Hungary Production Will Not Begin Before 2010 – Apollo
Apollo Tyres is said to be experiencing delays acquiring land and gaining regulatory clearance for the tyre manufacturing facility it is building in Hungary. Because of this, production is now expected to commence later than the originally anticipated June 2009 start date. The government regulatory process is still ongoing. What we had expected to get done now has been delayed by about a quarter or so, Kankana Das told the Reuters news service. Apollo now hopes to acquire the site land by December and begin construction work next March or April. Therefore, it appears that production will begin in June 2010 at the earliest.
Continue ReadingOutsourcing to ContiNetwork Brings Transporter Significant Savings
Purfleet, Essex-based logistics company, FP Young Transport Limited has been experiencing significant savings and greater ease of use following the company’s decision to outsource the management of its fleet’s tyres to ContiNetwork partner TAB Tyres. Since handing over its tyre administration to TAB, FP Young’s progressive shift to Continental’s rubbers is resulting in longer tyre life, resulting in fewer tyres being fitted and vehicle downtime being reduced. The structured tyre management process based on the five-stage ContiLifeCycle is ensuring that optimum life is obtained from every tyre through specifying the correct tyre from the outset and then re-grooving and re-treading when the time comes.
Continue ReadingEmerging Markets Help Goodyear Achieve Strong Q2 Sales
Strong overseas performance, particularly in emerging markets, has enabled Goodyear to report record second quarter sales. During the three months to June 30, the tyre major generated US$5.2 billion in sales, a 6.5 per cent improvement on the previous year. Goodyear comments that this stronger result was achieved through improved pricing, a richer product mix and the impact of favourable foreign currency exchange. These factors offset lower volume sales in Europe and North America. Also impacting results, says Goodyear, was the 2007 divestiture of the company’s T&WA tyre mounting business, which had sales of $186 million in last year’s second quarter.
Continue ReadingBridgestone & Firestone Celebrate 20th Anniversary
More than 1,600 employees and family members joined Bridgestone Americas chairman and CEO Mark Emkes and state and local dignitaries in Akron, Ohio on July 29 to celebrate the 20th anniversary of the alliance between The Firestone Tire & Rubber Company and Bridgestone Corporation, a pairing that transformed Bridgestone into the world’s largest tyre and rubber company. “This celebration of ‘A Team For 20 Years’ is a chance to reflect on our accomplishments together and to set our sights on continuous improvement and growth for the future,” said Emkes. “We are one team with one goal: to continue to build on the success of the past 20 years through our two strong brands and our ongoing investment in technology that fosters a culture of innovation and quality. And we will continue the traditions established by our two founders — Shojiro Ishibashi and Harvey Firestone — to give back to the communities we call home. When it comes to the alliance of the Bridgestone and Firestone brands, the best is yet to come.”
Continue ReadingMore Guilty Pleas in Marine Hose Price Fixing Case
A Milan, Italy-based marine hose manufacturer and the former president of its former US subsidiary have agreed to plead guilty and pay more than US$2 million in criminal fines for participating in a global price fixing conspiracy. The former subsidiary president had also agreed to serve time in prison. Furthermore, an Italian executive of another marine hose manufacturer located in Veniano, Italy has also agreed to plead guilty for participating in the same conspiracy. A one-count felony charge was filed today in US District Court in West Palm Beach, Florida against Manuli Rubber Industries SpA (Manuli) and Robert L. Furness, the former president of Manuli’s former Florida based subsidiary. Under the terms of the plea agreements, which are subject to court approval, Manuli has agreed to pay a criminal fine of $2 million, and Furness has agreed to serve 14 months in prison and pay a $75,000 criminal fine. Both Manuli and Furness have also agreed to cooperate fully in the Department’s ongoing antitrust investigation. Manuli is the first corporation to be charged in the investigation.
Continue ReadingGiTi Tire Announces Secondary Share Offering
GiTi Tire is to hold a secondary share offering at the Hong Kong stock exchange. According to IIR Group Ltd, the issue is expected to raise between 3.1 and 3.9 billion Hong Kong dollars (US$400 million - US$500 million) and will be managed by Credit Suisse and UBS.
Continue ReadingMichelin Sales, Profits Down in 1st Half 2008
In its first half 2008 results, Michelin has reported sales and net income slightly down on the same period last year. Net sales of 8.239 billion euros in the six months to June 30 represent a decrease of 1.9 per cent, however Michelin calculates that, at constant scope and exchange rates, this figure actually indicates a 4.2 per cent rise over last year. The company’s operating income of 708 million euros in the half-year was 11.3 per cent less than that in the corresponding period last year, and the operating margin of 8.6 per cent was down 0.9 pt. Net income, at 430 million euros, is 1.4 per cent lower than in 2007.
Continue ReadingNASCAR Blame Game Inconclusive
Was it the track, the cars or the tyres that did it? The Indianapolis Brickyard on Sunday saw a bizarre NASCAR event unfold, as drivers were unable to keep their tyres fit for more than ten laps at a time. The catastrophically low durability of the Goodyear tyres harks back to the US Grand Prix of 2005, where the Michelin-shod teams did not race because the tyres could not last the pace. This year, the NASCAR debacle has been played out on Goodyear rubbers, which appears initially to have let the French manufacturer off the hook for the previous flop.
Continue ReadingTitan Reports Record Sales, Increased Profits in Q2
Titan International has once again reported all time record sales, this time for the second quarter of 2008. In the three months ending June 30, Titan recorded sales of US$269.1 million, 28 per cent higher than the second quarter 2007 sales of $210.3 million. Net sales were also up for the half-year period; sales of $522.6 million reflected a 20 per cent increase on the $436.6 million recorded in the first half of 200. According to Titan, the record sales levels for the second quarter and first half of 2008 can be attributed to exceptionally strong demand in the companys agricultural market, which reported higher sales of 50 per cent for the second quarter of 2008 and 38 per cent for the first half of 2008 as compared to the respective 2007 periods.
Continue ReadingKumho Says It Has Share Buyer
Kumho Asiana Group claims it has found an investor to buy out Cooper Tire & Rubber Co.’s share in Kumho Tire Co. The unnamed buyer would take over Cooper’s 11% stake in the South Korean tiremaker, shares valued at around $110 million. We have found an investor to take over the Kumho Tire stake and we are at the final stage of closing the deal, said a Kumho Asiana official in news reports. We should be able to announce the details soon, on around August 1. The investor is foreign.” (Tire Review/Akron)
Continue ReadingTitan Delivers First Production 63-inch Tyre and Wheel Assemblies
Titan Tire Corporation shipped its first giant 63-inch OTR tyre and wheel assemblies on July 29. These tyres, each measuring nearly 14 feet or 4.3 metres tall and weighing approximately 5.7 tonnes, are being shipped to Canadas oil sands for use in mining applications. A lot of people in the industry doubted that Titan could build these giant tyres in less than a year, said Titan Chairman and CEO Maurice M. Taylor Jr. I am happy to prove to them that we are committed to achieving the companys goals.
Continue Reading6th CITExpo Bigger Than Ever
Once again China’s largest specialist tyre show is taking place in September. The 6th China International Tire Expo, or CITExpo, will be held between 17 and 19 September at the Shanghai Everbright Convention and Exhibition Center, and this year’s show promises to be larger and offer more than ever before. Almost 300 exhibitors will be showcasing their products and technology, up from 254 in 2007, and to accommodate the extra numbers the show’s organiser, Reliable International Exhibition Services, has added a third hall to the show’s floorspace.
Continue ReadingBridgestone’s Tech Centre Stays in Akron
Akron, Ohio received the good news yesterday that Bridgestone will build its new Technical Centre facility in the city, meaning that the 600 jobs already stationed in the area will remain situated in their current location. Workers had waited with bated breath for the Bridgestone search team to make its move in recommending the placement for the new building since the shortlist was cut down to two candidates – the other possibility being to move the work near to Nashville, Tennessee in Murfreesboro – a month ago.
Continue Reading25 Years and Still Fitting In
In July, Simon Pardoe of Chemix Autocentres in Stourbridge, West Midlands, celebrated 25 years with the company. Pardoe, now the senior technician at Chemix, helps mentor the younger fitters as well as championing the specialist four-wheel alignment equipment. Simon comments “the technology in tyres and alignment has advanced so much over the years, there is always something new to learn. I can’t believe it’s been 25 years. But the job is interesting and it keeps me fit – and I’m looking forward to the next 25!”
Continue ReadingTyre Recyclers Get New Wheels
Credential Environmental has invested over £400,000 in a new fleet of eight Volvo FE and FL trucks to keep pace with its increasing share of the tyre recycling market. Credential director Steve Patterson, said: “Apart from being exceptionally well-built, we’re aware that Volvo trucks are designed to create minimal environmental impact and that’s very much in line with our own ethos. The new fleet is being deployed across our operations on Tees-side, North Yorkshire and the Midlands.”
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