Vredestein Announces Cooperation with Arden
A cooperation between Vredestein and car manufacturer Arden has been signed by Apollo Vredestein CEO Rob Oudshoorn and Arden’s Jochen Arden. Through the agreement, Vredestein reports it has now found a partner in Arden for modified vehicles from the premium Jaguar, Bentley and Range Rover and Mini brands.
Continue ReadingDenman Tire Files for Bankruptcy
US based industrial tyre manufacturer Denman Tire Corporation has filed for Chapter 7 bankruptcy in the US Bankruptcy Court Northern District of Ohio, reports Tire Review. This action ends an almost two-year struggle to stay afloat in the face of a brutal economy and heavy pressure from imported tyres.
Continue ReadingTitan to Pay Q1 Dividend
Titan International’s Board of Directors has approved a quarterly cash dividend of US$0.05 per common share for the first quarter of 2010. The cash dividend is payable April 15, 2010, to stockholders of record on March 31, 2010.
Continue ReadingLanxess ‘Confident’ About 2010 Following Strong Q4
After finishing the 2009 financial year on a high note in the last quarter, specialty chemicals group Lanxess has expressed confidence for the 2010 year. This sense of optimism, it says, is supported by the company’s development within the Asia/Pacific and further boosted by savings generated from its “Challenge09-12” package of measures. “We therefore expect a significant year-on-year improvement in earnings, even if there is currently no sign of a self-sustaining upswing,” said Axel C. Heitmann, chairman of the Lanxess AG Board of Management.
Continue ReadingMichelin Launches UK Part of New Global Ad Campaign
Michelin has launched the UK part of a new global ad campaign based on the theme: “The right tyre changes everything.” According to the company, the new campaign is intended to illustrate the competitive advantages of Michelin tyres and will roll out across the country from 15 March. While creating a link with the grand tradition of Michelin advertising, the company has chosen a fully animated presentation for its new advertising campaign. It features the famed Michelin man, Bibendum, in an animated world. As ambassador of the Michelin brand, he comes to the aid of motorists in trouble, replacing their inefficient tyres with Michelin tyres that he pulls from his body, thereby enabling them to keep on driving.
Continue ReadingChina Market Growth Three Times Global Average
An estimate given by Sumitomo Rubber Industries suggests that sales of tyres in China will increase at three times the global rate. Bloomberg reports company president Tetsuji Mino as saying sales will increase about ten per cent per annum from just under 150 million tyres in 2009, compared with a global growth of three per cent. “We are sure that China is the most promising market,” Mino said. “Car ownership is spreading from wealthy people to ordinary consumers.”
Continue ReadingGovernment Backs General Motors Europe With £270 million Loan Guarantee
Business Secretary Lord Mandelson announced today (12 March) that the government has agreed a €300 million (£270m) loan guarantee with GME Europe. Agreed under the government’s Automotive Assistance Programme, the British loan guarantee will be joined by extra support from GM in the US and other European government. According to the business secretary’s office, the guarantee is designed to help secure the company’s operations in Britain and the rest of Europe and follows “detailed and highly complex talks between the Government and GM.”
Continue ReadingPirelli – 20% More Capacity by end of 2011
During the company’s 2009 full financial year conference call on March 10, Pirelli Tyre CEO Dr. Francesco Gori discussed a number of plans for this and the coming year. “Our strategic guidelines for 2010 confirm our strategic positioning in line with our business plan,” he stated. “And the distinctive strategic features are focused on the strong and truly global brand that made us improve once more our position in the top consumer segments. It selected exposure in emerging markets with a focus on Latin America, where we are clearly number one, the Middle East, Africa and Asia. Our expectation for 2010 is to further improve our revenues in the industrial business by fully exploiting the potentials in those geographies.”
Continue ReadingMarket Conditions Prompt Mothballing of Sapphire’s Avonmouth Site
The Avonmouth based waste tyre chipping facility opened by Sapphire Energy Recovery last August has been ‘mothballed’ as a measure to counter difficult trading conditions in the used tyre collection and processing market. The stopping of operations at Avonmouth, says Sapphire, has been taken as a measure to maximise operational efficiency, whilst maintaining quality and reliability of supply to its customers. The company adds that the decision to do so was made following “continued difficult trading conditions” in the used tyre market with increasing demand for more economical waste-derived fuels by the building materials market.
Continue ReadingAcceptance of Daewoo Sale to Aid Kumho Restructuring Plan
The Kumho Asiana Group is one step closer to untying its financial knots following the financial investors of Daewoo Engineering and Construction accepted the terms for selling their share in the company. This leaves the path clear for Kumho Asiana to continue its restructuring plans a step further without losing Kumho Industrial to court receivership.
Continue ReadingDespite Reduced Sales, Pirelli Tyre Records Stronger Profit in 2009
Financial statements approved by the Pirelli & C. SpA Board of Directors on March 10 show Pirelli Tyre to have attained revenues of 3,992.9 million euros during 2009, a 2.6 per cent reduction on a year earlier. Despite this slight annual decrease, sales in the fourth quarter leapt 18.7 per cent – an organic growth of 13. 9 per cent – to 1,034.3 million euros EBITDA before restructuring charges amounted to 538 million euros, up 21.9 per cent compared with 2008, or 13.5 per cent of sales, compared with 10.8 per cent of sales a year earlier. In the fourth quarter, EBITDA before restructuring charges stood at 155.2 million euros compared with 62.9 million euros in the corresponding period of 2008, with the sales margin rising to 15 per cent from 7.2 per cent in the same period of 2008. EBIT before restructuring charges was 345.5 million euros, or 8.7 per cent of sales (6.1 per cent in 2008) representing an increase of 37.8 per cent compared with 250.7 million euros in the previous year. In the fourth quarter, EBIT before restructuring charges amounted to 104.7 million euros (10.1 per cent of sales) compared with 18.9 million euros (2.2 per cent of sales) in the corresponding period of 2008.
Continue ReadingBridgestone Europe Rated a “Top Employer”
The CRF Institute, an independent research organisation specialised in labour conditions, has certified the Brussels based Bridgestone Europe headquarters a “top employer” in its Top Employers Belgium 2010 ranking. According to CRF, Bridgestone’s most outstanding employer attributes are its internal promotion policy and the training it provides.
Continue ReadingConti Looking at Consumer Tyre Price Increases
Speaking to the German language automotive publication Automobilwoche, the head of Continental AG’s Passenger Car Tyre division, Nikolai Setzer, indicated that price rises are impending. Although exact price adjustments will vary from market to market, he said “the increases are expected to be in the vicinity of three to five per cent.”
Continue Reading3-Year Contract Furthers Dunlop Aircraft Tyres’ Bmibaby Supply
Exclusive supply of nose wheel and main wheel tyres to the Boeing 737-300 and 737-500 fleet operated by low-cost airline bmibaby is to be carried out by Dunlop Aircraft Tyres following the signing of a three-year contract between the Birmingham based tyre manufacturer and its long-standing customer. The agreement, which Dunlop Aircraft Tyres says is worth more than a million pounds, covers the supply of both new and retreaded aviation tyres to the British Midland Limited subsidiary.
Continue ReadingMichelin Chooses Damco for Vietnam Logistics
Michelin has appointed freight forwarding and supply chain management service provide Damco as its logistics and customs clearance provider in Vietnam. Under the three-year contract, Damco will handle Michelin’s exports from Thailand into Vietnam, inland transportation, cross-docking and distribution to customers within Vietnam. Damco will also manage warehouse operations for Michelin in Hanoi and Ho Chi Minh City. The new logistics set up will enable Michelin to distribute directly to almost 100 dealers across the country.
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