New President For Federal
Jamie Ma (28) has been appointed President of Taiwanese tyre manufacturer Federal Corporation. Formerly Executive Vice President, Jamie Ma succeeds De-Ling Ma. Jamie Ma has been instrumental in directing Federal towards the ultra high performance sector and he plans to expand the R&D team, aiming to introduce a new tyre pattern design each year to meet high demand from overseas. As well as Federal Corporation President, Jamie Ma is also Chairman of Federal Tire (Jiangxi) Ltd., in China, where Federal produces the Maxon and Hero tyre brands.
Continue ReadingCourt Censures Cooper
A judge in a US court case has allowed sanctions against Cooper Tire. Two brothers are suing Cooper over the death of their parents in an accident, which they allege was caused by a tread separation. The defendants claim that Cooper destroyed documents relating to production records from 1992, but Cooper says it is uncertain whether the documents were relevant. The judge said that he would allow the plaintiffs to inform the jury of the destruction of the documents, and that they could draw whatever inference they wished. He also awarded attorneys fees and expenses concerned with the destruction of the documents. Cooper said it would appeal the decision.
Continue ReadingJoint Venture Between Hyundai And DCX?
Hyundai is considering a joint venture with DaimlerChrysler, said president Kim Dong-jin, and will make a decision by October. DCX would pay US$ 418.5 million in cash and Hyundai would offer its Jeonju plant as part of the j.v. If the deal gets approval, it could go ahead from January next year.
Continue ReadingSettlement Reached In Bandag/Michelin Litigation
Michelin North America, Inc., Michelin Retread Technologies, Inc., and Bandag, Incorporated, announced that they have reached a settlement in their ongoing litigation. As a result of the agreement all parties have been dismissed from the litigation. Michelin and Bandag have agreed to dismiss all financial claims against all parties. This agreement brings to a close the trial in the United States District Court in Des Moines, Iowa, that began May 13, 2002.
Continue ReadingDifficult Trading Period Pushes Rover Into 200 Million GBP Loss
MG Rover will shortly announce that it lost 200 million GBP in 2001 and will miss its break-even target this year because of tough European markets and the continuing strength of sterling. MG Rover sold 171,000 cars last year 14 percent short of the Longbridge plants 200,000 capacity. Britain is the only one of the companys main markets where sales are actually rising.
Continue ReadingFrancois Michelin Officially Retires Today
After 44 years working for the Michelin-Group, Francois Michelin (75) has today officially retired and has handed the helm to his son Edouard (39), who has already been working for the group for 17 years. Edouard Michelin integrated the Uniroyal-Goodrich tyre company, which was acquired by the Michelin group in the early nineties and in this job he obviously developed a feeling for marketing. While Francois Michelin did not like to talk to journalists very much, he raised his voice in political questions regarding the economy when he felt it necessary. During the last 20 years especially Francois Michelin experienced many ups and downs and today he can be very satisfied to leave the board of a company which is in excellent condition and is one of the best earning groups among the big automotive suppliers.
Continue ReadingNew Managing Director For Wirtschaftsverband der Kautschukindustrie (wdk)
Klaus Mocker has retired after having worked 27 years for the wdk, and Fritz Katzensteiner, who has worked for the wdk since 1978, has taken control.The wdk is the association of the tyre and rubber manufacturers in Germany and includes 86 German enterprises which employ more than 75,000 people and have a turnover of more than 10 bn Euro
Continue ReadingMan Accused Of Reselling Recalled Tyres
In Michigan, used tyre dealer Vernald Cole has been accused of selling recalled Firestone tyres on the wholesale market. The tyres have had the US DOT number removed from the sidewall - in accordance with recall instructions, but experts believe that this could have weakened the tyres. Dealers are then supposed to cut the tyres to make them unusable. Cole, whose slogan is Cole Tire, the poor mans friend, is believed to have sold the tyres in Miami and Mexico. If convicted, he faces fines up to $20,000 and ten years imprisonment.
Continue ReadingEuropean Bank Takes Stake In Russian Tyre Venture
The European Bank For Reconstruction And Development will provide 20 million dollars in funds to Michelin Russian Tyre Manufacturing, giving it a 49 per cent shareholding in the plant at Davydovo. Production at the new facility is expected to reach 2.1 million units by 2005.
Continue ReadingBridgestone Sole Tyre Company In FT Top 500
The Financial Times has published its list of the worlds 500 largest companies, ranked by market capitalisation. No tyre companies appeared on last years list and this years includes only one tyre company; Bridgestone. The Japanese manufacturer is listed at number 386, with a market cap of US$ 11.826 billion. It is also ranked the 38th largest company in Japan.
Continue ReadingPositive AGM For Cooper
At Cooper Tires AGM chairman, president and chief executive officer Thomas A. Dattilo emphasised the successful implementation of the Companys strategic plan and post-acquisition restructuring. Investors are recognising our accomplishments and our future opportunities and the improvement in our share price is beginning to reflect that, he said. Shareholders reelected Edsel D. Dunford and Dennis J. Gormley to new three-year terms as members of the Board and elected John F. Fiedler to his first three-year term as a director. Following the Annual Meeting, the board of directors declared a quarterly cash dividend of 10.5 cents per share on common stock, payable June 28, 2002, to stockholders of record on June 3, 2002.
Continue ReadingDunlop Divests In South Africa
Dunlop Tyres International (formerly Dunlop Africa) has sold off its international products division to Specialised Belting. The price was not revealed. The international products division includes conveyor belt and hose manufacturing and the sale, according to Dunlop CEO Mike Hankinson, follows Dunlops decision to concentrate on the core business of tyre manufacturing
Continue ReadingShredding Mystery Causes Fall In Cooper Shares
Shares in Cooper Tire & Rubber fell dramatically (by as much as 25 per cent at one stage, although they later recovered to 11 per cent down) after reports that someone in the company had shredded documents relating to a personal injury court case against the company. Cooper denies that executives ordered the documents destroyed and blamed two, low-level, non-management rogue employees for the destruction of the documents. The case in question results from a fatal accident in 1998. Cooper denies that the tyre in question suffered from a manufacturing defect.
Continue ReadingGood Year For GreenMan
US recycling giant, GreenMan Technologies has reported its sixth profitable quarter in a row. Net Sales for the second quarter ended 31 March 2002 totalled 5.561 million dollars, an increase of 21 per cent compared to the same quarter in 2001. The company processed the equivalent of 5.6 million passenger car tyres in the second quarter of 2002, an increase from 4.8 million in the same quarter of the previous year. Operating profits for the six months to the end of March 2002 have increased by over 100 per cent to 932,000 dollars.
Continue ReadingApollo To Build New Radial Plant
Indias second-largest tyre manufacturer, Apollo Tyres, is to invest 1.1 billion Rupees (24.7 m Euro) in a plant to make radial truck and bus tyres. The plant will be sited at Baroda, in Gujarat, next to an existing Apollo factory and will use technology from Continental, with whom Apollo has an existing collaboration. Apollo claims a 25 per cent share of the truck and bus tyre market but poor infrastructure and a large number of two-axle vehicles mean that radialisation in this sector is a very low 2 per cent.
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