Amerityre to Leave Nasdaq February 4
Amerityre Corporation has announced the delisting of its common stock from the Nasdaq stock exchange as of February 4, in compliance with Securities and Exchange Commission rules. The company reports it is unable to meet the minimum requirements needed to remain listed on the Nasdaq, such as a minimum US$2.5 million stockholders’ equity, listed securities to a market value of $35 million, or $500,000 in net income from continuing operations. As of September 16, 2009, Amerityre’s stock had been trading below $1 for 30 consecutive business days, violating another Nasdaq listing requirement.
Continue ReadingConti Overhauls German Market Management Structure
Continental is setting up a management structure in its home market with a stronger gearing towards customer and regional demands. The company says its Continental Reifen Deutschland GmbH operation will “step up its exploitation of the experience gained in the passenger tyre industry and trade business, with the aim of more fully satisfying the needs of business partners.” Several new key appointments will facilitate the company’s plans in Germany, Austria and Switzerland, the three lands serviced by Continental Reifen Deutschland.
Continue ReadingPirelli Shareholders’ Agreement Renewed
Pirelli & C. SpA, parent company of Pirelli Tyre, reports that its “Sindacato di Blocco Azioni Pirelli & C. SpA” shareholders’ agreement has been renewed for approximately three years. No changes to members or shares have been conferred. The agreement’s new expiry date is April 15, 2013. All the members in the shareholders’ agreement, Pirelli adds, have expressed the will to renew the agreement within the deadline contractually determined for withdrawal, 15 January 2010.
Continue ReadingConti to Boost Junior Staff Numbers in 2010
Just days after announcing plans to use football as a means of highlighting its attractiveness as an employer, Continental has outlined plans to “put stock in fresh expertise, new ideas and, thus, increasing innovative prowess in the form of highly qualified junior staff” during 2010. “This year we plan to hire around 1,000 university graduates and young professionals worldwide,” reported Continental Executive Board member Heinz-Gerhard Wente. A quarter of these new recruits will be employed in Germany, he added. The automotive supplier says that while it will primarily focus upon hiring engineering and natural science majors, it is also looking for business and economics graduates.
Continue ReadingBrisa Approves Factory Upgrade Investment
Turkish tyre manufacturer Brisa has confirmed that approval has been given for the TL272 million (£113.5 million) investment specified in the company’s 2009-2014 Mid-term Business Plan, and planned for in its Investment Incentive Certificate for the years of 2010-2014. While Brisa international marketing manager Aylin Erdil states that specific details cannot be legally disclosed at this time, she commented that the investment “covers the modernisation and expansion of the factory.”
Continue ReadingCarlisle Merges Tire & Wheel, Power Transmission Belt Businesses
On January 20 Carlisle Companies Incorporated announced it has combined its tyre and wheel business with its power transmission belt business. Explaining the decision, company chairman, president and CEO David A. Roberts commented: “We announced plans to sell our power transmission belt business in April 2008. We were close to selling the business to a strategic buyer late last year when our transaction was derailed by the financial crises. During our extended sales process, we also considered retaining the belt business, which has remained profitable, and combining it with one of our other businesses. Though we recently received an offer near book value, the decision was made to retain and combine the belt business with our tyre and wheel business.
Continue ReadingBridgestone Group Companies Donate to Haiti Relief Efforts
Bridgestone Corporation, together with two of its subsidiaries, Bridgestone Americas and Bridgestone de Costa Rica is donating a total of approximately seven million yen (more than US$75,000) to assist with relief efforts following the January 12 earthquake in Haiti. Bridgestone will donate 2.5 million yen (approximately US$27,000), through the Japanese Red Cross Society. Bridgestone Americas, through the Bridgestone Americas Trust Fund, will donate 2.25 million yen (US$25,000) to the relief efforts through the Clinton Bush Haiti Fund.
Continue ReadingSnap-on Equipment Invests in New Customer Service Van Fleet
Snap-on Equipment, whose brands include Hofmann, John Bean, Cartec and Blackhawk, has invested in a new nine-strong fleet of Vauxhall Vivaro customer service vans. Providing mainland UK-wide coverage, Snap-on Equipment’s specialist engineers offer installation, calibration, servicing and training for the company’s entire garage equipment portfolio.
Continue ReadingBridgestone UK Aiming for Top Positions in Every Segment
When he’s not taking responsibility of Bridgestone’s UK operations, managing director John McNaught’s remit also includes the Republic of Ireland and the Nordic markets of Denmark, Sweden and Finland. For the purposes of the exclusive interview given to Tyres & Accessories/tyrepress.com at the end of 2009 McNaught generally spoke in his UK capacity, however while the questions centred on the UK, the answers give an insight into the general thinking behind the company’s recent development. John McNaught has worked for over 30 years within the tyre industry, gaining wide experience in equity distribution with a major focus on the truck tyre business. Here he has used this experience to help support Bridgestone to be one of the key players within the UK.
Continue ReadingCreditors’ Preliminary Report Confirms Kumho Tire's Business Potential
Creditors have reportedly named PricewaterhouseCoopers Korea and Deloitte Anjin LLC as the firms carrying out due diligence on Kumho Tire and Kumho Industrial. The accounting firms may take about two months two deliver reports, however creditors have decided to conclude the process earlier than previously planned to speed up the normalisation of the two Kumho Asiana business units.
Continue ReadingWTO to Rule on US Tyre Tariffs
The World Trade Organisation will make a ruling on the complaint lodged by China last September over the US tariffs implemented on Chinese manufactured consumer tyres. A WTO spokesperson has confirmed a panel of experts who will decide upon the validity of China’s claim has already been established.
Continue ReadingGoodyear Assessing Impact of Venezuelan Currency Devaluation
On January 8, the Venezuelan government announced the devaluation of its currency, the bolivar fuerte, and the establishment of a two-tier exchange structure. This has seen the official exchange rate against the US dollar slide from 2.15 bolivar fuerte per dollar to 4.30, except in the case of essential goods, for which the rate is 2.60. This significant currency change has impacted tyre makers active in the South American country; Goodyear Tire & Rubber reports it expects a first-quarter 2010 charge of about $150 million (62 cents a share) in connection with the devaluation.
Continue ReadingMichelin Announces July End to Japanese Factory’s Tyre Production
Plans to cease tyre production at Michelin’s factory in Ota, Japan were announced on January 15. Upon giving word of the July 2010 end of passenger car and light truck tyres at the Gunma Prefecture site, Michelin explained that, despite taking measures to improve productivity, reduce production costs and, since 2007, refocus on the production of ‘complex products’, production costs at the Ota plant have remained around twice as high as those of other plants serving that tyre segment.
Continue ReadingVredestein and Carlsson Announce Cooperation
Details of a cooperative partnership between Vredestein and vehicle manufacturer Carlsson were announced on January 11. Upon announcing the commencement of the collaboration, Vredestein Germany managing director Michael Lutz stated “in Carlsson we now have a strong partner in the field of premium styling. Carlsson is one of the best car tuning manufacturers anywhere in the world. Above all, the Carlsson name stands for elegant and exceptional design, high-torque engines and innovative German quality engineering for Mercedes cars.”
Continue ReadingConti Completes Bookbuilding of New Shares
Continental reports that the following news is not intended for direct or indirect release, publication or distribution into the USA, Canada, Australia or Japan, so T&A invites subscribers outside of these regions to read further.
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