Earnings Fall At Alcoa
Alcoa, the worlds largest aluminium manufacturer and a key player in the aluminium wheel sector, reported lower fourth quarter profits due to weakened prices and lower demand from the aerospace and transport industries. The company also posted its first net quarterly loss in seven years. Fourth quarter earnings, excluding charges, were 11 cents per share, however a 28 cent per share after-tax charge for restructuring resulted in a net loss of 17 cents per share against a net income of 45 cents per share for the same quarter in the previous year. The company is continuing with restructuring activities seeking a target cost saving of $1 billion in 2003.
Continue ReadingTalks About Job Losses At Goodyear
Union officials at Goodyears Wolverhampton plant are seeking assurances about the future employment of 1,000 employees at the West Midlands tyre plant. Transport and General Workers Union spokesman, Peter Booth, is meeting company executives to seek assurances that current employment levels will be maintained. Failure to achieve that assurance could lead to strike action, he advised.
Continue ReadingNew Pilot Race Bike Tyres From Michelin
From two wheel racing to the street: Michelin presents the new motorbike tyre Pilot Race 2 which has only the name in common with its predecessor, the Pilot Race. The new high performance tyre, available in three versions, was derived from the Michelin racing tyres used in the Supersport 600 World Championship 2001 by Kevin Curtain on his Honda CBR 600, during which he won some races and achieved some pole positions.
Continue ReadingCo-operation between Van den Ban and Inter-Sprint
Shortly before Christmas, it was announced that the two Dutch wholesalers, Intersprint and Van den Ban, were to co-operate in areas such as logistics, warehousing and transport. Under the agreement, Intersprint will purchase a number of shares from Van den Ban and it is possible that Van den Ban will buy a small amount of Intersprints shares. The founder of Van den Ban, Mr. Arie van den Ban, stressed that the amount of shares to be purchased by Intersprint has not yet been determined, but it will be less than fifty per cent. The two companies share up to 70 per cent of customers but want to continue to act independently in the market. Van den Bans managing director Simon Klapwijk and commercial director Henk van Dijk will leave the company this week; a parting which was described as amicable by both sides.
Continue ReadingReconciliation Talks Between Ford And Bridgestone
Press reports in Japan say that talks have been held between Ford and Bridgestone, regarding the resumption of business relations. The two companies confirmed that talks have taken place but would not comment on whether or not any agreement had been finalised. Further discussions are expected later this month.
Continue ReadingUS Consortium Plans To Buy Kumho Tire
The Kumho Group, by the 11th January, will be in receipt of a letter of intent to take over the tyre division. The bid comes from a duo of US-based consortia seeking to gain position as priority negotiators in the sale of the tyre division. One consortium is led by Carlyle, the other by Goldman Sachs. Kumho aims to sell around 80 per cent of its interest in Kumho Tire for about $1.5 billion (1.67 billion Euro).
Continue ReadingAlcoa Signs Agreement to Acquire Dooray Air Metal’s Extrusion Business
Alcoa Inc. and Dooray Air Metal Co. Ltd. have announced that they have signed a definitive asset purchase agreement for Alcoa to acquire Doorays aluminium extrusion assets, located in Changwon, Korea. The two companies signed a memorandum of understanding in spring 2001 for Alcoa to acquire the Dooray assets. The Changwon facility produces hard alloy extrusions, rod and bar, extruded shape and tubing for use primarily in industrial, transportation, defence and aerospace applications. The aluminium car wheel business, in which Dooray is the market leader in Korea and Alcoa is one of the biggest oe suppliers in North America, is not affected.
Continue ReadingGoodyear Truck Force Full Service Supplier For Ewals
Ewals Cargo Care is a Dutch Fleet Company with around 2,000 trucks. Now the just in time specialist, which supplies parts to car manufacturers factories, has signed a contract whereby Goodyear Truck Force becomes the exclusive partner in tyre support and tyre service. In this way new tyre sales, retreading and (breakdown) service will be sourced from a single supplier.
Continue ReadingGoodyear Sells Chemical Business
Goodyear has sold its speciality chemical business to Littlejohn & Company, a Connecticut-based private company, for an undisclosed sum. The chemical business is based in France and had sales of over $120 million in 2000; its sale is part of Goodyears strategy to dispose of non-core assets and reduce debt.
Continue ReadingFirst Quarter Results From Amcast
Amcast, the automotive parts manufacturer (aluminium wheels), has reported results for its fiscal 2002 first quarter, which ended on December 2 last year. Sales were down 5 per cent compared with last year, at $131.2 million. The net loss for the quarter was $5.5 million. Sales at Speedline, the companys European operation, were up 9% on the previous year, benefiting from a strong vehicle market and favourable exchange rates.
Continue ReadingManagement Buy-Out At National Tyre Service And Viking
A double management buy-out of former Conti-owned tyre retailer National Tyre Service and wholesaler Viking International was announced today. The buy-outs, which were for an undisclosed sum, were led by Chairman and Chief Executive Alan Revie. The two companies will continue to trade as separate businesses, under the umbrella of a new holding company, Axle Group Holdings Limited. In addition to National and Viking, the group includes a property company.
Continue ReadingOE Contracts For Kumho
Kumho has announced that it will supply 200,000 tyres in 2002 for VWs new Polo. This follows another OE contract awarded last October, which saw the Korean manufacturer supply tyres for VW Beetles, produced at VWs factory in Mexico. Kumho says it will supply 250,000 tyres for the Beetle in 2002.
Continue ReadingManagement Change At Goodyear Dunlop Europe
Henry Johnson, who was VP Goodyear Eastern Europe and then VP Goodyear Dunlop/Europe, has now been appointed Managing Director of the SBU (Sales Business Unit) Truck Tyres Europe. His successor is Arthur de Bok, who was previously with Procter and Gamble.
Continue ReadingBritish Supercar Fits Bridgestone 100 Per Cent
British supercar manufacturer Noble is to fit Bridgestone Potenza S-03 Pole Position tyres as 100 per cent OE to its new sports car, the M12 GTO. The car won Top Gear magazines 2001 Drivers Car Award and it delivers 310 brake horse power through a twin-turbo-charged 24 valve engine.
Continue ReadingRumours Regarding The Ford PAG Group
There is speculation in some business newspapers that Wolfgang Reitzle, boss of PAG (the luxury car segment), might leave his post. Reitzle is a close friend of Jacques Nasser, who recently had to quit his job as CEO of the Ford Group. It is said that the European luxury segment could become part of Ford Europe and lose its independence.
Continue Reading