Michelin Nigeria Board Approves Severance Package
The board of directors at Michelin Nigeria Ltd have met and approved of a severance package for employees affected by the closure of the company’s Port Harcourt factory. The proposed £15 million total severance package is above the standard £10 contractual severance entitlement for employees in such circumstances, and Michelin Nigeria’s director of communications, Victoria Oso Adefala, released a statement saying the company elected to pay the additional amount in order to mitigate the hardship experienced by affected employees.
Continue ReadingDunlop India Approved for Stock Market Trading
Dunlop India Ltd shares are ready to trade on India’s stock exchanges again more than four years after being de-listed following the non-payment of listing fees. India’s Board for Industrial and Financial Reconstruction (BIFR) has asked stock exchanges throughout the country to lift any remaining suspensions imposed on the tyremaker. According to a statement released by Dunlop India, the March 16 order given by the BIFR directed the stock exchanges in Mumbai, Kolkata, Ahmedabad, Chennai and Delhi to lift suspension and also directed both India’s National Securities Depository (NSDL) and Central Depository Services (CSDL) to issue identification numbers for demat of the shares. The statement also gave news that the BIFR order permitted the company to issue 27 million new shares valued at Rs 10 each (£0.012) by April 15, 2007 and increase the authorised capital from the current level of £8.17 million up to £8.76 million. The tyremaker’s current paid up capital is £5.25 million but after the proposed rights offer this will increase to £8.4 million.
Continue ReadingFurther Management Appointments for Viking
Tyre and exhaust wholesaler Viking International has made several new management appointments in the UK. Scott Herne has been appointed as their new divisional call centre manager for the region covering Scotland. Scott, based in Glasgow, will be responsible for the overall development and management of the company’s Division 1 Call Centre, providing direction for his team on quality, productivity and process improvement. Viking managing director John Kemp commented Scott’s solid experience in sales is an asset and his presence in the role of Divisional Call Centre Manager will enable us to provide an even better service for our customers as we continue to develop our business. Prior to taking on this role Scott was employed in another sales role with Viking and also spend three years with Platform Building Materials. “I look forward to taking a hands-on approach and providing guidance to the team in continually hitting sales targets,” said Scott, commenting on his new position.
Continue ReadingKumho Set to Offer 20-Series Tyre
(Akron/Tire Review) After creating buzz with its red-smoke-emitting tyre and aroma rubber, Kumho Tire USA Inc. is ready to launch another head-turner: a 20-series tyre. The prototype that Kumho Tire USA Inc. exhibited at last year’s SEMA Show is getting ready to hit the market as a special version of the company’s Ecsta SPT ultra-high performance tyre. The 20-series tyre has been tested and is being prepared for production, Kumho stated. The tyremaker expects it to be available by January 2008 in a 375/20R21 size as well as a 275/30R19 version for the Dodge Viper, the Chevrolet Corvette C6 Z06 and hot rods. The 20-series SPT was developed by engineers at Kumho’s technical headquarters in Korea, led by manager D.J. Park. “This 20-series SPT will provide the emotional look that drivers want as well as the performance they demand,” said Rick Brennan, director of brand management. “We’ve pulled out all the stops to create a product that enthusiasts want but no one else is even trying to make.”
Continue ReadingNTDA Supports Drive Smarter Campaign
The NTDA has pledged its support to the government’s most recent effort to reduce CO2 emissions. The Drive Smarter campaign will encourage motorists to check their tyre pressures, amongst other things. Commenting on the Drive Smarter Campaign NTDA Chairman John Tarbox said today: We are fully supportive of any initiative to reduce CO2 emissions and especially drawing motorists attention to their tyres - all our research shows that motorists do not check their tyres as often as they should.
Continue ReadingF1 Teams Have a “Good Understanding” of 2007 Tyres – Bridgestone
With the F1 Australian Grand Prix – the first of the 2007 season – taking place on March 18 drivers are getting ample opportunity to get a better feel for the Bridgestone tyres during practice sessions. The March 16 practice sessions saw Fernando Alonso and Felipe Massa shine through as the best overall performers. The first practice session began on a wet circuit, which meant that Bridgestone’s wet and extreme wet tyres were given an airing. With the second session run in much drier conditions the medium and soft dry compound tyres were put into use.
Continue ReadingTiwheel Results Show Headline Loss
South African alloy wheel maker Tiwheel (Tiger Wheels Limited), majority shareholder in ATS Light Alloy Wheels, have reported £0.085 in headline loss per share for the interim six month period ending December compared with headline earnings per share of £0.046 the same time last year. The company’s revenue grew from 1.17 billion rand (£77.8 million) to 1.60 billion rand (£111.4 million) while 30.3 million rand (£2.1 million) was reported in operating loss compared with 8.6 million rand (£598,700). Tiwheel has described the results as ‘disappointing’ and attributed them mainly to an accumulation of problems at its Kentucky, USA, facility. The problems referred to occurred at the Kentucky plant in November and December 2006 and according to the group were caused by a combination of management mistakes and market circumstances.
Continue Reading2006 a Trademark Year for Shanghai Tyre & Rubber
Shanghai Tyre & Rubber Co. has been singled out as a company to watch amongst China’s many tyremakers by recently released statistical data from the World Intellectual Property Organization (WIPO), which indicates that the company is listed amongst the top filers in the world’s developing economies wishing to protect their intellectual property. Specific details regarding the number of trademark applications submitted by Shanghai Tyre & Rubber have not been released.
Continue ReadingConti Launches New Van Tyre
Continental’s replacement to its most successful van tyre, the Vanco, is scheduled for release in March 2007. Called the Vanco 2, the new tyre features changes that Conti claim will benefit consumers, including greater mileage and handling performance equal to that of a passenger car tyre. With the continuing growth of van sector, Continental’s new offering is of significance to the market. The light commercial vehicle sector has grown 60 per cent in the last ten years and now represents two million new van sales a year across Europe. This is partly due to the significant increase in city distribution traffic, with small distance and small package distribution up 38 per cent compared to 1995.
Continue ReadingToyo Names Aparicio Manager of Off-Road Events
(Akron/Tire Review) Toyo Tire (U.S.A.) Corp. has promoted Gina Aparicio to the position of project manager of events, off road. Aparicio joined Toyo in August 2005 after working at Kumho Tire Co. as a marketing coordinator. Aparicio will be responsible for performance and off-road events, specifically in the short-course and rock-related segments. In addition, she will help to maintain team and driver sponsorship relations.
Continue ReadingItalian Banks may Buy Pirelli’s Telecom Italia Share
A consortium of Italian banks and financial institutions are reportedly considering the purchase of Pirelli & C SpAs stake in Telecom Italia SpA at 2.8-2.9 euro per share. The price is an increase from a previous offer of 2.6 euro per share and close to Pirellis request of 3.0 euro per share, and the deal may include an adjustment mechanism that would further benefit Pirelli. However the Italian newspaper Il Sole 24 Ore has stated that Unicredito Italiano SpA does not want to take part in the consortium, which could complicate arrangement of any agreement. It added that Banca Monte dei Paschi di Siena SpA is also cautious about a deal and cited Capitalia SpAs chairman Cesare Geronzi as saying that time is needed to find a solution.
Continue ReadingCTO Investigates Tyres
Botwana’s Central Transport Organisation (CTO) is investigating suggestions that some governmental departments bought retreads from Spain thinking they were new tyres. The CTO says it has information to confirm that the tyres in question are not retreads. However, Botswana’s national press agency (BOPA) has released a confusing report on the subject. “The word retread was used to conform to the European Environmental Standards meaning that the tyre is recyclable,” CTO general manager, Lt. Colonel Moakofhi Modisanyane is quoted as saying in response to a BOPA enquiry.
Continue ReadingDash Selects Granutech-Saturn For New Tyre Recycling Facility
Recycled rubber products manufacturer Dash Multi-Corp has selected Granutech-Saturn Systems to provide equipment and support for its new crumb rubber facility in Portland, Oregon. The 72,000 sq ft facility, that has cost more than US$13 million to build and is expected to become operational in the first quarter of 2008, will be fitted with parallel crumb rubber lines manufactured by Granutech-Saturn. This equipment will produce around 3.5 million pounds of crumb rubber per month when it initially comes online, an amount that should exceed 5 million pounds a month when full capacity is reached.
Continue ReadingBrityrex Preview
Mark it down on your calendar - the UK’s premier tyre exhibition, Brityrex, runs from 1 – 3 May. As media sponsor of the event, Tyres & Accessories is proud to be able to offer all readers free tickets to this fast-growing exhibition. In addition, next month’s magazine previews what some of the exhibition’s key exhibitors will be showing and what surprises they have in store for us. Next month’s preview of Brityrex 2007 promises to be a useful guide for planning your visit to May’s big event. Simply click here to download the e-ticket, which you can then print out and bring along with you to the show.
Continue ReadingPassenger Car Registrations Show Mixed Results
Passenger car registrations across the 15 established European Union states are showing signs of a slight decrease compared with 12 months ago, according to figures released by the ACEA on March 15. Throughout this entire region a total of 975,666 new passenger cars were registered in February 2007, a 3.5 per cent dip compared with February 2006 registrations. The scenario in the UK market was in line with this trend, with February 2007’s new car registrations – 73,586 new passenger cars – 3.2 per cent lower than the number recorded a year before. However new car registrations are traditionally low in the UK during February due to the March number plate changeover, and it must be pointed out that combined January/February 2007 new car registrations totalled 239,189, a 2.5 per cent increase on 2006 and bucking EU15 trends, where a 1.5 per cent decrease was recorded.
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