Trayal Privatisation Tender Published
The Serbian Privatisation Agency has just published a tender for the sale of 76.9 per cent of the capital of the Trayal Corporation. Offers will only be considered from companies that have been involved in the production and/or sale of tyres for the past three years. In addition, such companies must have had an annual revenue last year of at least 50 million euros. Trayal manufactures around two million tyres a year, employs 3,500 workers and, last year, reported losses of 3.5 million euros.
Continue ReadingJK Tyre to Raise Prices
In India, Mr. A K Kinra, Chief Financial Officer of JK Tyre, has said that the company will increase tyre prices by up to eight per cent from 1st June, explaining that the step was necessary to offset growing raw material costs, notably the rising price of rubber. He said that, in Malaysia, the price of rubber has risen by 85 per cent in a year and, as rubber constitutes up to one third of the cost of raw materials, the price increase was inevitable.
Continue ReadingEdouard Michelin Dies in Boating Accident
Tributes have been paid from politicians and industry figures following the tragic death last Friday of Edouard Michelin, Managing Partner of the Michelin group. Mr. Michelin (42) drowned in a boating accident off the Brittany Coast during a fishing trip. He is survived by his wife and their six children. The Michelin company was founded in 1889 by Edouard Michelins great grandfather and Mr. Michelin joined the family firm in 1985, after training as an engineer at the Ecole Centrale de Paris. He took over as head of the company in 1999, succeeding his father Francois.
Continue ReadingAnalysts Upgrade Goodyear
Analysts at the Deutsche Bank are upgrading Goodyear shares to Hold from Sell, saying that Goodyear shares have experienced a material correction since the bank lowered its recommendation to Sell in January. In the short term, the analysts say that they continue to see earnings risk associated with very weak demand, which may force Goodyear to idle factories in order to bring down inventories.
Continue ReadingWind Power for Michelin in Canada
Michelin and Barrington Wind Energy Ltd. of Halifax, Nova Scotia are set to announce a contract for the supply of power, produced by wind turbines, for the tyre manufacturers three tyre plants in Nova Scotia. Michelin will be Barrington’s main customer for the proposed $25 million project, with eight to 10 turbines to be built on public and private land near Canso and operating in 2008.
Continue ReadingApollo Tyres Plans Share Issue
The board of Indian tyre manufacturer Apollo Tyres Ltd. has approved a plan to raise 2 billion rupees (34 million euros) through a public issue of shares. Apollo also plans a rights issue, whereby company shareholders would get one share for every six held under the rights issue. The company would also allot one warrant for every four rights shares issued.
Continue ReadingKumho Considering Larger DC in Atlanta Area – Reports
(Akron/Tire Review) Reports out of Atlanta indicate that Kumho Tire USA Corp. is considering opening a new and larger warehouse and distribution centre in Henry County, Ga.
Continue ReadingHankook Set to Raise Prices in USA
(Akron/Tire Review) Hankook Tyre America Corp. is raising prices by up to 5 per cent on all of its passenger, light truck/SUV and medium truck tyres as of July 1. Hankook said the increases will vary by line and tyre size.
Continue ReadingBurst Tyre Causes Plane Fire
A British Hercules C-130 aeroplane, carrying the new British Ambassador to Afghanistan, Stephen Evans, was completely destroyed when a tyre burst on landing, sending debris into the engine, which then caught fire. Everyone escaped safely from the aircraft and there were no casualties.
Continue ReadingNZ Green Party Slams “Misleading” Environmental Booklet
A New Zealand Government-produced booklet on the state of the countrys environment has been dismissed as complacent pap by a spokesman for the Green Party.
Continue ReadingMAHA UK Expands
MAHA moved into their new 12,000 sq ft purpose built factory and warehouse in June 2000 with a staff of 14. Extensions to the service stores started in March 2006 and which has increased the service stores area from 650 sq ft to almost 2,000 sq ft. Bob Smith joined MAHA UK in May 2006 as an experienced parts manager to maintain and expand MAHA’s service to all their customers throughout the UK.
Continue ReadingNew Footpaths from Old Tyres
Research in the USA has led to the development of a footpath surfacing material, made from scrap tyres. The new surface is said to be both cheap to produce and provides a joint-friendly surface for pedestrians and joggers.
Continue ReadingConsultant Fired Over a Year Ago, Cooper Says
(Akron/Tire Review) Recent television news reports concerning Cooper Tire & Rubber Co. using an ex-con to conduct accident site investigations were more than they appeared to be, according to Cooper. According to a Cooper spokesman, the tyre maker did employ Frank Ruggier to investigate vehicle accidents on its behalf, but fired him “over a year ago” when the company discovered Ruggier had previously been convicted of insurance fraud and grand theft.
Continue ReadingRMA Says Scrap Study Shows Tyre Age Not a Performance Issue
(Akron/Tire Review) A study undertaken in the USA by the Rubber Manufacturers Association (RMA) claims there is no correlation between the end of a tyre’s “safety performance” and its chronological age. RMA released its study data earlier this week after examining some 14,000 scrapped P-metric and LT-metric tyres late last year, comparing each tyre’s date of manufacture to the date it was examined.
Continue ReadingHippe Expects CTNA Losses Again in 2006
(Akron/Tire Review) Continental AG expects its U.S. operations to continue losing money at least through this year, according to an interview by Euro magazine with Alan Hippe, Continental’s CFO and president of Continental Tire North America (CTNA).
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