New South Carolina Distribution Centre for TBC Corp
(Tire Review) TBC Corp. is taking on a 1.1 million-square-foot distribution near Charleston, South Carolina. Construction of the new DC, located in the Rockefeller Group Foreign Trade Zone/Charleston in Berkeley County, is expected to start by the end of this year, and is slated to open in 2010. “We are excited about the opportunity to consolidate a portion of our distribution network to a new and larger facility in the Charleston area,” said Erik Olsen, president and CEO of TBC Wholesale Group. “The infrastructure and location of the Port of Charleston complements our growth and will allow us to meet the growing demands of our customers.” TBC expects to bring “thousands of containers” through the Port of Charleston, according to reports. The new DC will reportedly add 100 jobs to the region.
Continue ReadingAmerityre Faces NASDAQ Delisting
(Tire Review) Amerityre Corp. has been notified by NASDAQ that its current financial status “was out of compliance” and that its stock may get delisted. NASDAQ claims Amerityre is not meeting the exchange’s Equity Standard Listing Rules, because it does not have a minimum of $2.5 million in shareholder equity, $35 million in market value of listed securities or $500,000 in net income from continuing operations for the most recent fiscal year. To remain listed, Amerityre must deliver by 20 October a “specific plan” on how it will meet and sustain those requirements, NASDAQ said. For its part, Amerityre said it “anticipates that its implementation of cost cutting measures combined with anticipated increases in revenues and successful fundraising efforts will be sufficient to bring it back into compliance with the minimum stockholders' equity requirements”.
Continue ReadingAccuride Restructures Debt, Files for Bankruptcy
The media team at Accuride Corporation have given details of a “debt restructuring agreement.” As part of this agreement the company is filing a voluntary petition for bankruptcy under Chapter 11 of the US Bankruptcy Code and has secured a US$50 million “debtor-in-possession” credit facility to enable normal business to continue.
Continue ReadingPirelli Shares Rise Upon Hope Company Will Focus on Tyre Strengths
Shares in Pirelli Tyre parent company Pirelli & C SpA have risen four per cent to a one-year high on hopes that the company may focus more intensely upon its tyre business. The possibility exists that the Pirelli & C Real Estate SpA business unit could be detached from the company. "That would help it being seen as a pure tyre company, valued without the classic discount for holding companies," a trader told Reuters.
Continue ReadingHamburg SV to Receive Maxxis Sponsorship
Following its agreements to sponsor Barclays Premier League clubs Liverpool, Aston Villa and Sunderland, Maxxis International has moved into another of Europe’s major footballing nations, becoming a sponsorship partner of Germany’s Hamburg SV. The new package runs throughout the 2009/10 season and includes advertising on the pitchside LED panel for the club’s home matches in the Bundesliga, Germany’s top football league.
Continue ReadingMarket Recovery Mixed, Says Michelin Executive
Comments made during the launch of Michelin’s first global marketing campaign point towards a mixed outlook for the tyre market. Reuters reports Claire Dorland-Clauzel, head of communications and brands and a member of the group's management board as saying demand for passenger car and light commercial vehicle tyres is improving in Europe and the United State, while signs of an upturn in the commercial vehicle tyre market are yet to be seen.
Continue ReadingPirelli Plans to Shut UK Final-Salary Pensions: Reports
Reports from multiple news sources suggest that Pirelli is planning to shut its final-salary pension scheme in order to protect the company’s future. The closure would, according to the BBC, affect 743 staff members, all of whom would be eligible to join the defined contribution scheme open to new recruits to the manufacturer since 2001. Consultations with staff have begun, with a view to cancelling the scheme at the end of 2009.
Continue ReadingMichelin Commences Cooperation Agreement with AGCO Corporation
Michelin reports that it recently entered into a long-term cooperation agreement with agricultural equipment company AGCO Corporation. The agreement, signed at AGCO’s European headquarters in Neuhausen, Switzerland, focuses upon strengthening relations in the areas of research and development, marketing and supply chain.
Continue ReadingKumho Delays US Facility
Local NBC reports in Georgia, USA say that Kumho is to delay the building of its tyre manufacturing plant in the state’s Bibb County. Unnamed officials told the news source that the plant would still be built, but not until late 2013. The Chamber of Commerce told WMGT.com that low demand for autos and the poor economy had lead to the delay. The Chamber president Chip Cherry said that Kumho is still deliberating over what tyre types will be manufactured at the site, which projections suggest will bring 450 jobs and $225 million into the area.
Continue ReadingGlobal Campaign to Highlight Advantages of Michelin Rubber
Michelin’s first ever global advertising campaign got underway on October 6. The new campaign’s theme – “The right tyre changes everything” – is intended to illustrate the competitive advantages of Michelin tyres in media outlets around the world. The French manufacturer states it decided to launch what it calls an “unconventional” global campaign as a response to today’s increasingly competitive business environment.
Continue ReadingBridgestone’s Arakawa Honoured for Contribution to Belgium
On October 7, Shoshi Arakawa, chairman of the Board, CEO and president of Bridgestone Corporation, was presented with Commander of the Order of Leopold of the Kingdom of Belgium. Commenting on the significance of this occasion, Bridgestone notes that the Order of Leopold is the most prestigious order that can be bestowed upon an individual for his or her contribution to the development of Belgium. The ceremony was held at the official residence of Mr. Johan Maricou, Ambassador of H.M. the King of the Belgians to Japan, who presented the award.
Continue ReadingAre Changes Afoot for Bib?
(Tire Review) Rumours are swirling about an early morning press event today where Michelin will unveil its initial global ad campaign prepared by TBWA/Chiat/Day. Hinted at in the media invites was a “striking transformation” for the iconic Bibendum – the Michelin Man. Little other information was available, leading to conjecture that the cartoon character might undergo another diet; a few years ago, Bib was slimmed down and re-shaped to look more fit. Or it could be much ado about nothing.
Continue Reading40% of Michelin Workforce in High Cost Countries to Leave between 2007 and 2012
Michelin has released a “pyramid of age” for its French workforce. The company employs 22,000 workers (equivalent full time) in its home market, of which some 12,000 are engaged in production. Approximately 1,0000 will retire every year for the next decade. Taking into account a natural attrition of two per cent per annum, 1,500 French workers will leave Michelin each year. This equates to 30 per cent of the 5,000 employees that will leave the group per annum in high cost countries. In total around 30,000 people are anticipated to leave the Michelin Group in the six years between 2007 and 2012, some 40 per cent of the company’s tyre workforce in high cost countries.
Continue ReadingUSW OKs Four-Year Deal With Bridgestone
(Tire Review) The last of the major tyre-makers has a new contract with the United Steelworkers.Union workers at Bridgestone Americas’ tyre plants ratified a new four-year master contract with the tyre-maker Saturday, brining the 2009 master contract negotiations to a quiet end.
Continue ReadingNewsweek: Goodyear Among "Greenest Big Companies in America"
Newsweek Magazine has recognised Goodyear Tire & Rubber Company as one of “The Greenest Big Companies in America.” Companies were scored on factors that included environmental impact, green policies, and overall reputation as an environmentally conscientious company. The rankings were determined by Newsweek in conjunction with KLD Research & Analytics, Trucost and CorporateRegister.com. The rankings were published in the September 28 edition of the magazine. “The evaluation was based on specific criteria such as greenhouse gas emissions, water usage and ‘green’ programs,” stated Don Stanley, Goodyear’s vice president of product quality and plant technology. “We pride ourselves on the progress we’ve made over the years on these and other fronts. However, we also recognize the fact that environmental stewardship requires continuous improvement across a broad spectrum of opportunities, and at Goodyear we are committed to getting better each and every day.”
Continue Reading