Titan International 2002 Results
Titan International has reported its 2002 financial results. Turnover for the year was $462.8 million (2001: $457.5 m), while operating results showed a loss of $14.1 million (2001 loss: $33.5 m). The net loss was $35.9 million for the year (2001 loss: 34.8 m) and this figure includes two investment losses, totalling $12.4 million. Titans President and CEO Maurice Taylor Jr., pointed to the improvement in operating results as evidence that Titans quest to rebound are proving successful and he paid tribute to the companys workforce for their efforts.
Continue ReadingDeath Of MRF Chairman
The death of Mamen Mappilai (80), chairman of Indian company MRF, has been announced. He passed away after a short illness. MRF was floated in 1961 and is one of the best-known tyre companies. Mr. Mappilai is survived by a wife, three sons and a daughter.
Continue ReadingHayes Lemmerz Vice President
Patrick E. Miller has been appointed Vice President of Sales and Product Engineering for Hayes Lemmerz North American Wheels Business Unit. Prior to his new appointment, Patrick was a Vice President and General Manager for Alcoa Engineered Automotive Products.
Continue ReadingBridgestone To Build Third Tyre Plant In China
Bridgestone has announced that it is to build its third tyre plant in China at Wuxi, Jiangsu province. The plant, which will be the first one in China wholly owned by Bridgestone, will produce 8,000 car radial tyres a day for the domestic and export markets, starting from September next year. Bridgestone says that the investment totals $99 million and the company plans investments in its other factories to increase production of car, truck and bus tyres.
Continue ReadingGoodyear Challenges “Belly Up” Statement
Quoted in an article in Tire Business, Dr. Dennis Byrne, Professor Emeritus of economics, said during the Clemson University Tire Conference that Goodyear would be forced to file for Chapter 11, saying: I see very little reason for optimism, I think they will go belly up. This provoked a spirited response from Goodyear, who said that, while Dr. Byrne might live in the Akron area, he has no special insights or knowledge of the company and he has not taken into account the measures taken by Goodyear to achieve a turnaround. His assertions are off the mark, said the company in a statement. This is reminiscent of the statements issued when columnist Diane Evans criticised Sam Gibara in the pages of the Akron Beacon Journal. Goodyear said then that Evans ignored any facts that did not fit in with her ideas. On the other hand, it is a fact that a year ago, DB Global Equities recommended Goodyear shares as a strong buy with a target price of $36. Today the price is $4. Time will show whether it is Dr. Byrne or Goodyear who is right.
Continue ReadingTransense Pick Up Value
Transense Technologies shares recently crashed when the company announced that it could not enter volume production of its tyre pressure sensors until late 2004. However last week saw the shares rise to 26p after Bridgewell Securities assisted the rise by clearing out a big seller at 14p on Thursday. Rumours that Michelin, the tyremaker and existing Transense licensee, is set to inject cash in return for equity are believed to be unfounded.
Continue ReadingRecord Loss For Fiat In 2002
2002 results were the worst-ever in Fiats history. The group posted a net loss of 4.3 billion Euros (2001: - 791 million). The auto division lost 1.3 billion Euros (2001: - 549 million) and Fiat announced that it would refinance the auto division to the tune of five billion Euros. A three billion Euros increase in capital would subscribed immediately but it was not made clear whether the remaining two million would come from a rights issue, or whether General Motors would be asked to contribute.
Continue ReadingEx-Pirelli Man Proposed As Fiat Chief Executive
Giuseppe Morchio, a former executive at Pirelli Tyres, has been invited to become the new chief executive of Fiat. This follows the appointment of Umberto Agnelli as chairman, taking over after the death of his brother Gianni last month.
Continue ReadingKwik-Fit “No Comment” On Rumours
Having recently sold a number of its Stop n Steer centres in the UK, there are rumours that Kwik-Fit is set to rationalise its European operations. Our information, which comes from sources close to Kwik-Fit, but who did not want to be named, is that the company is looking at selling its operations in Poland, Belgium, Spain and Ireland in order to concentrate on the UK, Netherlands, France and Germany. We contacted Kwik-Fit in the UK to see if this was indeed the case and received the following reply from a company spokesperson: Kwik-Fit is undertaking a review of all its operations. It would therefore be inappropriate to comment on future plans at present.
Continue ReadingUS Grand Jury Starts Ford/Bridgestone Investigation
A US federal grand jury is conducting a criminal investigation related to Bridgestone tyres that were linked to deaths and injuries involving Ford Explorers, according to a subpoena issued to lawyers suing the companies. The subpoena, by the United States attorney for the Southern District of Illinois, requests that lawyers suing the Bridgestone Corporation and the Ford Motor Company in tyre-related cases turn over documents to the grand jury. Among the requested documents are sworn statements by John T. Lampe, chief executive of Bridgestone Americas Holding Inc. The investigation follows accusations by Congressional investigators that Bridgestone and Ford misled federal officials about the safety of their products. The subpoena does not identify the focus of the criminal investigation, simply that the documents being sought are pursuant to an official criminal investigation of a suspected federal offense. Safety officials say flaws in Firestone tyres contributed to 271 deaths and more than 700 injuries. After a recall of Firestone tyres began in 2000, President Bill Clinton signed a law that made it a crime to withhold tyre safety data.
Continue ReadingMazzucconi Interested In Speedline
The Speedline group, aluminium wheel producers and since 1997 part of North American Automotive supplier Amcast Industrial Corp. based at Dayton, Ohio, is for sale. Negotiations are said to be taking place with the Italian Mazzucconi group which operates from Ponte San Pietro, Bergamo. Fonderie Mario Mazzucconi S.p.A. is specialised in the production of aluminium components for the automotive OE market, where customers include Fiat, Mercedes-Benz, BMW, Audi/Volkswagen, Iveco.
Continue ReadingContinental To Acquire Stake In Sime Darby
German tyre giant Continental has signed a joint venture with Malaysian industrial conglomerate Sime Darby Bhd and is taking a 30 per cent stake in Sime Darbys tyre operations - DMIB Bhd and Sime Tyre International Malaysia Sdn Bhd (STI). Continentals equity stake will be in a new company - SDC Tyre Sdn Bhd - that will become the holding company of both DMIB and STI. The agreement also provides the option for Continental to obtain a further 21 per cent (controlling) share in the new company in two years time. The JV is aimed at better equipping the companies to capitalise on opportunities in the Asian Free Trade Area (AFTA).
Continue ReadingGoodyear’s New Global Aviation Tire Marketing Manager
Don Roulett has joined The Goodyear Tire & Rubber Company as global marketing manager for aviation tires. He replaces Jim Pickering, who has retired. Roulett joins Goodyear after 13 years with Honeywell/Allied Signal Aircraft Landing Systems, where he was program/business manager for Boeing and Airbus OEM projects and deputy general director of a Honeywell joint venture within the Russian Federation. He worked for Goodyear Aerospace in Akron from 1979 to 1982 as a development engineer. Dons considerable experience in global aircraft development will be a considerable asset as we continue our penetration of this market, especially overseas, said Alex Dumm, general manager Goodyears global aviation tires.
Continue ReadingAA Tyre Fit Is New Name For Tyreserve
UK fleet tyre management company Tyreserve has changed its name to AA Tyre Fit. The change, effective from February 24, reflects the purchase of Tyreserve by the AA in June 2002. The companys general manager, David Goodyear, said the change would bring the business - and its network of 3,221 independent fast-fit centres and franchise dealers - all the benefits of belonging to the most trusted brand in motoring services. AA Tyre Fit has also appointed Continental as an approved tyre supplier. The German tyre manufacturer joins Cooper-Avon as the only two suppliers whose products are offered to the companys fleet and retail customers.
Continue ReadingMichelin management optimistic for future profits
Although turnover decreased by 0.8 per cent in 2002, compared with previous year, the Michelin group outperformed even analysts highest expectations with an operating income of 1.225 billion Euros (which is 7.8 per cent of turnover, and 18 per cent more than 2001). Net profit more than doubled to 614 million Euros. At the same time, management succeeded in reducing the debt mountain by more than one billion Euros - all within one year. Consequently, Michelin continues to be the best-earning tyre company worldwide.
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