Alcoa 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 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 ReadingLight At The End Of The Tunnel For Firestone?
Bridgestone/Firestone Inc. has taken a major step forward in its efforts to draw a line under the tyre recall saga by hammering out a settlement to avoid lawsuits by US States. The company will pay $500,000 to each of the 50 states and to the District of Columbia, Puerto Rico and the US Virgin Islands. BF Inc. will also spend $5 million on a consumer education campaign and a further $10 million for the states legal costs. Up to another $10 million could be spent reimbursing those motorists who have not yet replaced their tyres. Total costs could reach $51.5 million (57.5 Million Euro).
Continue ReadingTruck Racing Loses Its Sponsor Continental
Continental wants to guarantee the supply of race tyres for the Truck Racing Championship next season. However, the sponsorship activities will be finished at the end of this season. This cost saving activity is justified with the promise of other accents on marketing, by which fleet managers can be targeted more efficiently.
Continue ReadingSecond ContiTech Fluid Joint Venture in China
ContiTechFluid, the business unit of tyre producers subsidiary ContiTech, has recently purchased 51 percent of shares of Chinese hose producer Grand Ocean (Chang Chun). From January 2002 the 100 employees will produce parts for VW models Jetta and Bora and the Audi A6. The project in the north of China requires an investment by ContiTech of up to five million euro.
Continue ReadingCash 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.
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