BFGoodrich Contract Overwhelmingly Approved, says USW
The three-year contract BFGoodrich signed with the United Steelworkers for its Tuscaloosa, US plant is said to have had one of the lowest number of ‘no’ votes ever experienced by the local union chapter. "'We are pleased with the contract. We are pleased with the vote," USW Local 351 president Jimmy Price told local media. Price, who was on the union's bargaining committee, added that he felt BFGoodrich was "very responsible to give a fair contract."
Continue ReadingToyo Ends China JVs, Announces Construction of New Factory
When building its all-new factory in China, Toyo Tire & Rubber will be going it alone. During a Board of Directors meeting on August 27, the company decided to end its joint venture agreements for tyre production in China. Toyo has operated Cheng Shin-Toyo Tire & Rubber (China) Co., Ltd. together with Taiwan’s Cheng Shin Rubber Ind. Co., Ltd. since the end of 1995, with a focus upon manufacturing car tyres and tubes for the Chinese market. The company also began a partnership, Cheng Shin-Toyo Tire (Xiamen) Co., Ltd., with Maxxis International Co., Ltd. in 2002, producing commercial vehicle radials. Both joint ventures have been terminated as of August 27.
Continue ReadingGajah Tunngal Reports 1st Half Sales Drop
Faced with weak global demand for tyres during the first half of 2009, Indonesian manufacturer PT Gajah Tunggal has reported a year on year decline for this period. According to the company, sales fell in the first six months of 2009 by 2.9 per cent to nearly 3.8 trillion rupiah (about £232 million). Operating margin […]
Continue ReadingSapphire Gains Treble ISO Certification
Sapphire Energy Recovery, the tyre recovery and waste processing company owned by Lafarge Cement, has gained BSI certification for three management system standards: quality, environment and health and safety. Certificates for ISO 9001 (for quality management), ISO 14001 (for environmental compliance) and OHSAS 18001 (for health and safety) were handed out to members of the Sapphire team by BSI representative Colin Rushmere at a recent ceremony held to mark the occasion at Lafarge Cement’s head office in Solihull.
Continue ReadingMaxxis Kicks Off New Football Sponsorship
Maxxis is continuing to increase its exposure to the tyre-buying public through football sponsorship, and having made key Barclays Premier League signings eagerly awaits the start of the 2009/10 season. After agreeing to extend its sponsorship of Liverpool FC until the end of the 2011/12 season, Maxxis has also renewed its arrangement with Aston Villa FC and signed a new deal with Sunderland AFC.
Continue ReadingBendix, SmarTire Deal Done
Bendix Commercial Vehicle Systems has completed its acquisition of parts of Canadian TPMS-maker SmarTire Systems. Bendix is taking on SmarTire’s commercial truck TPMS business.
Continue ReadingHankook Issues Statement Regarding Court Finding
In an August 18 news story, it was revealed that Hankook Tire Co. and some of its manufacturing plant managers were found guilty of failing to prevent a series of work-related deaths at Hankook facilities.
Continue ReadingNot Our Business – Goodyear Closes Corporate Museum
After 61 years, Goodyear’s World of Rubber museum in Akron, Ohio has finally lost its bounce. Citing a lack of attendance and the company’s move to a new headquarters building as key motivating factors, the US tyre major has announced the museum’s upcoming closure. Doors at the centre will shut for the last time on August 28.
Continue ReadingChinese Company Fined for Producing Fake Conti Drive Belts
ContiTech reports achieving a further victory in the fight against product forgeries after proving that a large Chinese manufacturer produced fake ContiTech automotive drive belts. "This is a major step in the prosecution of illicit reproduction cases, since it was the first time that we were able to determine the manufacturer directly," reported Helmut Engel, head of the ContiTech Power Transmission Group’s Automotive Aftermarket sector. "Often, only the dealers and importers are held to account, and the producers of the copies remain unknown."
Continue ReadingSchaeffler Debt Deal – Paving the Way for a Merger
The Schaeffler Group has moved one step closer towards a merger with Continental AG after reaching an agreement with banks to refinance 12 billion euros in debt. According to a Schaeffler statement, the ball bearing manufacturer’s credit lines have been split into two portions of 4 1/2-year and six-year maturities and will be implemented in several stages. Refinancing deals were arranged with UBS, Royal Bank of Scotland, Unicredit SpA’s HVB Group unit, Commerzbank AG and Landesbank Baden-Wuerttemberg.
Continue ReadingUpdate on Amtel Bankruptcy to be Given at EGM
Amtel-Vredestein N.V. has given notice that it will hold its Extraordinary General Meeting of Shareholders on September 2 at the Sheraton Amsterdam Airport Hotel and Conference Centre. The agenda for the EGM will, amongst other things, include the company’s 2008 financial statements and an update on Amtel’s financial affairs and bankruptcy. ABH Financial Limited’s restructuring […]
Continue ReadingDeal Secures Saab's Future
General Motors Co. has confirmed it has signed a stock purchase agreement with Koenigsegg Group AB regarding the sale of 100 per cent of the shares of Saab Automobile AB. The deal is expected to conclude in the next few months and will then secure Saab's future. The stock purchase agreement will be subject to agreed closing conditions. Conditions to close the sale include expected funding commitments with Swedish government support and guarantees, as well as transitional assistance from GM, as Saab becomes independent. Saab is about to launch several new cars, developed with General Motors, that are in the final stages of development.
Continue ReadingCooper Fattens Pension Plan Ahead of Albany Plant Closure
An extra US$39 million will go into Cooper Tire & Rubber’s pension plan to cover its obligations when the company’s Albany factory closes later this year. In an agreement made with the Pension Benefit Guaranty Corp., announced on August 12, Cooper will fulfil its $62 million obligation by contributing $39 million to the pension plan and waiving its $23 million credit for past over funding.
Continue ReadingConti Chairmanship Now a Three Horse Race?
The list of contenders for the position of Supervisory Board chairman has apparently been whittled down to three. According to the Financial Times Deutschland, three executives from outside the group remain under consideration: former Volkswagen boss Bernd Pischetsrieder, former BMW boss Helmut Panke and outgoing ThyssenKrupp board member Ulrich Middelmann are the reported to be […]
Continue ReadingAccuride Announces Second Temporary Waiver Agreement with Lenders
On August 14 Accuride Corporation announced its entry into a Second Temporary Waiver Agreement with its lenders, effectively extending its original July 1 agreement until September 7.
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