Ford Sacks 3,000 In Belgium
Ford began its much-heralded jobs reduction programme by cutting 3,000 jobs at its factory in Genk, Belgium. This is in contrast to previous plans to invest 900 million Euro in the plant. Lewis Booth, recently-appointed as Fords COO in Europe, was pessimistic about market conditions, saying that he expected no recovery in the European car market next year, nor the year after. Ford of Europe lost $774 million in the first six months of the year.
Continue ReadingMetro Tyres Predicts Turnover Growth
Indian two-wheeler tyre producer Metro Tyres predicts a 10 per cent growth in turnover this fiscal year to 3.3 billion Rupees (US$72 million) and five billion Rupees ($109.9 m) in the next three years, on the back of its technical alliance with Continental AG. Metro will also invest 200 million Rupees (44.4 m) to double production at its factory in Ludhiana to a monthly capacity of 100,000 tyres and tubes. The Indian domestic two-wheeler tyre market is estimated to be worth 10 billion Rupees ($219.5 million) annually.
Continue ReadingFranchised Dealer moves to exploit end of Block Exemption
Reg Vardy, the car dealer, is planning on opening a range of branded repair shops, not attached to its showrooms. The company will be spending 10 million pounds and will focus on cities where it already has a strong presence. Each repair shop will cost in excess of 1 million pounds but the company expects that the expansion will allow the Group to increase its market share. The new regulations will allow authorised repairers to shop around for cheaper parts for the first time, buying parts directly from third party suppliers.
Continue ReadingPressure on Goodyear is growing stronger
There has been an unequivocal direction from Akron and Brussels, European Goodyear directors tell their subordinates. Once again, no matter by what means, the company has to cut expenses. Apparently the 2003 Ebit goals (reportedly 400 million US Dollars), that have been set by the creditor banks, are seriously at risk. Should the Ebit remain below the minimum 400 million threshold the banks would be entitled to withdraw from the concessions made earlier this year. And achieving the set Ebit goals seems to be becoming more difficult due to rising raw material prices and a sluggish American economy. The latest round of economy measures does nothing to dispel the feeling of insecurity among employees. What is more, it makes them angry and frustrated because even the smallest purchase of goods now has to be authorised. The potential of these economy measures would appear to be virtually insignificant. According to insiders, in Europe this potential is less than 2 million Euro. How far away the corporate group still is from its expected turnaround will be revealed with the third quarter figures. That Goodyear will end this year with another severe loss can be taken as read, no matter what economy measures are taken.
Continue ReadingCarlisle freezes in Caribbean
Implement and ATV manufacturer Carlisle Tire has had its assets frozen in Trinidad. The company dismissed 400 employees from its Point Fortin plant which was closed two weeks ago after workers began protesting about what they claimed were unsafe working conditions, including exposure to harmful chemicals. Carlisle said it dismissed the workers because they had abandoned their jobs. Workers were not given severance packages. The courts ruling allows Carlisle to spend only 4,200 US dollars in monthly operating expenses at the plant. The plant, located in a free-trade zone, manufactured 3,000 to 4,000 tires a day for export, according to court documents.
Continue ReadingMichelin Street-Legal Motocross Tyre
Michelin has launched the new AC10, a street-legal motocross tyre designed around the casing of its successful 12 range and suitable for everything from racing to green-laning. The AC10 features a non-directional tread to allow the tyres to be turned and increase their usable life, plus a treadwear indicator to ensure that this is done at the optimum time. Available in five sizes: 80/100-21, 100/100-18, 110/100-18, 100/90-19 and 110/90-19, the AC10 can be used with an inner tube or Michelins Bib-mousse and is speed rated to 80mph on the road. However, due to the depth of the tread blocks the AC10 is only suitable for use in enduro competitions not subject to FIM regulations.
Continue ReadingTPMS creates 200 jobs in Antrim
Tyre technology firm Schrader Electronics has announced that it is to build a new factory at Carrickfergus in Antrim (Northern Ireland), which will create 200 jobs.
Continue ReadingUpdate – Court Upholds Judgement Against Michelin
The European Court of First Instance has dismissed the appeal by Michelin and upheld the 19.76 million Euro fine imposed by the EC.
Continue ReadingCar Makers To Slash Jobs
Only days after signing new master labour agreements with unions in the USA, Ford and DaimlerChrysler have announced comprehensive job-cutting plans. Ford will lose 12,000 jobs worldwide (1,700 in Europe), while DCX will offer early retirement packages to thousands of US workers according to reports. One unconfirmed press story suggests that DCX could close up to nine US factories as the car makers face a downturn described as the most severe that the industry has suffered.
Continue ReadingApollo Tyres Signs Memorandum Of Understanding For New Plant
In India, Apollo Tyres has signed a Memorandum of Understanding to set up a tyre manufacturing plant at Vadodara (previously known as Baroda). The project entails an investment of six billion Rupees (112.7 million Euro) but details of product types, capacity etc. are not known.
Continue ReadingGoodyear Eagle F1 Is “Best Buy”
In the US, the publication Consumers Digest Magazine has named the Goodyear Eagle F1 tyre as the Best Buy in the performance tyre category - an accolade that CDM awards to fewer than three per cent of the products it reviews. The tyre was also rated as the Premium Selection - a designation that means the product is the best at any price according to CDM.
Continue ReadingNew Bridgestone Motorcycle Tyres
Bridgestone used the EICMA show in Milan last month to introduce new motorcycle tyres. The Battlax BT-014 already has several OE homologations and the BT-020 and BT-45 are designed for the growing enduro/touring sector. The fourth new tyre, the Battlax BT-002, is for riders competing in supersport races or track days.
Continue ReadingVico Now Holds 96.8 Per Cent Of Vredestein Shares
The Vredestein Investment Consortium (Vico) has increased its shareholding in the Dutch company from 61.2 per cent to 96.8 per cent, following an offer tabled in August, to purchase Vredestein shares for 7.5 Euro. The tender period officially closed on 24th September, by which time Vico has purchased 3,035,594 shares, bringing its holding to 8,265,581 shares. Despite the ending of the tender period, Vico will still buy shares up to 15th October. The listing of Vredestein shares on the official market of Euronext N.V. will be terminated on 24th October.
Continue ReadingFord Offers Early Retirement To Trim Jobs
Ford is aiming to lose 1,700 jobs in Europe, by offering voluntary early retirement to workers at two factories in Germany. A similar move is expected at the Ford factory in Gent, Belgium, while workers in the UK have already been offered early retirement.
Continue ReadingKumho Moves Up A Place In World Rankings
Kumho Tire has moved up from tenth to ninth position in the list of world tyre manufacturers, published by US magazine Tire Business. With sales of over $1.44 billion last year - a double-digit increase - Kumho overtook Toyo in the world rankings. Tire Business estimates that the top three tyre manufacturers control 60 per cent of the world tyre market, and the top ten account for 80 per cent.
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