Titan 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.”
Continue ReadingSuckling Transport Signs 3-Year Deal with Michelin
Independent petrol haulage contractor Suckling Transport has signed a three-year PPK (pence per kilometre) contract with Michelin and ATS Euromaster. The deal sees all of Suckling’s 86 vehicles and 96 petroleum tanker trailers adopt a 100 per cent Michelin Group tyre policy. West Thurrock-based Suckling Transport worked with Michelin for many years before awarding a three-year contract to another manufacturer in 2005. According to the French manufacturer, the decision to reappoint Michelin followed a national tyre audit which highlighted key areas of improvement.
Continue ReadingAinscough Renews Bridgestone Crane Tyre Deal
The UK’s largest crane operator (Ainscough Crane Hire) has selected Bridgestone UK to supply and service its nationwide 630+ crane network. Under the terms of a recent contract renewal arrangement Bridgestone will supply its VHS crane products through its nationwide Truck Point network. Steve Cooke Ainscough Engineering director, said: “We are very happy to have renewed our tyre contract with Bridgestone, we have enjoyed a good partnership with them on all fronts [and] Bridgestone’s Truck Point network has the expertise to proactively manage our large fleet.”
Continue ReadingBafin Approves Schaeffler’s Bid for Continental
The German federal financial supervisory authority (BaFin) has given the go-ahead for Schaeffler Group’s 70.12 euro per share cash bid to take over Continental AG. According to an official statement on the subject, the acceptance period for the offer begins today and ends at midnight on 27 August 2008. Dr Juergen Geissinger, Schaeffler Group president and CEO, made it clear that Schaeffler wants to wrap up proceedings as soon as possible, pointing to recent comments made by vehicle manufacturers including Volkswagen, GM and Porsche: “Public statements of customers of both companies from the automotive industry show that they view a possible alliance between Schaeffler and Continental as positive…We remain determined to come to a rapid agreement with Continental AG’s management that is in the interests of all parties involved. Regardless of the previous rejection of our offer, we can see a great opportunity for this, because we remain prepared to continue Continental AG’s existing strategy, which we explicitly support, together with the management.”
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 ReadingPhillips Carbon Black Considering Greenfield Facility
India’s largest carbon black producer, Phillips Carbon Black Ltd, plans to establish a fourth facility and expand capacity at two existing plants, those at Baroda and Durgapur. Following the company’s recent AGM, company chairman Sanjeev Goenka indicated another facility, or alternatively a further acquisition of capacity, may be necessary now that existing capacity at the three factories in fully utilised. This fourth greenfield plant, should the company choose to take this option, may be located either within India or overseas.
Continue ReadingDEKK Partner Seek to Exploit “Most Important” Season
Managing director of DEKK Partner, the Norwegian retail co-operative that has 300 Nordic-area dealers, Leif Kristiansen recognizes that, for his organisation “the winter market is the most important season for DEKK Partner and all tyre dealers in the Nordic market.” In this sector, winter tyres have an obvious place, a fact Kristiansen acknowledges when he states that “50 per cent of the turnover per year is in the period from the end of September to the end of December.” This fact of the market means that the company is somewhat dependent on the seasonal weather arriving on time at the beginning of November for the business to meet its financial targets.
Continue ReadingMichelin Shares Fall Nearly 5% Due to Earnings Worries
Michelin & Cie shares fell 4.8 per cent on July 28 following a published report that the tyremaker’s first-half earnings have failed to meet management targets. Shares fell 2.31 euros to 45.49 euros, furthering the stock’s decline this year to 42 per cent and valuing the company at 6.6 billion euros. According to a French financial newsletter, Michelin will announce cost-cutting measures at its July 30 earnings presentation, and jobs cuts will also possibly be tabled. Profits have been whittled away by weakening demand for cars in mature markets, which has made it harder to pass on raw material price increases to customers, Some analysts, including London based Adam Jonas from Morgan Stanley, have cautioned that Michelin may find it difficult to implement recently announced price increases.
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