Michelin To Buy 10 Per Cent Of Hankook
Michelin and Hankook have signed a partnership agreement, involving co-operation in R&D, manufacturing and distribution. Hankook will be licensed to produce Michelins PAX run-flat technology as part of the agreement. Michelin will take a 10 per cent stake in the Korean company, which, based on the share price when the deal was signed, is estimated to be worth just over US$ 33 million. Shares in Hankook rose almost five per cent on the news, nearly four times better than the market in general.
Continue ReadingNokian Launches Studded Tyre
Nokian has launched the Hakkapeliitta 4, a new studded, winter tyre, for the Nordic and Russian markets. The tyre incorporates new stud technology, called Nokian Eco Stud System 4, which has a patent pending. In addition, the tread compound incorporates rape seed oil, which Nokian says improves grip properties.
Continue ReadingEco Award For Michelin
Michelins Energy range of tyres was named Eco Product Of The Year at the Fleet Excellence Awards, held in London in January. The tyres polled over 25 per cent of the votes in the category, with votes coming from readers of EcoFleet, Fleet Week and Fleet Management magazines.
Continue ReadingPirelli Introduces X-Pressure
Pirelli has introduced a sophisticated tyre pressure monitoring system for the aftermarket, aimed at cars, light vans, SUVs and light trucks. Called X-Pressure, the system is easy to install, says Pirelli, and is approved for use in the USA and Europe. It uses wireless technology to transmit inflation pressure and temperature data from transmitters in each wheel to an in-cabin receiver/display module. The system has implications for both safety and tyre life, plus it offers a simple solution for those motorists wishing to fit run-flat tyres, where a pressure monitoring system is essential.
Continue ReadingKwik-Fit Fleet European Account Manager
Kwik-Fit Fleet has appointed Naithan Keeping as its first dedicated European account manager to work with major pan-European fleets. He joined the group in 2001 as fleet sales director of FTM and officially takes up his new appointment on April 1st, reporting to Kwik-Fit Fleet sales director Mike Wise.
Continue ReadingDeath Of Gianni Agnelli
Fiats honorary chairman, Gianni Agnelli, has died in Turin after an illness lasting some months. He was 81 and was chairman of the Fiat group for 30 years before stepping down in 1996. His successor has not been named, but industry experts expect either his younger brother Umberto Agnelli or grandson John Philip Elkann to take the helm.
Continue ReadingContinental Becomes Official 2006 World Cup Partner
In Hanover, Continental has signed an agreement, making the company an official partner of the 2006 FIFA World Cup, which will be held in Germany. The agreement was signed by Manfred Wennemer, Chairman of Continentals Executive Board, and Joseph Blatter, President of FIFA. Other guests at the ceremony included footballing legend and president of the 2006 organising committee Franz Beckenbauer.
Continue ReadingArnold Joins Goodyear Board
Mere days after sacking 700 workers, Goodyear has elected Susan E. Arnold to its Board of Directors. Arnold is president of Procter & Gambles global personal beauty and feminine care business, worth around $8 billion, and is regarded as a high flyer in the business world. Goodyear Chairman Sam Gibara praised Arnolds distinguished track record in marketing strategy, product development and leadership. Her appointment brings the number of board members to 13.
Continue ReadingArvinMeritor To Shut Plant In Tennessee
ArvinMeritor is to close its light vehicle systems aperture plant in Tennessee as part of on-going cost-cutting efforts and a response to excess capacity. The work of the factory - the production of window regulators and sunroof systems - will be transferred to other group facilities and 317 jobs will be lost in the closure, which will happen by August.
Continue Reading“Michelin – The BMW In The Tyre Industry”
Business newspapers in France and England are commenting on a paper from the french analysts Gaetan Toulemonde and Alexis Boyer both from DB Global Equities are recommending Michelin shares as a clear buy. The share price - at about 31 Euros at present - has, according to the analysts, the potential to rise to 50 Euros within 12 months. Michelin is seen by them as the BMW in the tyre industry with strong brands and an excellent brand strategy. It is expected that Michelin will announce in a press conference at the end of February a turnover for 2002 of about 15.7 bn Euro and an operating profit of 1.1 bn Euro. For this year the company is aiming for a turnover of more than 17 bn Euro and an operating profit of more than 1.2 bn Euro. The stock capitalisation at present is 4.6 bn Euro.
Continue ReadingFiat Auto Predicts Larger-Than-Expected Loss For 4Q
Fiat has warned that its auto division will report a loss of around 187 million Euros for the fourth quarter. Previously the company had predicted a break-even for 4Q, while analysts were forecasting a loss of 35 million Euros. If the estimate is correct, Fiat Autos loss for the year 2002 will be 1.4 billion Euros. The company has sold assets in an attempt to improve its financial position, including its 5 per cent stake in General Motors, bought by Merrill Lynch for US$ 1.16 billion.
Continue ReadingChinese Car Market Set For Growth
The Chinese car market is expected to grow by 20 per cent this year. Last year sales rose by 30 per cent and the total is expected to reach 4.6 million units by the year 2005. Experts say that China will continue to be the fastest-growing car market in the world this year.
Continue ReadingGoodyear Fires 700 In Akron (Update)
Although reductions in staff had been expected, the news item still fell like a bombshell: Goodyear, the tyre manufacturer, is sending more than 700 salaried staff home, 350 of these from the company headquarters in Akron, Ohio, alone. The press releases on the subject refer to a "restructuring", holding that the move was necessary to strengthen attempts to accelerate Goodyear's turnaround. With this measure, it is said, Goodyear can remain competitive, and CEO Keegan even demands something like a "winners' attitude" from the remaining associates. This may go down well in America, yet to the ears of staff hit by the cuts, who have not been charged with having done anything wrong, it must sound almost cynical. Meanwhile, Thursday January 16th , Akron witnessed moving scenes among staff. For one thing, no one expected such serious staff cuts; and for another, it looked as if someone had simply gone through the ranks with a rake, plucking out staff members who never even dreamed of being dismissed. The entire proceeding bears a certain handwriting and leads one to suspect that top and higher-echelon management made the decisions more or less on their own, and that middle management, presumably was not involved in the matter and now lives in fear of a loss of functionality. In the end, the work to be done has neither gone away nor even lessened. Instead, it must be carried out by the employees still holding their positions.
Continue ReadingChanges At Goodyear India
Antonio M. Capellini has been named as the new Chairman and Managing Director of Goodyear India. Capellini previously headed Goodyear commercial OE operations in Brazil. He replaces Luis Ceneviz who is moving to Goodyear in Australia.
Continue ReadingBill Hall To Leave Goodyear GB
Bill Hall, MD of Goodyear Great Britain, is to leave the company later this year to work in a family-run business consultancy. He will spend the next six months working on a number of strategic initiatives to accelerate the integration of Goodyear Dunlop UK. He joined Goodyear 24 years ago and has held a number of senior positions in the UK and Europe, launching the pan-European Truck Force service network. The role of MD, Goodyear will disappear as the company develops a structure based around strategic business units, reporting to Andreas Niegsch, General Manager, UK.
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