Loss And Layoffs For Pirelli
Pirelli posted a net loss for the third quarter of 325 million Euros, compared with a profit of 15 m Euros in 3Q last year. Chairman Marco Tronchetti Provera revealed that the company will close six factories and lay off 2,400 staff, representing 6 per cent of the workforce. Of the factories to close, three make telecommunications cables and three make energy cables. Tyre division results were good and the energy unit broke even, but neither could compensate for the poor performance of the telecommunications.
Continue ReadingOE Successes For Yokohama
Yokohama Rubber has been rated by DaimlerChrysler as an A-grade supplier. The Japanese company was evaluated in the areas of Cost, Delivery, Quality and Communications and scored 92 out of a possible 100. Yokohama supplies its Geolandar H/T G038 for the Mercedes-Benz G500. Another company, AMG, which specialises in tuning up Mercedes-Benz vehicles, has chosen Yokohamas AVS S/T type-1 as OE for the G55 AMG, which is a tuned-up version of the G Class SUV. Tyre size for both front and rear wheels is 285/55 R18 V.
Continue ReadingMIRS Plant For Thailand?
Pirelli is said to be considering Thailand as a location for one of its MIRS plants, as the company aims for a 10 per cent share of the Thai market. A new Scorpion 4x4 tyre is expected to be launched in Thailand next June - the 4x4 sector is an important one, as Thailand is a major Asian market for pick-up trucks.
Continue ReadingStill No Decision On Rugby Tyre Burning
The Environment Agency has still to decide whether to allow the burning of shredded tyres at Rugby Cement works, despite the passing of the latest deadline this week. The EA is still considering the situation, following meetings with the Borough Council and Primary Care Trust. No new deadline has been set for a decision to be made.
Continue ReadingRumaguma Going Private
Yugoslavian tyre manufacturer Rumaguma is aiming at privatisation. The company produces 11,000 tonnes of tyres annually, mainly bias ply tractor tyres. As well as its own brand, Rumaguma manufactures Continental, Barum, Semperit and Galaxy brands and over 70 per cent of production is exported. Of these, half are destined for Continental and 10 per cent for Galaxy. 70 per cent of the company will be sold, with a further proportion distributed among employees and some offered for public sale.
Continue ReadingPirelli Lands US High Performance OE Contract
In the USA, Pirelli has introduced a new tyre, the P6 Four Seasons. As the name suggests, it is an all-season tyre, which is already OE fitment on a number of European vehicles. In North America, OE contracts have been signed for the Lincoln Town Car and Ford Crown Victoria. The tyre is also undergoing homologation on new models from Jaguar, DaimlerChrysler and BMW. It will be available in 23 sizes for wheels from 15 to 17, aspect ratios from 65 to 45 and H, V and W speed ratings.
Continue ReadingDeutsche Bank Leaves Continental
Deutsche Bank has sold its involvement in Continental AG of which it held 7.5 per cent share valued at 142.3 million dollars to investment groups in Germany, Great Britain, Suisse and USA. The bank also reduced its DaimlerChrysler shares from 12.85 percent (31.12.01) to 11.80 (05.11.02).
Continue ReadingAmerican Racing Equipment Launch 26 Inch Wheel
American Racing Equipments American Racing Wheels, Epic, Motegi Racing and RO_JA brands have introduced 26 new wheels, including a massive 26-inch Epic Icon at the 2002 Specialty Equipment Market Association Show. The 26 inch wheel is targeted at high end luxury vehicles including the all-new H2 Hummer. The chrome-plated luxury Epic line will highlight the 26-inch Icon and the new styles ranging in size from 18- to 26-inches.
Continue ReadingTyre Fire Continues To Cause Concern
The tyre fire which has been burning in Pasadena since October 19th is causing concern among environmentalists. The levels of solvents detected in run-off water is exceeding levels recommended by the Texas Commission on Environmental Quality. The fire started when a stolen car was set alight, igniting the piles of tyres stored on the site.
Continue ReadingTech Restructures With New Appointments
Tech International, the Ohio-based manufacturer of tyre repair materials, has announced three new appointments. Robert Craig Overs, who joined Tech in 1990 has been promoted to Chief Operating Officer. Les C. Mawson assumes the role of General Operations Manager for Techs North American operations and Kim Hansen has been named as Chief Financial Officer. CEO Michael R. Chambers said that the restructuring will ensure Tech Internationals market leading position.
Continue ReadingAnalysts Downgrade Goodyear
In the United States, analysts UBS Warburg have downgraded Goodyear stocks from Hold to Reduce and the price target per share from $8 to $5.50. The analysts accept that the companys sales performance overseas is improving, but Goodyear is struggling in the US and the analysts cite five reasons why it might be difficult to make further progress in this market.
Continue ReadingContinental: Go West
Related news: Continental back in DAX after seven years Continental Reportedly Hikes Siemens Bid IPIC Refutes Schaeffler/Conti Acquisition News Keeping Costs Down with Conti
Continue ReadingCooperation Bandag-Continental
Related news: Cooperation Bandag/Continental Brings Only Advantages Cooperation Bandag-Continental Cooperation Bandag-Continental Cooperation Bandag-Continental
Continue ReadingCooper-Avon Tyre: A Change For The Better
Related news: Flagship Brands From Cooper-Avon At Reifen 2000 Cooper Names New SUV/LT Tyre Development Manager Avon Renews Racing School Contract Avon Tyres Name Bows out of British Formula 3
Continue ReadingContinental In Intensive Care
Related news: Top Spot Again For Michelin In US Survey Conti Proceeding with New Recruits in Romania Conti Opens Second Facility in Calamba, Philippines Auto Bild summer tyre test: 6 from 20 finalists given ‘exemplary’ rating
Continue Reading