Michelin Archives - Page 196 of 326 - Tyrepress

Tyre industry pioneers, Michelin has a long history. Having begun in 1889, Michelin is now the second-largest tyre manufacturer in the world after Bridgestone and larger than both Goodyear and Contineantal.

Tag Archive for: Michelin

Michelin Launches 4×4 Latitude Cross

In the first week of June, Michelin held the dealer launch of its latest 4×4 tyre, the multi-purpose Latitude Cross – a tyre designed for 65 per cent road and 35 per cent off-road use. Over the course of the week, 90 dealers from around the UK and Ireland attended the event which was based at Ansty Hall Hotel near Coventry. Each day started with a presentation on where the new tyre fits into Michelin’s existing Latitude 4×4 range. After that, the dealers were given the chance to experience the new product themselves. A Land Rover Defender 110 and two Freelanders, two Toyota Hi-Lux pick-ups and two Volkswagen Touaregs were utilised to show the full range of the tyre’s on and off-road capabilities.

19th June 2009/by Tyrepress Editors

Michelin to Invest £887 Million in India

It is cutting back in France, yet planning big in India – Michelin is reportedly planning to invest some Rs 70 billion (£887 million) there over the next decade. The Economic Times newspaper states a person directly involved in the transaction informed it that the tyre major has sought government approval to acquire a 100 per cent share in Michelin India Tamil Nadu tyres, a company formed in April 2009. This company will be responsible for establishing a greenfield production facility; the site will be set up with an Rs 40 billion (£507 million) investment in the first phase, which runs until 2016. This first phase operation is anticipated to create 1,500 jobs, and eventually half the factory’s output will be exported.

18th June 2009/by Tyrepress Editors

Reports: Michelin to Sell Apollo Stake

Indian news sources are reporting that Michelin is intending to sell the remaining 7.3 per cent shareholding it has in Apollo tyres. On June 6 2009, Michelin sold a portion of its Apollo stake for approximately 500 million rupees (£6.67 million). The French manufacturer, which held an 11 per cent share in Apollo at the time, sold 3.3 per cent through open market sales. The company has held shares in Apollo Tyres since it acquired a 14.9 per cent stake in early 2004, a deal made at a time when a truck and bus radial joint venture between the two companies seemed likely.

Despite the venture’s failure to get off the ground and the September 2005 announcement that Michelin would acquire Apollo’s share in the joint venture, Michelin maintained its stake in the Indian company. According to reports, the French tyre manufacturer has made “a reasonable profit” from the sale of its Apollo shares. The reports follows Apollo’s takeover of Dutch tyre maker Vredestein Banden for a reported 175 million euros in May.

18th June 2009/by Tyrepress Editors

European Truck OE Tyre Demand Down 72.9% in May

European truck OE tyre demand fell at the fastest rate in the world in May (-72.9 per cent), according to recently released Michelin market data. Putting the company’s (and the industry as a whole’s) difficulties into perspective, Deutsche Bank analysts summed up the worst of the current volumes like this: “eight times worse than the worst year over the last 30 years (1991).” North America, Brazil and Japan suffered 53.5, 24.1 and 65.2 per cent falls in Truck tyre OE demand respectively in May, with China the only market to avoid the pain – growing 2.6 per cent. Truck tyre replacement sales faired better in most markets, albeit still falling between 12.8 and 23.3 per cent in four of the five covered zones. China remained flat.

Despite the depressing figures, Deutsche Bank analysts were optimistic that the worst is over: “Since sell-out demand is not as bad, dealers destocking can’t last forever. And therefore sell-in and sell-out market trends will converge soon. Lastly, May is a relatively small month for the industry when June is much more important. For example, June represents a high 25 per cent of Michelin’s first half volumes.”

18th June 2009/by Tyrepress Editors

Michelin Restructuring Program Could Save 150 million euros Annually

Michelin’s domestic labour reorganisation program, (announced on 17 June) will save the company between 100 and 150 million euros a year, according to Deutsche Bank research analyst Gaetan Toulemonde. Restructuring charges are estimated at a maximum of 200 million euros to be accounted for in the first half of 2009 of which half will be paid for in cash and the other half as assets write offs.

In an investor’s note published today, the financial analysts explained that while the company’s complex statement appears to have been designed to avoid to much clamour after Continental and Goodyear’s recent difficult plant closures, “it looks like they aren’t doing much.” The bank’s take on the situation is that “some plants will be downsized, and the restructuring program involves 1,100 people on top of a pre-retirement program of 1,300 people. Thus, when normal attrition is included, approximately 3,000 people will leave the group by the next 18 months out of a French workforce of 25,000…of which 12,000 in production.”

18th June 2009/by Tyrepress Editors

Michelin Cuts 1093 Jobs in France

Michelin is planning to reduce its French workforce by a total of 2,900 over the next three years. The job cuts, which include 1093 losses this year, equate to around 10 per cent of the tyre manufactures total domestic workforce. Michelin said it is cutting the positions in order to concentrate on the production of higher specification and higher margin truck and passenger car tyres at its Montceau and Tours plants. In addition, Michelin will negotiate 1,800 voluntary departures over the next three years. Of the 1,093 employees affected by the labour reorganisation plan, 495 positions are set to leave through early retirement. Michelin says it will then offer the remaining workers at least two other positions elsewhere. The remaining 1,800 additional job cutbacks will be spread across all operations in France.

17th June 2009/by Tyrepress Editors

Pelmar Delivering Right Mix of Product & Price

It doesn’t take an expert team of analysts to realise the tyre industry isn’t exactly awash with cash at the moment. Thus it is hardly surprising that sales of tyre building equipment have dropped off considerably. Yet one company whose business centres on the equipment used in tyre manufacture is bucking this trend – for Pelmar Engineering Ltd, a weak market equals strong sales.

The Israel based supplier of refurbished and pre-owned tyre industry machinery notes that while Pelmar is naturally successful in times of industry strength when many companies are expanding and instigating new projects, the prices it can offer enable Pelmar to also do well during periods of market contraction. This is perhaps to be expected when, as the company points out, the landed cost of pre-owned tyre building machinery is approximately a quarter of that for its new equivalent.

17th June 2009/by Tyrepress Editors

Michelin Announces Changes to Operations in France

Michelin has announced details of a project that it says will upgrade the company’s global research and development centre in Clermont-Ferrand and enable it to increase specialisation at a number of its industrial operations in France. The company claims this project “reflects the Group’s commitment to strengthening France’s role as Michelin’s strategic hub and innovation centre” and will enhance the productivity of its manufacturing operations in an increasingly competitive global marketplace.

17th June 2009/by Tyrepress Editors

Michelin Selected as an IT ‘Best Place’

Michelin North America has been selected as one of the top workplaces for information technology professionals by Computerworld magazine. The distinction comes as part of the weekly IT publication’s 16th annual Best Places to Work in IT survey, which was published in the June 15 issue of Computerworld and online at computerworld.com. Michelin was ranked 18th among the 100 companies selected.

“Respect for people is one of Michelin’s core values, and this honour speaks to the company’s dedication to providing a stimulating and rewarding work environment for all employees, including our information technology team,” says Richard Alexander, vice president of information systems for Michelin North America. “This award also demonstrates Michelin’s ongoing commitment to providing our workforce and our customers with the best technology and IT support resources available.”

16th June 2009/by Tyrepress Editors

Derco Signs Agreement with Michelin Aircraft Tire Company

Sikorsky Aerospace Services company, Derco Aerospace, has signed a new agreement with Michelin Aircraft Tire Company today that will support Derco’s distribution of Michelin’s military aircraft tyres around the world. Aircraft platforms supported under the agreement include, but are not limited to, the C-130, L-100, F-16, KC-135, P-3, UH-60 and Mirage.

“Derco is pleased to continue its relationship with Michelin Aircraft Tire Company to provide our worldwide customer base with high-quality Michelin tyre products,” said Paul Fuhrmann, Derco’s director of OEM & Repair Solutions. “Teaming with Michelin on this new agreement allows us better service our customers with immediate stock availability and competitive pricing for aircraft tyre products.”

16th June 2009/by Tyrepress Editors

Analysts: Michelin is Generating Free Cash Flow

Michelin’s decision to pay down a 350 million euro loan borrowed at 6.7 per cent interest and maturing in 2033 is said to be an early sign that the tyre manufacturer is beginning to generate free cash flow. According to a Deutsche Bank report, despite the fact that analysts are expecting Michelin to publish first half net losses of 230 million euros, the fact that the company is buying back a loan that is more expensive than the group’s average debt (5.9 per cent) is “a strong positive signal that Michelin is currently generating free cash.”

16th June 2009/by Tyrepress Editors

Michelin to Cut 1,500 Jobs in France?

A report in the French newspaper Le Monde indicates Michelin will eliminate 1500 jobs in France. These job reductions will apparently be part of a range of measures to combat declining tyre demand the tyre major will announce on June 24.

Le Monde did not quote any sources for the information given in its June 16 article, however the newspaper did quote a union representative, Sakir Ali Mandjee, as saying “on June 9, during a group committee, we have asked whether a layoff scheme was being prepared and the management did not provide any denial.”

16th June 2009/by Tyrepress Editors

Michelin Man Keeps US Motorists Under Pressure

Motorists in the US now have another safe driving resource at their fingertips, thanks to Michelin North America and the Clemson University Automotive Safety Research Institute (CU-ASRI). The two organisations celebrated their long-standing partnership on June 11 with the dedication of a new safety initiative, and took the occasion to remind drivers that proper tyre inflation pressure is a key automotive safety component and a boost to fuel efficiency.

The two parties selected the US National Tire Safety Week to dedicate their new tyre inflation station. The facility, situated near the Clemson University International Center for Automotive Research, shouldn’t be difficult to locate – Michelin notes that the Michelin Tire Inflation Station features a six-foot tall replica of Bibendum, the instantly recognisable Michelin Man.

12th June 2009/by Tyrepress Editors

Michelin Opens Door to Earthmover Tyre Test Centre

Around 140 earthmover dealers converged upon the Spanish provincial capital Almeria in early June. And while the port city’s mild climate is perfect for year-round swimming and its architecture conveys a strong Moroccan flavour, the assembled party were not in town for a short sightseeing holiday – Almeria is also home to the Michelin Technology Center, the world’s largest facility devoted exclusively to the development of earthmover tyres. And awaiting the European dealer continent was an assortment of equipment ready for hands-on testing.

12th June 2009/by Tyrepress Editors

Conti Promotes ContiCostCalculator at Crewe Roadshow Leg

Continental is spending this week in the grounds of the resplendent Crewe Hall in Cheshire with its European roadshow, promoting the new iteration of its long-haul and regional commercial vehicle tyres (see June’s edition of Tyres & Accessories – soon to arrive at subscribers’ addresses – and Tyrepress.com for more on last month’s launch). The pan-European tour will see Continental’s truck pitch its inflatable display tent in locations including Helsinki, Madrid, Bucharest and most countries in-between. As much as T&A would have liked to take the opportunity to see the display in one of Europe’s cultural capitals, Crewe presented a rather more convenient opportunity to see the interactive displays with which Conti is introducing its series two tyres alongside the innovative ContiCostCalculator, which promises to aid fleet managers in seeing detailed cost comparisons, certified by independent testing organisation Dekra.

11th June 2009/by Tyrepress Editors