Penny Hydraulics Appoints New Area Sales Manager
Penny Hydraulics has appointed Martin Oke as its new Area Sales Manager for the Midlands & North of England. Martin has extensive experience of the commercial vehicle and materials handling sectors and joins the company from secure in-vehicle storage specialist Sortimo. He will deal with customers across a range of industries including the local authority, brewing and tyre supply sectors.
Continue ReadingFor US Retreaders, Technology and Service are Differentiators in Tough Market
(Akron/Tire Review) Wherever the market for new truck tyres decides it is headed, the retreading industry is hot on its heels. Of course, that job is a bit easier for Bridgestone/Firestone, Goodyear and Michelin, because they are involved in both. But even their allocation of time and money must be measured carefully. For companies like Bandag Inc. and Oliver Rubber Co. – despite its connection with Cooper Tire & Rubber Co. – the task is a bit more daunting. But they, too, are highly skilled at knowing what to do and when.
Continue ReadingEconomic Growth in Europe Hampered by Oil Prices, Report Says
(Akron/Tire Review – courtesy of China Daily) Manufacturing in the dozen countries sharing the euro declined for the first time in almost two years in April, adding to signs that record oil prices are dampening economic growth. An index based on a survey of about 3,000 purchasing managers compiled by NTC Research Ltd. for Reuters Group Plc fell to 49.2 from 50.4 in March, according to figures available on the Internet yesterday. Economists forecast a decline to 49.8, the median of 35 forecasts in a Bloomberg survey showed. The index hadnt dropped below 50 since August 2003, something that is indicative of contraction.
Continue ReadingNew Tyre Recycling Report
Research and Markets Ltd (Dublin) has published a new report on the subject of tyre recycling. The report provides an overview of the tyre recycling business summarising current practices and the factors that have contributed to its growth. There are around 1 billion tyres produced each year across the globe. It is estimated that for every tyre sold another joins the waste stream. There are some simple options such as retreading or shipping to countries with less stringent tread requirements, but this does not solve the problem. The new report focuses on the EU but cites US based research. The report’s author, Dr Schulman has incorporated statistics from the EU markets, which illustrate changes in the industry since the inception of the European Tyre Recycling Association a decade ago. The report can be ordered online at www.researchandmarkets.com/reports/c16740 for 136 euros.
Continue ReadingFour More Companies Announce Price Increases
(Akron/Tire Review) Four more tyre companies jumped on the price hike bandwagon yesterday, following up on increases announced recently by Bridgestone/Firestone North American Tire, Michelin North America, Pirelli Tire North America and Continental Tire North America.
Continue ReadingGoodyear Requests Injunction Regarding Former Employee
(Akron/Tire Review) The Goodyear Tire & Rubber Co has filed a request in Ohio’s Summit County Common Pleas Court for an injunction to stop a former tyre development employee from working for a competiting manufacturer. Christopher A Raglin, former tyre development engineer at Goodyear, left the company on 13 April and then took at job with Cooper Tire & Rubber Co in Findlay, Ohio. In Goodyear’s complaint, the company said Mr Raglin helped develop its Assurance tyre, had access to details about Goodyear’s tyre technology and participated in high-level product planning meetings.
Continue ReadingJK Tyres to Expand Production, Build New Factory
JK Tyres is planning to expand the production capacity of its Banmore, Gwalior facility in Madhya Pradesh. According to India’s Business Report, the company will invest 2 billion rupees (roughly £24.2 million) over the next three years in the expansion. The company has reportedly already invested 700 - 800 million rupees in the facility. In addition to the expansion plans, the company also intends to set up another plant in the area. The announcements come despite a dip in Indian tyre industry profits due to increasing raw material costs.
Continue ReadingContinental Aims For Record Targets
Releasing its first quarter 2005 results, Continental’s management reaffirmed the company’s desire to achieve ambitious targets. During the first quarter, consolidated sales rose by 8.9 per cent to 3,253.1 million euros, with newly acquired Phoenix contributing 237.7 million euros. At the same time EBIT increased by 9.5 per cent to 281.7 million euros, according to the company. Phoenix is reported to have generated an operating result of 11.3 million euros. Consolidated earnings climbed to 167 million euros, representing a 24.8 per cent increase. Earnings per share rose to 1.15 euros.
Continue ReadingSpoilt for Choice
Following the introduction of its Choices+ programme last year, Lassa is continuing with its plans to support distributors in Western Europe by introducing a new dimension to its Lassa Choice programme. The company’s latest addition comes in the form of the recently launched “Marketing Choices.” In Lassa’s words, Marketing Choices is designed to help distributors maximise the effect of their own marketing communications programme. Marketing Choices includes information on marketing activities including advertising, direct mail and sponsorship through to the hosting of successful sales incentive campaigns and consumer promotions.
Continue ReadingBridgestone NZ Strike Continues
Engineering staff at Bridgestone Firestones Christchurch, New Zealand factory have been on strike for nearly a month, with no sign of a resolution to the dispute. Around two dozen workers, all members of the EPMU union, walked off the job early last month after pay negotiations came to a standstill. Striking staff member Dave Cahill says they have had little response from the employer, apart from times when police have been called in to monitor the picket line, the NewstalkZB local radio station reported.
Continue ReadingStatement Says Hercules Getting Equity Group Help
(Akron/Tire Review) A press statement issued today by FdG Associates, a private equity company based in New York City, indicated that it is assisting Hercules Tire & Rubber Co. to “recapitalise its business in partnership with management.” According to the statement, “This transaction will allow Hercules to strengthen its financial base, further develop its private label programme, solidify its position in the distribution of private label and branded tyres, and capitalise on growth opportunities. Hercules relationships with its customers and suppliers will remain unchanged.” No other information was made available, and, according to the statement, “further details will be made available shortly when the transaction closes.”
Continue ReadingBandag Announces Quarterly Dividend
Bandag’s board of directors has declared a regular quarterly dividend of $0.33 per share on the company’s Common Stock, Class A Common Stock and Class B Common Stock. The dividend is payable 20 July 2005 to shareholders of record at the close of business on 20 June 2005.
Continue ReadingTIA and SEMA Join Forces on NY Tyre Plan
(Akron/Tire Review) TIA and SEMA issued a joint letter to the New York State Legislature yesterday strongly objecting to proposed legislation that would force tyre manufacturers to include a “non-coded” date of manufacture on the sidewall of tyres. In the joint letter, TIA and SEMA said they “believe that this legislation would place tyre dealers, wholesalers and manufacturers at an unfair disadvantage by requiring this additional sidewall information, at no value to the motoring public.”
Continue ReadingCooper Tire & Rubber’s 133rd Quarterly Dividend
Cooper Tire & Rubber Company today announced a quarterly dividend of 10.5 cents per share on common stock, payable 30 June 30 2005, to stockholders of record at the close of business 3 June 2005. The payment is the 133rd consecutive quarterly dividend paid by Cooper Tire & Rubber Company.
Continue ReadingKwik-Fit Fleet Wins Institute of Transport Management Awards
Kwik-Fit fleet group (incorporating Kwik-Fit Fleet in the UK and Netherlands, Pit-Stop Fleet in Germany and Speedy Fleet in France) has captured two more industry awards to add to the three the company has already won.
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