Europa Tyres Buys Moplant
Europa Tyres, the UK agricultural tyre wholesaler which is part of the BITS organisation, has acquired the share capital of Moplant Limited; the manufacturer of the Thornguard and Nailguard ranges of anti-puncture tyre liners. These liners reduce punctures in off-road vehicles by over 90%, according to customers.
Continue ReadingEU Commissioner To Examine Conti Move
EU Competition Commissioner Mario Monti is to investigate Continentals decision to switch production to Portugal while closing its Gislaved factory in Sweden. Some sections of the Swedish media have suggested that the move was prompted by EU grants and tax breaks. The Portuguese government said that an EU aid financial package worth 23 million Euro had been approved last summer for the expansion of a Conti factory in northern Portugal. Continental says that overcapacity is responsible for the Gislaved closure and the company says that no significant amount of tyre production has been moved to Portugal.
Continue ReadingRenault Increases Stake In Nissan
Car manufacturers Renault and Nissan strengthened their ties with the announcement that the French car maker is to raise its equity stake in Nissan from the present 36.8 per cent to 44.4 per cent, at a cost of 215.9 billion Yen (1.84 billion Euro). Nissan will take a 15 per cent in Renault later on this year.
Continue ReadingIranian Tyre Gap
Mr. Hossein Abouie Mehrizi, Director General of the Non-Metallic Industries Dept. of the Ministry of Industries and Mines in Iran, told delegates at a national tire seminar that there is a shortfall between tyre demand and tyre production in Iran. The countrys 4.6 million cars need 220,000 tons of tyres annually. Since last March, Iran has produced 182,000 tons of tyres for light and heavy vehicles (an increase of 33,000 tons) and imported 40,000 tons.
Continue ReadingMemorandum Of Association Signed For Kumho Purchase
A Memorandum of Understanding was signed this week regarding the purchase of 80 per cent of the tyre manufacturing business of Kumho. The buying consortium is headed by JP Morgan Chase and includes US equity fund Carlyle Group. At an estimated $1.5 billion, the sale - which still has to be finalised - would be South Koreas largest-ever asset sale to foreign interests.
Continue ReadingMarketing Director For Goodyear Asia
Sanjay Sivanandan (35) has been appointed by Goodyear as marketing director, Asia. He has 12 years experience in Europe and Asia and joins the tyre manufacturer from Mars Inc., where he was responsible for business in India. Roger A. Hagstrom becomes Sales Director, Asia Region as part of Goodyears global sales and marketing reorganisation.
Continue ReadingTurnover And Profits Rise For Stapleton’s
Stapletons Tyre Services, the UK-based wholesaler, has released financial figures for the year 2001. Turnover rose 15 per cent over 2000 to 86 million Pounds (141.15 m Euro) and profit before tax was 1.55 million Pounds (2.5 m Euro). Stapletons recently completed the acquisition of rival wholesaler WSTyremasters; a deal which will add another 36 million Pounds (59 million Euro) to annual turnover.
Continue ReadingMichelin Surpasses Competitors
Michelin consolidated net sales for 2001 amounted to 15.775 bn Euro (+2.5 per cent over 2000). The operating profit reached 1.04 bn Euro (-10.5 per cent) and net profit was 314 million Euro (-28.4 per cent). With 6.6 per cent operating profit as a percentage of sales in a very difficult and competitive economic environment, Michelin easily outperformed its two biggest competitors Bridgestone and Goodyear. Bridgestone is still suffering from the consequences of the Firestone recall and Goodyear has reported losses in 2001. In a press conference in Paris Michelin boss Edouard Michelin spoke about the previous business year and Chief Financial Officer Michel Rollier gave detailed figures - also for the various divisions. It was the first time that Michelin has presented the companys figures in such a major press conference, which was followed by two others in London and New York.
Continue ReadingCompromise Over US Tyre Monitoring Systems
The White House has moved to end the wrangling over the forthcoming mandatory fitting of tyre monitoring systems on vehicles in the USA. The argument has been over which technology to use; whether to directly monitor air pressure in all four tyres or to use the vehicles ABS System, which can show when one wheel is rolling lower than another but which cannot detect low pressure in all four tyres. It has been decided to let auto makers offer either system while the Government and the NHTSA study the systems more closely. The main objections seem to be based on system cost, rather than safety performance.
Continue ReadingRecall For Mitsubishi Pajeros
Mitsubishi is to recall 22,626 Pajero Minis, made between October 1 1998 and October 4 2001, due to a potential problem with the brakes. In a statement, Mitsubishi said There is an inadequacy of the fixing of the left near brake tube on (certain) tyres. The company stresses that the recall is purely precautionary and that there have been no accidents caused by brake failure.
Continue ReadingIncreases At Sime
Malaysian conglomerate Sime Darby posted a 16 per cent rise in half year net profit and expects to see full year figures ahead of the previous years. However, Simes tyre division, DMIB Bhd posted a net loss of 5.8 million ringgit (1,758,000 Euro) against a previous years profit of 10 million ringgit (3,031,000 Euro). This, according to the company, was due to the closure of plants making golf balls and aircraft tyres which incurred substantial charges.
Continue ReadingFirst B-11 RFID Tags Announced
Intermec Technologies Corporation has announced the commercial availability of RFID tags and readers that immediately support the new B-11 standard established by the Automotive Industry Action Groups (AIAG). The B-11 standard will guide further introduction of RFID technology into the auto industry. Among the first planned applications will be inclusion of an RFID tag on new-car tyres, allowing car and tyre manufacturers and tyre retailers to track product throughout production, assembly and distribution.
Continue Reading2001 Net Loss For Titan International
Titan International has published its 2001 financial results. In the fourth quarter, Titans net sales were $100.6 million (Q4 2000: $113.4 m). For 2001as a whole, sales were $457.5 m ($543.1 m). The net loss for Q4 was $21.5 m ($8.0 m) and Titan turned in a net loss for the year of $34.8 m, compared to a net income in 2000 of $4.5 m. President and CEO Maurice Taylor Jr. described 2001 as difficult for all manufacturers. On the positive side, Titan settled two long-running (39 months and 40 months) labour disputes and received approval to offer agricultural tyres and wheels through the Case New Holland dealership network.
Continue ReadingAgreement On Japanese Co-operation For Yokohama and Continental
Yokohama Rubber and Continental AG have confirmed a contract for the creation of a joint venture to supply original equipment to Japanese motor manufacturers and to develop Continental in the Japanese replacement market. The 50/50 joint venture will be called Yokohama Continental Tire and will aim to sell OE tyres to Japanese and Korean vehicle manufacturers. Importation and distribution of Continental tyres, to be sold through Yokohama outlets in Japan, will begin in April.
Continue ReadingSchroeder Acquires Dayton Wheel Products Inc.
Dayton Wheel Products, the manufacturer of wire wheels in Centerville, Ohio, has been acquired by Charles G. Schroeder. This is only the third time the business has changed ownership in its 85 year history. The company recently launched a range of alloy wheels, but Schroeder says that Dayton wire wheels have a discerning customer with whom quality will always count - over 80 per cent of customers in the USA ask for Dayton wire wheels by name. The new owner plans to develop the business by concentrating on quality products and capitalising on the loyalty and enthusiasm of his workforce. The company employs 43 people.
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