ContiTech To Increase Stake in Kühner
After procuring 51 percent of Kühner (Oppenheim) in order to strengthen its market position, ContiTech now intends to acquire a further 35 percent of the company, which produces hoses for air conditioning equipment. The deal is planned to become effective 1st May.
Continue ReadingNew Head Of BMW GB
Jim ODonnell (50) has been appointed Managing Director of BMW (GB), effective June 1. He succeeds Kevin Gaskell, who left the company in February. ODonnells former roles include Sales & Marketing Director for BMW South Africa and, most recently, Sales Director of BMW (GB).
Continue ReadingProfit Warning from Goodyear
After Goodyear gave a profit warning for the second quarter its share prices fell yesterday by 10% to US$22.5; in June 1999 the price was US$58.7. The increase in raw material costs (rubber, oil, carbon black), the failure of securing better prices and extremely competitive prices in the UK and Germany, as well as the weak Euro against the dollar are the main reasons. US economy magazines yesterday wrote about the necessity for Goodyear to make immediate drastic moves over there (meaning Europe).
Continue ReadingBrand Extension For Michelin
The Michelin brand is strong in tyres, maps, tourist, hotel and restaurant guides. The Michelin brand name is an asset in itself, so together with The Licensing Company (TALC, London) the tyre maker will target other consumer goods markets through a licensing programme using the brand name and also Bibendum, the Michelin Man.
Continue ReadingStock Exchanges Are Losing Trust In Tyre Industry
After profit warnings from Goodyear, and from Michelin, the tyre industry is losing credit and trust at stock exchanges all over the world. Continental has now also been downgraded from buy to Market perform.
Continue ReadingContinental To Buy Back Own Shares
Continental AG is to buy back up to 10% of its own shares, worth around 260 million Euros at the moment. This could be seen as a precautionary defensive measure in light of the rumours regarding a planned takeover attempt by a German conglomerate. Weeks ago, Klaus Friedland, Chief Financial Officer of the Group, said that it was likely that the Group would buy back shares in order to give these to interested institutional investors at a later date.
Continue ReadingNo Fixed Price For Rubber
The top three natural rubber producers, Thailand, Malaysia and Indonesia, want to set a minimum price for rubber on the world market and to limit supply. However, despite meeting twice in the past month, the three countries are unable to agree how these objectives might be achieved.
Continue ReadingGoodyear Invests In Tyre Inflation Systems
Goodyear Tire & Rubber has taken a minority interest in the Cycloid Company, of Pennsylvania. Cycloid markets ACS (Air Compressor System) which uses a compressor mounted at the centre of the wheel to maintain air pressure in truck tyres. The companies are looking to develop similar systems for cars, vans and light trucks.
Continue ReadingNatural Rubber Prices Hit 11-Week High, Oil Prices Down
Mixed news on the raw material front, as natural rubber prices rose to 36.75 cents/pound, the highest price for eleven weeks. Fear of a supply shortage was the cause. Crude oil prices fell slightly, following the ten-year high prices of last month.
Continue ReadingDT 830 – New Supervolume Agricultural Tyre From Goodyear
Goodyear has introduced a new, supermodern agricultural tyre specifically for harvesters and tractor units. The new products have been developed with soil protection and high load resistance in mind. Thanks to its 900 mm width, tractor units equipped with the new DT830 remain within the three metre maximum legal width for highway use without the need for a special license. With a maximum pressure of 2.2 bar the new tyre is capable of carrying loads up to 11.8 tons. For use on delicate soil conditions the DT830 is well qualified with a low pressure of 0.8 bar and a wheel load of 7.5tons it creates a footprint of 96 cm by almost 90 cm, offering a contact area of more than 0.8 square metres. In addition the radial belt cords guarantee an even distribution of pressure over the whole contact area. Goodyear offers the DT830 in three sizes; The 900/55 R 32 to be available in Spring 2001, the 900/60 R 32 available in pre-series at present, and the 900/50 R 42 which is already available through Goodyear outlets. Find out more in the November issue of NEUE REIFENZEITUNG.
Continue ReadingRecall Burdens Ford Results
Ford Motor Company has suffered a reduced profit of 888 million US-$ in the third quarter, compared to the same period for 1999 (959 m). Ford Chairman Jacques Nasser attributes the results to the Firestone recall. To provide good tyres to Ford customers is more important than realising short term profits.
Continue Reading“SP Super Sport 9000” From Dunlop
At the Essen Motor-Show, tyre manufacturer Dunlop is showing a new high performance tyre, called SP Super Sport 9000. It is a mixture of the SP 9000 and the racing tyre which is supplied exclusively to the German Tourcar Masters. The new tyre will be available in 17 and 18 inch sizes and it will be released in spring 2001.
Continue ReadingNew Order For Dunlop Sales Department
At the beginning of November, Hans-Burkhard Brandt became Sales Director for the Truck Tyre Department at Dunlop. His predecessor, Frank Pickshaus, becomes Assistant General Manager of the distribution section of the OE-department. At the beginning of 2001, the present Dunlop Sales Director Hans Jürgen Wagner will become General Manager in Hanau. Christian Stein, now Sales Director Commerce, will be promoted to Sales Director.
Continue ReadingPirelli Sells “Terrestrial Optical Networking Systems”
Cisco has agreed to buy Pirellis Terrestrial Optical Networking Systems for US$ 2.15 bn and also plans to invest US$ 100 million to take a 10% stake in Pirellis Submarine Optical Transmissions. The Photronic Business accounts for a turnover of 395 million Euros.
Continue ReadingPirelli in Motorcycle Sports
Pirelli is to be the exclusive tyre supplier to the European Superstock Championship 2000.
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