Hercules Acquired by FdG
(Akron/Tire Review) Hercules Tires & Rubber Co has officially announced that its senior management has “partnered” with private equity firm FdG Associates to acquire the Findlay, Ohio-based private brander and distributor. Hercules’ 33 dealer shareholders voted to sell their share to FdG According to its statement, Hercules said the transaction was financed with equity from FdG’s second institutional fund, FdG Capital Partners II LP, and “will provide Hercules with the capital to further expand its Hercules branded private label program, solidify its industry position and capitalize on opportunities for continued growth and acquisitions.” Details of the deal were not disclosed.
Continue ReadingYokohama Reports Sales Increase
(Akron/Tire Review) Publishing 2005 financial results, Yokohama Rubber Co has reported that it achieved net sales of approximately 419.8 billion yen (£2.1 billion), up 4.5 per cent from the year prior. The company also reported favourable overseas sales in Europe, Asia and the Middle East, while replacement market sales in Japan were also up. Yokohama’s Tire Group sales increased 6.7 per cent, to 307.9 million yen (£1.5 billion). Yokohama’s management projects a 6 per cent increase in net sales, a 14.5 per cent rise in operating income, and a 1.6 per cent increase in net income in the 2006 financial year. Group operating income grew 19 per cent to roughly 18.2 billion yen.
Continue ReadingChanges at the Top of Conti
Continental AG executive board member, Martien de Louw, will leave the company due to differing views of the business stategy. The decisions is reported to have been made by mutual agreement. Mr de Louw had been responsible for the corporation’s Passenger and Light Truck Tyre division since 1 February 2003. Manfred Wennemer will take over as head of the Passenger and Light Truck Tires division with immediate effect, in addition to his function as chairman.
Continue ReadingCopeland Named to Head Goodyear Australian JV
(Akron/Tire Review) Joseph Copeland, senior vice president of business development, strategy and restructuring, for Goodyear Tire & Rubber Co has been named CEO of Goodyear’s South Pacific Tyres subsidiary. Goodyear owns a 50 per cent share in the Australian joint venture. Mr Copeland will report to the South Pacific Tyres board of directors, as well as to Pierre Cohade, president of Goodyears Asia/Pacific tire business. Darren Wells, Goodyear’s vice president and treasurer, was promoted to senior vice president of business development and treasurer, reporting to Richard Kramer, executive vice president and CFO. Mr Wells will assume Joseph Copelands business development responsibilities as well as additional oversight responsibilities for the investor relations and tax functions.
Continue ReadingShareholders Move to Ditch Directors
(Akron/Tire Review) According to a report by Queensland Newspapers, Bridgestone Australia shareholders failed in a bid to oust members of the company’s board of directors at the firm’s annual meeting 9 May. Meanwhile, Bridgestone Australia chairman and CEO Makio Ohashi told shareholders that the financial situation wasn’t going to get better, warning of continued lower profits because of escalating raw materials costs and competition from imports.
Continue ReadingPirelli Earns Ford Honour
(Akron/Tire Review) Pirelli Pneumatici SpA received Ford Motor Cos Gold World Excellence Award, recognising the manufacturer’s performance in quality, cost and delivery. In all, Ford honoured 52 suppliers from 21 countries, but only 17 received the Gold World Excellence Award, according to Pirelli.
Continue ReadingFederal and Nexen Announce Price Increases
Federal and Nexen have announced price increases of up to five and 7 per cent respectively. Federal explained that some the announced price increases already took effect on the 1 April 2005. Raw material price increases, rising energy and fuel costs, higher transportation costs as well currency appreciation have been cited as reasons for the price hike. According to Federal, “the present price increase does not fully absorb and reflect its increase in costs.” The company has yet to decided whether or not there will be further price increases in the third quarter.
Continue ReadingEuro Car Parts Launches New Commercial Range
Euro Car Parts has launched a new light commercial vehicle parts catalogue. The catalogue contains original equipment parts and accessories for light commercial vehicles covering Citroen, Mercedes, Peugeot, Renault and Volkswagen.
Continue ReadingLarge UK Tyre Manufacturers and Distributors are Bigger Not Better
Size and scale are no advantage when it comes to overall financial success, according to a new study by Tyre Manufacturers & Distributors industry analysts Plimsoll Publishing. It seems the industrys smaller players are putting their larger counterparts to shame when it comes to overall financial performance. The top 60 major players currently control almost 94 per cent of the market. Yet look beyond their size at their individual financial performance and their image appears somewhat staid, according to Plimsoll analysts.
Continue ReadingVisteon Reviews Financial Results
Car parts maker Visteon Corp, is to delay publishing its first-quarter earnings report while it sifts through financial records that it suspects might be bogus. The Michigan based company identified errors in costs relating to freight and material surcharges, raising questions about possible improper conduct by a former senior finance employee charged with overseeing North American purchasing. The company reports that up to $31 million in first quarter charges published in first quarter results may need to be restated. Visteon said that its ongoing discussions with former parent company, Ford, wont be affected by the news.
Continue ReadingKayaba Wins OE Contracts
Kayaba has increased its original equipment business with PSA Citroen and Toyota, supplying shock absorbers for the Citroen C1, Peugeot 107 and the Toyota Aygo. All three vehicles share the same platform and will be manufactured at the Toyota Peugeot Citroen Automobiles (TPCA) plant at Kolin in the Czech Republic. Initially, the shock absorbers will be supplied from Kayabas factory near Pamplona in Spain, but this will switch to a purpose-built factory in the Czech Republic. This plant is due to begin production in February 2007.
Continue ReadingKwik-Fit Director In Charity Bike Ride
Kwik-Fit Fleet corporate accounts director Nigel Davies was one of a group of 15 cyclists who took part in the 180-mile ride from Brussels to Rotterdam in May, raising more than £6,000 in aid of a specialist palliative care centre in West Sussex.
Continue ReadingNew Off Road Tuning Wheel
Size does matter. Well that’s what Cobra Technologie & Lifestyle say. And in keeping with this philosophy the company now offers the new Cobra Sahara 10Jx22 light-alloy wheel for premium off-road vehicles such as the BMW X5, the Mercedes M-Class, the Mitsubishi V60, the Porsche Cayenne, the Volvo XC 90 and the VW Touareg.
Continue ReadingPAX Launch Earns PR Award
(Akron/Tire Review) Michelin North America’s launch of its PAX System run-flat tyres on Honda Odyssey minivans last year earned it the Silver Award for outstanding achievement in a new product launch from the Automotive Public Relations Council. The nationwide media PAX/Honda launch reached more than 30 million Americans via television, radio, newspaper, magazine and Internet reports, according to Michelin, as well as live driving demonstrations in New York, Detroit and Los Angeles.
Continue ReadingAlcoa Gets Patent For Rim Flange Wear Product
(Akron/Tire Review) Alcoa Wheel Products said it has been granted a US patent on its Dura-Flange aluminum wheel surface treatment, a product that the company said: “Guards against excessive rim flange wear on commercial vehicle wheels.” Alcoa said it developed the treatment “trucking applications where loads are heavy and prone to shifting, such as logging, tanker and heavy hauling.
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