New Look, Logo Launched by ASA Tire Systems
(Tire Review) ASA Tire Systems has an all-new look, launching a fresh logo – its first revision since the company was formed 30 years ago. The software provider said the new look integrates elements from its TreadX, TireMaster and AutoRepairMaster products to create a more modern look. ASA Tire Systems said work on the new logo began after it launched a redesigned website last year. “The new look for ASA continues the evolution of our brand and brings our product lines closer together in the software suite of ASA Tire Systems,” said Wayne Croswell, president. ASA Tire Systems said it will fully integrate the new look by the end of the year.
Continue ReadingReports: Continental May Sell Bonds in Refinancing Move
Continental AG, is reportedly planning to sell bonds to refinance its debt. Bloomberg quoted two people “familiar with the situation” as saying the move follows HeidelbergCement AG’s so-called junk-bond sale. In this case demand outstripped supply and HeidelbergCement raised 2.5 billion euros selling its bonds. At the same time, Morgan Stanley made “large upward adjustments” to its earnings for Continental, its 2010 earnings per share predictions by 128 per cent to 2.74 euros. The analysts also raised their 2011 and 2012 estimates to 5.14 and 6.35 euros (up 52 and 32 per cent respectively). The bank’s new price target is now 37 euros, up 131 per cent from its previous position of 16 euros.
Continue ReadingMichelin Celebrates ‘Navy Week’, but has Goodyear Trained its Guns on Military Contracts?
Representatives from the US Navy may have hauled up their anchors and, as it were, set sail for Greenville, South Carolina during October’s Navy Week 2009 festivities, but whether Michelin North America has grounds for continued celebration remains to be seen. While Michelin is currently top dog in the US military supply game, a defence bill passed by the US House of Representatives in late July opens up bidding on military contracts to other potential suppliers.
Continue ReadingNew 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.
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