Conti Publishes “Very Strong” First Quarter Figures
Continental AG’s consolidated sales for the first quarter of 2007 rose by 9.8 per cent compared with the same period of the previous year to 3.964 billion. At the same time EBIT rose by 24 per cent to 436.8 million euros, up from 352.4 million the previous year. For the first three months of 2007, there was a free cash flow of -119.8 million euros, down from -230.2 million. Net debt was 141.3 million euros higher than at year-end 2006. This was mainly incurred through the financing of the acquisition of the automotive electronics business of Motorola and the contributions to the Contractual Trust Arrangement (CTA) of 630 million euros, explained CFO Dr. Alan Hippe.
Continue ReadingGoodyear Dunlop Reshuffles Management For Strategic Customer Focus
Goodyear Dunlop Tyres Ltd has announced a number of new appointments designed to strengthen the company’s customer focused management team. Significantly, all but one of these appointments is as a result of internal promotions. The company has also formed a new Customer Strategy team. This team will be led by Mark Davison, who joins the company from Nestle on 8 May. Davison’s role as Customer Strategy Director will be to lead the development and delivery of long-term customer strategies across all business units. (Consumer, Truck, Motorcycle and Off-the-Road).
Continue ReadingCooper Turns-Out $21 million Net Income in First Quarter
Cooper Tire & Rubber Company has reported net income of $21 million or 33 cents per share for the quarter ended March 31, 2007. The dramatically improved earnings were achieved as total sales increased by 16 per cent to a new first quarter record of $689 million. This compares to a net loss of $5 million generated on sales of $597 million in the first quarter of 2006. During the quarter the company continued to benefit from the cost reduction and profit improvement initiatives it announced in September 2006 as well as improved price and mix in North America, and increased tyre unit sales in Europe and Asia. As a result, operating profit improved to $30 million in the first quarter of 2007 compared to an operating loss of $4 million in the first quarter of 2006.
Continue ReadingViolence at Plantation Leaves Six Hurt
(Akron/Tire Review) Clashes with police have left at least six people wounded at Bridgestone Americas Holdings natural rubber plantation in Liberia, according to numerous press reports. Workers there had been on strike since Apr. 24, reportedly demanding the ouster of the facility’s top manager.
Continue ReadingYokohama’s U.S. Plant Gets Environmental Certification
(Akron/Tire Review) Yokohama Tire Corp.s tire plant in Salem, Va., has received ISO 14001 Environmental Management System certification. Yokohama said that all of plants in Japan have been ISO 14001 accredited since 1999 and the companys plants worldwide are certified or in the process of becoming certified.
Continue ReadingToyo Steps Out With New Luxury Line
(Akron/Tire Review) Turning to the upscale luxury market, Toyo Tire (USA) Corp. has launched its new Versado line of luxury high performance tyres. The first in the new line – the Versado LX – was formally rolled out to select trade and consumer media during a special program last week in San Diego. Toyo said the new Versado LX “provides a smooth, comfortable and quiet ride, while delivering the performance, quality and all-season capabilities expected from Toyo.” The Versado LX was developed as a direct OE replacement, said Toyo, and will initially be available in 43 sizes covering 15- to 18-inch sizes and 70- to 45-series aspect ratios.
Continue ReadingDonnelly to Ride on BFGoodrich for Champioinship Challenge
BFGoodrich tyres will supply reigning Irish Tarmac Rally Champion, Eugene Donnelly, for the tyre he needs to continue his quest to retain the title. Donnelly has recently joined the Reid Motorsport team and his Subaru WRC will now be equipped with the BFGoodrich g-Force tarmac competition tyres developed for competitors in the World Rally Championship. The tyres are supplied through Kerr’s Tyres of Antrim, a key distributor of BFGoodrich car tyres in Ireland.
Continue ReadingMichelin Announces Truck Tyre Price Increases
Michelin has announced a price increase of up to 4 per cent for its truck tyres in the US. The increase will take effect on 1 June. In addition from 1 July prices of agricultural tyres sold under the Michelin, BFGoodrich, Kleber and Taurus brands will rise by an average of 3 per cent in the US and Canada, the group said. Referring to the truck tyre price increase, Deutsche Bank analysts said: “We believe that only a small portion will stick. However, this small portion will go directly to the bottom line since natural rubber price (primary used in truck tyres) is now more or less stable since the beginning of February. So far the reporting season of the industry has highlighted a very strong price/mix effect.”
Continue ReadingPirelli Chairman Says Sale Proceeds to Go Back Into ‘Core Businesses’
(Akron/Tire Review) After months of wrangling and speculation, Pirelli SpA finally sold off its stake in struggling Telecom Italia SpA, vowing to reinvest part of the proceeds into its “core businesses.” In the deal announced Saturday, Pirelli and Benetton units Sintonia SA and Sintonia SpA are selling holding company Olimpia SpA, which owns an 18% share of Telecom Italia, to a group of investors headed by Spain’s Telefonica SA.
Continue ReadingGoodyear Hires Supply Chain Chief
(Akron/Tire Review) Goodyear Tire & Rubber Co. has hired Kevin Olifiers as vice president of supply chain for its North American Tire unit. Olifiers previous was director of supply chain and logistics for SVP Worldwide, which produces Singer and Viking sewing machines.
Continue ReadingUK’s Youngest Rally Crew Runs on Yokohama
The UK’s youngest competing rally crew, 17-year old driver Kris Hall and co-driver Ella Flynn, 16, have attracted the attention of one of the most forward-looking organisations currently involved in rallying; Eddie Stobart. Stobart already has an impressive reputation for spotting and supporting emerging talent and its support for Kris and Ella further reinforces what many believe; that this crew has a big future in rallying.
Continue ReadingTecalemit on Show at Brityrex
Tecalemit Garage Equipment Ltd has been exhibiting its new Sentinel 4449070, 2 post lift, which has a capacity of 3.2 tonnes. The heavy duty, hydraulic lift is suitable for use with a comprehensive range of vehicles from cars to LGVs. The stylishly designed lift has no overhead gantry, allowing for taller vehicles.
Continue ReadingIncumbent NTDA Chairman to Outline Future Plans
Peter Gaster, managing director of King’s Road Tyres Group, and new NTDA chairman-elect, has told Tyres & Accessories that he will give details of his plans for the role during his speech at the NTDA Tyre and Fast Fit Awards (TAFF) tonight. Explaining that the speech will be short and to the point, Gaster.
Continue ReadingSibur-Russian Tyres Willing to Enter Minority Partnership With Leading Manufacturer
Sibur-Russian Tyres director Igor Karavaev has spoken of the company’s willingness to enter into a joint venture partnership with a leading tyre manufacturer for the production of passenger car tyres in Russia. No particular names have been mentioned in relation to the possible deal, but it is the first time Sibur-Russian Tyres has suggested that it would be willing to work in partnership with another leading manufacturer as a minority shareholder. Karavaev, Sibur-Russian Tyress Russian strategy and business development director, didn’t mention any particular parties but suggested that Japanese, Korean or European manufacturers may be interested in such an opportunity. Speaking at Brityrex International in Manchester this week, Karavaev told Tyres & Accessories that Sibur-Russian Tyres would also be interested in developing similar partnerships for the production of aircraft and giant OTR tyres. For the full story see the June issue of Tyres & Accessories.
Continue ReadingPrice Increase for Bridgestone/Firestone Canada
(Akron/Tire Review) Bridgestone/Firestone Canada is increasing prices on Bridgestone, Firestone, Fuzion and associate brand passenger and light truck/SUV tyre lines. The increase will be up to 5%, with in-line adjustments higher than 5% possible. The price increase will kick in June 1, BFC said.
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