Hankook UHP Sales Up 50 per cent
Hankook Tire has announced third quarter results, which were stronger than expected both in terms of income and product sales. The third quarter results show that Hankook beat Institutional Brokers Estimate System expectations by 20 per cent with net profits rising 30 per cent year-on-year to 46 billion South Korean won (£27.376 million). Quarter-on-quarter the same figures fell 2 per cent due seasonality. Following the same pattern, volume shipments rose 5 per cent year-on-year but fell 6 per cent quarter on quarter. In addition, the third quarter saw the Korean company sell 50 per cent more UHP tyres than it did at the same time last year. This equates to 737,000 units in the last quarter. In total Hankook reports that sales are up 5.1 per cent. For Hankook, any news of increased sales is welcome as it will help offset rising raw material costs.
Continue ReadingWin tickets to Max Power London
Max Power London is back, offering a weekend of modified motors, stunt driving action and in-car-entertainment. On the 27th and 28th November thousands of car enthusiasts will be making their way to the Dockland’s ExCeL Centre to catch a glimpse of the six best modified motors in the world that will be on display at this year’s show. Models including Victoria Sivlstedt, Lucy Pinder, Michelle Marsh and Kerri Parker will also be there to meet fans and autograph pictures. Max Power London will be open from 9.00am – 06.30pm on Saturday and Sunday. Tyres & Accessories has five pairs of tickets to give away. If you fancy winning a pair of free tickets along with a copy of the show DVD then answer this question… What is the maximum speed category, in mph/kmh, of a V rated tyre? Email your answers to info@77.237.250.82. Mark MAX POWER clearly in the subject header of your emails, and include your full contact details. The competition deadline is the 15th November.
Continue ReadingGoodyear Appears to be on The Right Track
Rivals Bridgestone, Michelin and Continental published turnover and earnings figures last week, something that could only serve to put pressure on Goodyear. The US tyre manufacturer will publish its third quarter figures on 9 November, but unofficially the management signalled that the company had again made a small profit after a profitable second quarter. For Goodyear, any profits are very welcome. After three catastrophic years with losses totalling more than $2 billion, it is expected that Goodyear will reach a red zero at the end of the year. But, it is painful to see that Goodyear, after having paid well over $100 million in fees for the restatements of 1999 to 2003, is in trouble again regarding accounting irregularities. Analysts agree that it is unnerving that Goodyear has been unable to overcome these problems.
Continue ReadingCooper to Supply New Motorsport Series
Cooper will supply the A1 Grand Prix, a new FIA approved motorsport series, which will begin in September 2005. The three-year agreement requires Cooper to produce slicks and treaded rain tyres for the series championship, which the company describes as “the World Cup of motorsport.”
Continue ReadingNokian and Matador Expand Cooperation
Nokian and Matador are to expand their co-operation, the companies report. The two tyre manufacturers signed an agreement on 5 November, which will see Nokian increase the number of passenger car tyres that are produced at Matador’s plant in Slovakia. In conjunction with this, Nokian Tyres and Matador also signed an agreement on machinery acquisition. The Finnish company will purchase new equipment at a cost of around 3 million euros in order to secure the production capacity at Matadors tyre plant. The objective is to increase the present production of 300,000 tyres to 500,000 tyres in 2005 and to gradually increase the volume to 1 million tyres. According to Nokian, the manufactured tyres will mainly be Nokian-branded passenger car tyres intended primarily for the Central European markets. The contract manufacturing agreement will be valid until the end of 2009 and after that renewed for one year at a time. The new agreement will replace the earlier agreement signed in January 2003.
Continue ReadingBridgestone’s Financial Results
Bridgestone has released its unaudited consolidated business and financial results for the first three quarters of the present fiscal year ending 30 September. In its tyre segment it recorded operating income of $983 million on sales of $12.6 billion. The manufacturer claims “strong sales supported by surging demand, mainly in markets outside Japan, offset the effect of rising raw materials costs on profitability.”
Continue ReadingNew Business Development Manager for Goodyear
Goodyear Tire & Rubber Company has appointed Joseph Copeland as senior vice president of business development strategy and restructuring. According to the company, the new appointment combines the business development responsibilities previously led by Rick Navarro, as well as the strategic and restructuring initiatives that were part of the previous assignment of chief financial officer Richard Kramer.
Continue ReadingDunlop’s Triple Tyre Launch
Goodyear presented three new high performance Dunlop tyres at the SEMA show in an effort to rejuvenate its North American line up of the fading brand. Independent tyre dealers and consumers that attended the show had the chance to see the Dunlop SP Sport Maxx, the company’s new “flagship ultra-performance tyre” that has already been released into the European market and that performed well in Autocar’s recent tyre tests. According to Andy Traicoff, director of the Dunlop brand in North America, the tyre has been received enthusiastically from manufacturers seeking “original-equipment tyres for their high-horsepower models.”
Continue ReadingCooper to Appeal Against Injunction
Cooper has stated that is will immediately appeal to the US Seventh District Circuit Court of Appeals. The announcement follows a US District Court of Indiana ruling granting a preliminary injunction against the sale of four of the company’s 47 Cooper-Standard Automotive facilities. The facilities were due to be sold to an entity formed by The Cypress group.
Continue ReadingThe Russians want Vredestein
Russia’s largest tyre manufacturer, Amtel, wants to take over Vredestein’s tyre unit. The Dutch manufacturer’s CEO, Rob Oudshoorn, confirmed with Tyres & Accessories that “detailed discussions” are well underway and an acquisition could take place in early 2005.
Continue ReadingMusical Chairs in WRC
French car giant PSA has announced that Peugeot and Citroën will leave the World Rally Championship (WRC) after the 2005 series. So far both brands have used Michelin tyres. Citroën has been the most successful of the two teams this season and not only won the construction title, but also the drivers championship with Sébastien Loeb. Next season the series, which had been dominated by Michelin tyres will see an increase in the number of teams using Pirelli as a supplier, but for how long? PSA’s announcement comes with the ink still wet on a contract between Peugeot and Pirelli. The Italian tyre manufacturer announced at the beginning of August that it would begin a new partnership with the Peugeot Team. Therefore, the problems caused by PSA’s departure will not only be felt by Michelin, but also Pirelli. Peugeot’s newly signed contract with Pirelli was originally due to last for the next three years, beginning in the 2005 season.
Continue ReadingEU Report Gives Luxembourg Second Place For Research
The former Prime Minister of the Netherlands, Wim Kok, has presented an interim report to the European Union, pursuing the goal of making the EU the strongest economic power in the world, by 2010. The report found that Luxembourg fares well, already in an “above average” position. The research summarised a countries potential to grow based on the number of scientists per thousand. With a European average of 5.7 per thousand, Luxembourg was found to have the second largest proportion in Europe, with 8.78 researchers per thousand. Only Finland has a higher number of research scientists. Luxembourg was less successful in other categories. The reason for Luxembourg’s impressive standing is because of the number of private research centres based within its borders. Luxembourg is the home of a number of significant research centres including, Goodyear, DuPont and Delphi. Currently the Lisbon Strategy is a long way away from its goal of making Europe the strongest developed economy in the world.
Continue ReadingSearching for a Battery?
A battery search facility, which provides fitment details at the touch of a button, is now available online at Exide Technologies’ website. The new feature, which has been added to the site following development from the company’s marketing team, enables users to call up a host of useful information by simply typing in the details of the car or commercial vehicle model. “This is an excellent tool for trade customers who can carry out a search for the correct battery application within seconds. It’s not only quick but extremely user-friendly, detailing all the technical aspects of the product in a clear-cut format,” commented Craig Everett, Exide Technologies’ UK marketing manager. “This project also demonstrates Exide’s commitment to maintaining its high levels of customer service and technical support through the introduction of exciting initiatives such as this new online battery search facility,” he added.
Continue ReadingMontupet Winds-up
French automotive supplier Montupet SA, has released first half results showing a reduction in the company’s turnover. The company, which produces PAX wheels, amongst other products, This year the company’s turnover totaled 225.8 million (£157.64 million) euros compared with 236.24 million euros the year before. In contrast to this the remainder of the company’s figures show significant improvements. Thus the company’s halved its net debts from 53.33 million to 24.3 million euros, while its net profit increased from 14.92 to 18.14 million euros (£12.66 million).
Continue ReadingBridgestone Establishes Chinese Investment Company
Bridgestone has announced that it has established a company responsible for managing its Chinese tyre operations. The new company, established on 22 October is called Bridgestone (China) Investment and has a start-up capitalisation of $68 million. The company’s establishment follows the formal opening of Bridgestone’s third Chinese tyre plant in Wuxi, Jiangsu province. The company says the new company will enable it to “respond faster and more flexibly to customer expectations.”
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