continue ReadingHayes Lemmerz Vice President
Patrick E. Miller has been appointed Vice President of Sales and Product Engineering for Hayes Lemmerz North American Wheels Business Unit. Prior to his new appointment, Patrick was a Vice President and General Manager for Alcoa Engineered Automotive Products.
Continue ReadingTitan International 2002 Results
Titan International has reported its 2002 financial results. Turnover for the year was $462.8 million (2001: $457.5 m), while operating results showed a loss of $14.1 million (2001 loss: $33.5 m). The net loss was $35.9 million for the year (2001 loss: 34.8 m) and this figure includes two investment losses, totalling $12.4 million. Titans President and CEO Maurice Taylor Jr., pointed to the improvement in operating results as evidence that Titans quest to rebound are proving successful and he paid tribute to the companys workforce for their efforts.
Continue ReadingDeath Of MRF Chairman
The death of Mamen Mappilai (80), chairman of Indian company MRF, has been announced. He passed away after a short illness. MRF was floated in 1961 and is one of the best-known tyre companies. Mr. Mappilai is survived by a wife, three sons and a daughter.
Continue ReadingBridgestone To Build Third Tyre Plant In China
Bridgestone has announced that it is to build its third tyre plant in China at Wuxi, Jiangsu province. The plant, which will be the first one in China wholly owned by Bridgestone, will produce 8,000 car radial tyres a day for the domestic and export markets, starting from September next year. Bridgestone says that the investment totals $99 million and the company plans investments in its other factories to increase production of car, truck and bus tyres.
Continue ReadingGoodyear Challenges “Belly Up” Statement
Quoted in an article in Tire Business, Dr. Dennis Byrne, Professor Emeritus of economics, said during the Clemson University Tire Conference that Goodyear would be forced to file for Chapter 11, saying: I see very little reason for optimism, I think they will go belly up. This provoked a spirited response from Goodyear, who said that, while Dr. Byrne might live in the Akron area, he has no special insights or knowledge of the company and he has not taken into account the measures taken by Goodyear to achieve a turnaround. His assertions are off the mark, said the company in a statement. This is reminiscent of the statements issued when columnist Diane Evans criticised Sam Gibara in the pages of the Akron Beacon Journal. Goodyear said then that Evans ignored any facts that did not fit in with her ideas. On the other hand, it is a fact that a year ago, DB Global Equities recommended Goodyear shares as a strong buy with a target price of $36. Today the price is $4. Time will show whether it is Dr. Byrne or Goodyear who is right.
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