High Court Approves Tyre Burning At Westbury
The High Court has judges that the Environment Agencys authorisation to burn tyres at Westbury, Wiltshire is valid. Mr Justice Silber who presided over the case at the Royal Courts of Justice in London upheld the EA decision on every ground it had been challenged on. We are very pleased with the outcome of this case. This judgement gives further reassurance to Westbury residents that the Environment Agency is successfully protecting human health and the environment, said Colin Babb for the Environment Agency. The decision to authorise tyre burning came after a year long public consultation and an in depth study into the companys application. The consultation included the Wiltshire Health Authority and some of the countrys leading health experts resulting in a comprehensive 160 page long decision document.
Continue ReadingGoodyear To Certify Balance Sheet Accuracy
Following the recent examples of some US companies over-stating their profits, a rule has been introduced whereby organisations with a turnover exceeding $1.2 billion - and there are 947 listed - have to submit sworn statements certifying the accuracy of last years balance sheet and of figures for the first half of this year. The statements have to be with the US SEC-Commission by August 14th. Goodyear is one of the 947 companies and the accounts have to be certified by CEO Sam Gibara and CFO Bob Tieken.
Continue ReadingHankook Raises 90 Million Dollars In China
Hankooks Chinese operation is planning to raise 90 million dollars in capital. This will be used to meet maturing debts and facilitate expansion. Some 50 million dollars of the funding will be guaranteed by Hankook.
Continue ReadingJohnson Controls To Buy Varta
Johnson Controls, one of the leading automotive parts suppliers to the vehicle manufacturers is set to buy Varta for 312.5 million Euro. Johnson expect the deal to raise annual battery sales by 33 percent and increase its strength in the European market. The deal will give Johnson total control of Varta Automotive and an 80 per cent stake in VB Autobatterie, the remaining 20 per cent being held by Robert Bosch.
Continue ReadingGoodyear Appointments
Gary D. Forsee (52) has been elected to the board of directors of the Goodyear Tire & Rubber Co. Forsee is vice chairman of domestic operations for the BellSouth Corp. and is described by Sam Gibara, Goodyear CEO as a seasoned business leader with global experience in operations, marketing and strategic planning. Goodyear has also appointed three corporate officers; Kathleen T. Geier (45), senior vice president, human resources; John G. Loulan (56), vice president, operations and Darren R. Wells (36), vice president and treasurer.
Continue ReadingDirector For Continental UK
In the UK, the Continental Tyre Group has appointed Arthur Gregg as Business Director, Commercial Tyres, responsible for truck, agricultural, industrial and earthmover tyres for all Conti group brands. He will also oversee the management of the ContiNetwork chain of independent tyre dealers and Contis tyre management services. Gregg was formerly Sales and Marketing Director of ArvinMeritor and has worked for Bridgestone/Firestone UK and Michelin Tyres.
Continue ReadingNew Owners For Alloy Wheels International UK
Allied Wheels International, based in Rochester, Kent, has been bought by Fintrade. It is expected that existing staff will be retained and the company intends to develop a range of wheels for the aftermarket, while continuing with its current OE business.
Continue ReadingSmarTire Systems Raise Funds Reschedule Debts
SmarTire Systems has just announced the completion of a Warrant Offering and a Private Placement of generating gross proceeds of some 849,000 dollars. Additionally SmarTire has rescheduled debt repayments. SmarTire is well positioned strategically, competitively and technologically to take full advantage of the increasing demands of the tyre and automotive industries for tyre monitoring technologies and products, says Robert Rudman, President and Chief Executive Officer of SmarTire. However, from a financial resources standpoint, we must build a stronger base. Our financial plan has been designed to achieve that objective and we are making progress despite current market conditions.
Continue ReadingBeru Walks Away From US TPMS Business
Press reports say that Beru is to give up its tyre pressure monitoring system business (TPMS) in the USA. The reason is that the prices offered by the Big 3 car manufacturers were so low as to make the business uneconomic. Beru will now focus its efforts in TPMS on the European market, especially the premium vehicle sector. Berus shares fell sharply at the news, but analysts believe that this was an over-reaction and they expect the price to recover much of the loss.
Continue ReadingSales Director For Bridgestone Firestone UK
Greg Ward (38) has been appointed UK Sales Director (Commercial) for Bridgestone/Firestone UK, responsible for the commercial, agricultural, earthmover and industrial tyre sales teams as well as OE on commercial vehicles and earthmovers. He joined Firestone in 1982, moving to National tyre in 1988. His previous appointments include divisional manager, regional sales manager, regional sales director and operations director.
Continue ReadingTyre Pressure Monitoring For Motorcycles
MetaSystem UK has launched the UKs first tyre pressure monitoring system for motorcycles. It features SmarTire technology. Lightweight wireless sensors are fitted to each rim inside the tyre and, when pressure loss occurs, the rider is alerted by a high visibility LED, which begins to flash if the problem becomes worse.
Continue ReadingRestructuring Benefits Conti Figures
Continentals second quarter results are generally encouraging; better than forecast by analysts. Group sales were up slightly (0.2 per cent) compared to Q1 last year, at 2.925 billion Euros. Operating income was 193 million Euros. Divisionally, the best growth in sales was achieved by the Automotive Systems division, which gained 10.8 per cent. Revenue at the other divisions - car tyres, truck tyres and ContiTech - all fell, though all made a profit. Analysts regard Contis restructuring as the main reason for the good figures although the North American business of Conti General continues to have an adverse effect on profits.
Continue ReadingTyre Figures Good, But Telecoms Hurt Pirelli
A two-thirds fall in the world Telecom market has meant a drop of 90 million Euros in profit before interest and tax for the Pirelli group in the first half of 2002. Turnover was down 11.9 per cent to 3.35 billion Euros, compared with 1H 2001 and group operating profit fell 35 per cent to 278 million Euros. The tyre sector performed well, particularly in the high performance segment, but this was not enough to offset what Pirelli describes as the unprecedented crisis in the world telecoms market. The group is carrying out a cost containment exercise which it says has resulted in efficiencies totalling 90 million Euros in the first half.
Continue ReadingInvestor Relations Director For Goodyear
Goodyear Tire & Rubber has appointed Barbara B. Gould (52) as director of investor relations from September 1st, succeeding Laura K. Thompson, who will become director, finance - consumer tyres for the North American business unit. Gould has a history of investor relations and as a financial analyst; in her new role she will report to Robert W. Tieken, executive vice president and chief financial officer.
Continue ReadingAnalysts Warn Of Rising Costs
At an analyst meeting following Michelins first half results, Morgan Stanley sounded a note of caution for the tyre industry. Raw material costs are set to rise, they warned, which will obviously adversely affect margins. Another cause of concern is that replacement demand in many markets has shown signs of weakness recently and it is just such a situation when tyre prices come under the most pressure, say the analysts.
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