Supertracker relocates headquarters
UK wheel alignment specialist Supertracker has announced the relocation of its headquarters from Sholing in Southampton to nearby Hedge End. The company said increased demand for its increasing product range was the main reason for the change of locations for its entire manufacturing, sales and administration operations. The new address is new and custom built, which will enable further expansion, according to managing director Trevor Lovesy: “Since our launch twenty three years ago, Supertracker has always maintained a policy of continuous improvement in both products and services through natural evolution and ongoing customer demands. Therefore moving to our new office and manufacturing complex – which gives us easier motorway access and interior layout possibilities – is the latest development in this process.”
Continue ReadingGoodyear amends European credit facility, closes notes offering
Goodyear has today released the following statement about changes to its European credit facility: “The Goodyear Tire & Rubber Company today announced that it has amended and restated its European revolving credit facility and closed an offering of €250 million aggregate principal amount of senior notes due in 2019 by its European subsidiary, Goodyear Dunlop Tires Europe B.V. (GDTE). Changes to the European credit facility include the extension of the maturity to 2016 and the reduction of available commitments from €505 million to €400 million. Loans under the amended facility will bear interest at EURIBOR plus 250 basis points.
Continue ReadingHankook sales surged 16.3% from Q1 2010 to 1.4 trillion won on European growth
Hankook Tire announced the highest quarterly global sales on record for the first quarter of 2011 with turnover totalling 1.4 trillion Korean won, a 16.3 per cent year-on-year increase. Hankook Tire’s first quarter operating profit for 2011 amounted to 179 billion won. Operating profit to sales ratio was 12.4 per cent, up from 6.9 per cent in the fourth quarter of 2010.
Continue ReadingElgi Rubber acquires Dutch rubber recycler
Elgi Rubber International Limited has announced the acquisition of a 100 per cent interest in Rubber Resources B.V. on 16 March, 2011. Elgi, headquartered in India, has operations in the USA, Brazil, East Africa and other parts of the Indian Subcontinent, focusing on rubber recycling, especially in tyres and retreading. Elgi says the acquisition “means a strong presence in Europe and big step towards being a worldwide supplier of reclaim to the rubber industry”.
Continue ReadingBridgestone alters senior management responsibilities
Bridgestone has announced the approval by its board of directors of three vice presidents’ changes of position and responsibilities. Yoshiyuki Morimoto is now responsible solely for products development in his senior officer role, with Tatsuro Hamada taking over responsibility for tyre research and material development. Hamada’s previous position as internal manufacturing management officer has been transferred to Masahito Tsuji, who has added this responsibility to his role as procurement officer.
Continue ReadingGoodyear to report on first quarter on 29 April
Goodyear has announced that it will report its first quarter financial results before markets open on 29 April, followed by an investor conference call at 10:00 local time (five hours behind the UK). Chairman and chief executive officer Richard J Kramer and executive vice president and chief financial officer Darren R Wells will be present. As usual, the manufacturer will post the information on its investor relations website 45 minutes before the conference call. A replay will be available on the website.
Continue ReadingGoodyear breaks ground on GHQ project
Goodyear has announced that it officially broke ground on its new global headquarters complex in Akron, Ohio today. Goodyear chairman, CEO and president Richard J. Kramer, Ohio governor John Kasich, Akron mayor Don Plusquellic, and Summit County executive Russ Pry made brief remarks, then were joined by a number of federal, state and local officials – all of whom helped negotiate the deal – to shovel the first earth. The project was announced several years ago, but the credit crisis and its effect on the manufacturer forced delays. The new facility is located next to the company’s Innovation Center; Goodyear will lease the office space until 2038 as part of the agreement and have potential options until 2093. The project is scheduled to be completed in early 2013.
Continue ReadingGoodyear Dunlop UK to switch distributors to DHL
Goodyear Dunlop UK has announced that it will change its logistics service provider following the expiration of its current contract for warehousing and distribution activities in quarter three of 2011. The manufacturer has selected DHL as its new provider. It is currently contracted with Norbert Dentressangle, and the companies are now jointly developing a transition plan “to ensure continued outstanding service to customers”, says a Goodyear Dunlop statement. Full details of the transition plan will follow before the end of April.
Continue ReadingGoodyear has “positive momentum”: Kramer
In his address at The Goodyear Tire & Rubber Company’s Annual Shareholder Meeting today, chairman and chief executive officer Richard J. Kramer said he is confident in Goodyear’s strategy and believes the company is well positioned to achieve its goals, having been pleased with Goodyear’s 2010 performance, which exceeded the company’s targets. The company’s financial results reflected significant improvement in all four regional tyre businesses, most notably North American Tire’s return to profitability, he said.
Continue ReadingGoodyear re-elects 12 directors to board at 2011 annual meeting
Shareholders of The Goodyear Tire & Rubber Company have re-elected 12 members of the company’s board of directors including chairman, president and CEO Richard J Kramer (full list below). The company also officially appointed PricewaterhouseCoopers as the company’s independent registered public accounting firm for 2011, having had the action ratified by shareholders.
Continue ReadingAnalysts: Schaeffler moves point to “no merger”
Financial analysts from Deutsche Bank described Schaeffler’s decision to pay down debt and increase its direct ownership and free-float in Continetal as “good news”, pointing out that “the overhang is now over.” Crucially, these analysts wrote that these moves signify that “there will be no merger between Schaeffler and Continental.” For its part Deutsche Bank said Schaeffler’s moves are good news because these bring the firm’s overhang – when market forces put downward pressure on stock prices due to the likelihood of a sale – is now said to be over. “After full-year 2010 results we and the consensus upgraded earnings per share by 20 per cent, [an] upgrade which had no impact on the share price (due to the overhang)…this disposal clarifies the structure of Schaeffler/Continental.”
Continue ReadingSchaeffler reduces debts, increases direct Conti stake to 49.9%
Schaeffler Group has confirmed a series of measures re-financing the company by reducing detbs by around 2.8 billion euros and re-positioning itself in relationship to Continental AG. Following a string of news reports suggesting the moves were on the horizon, the company issued a statement on 28 March confirming it is selling approximately 29.7 million indirectly owned shares in Continental AG, increasing its directly owned stake from 42.2 to 49.9 per cent and is converting into a stock corporation (from Schaeffler GmbH to Schaeffler AG) this year. Continental shares reportedly rose 1.6 per cent during trading on Monday 28 March in response to the news.
Continue ReadingToyo Tires sponsors UFC Lightweight fighter
Toyo Tire USA has announced that it will sponsor the Ultimate Fighting Championship Lightweight division fighter, Anthony “Showtime” Pettis as a Team Toyo Athlete for 2011. “I am proud to represent Toyo Tires,” said Pettis. “Toyo has always been a major supporter of mixed martial arts and I am honoured that they have selected me as an ambassador of their brand.”
Continue ReadingGoodyear strategises to meet record $1.6 billion operating income target in 2013
Goodyear chairman and CEO Richard J Kramer says that the company has “a clear view of our destination as a business and well-defined strategies for driving value” as it strategises its path back to profit, having posted net losses of $216 million and $375 million in 2010 and 2009 respectively. The company believes that what it terms “seven MegaTrends” over the next five years to a decade will favour its approach, which includes a focus on high-profit segments. The company is holding an investor conference in New York today to discuss how to meet its target of $1.6 billion operating profit – a would-be record for the company – by 2013. The company also announced an operating income target of $450 million in 2013 for the North American Tire segment, as well as improved margins worldwide.
Continue ReadingNew Bridgestone CI a “diversification” of the brand
As was reported at the beginning of March on tyrepress.com (see related news link below), Bridgestone celebrated its 80th year with a new corporate identity – altering its logo and tagline, and “refining” its corporate philosophy. Communications manager at Bridgestone UK, Andy Dingley says the evolution undergone in Bridgestone’s corporate lifespan created the need “to reflect those social changes” in its branding.
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