Goodyear to Resolve Accounting Issue
Goodyear is to resolve some of its financial issues by working with South Pacific Tyres Australia to reach an agreement on how to account for $8 million through a supply deal between both companies. According to news source Forbes, the tyre manufacturer is attempting to have this supply deal aligned under US accounting principles. The financial statements for South Pacific Tyres are prepared under Australian accounting principles, and then adjusted for use in the United States. These disclosures are required before Goodyear can file its amended annual report for 2003 with the Securities and Exchange Commission.
Continue ReadingUS to Test Rolling Resistance
The US independent tyre testing company, Smithers Scientific Services, has been awarded a $400,000 (£210,000) contract from the California Energy Commission to conduct a study of tyre characteristics in relation to rolling resistance. The study will involve tyre rolling resistance, traction and treadwear testing, and according to the company will potentially serve as the basis for a fuel efficiency reporting system and minimum- efficiency standards.
Continue ReadingContinental Donates to Tsunami Victims
Continental is contributing $500,000 dollars for the tsunami victims in Asia. According to reports the company is currently working with aid organisations to determine whether a proportion of the donation should take the form of material resources. The provision of portable 300,000 liter fuel tanks made by ContiTech AG for use in the crisis region is a possibility. Tyres for off-road vehicles or trucks from the Continental production in Malaysia could also be contributed. In addition, the company is also asking its employees throughout the world to contribute to the public fundraising campaigns for the victims.
Continue ReadingPirelli Declares 2005 Year of OE
In a statement summing up the company’s plans for the New Year, Pirelli has called 2005 “the year of OE.” In the company’s words, its New Year strategy will be based on four key business pillars - MIRS, original equipment, brand and new products. The company recently announced that it would be bringing a fourth MIRS system into operation. In addition Pirelli highlighted the fact that its “Fist” advertising campaign has received awards for its “original equipment on the world’s finest” message. Gaetano Mannino, president and CEO of Pirelli Tire North America, explained that only a few days into the New Year, the list of vehicles riding on Pirellis includes the following well-known names: The Dodge Ram SRT-10, SRT-10 Quad Cab and the Durango, made by Daimler-Chrysler; Ford’s F250 and F350 pickup trucks and the Five Hundred, Freestyle and Mustang GT. Chevrolet’s new Cobalt is also shod with Pirellis as an OE fitment.
Continue ReadingKumho Competes in American Le Mans Series
Kumho Tire is to join the American Le Mans Series (ALMS) this year, as a race tyre supplier, according to American news source Tire Business. The company will begin both tyre testing and the selection of a racing team this month. The tyre manufacturer is reportedly already in talks with GT and prototype teams.
Continue ReadingFulda Showcase at Autosport International
The new “Exelero” will be launched on the Fulda stand at Autosport International 2005 at the NEC in Birmingham. According to the tyre manufacturer which is also title sponsor of the live action of the show scheduled for 13-16 January 2005 this new ultra-high-performance tyre features shorter breaking distances on wet roads, safe handling and low noise. The tyre has also been tested and certified by TÜV, Germany’s independent test institute. As well as the Exelero launch, there will be additional activity on the stand including the Fulda 4X4 range and Fulda’s passenger car tyre showcase. There will also be on display the Fulda Challenge RAV4. On 29 January our UK representatives, Richard Jackson and Emmie Gribble, will fly to the Yukon Territory in Canada to compete in the Fulda Challenge – the ultimate endurance event. Both will be on the Fulda stand on Thursday 13 January.
Continue ReadingUK Car Production Rises in November
According to provisional output data released by the Office for National Statistics the total UK car production rose 4.5 per cent in November and has reached its highest November output since 2000. “This performance demonstrates the resilience of UK car production since the period of restructuring at the turn of the decade. Our nine volume manufacturers are now on track to produce 1.65 million cars in 2004 and similar volumes in 2005,” commented SMMT chief executive Christopher Macgowan these figures published just before Christmas. “Growth 2004 has largely focused on production for export, demonstrating the value and strength of UK manufacturing in a competitive global market. Seven out of every 10 cars made in the UK are destined for export and we expect this trend to continue in 2005,” he added. The output volume of commercial vehicles was up six per cent in November 2004 with an export growth up 25 per cent for the month, and 27.3 per cent over year-to-November respectively. “The recovery in CV demand throughout Europe has had a positive effect on UK production facilities. They have clearly been up to the challenge, delivering state-of-the-art vehicles throughout the EU. CVs produced for home markets remain broadly stable compared to 2003, reflecting the use of the UK as a positive outlet for new home produced vans and trucks. We still expect to meet the 2004 forecast for 210,000 units manufactured in the UK,” said Christopher Macgowan.
Continue ReadingPhoenix AG Sells Vibracoustic Holding to Freudenberg
Continental AG (Hanover) is fulfilling its commitment to the EU Commission to turn over to competitors parts of Phoenix AG, which it has taken over. Freudenberg & Co. (Weinheim/Germany) is taking over the Phoenix AGs holding in Vibracoustic, previously a joint venture, thus becoming the sole owner. Freudenberg is also purchasing Phoenix AGs commercial vehicle air spring OEM/OES business.
Continue ReadingGreen Light for Integration of Phoenix into ContiTech
After procuring more than 75% of the Phoenix capital stock in November, the Continental subsidiary ContiTech AG may in the future exercise a dominating influence over Phoenix AG following the vote of the Phoenix shareholders. At the extraordinary shareholders meeting of Phoenix AG on December 28, the shareholders of the Hamburg company approved a corresponding control and profit and loss transfer agreement which had already been concluded between Phoenix and ContiTech on November 16. The agreement will go into effect as soon as it has been entered in the commercial register.
Continue ReadingGoodyear Invests in Akron
According to Akron Beacon Journal The Goodyear Tire & Rubber Co. plans to modernize its Akron power plant with more than 13 million euro of improvements, making it the first major upgrade to the 80-year-old power system in more than a decade.
Continue ReadingCooper Completes Sale of Automotive Unit
Cooper Tire & Rubber Company (Findlay/Ohio) has completed the sale of its automotive business, Cooper-Standard Automotive, to an entity formed by The Cypress Group and Goldman Sachs Capital Partners for approximately $1.165 billion in cash, subject to certain post-closing adjustments. As previously announced, $30 million of the purchase price will be held by the buyer until the post-closing working capital adjustments can be finalized.
Continue ReadingRecall of Michelin Truck Tyres
Michelin Americas Truck Tires (MATT) informed the National Highway Traffic Safety Administration (NHTSA) about voluntarily recalling of about 4,000 commercial truck tyres made in Ballymena (Northern Ireland). Size 10.0 R 22.5 of Michelin’s XDE manufactured between May 23 and October 24, 2004, can experience rapid air loss due to an irregularity of the inner liner. Michelin said until now the company has no reports of accidents involving the tyres, the company will replace the tyres free of charge.
Continue ReadingAccuride Acquires Transportation Technologies Industries
Accuride Corporation (Evansville/Indiana), North America’s largest manufacturer and supplier of wheels for heavy/medium trucks and trailers, announced that it has signed a definitive agreement to acquire Transportation Technologies Industries, Inc. (TTI), one of the largest North American manufacturers of truck components for the heavy and medium-duty trucking industry. The common stock of both companies is privately held. Upon completion of the merger, the combined company will offer the trucking industry a onestop component sourcing solution and expects to become one of the predominant suppliers to the heavy/medium commercial vehicle industry.
Continue ReadingHayes Lemmerz Brazil Receives Supplier Award from Agrale
Hayes Lemmerz International, Inc. announced that its steel wheel manufacturing operation in Guarulhos, Brazil has received the 2003/2004 supplier award from Agrale, the Brazil-based truck, chassis, tractor, motorcycle and engine manufacturer. The award recognized Hayes Lemmerz as The Best Supplier of its commercial truck steel wheels. The recent quality awards received by this plant demonstrate that investment in upgrading the capabilities of the plant are paying off. I am honored that Agrale has recognized our efforts to be an industry leader, said Fred Bentley, President of the Companys International Wheel Group. The key to successful implementation of quality is having a team that truly practices Operational Excellence. Our team strives to provide our customers with the best products and service possible.
Continue ReadingToyo Establishes a New Sales Subsidiary in Europe
Toyo Tire & Rubber Co., Ltd. (President and CEO Yoshio Kataoka) will establish a sales subsidiary in Neuss, Germany on January 1, 2005. The new company, known as Toyo Tire Europe GmbH, is a joint venture with Mitsubishi Corporation, set up to serve the entire European market.
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