Cash Injection For Firestone From Parent
The Bridgestone Corporation is to inject $1.3 billion (1.46 bn Euro) into its North American subsidiary, which is expected to post a loss of $1.6 billion for this year. Debts currently stand at $2.7 billion and BF Inc. has suffered from costs involved in the closure of its Decatur plant, litigation costs and falling sales following the recall. It was announced that BF Inc. is to be reorganised under a holding company structure and Bridgestone President Shigeo Watanabe is optimistic that the company would soon return to profitability, saying that the company has become a leaner and more efficient organisation.
Continue ReadingHeinz-Theo Pecher To Take Over Top Position At VRG
Heinz-Theo Pecher (57), who has spent 26 years working in the tyre industry in different leading positions, is now working for VRG in Norderstedt/Hamburg. VRG is a large buying group for tyre dealers. On 1st January 2002 Pecher will take over as managing director from Klaus Heymann, who is to retire but will act as a consultant until the end of June 2002. Pecher came from Continental, where he was responsible for the German truck business replacement market (all brands). He sees excellent opportunities for VRG in a fast moving market. In the future, VRG will focus not only on Germany but also on Austria, Switzerland and Denmark, as well as the Czech Republic, Slovakia and Poland.
Continue ReadingLogistic Centre Opens In Poland For Debica
Jarro Kaplan, Goodyears President for Middle and Eastern Europe, Africa and the Near East, recently officially opened the new Debica logistic centre in Tarnow, Poland. The storage area is 30,000 square metres and the warehouse has 30 loading docks for trucks. 200 new jobs have been created and the investment is estimated at $12 million.
Continue ReadingNew Tyre Size For Wrangler F1
Goodyear now offers the Wrangler F1 in the size 285/30 ZR 22 as an alternative fitment for the Jeep Grand Cherokee, BMW X5 and the Mercedes M-class.
Continue ReadingNew Polish Factory For Tenneco Automotive
Tenneco Automotive has officially opened a new factory in Gliwice, Poland, to supply shock absorbers to European-based vehicle manufacturers. The facility is 21,000 square metres in area and will make six million units annually by the year 2005, eventually employing 120 staff. Tenneco says that the $20 million investment is the latest stage in the companys strategy to expand in Eastern Europe.
Continue ReadingNew Structure At Goodyear USA
In the USA, Goodyear has appointed Ted J. Fick to the newly-created position of vice president, commercial systems, which makes him responsible for leading Goodyears commercial tyre business unit in the North American market. Fick joins Goodyear from Toyota subsidiary Hino Diesel Trucks, where he was senior vice president and COO. This is one move in the introduction of a new structure, focused on distinct business segments; eight US regional offices will be closed and functional support activities run from Akron.
Continue ReadingExclusive Race Deal With Goodyear/Dunlop In US
The Grand American Road Racing Association has chosen Goodyear and Dunlop as exclusive tyre suppliers from next year to 2004. Goodyear radials will be used exclusively in Grand Ams SportsRacing Prototype I and GTS classes, and Goodyear bias-ply tyres will be used in the American GT class. Dunlop will be the exclusive tyres for the SportsRacing Prototype II and GT classes.
Continue ReadingBuy-Out At Just Tyres
On 10th November it was announced that 38 Just Tyre outlets had been sold to a team which includes three Just Tyres managers. Major shareholder in the buy-out is Ian Grant, who was Chief Executive of the Just Tyres Holdings group. The purchase price was not revealed, but it is understood that around 100 jobs have been secured by the deal. The group called in the Administrative Receiver in mid-October and 40 Just Tyres outlets were closed immediately. A further 12 were closed last week, leaving the most profitable 38 depots in the chain. Ian Grant said he was encouraged by discussions with suppliers.
Continue ReadingInnovation Award For Michelin PAX System
Michelins PAX System has been named as the runner up in the Transport section of the Business Innovation Awards, handed out by the Wall Street Journal Europe. A panel of fifteen judges, covering all aspects of business disciplines, decided on the winners from more than 220 nominations. The paper also revealed that the PAX system is to be incorporated on the Edonis, a car from Italian company B. Engineering SRL, designed to break the world speed record.
Continue ReadingKormoran EKOPRO Tractor Drive Axle Tyre
Michelin has launched the new Kormoran EKOPRO agricultural drive tyre to replace the AN-21. Designed for use on low to medium horsepower tractors, the EKOPRO is a standard profile radial, which will initially be available in 13 sizes from 9.5.R 24 to 18.4 R 38 with further sizes up to 20.8 R 38 available in 2002.
Continue ReadingAnother Loss Warning From Ford
Ford has warned that it expects to lose $900 million in the fourth quarter; which will be the companys third consecutive quarterly loss. This figure is in addition to the estimated $700 million one-off charge that the company will make to facilitate restructuring. Fords shares fell by 3.8 per cent at the news, despite a general rise in the stock market.
Continue ReadingInvestor Update From Goodyear
Goodyear has published its monthly investor update, giving brief details of the companys performance in various world markets. In North America in October, industry shipments of OE and replacement tyres fell. Goodyear made production cutbacks, which continued during November. European industry-wide replacement tyre shipments fell for both passenger and commercial and Goodyears sales followed this trend. For OE, Goodyear shipments of consumer tyres were up on last year while those of commercial tyres fell. In Eastern Europe, Goodyears shipments of OE and replacement tyres fell from October 2000 levels. Replacement shipments in Latin America fell and OE shipments rose, while in Asia, OE and replacement shipments both rose.
Continue ReadingLogistics Centre For Continental?
There are reports in Romania that Continental is going to invest one million Euro in establishing a logistics centre and warehouse in the country. This month should also see the millionth tyre produced at Continentals Romanian factory roll off the production line.
Continue ReadingNew Member for SupplyOn
Siemens VDO Automotive is to join SupplyOn, the internet marketplace for the automotive supply industry. Among the other members are companies such as Bosch and Continental. SupplyOn represents a buying volume of around 35 billion Euro.
Continue ReadingManufacturing Plant Closure By Hayes Lemmerz In The US
The worlds largest wheel manufacturer, Hayes Lemmerz, which is facing heavy financial difficulties and is struggling for survival, has announced the closure of its manufacturing facility in Bowling Green, Kentucky in the middle of next year. 235 employees will lose their jobs. The closure will entail costs of about 55 million US-$ for the current fiscal year.
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