German Insurer “Allianz” To Sponsor Formula 1 Team
The German insurance company Allianz wants to become involved in Formula 1. As the newspaper Die Welt announced recently, Aliens wants to sponsor the Williams-BMW team. Already with the coming German Grand Prix in two weeks at the Nürburgring, the company label will be on the racing car of the British team. It was mentioned that the insurance intends to invest 50 million DM (£16.3 million) in the team of Ralf Schuhmacher and Jensen Button.
Continue ReadingHigher Turnover For Metzeler
The turnover of the motorcycle tyre division of Pirelli Germany (brands: Metzeler & Pirelli) in 1999 amounted to 94.9 million Euro; 1.4 p.c. more than the previous year. In motorcycle tyre terms, Pirelli is the market leader in Germany, Italy and Europe as a whole.
Continue ReadingBridgestone’s For Mercedes-Benz Limited Edition Coupe
Mercedes-Benz has chosen to fit Bridgestones S-02 Pole Position tyres on their CL 55 AMG F1 limited edition coupe. 225/40 ZR 19s are fitted on the front and 285/35 ZR 19s on the rear.
Continue ReadingBridgestone Joins RubberNetwork.com
Bridgestone Corporation, the worlds largest rubber company, wants to join the electronic marketplace RubberNetwork.com as the seventh member of the group.
Continue ReadingMichael Kuhn Appointed Sales Director
Michael Kuhn, who joined Gummiwerke Fulda in 1992, has been named, with immediate effect, Sales Director of Gummiwerke Fulda. He is responsible for the whole Sales Organisation of Gummiwerke Fulda.
Continue ReadingFirst Quarter At Hayes Lemmerz
Hayes Lemmerz sales and earnings in the first quarter 2000 were at the same level as last year. A significant drop in orders for heavy truck wheels and brake components was compensated by a successful expansion of aluminium wheel capacity worldwide.
Continue ReadingProfit Warning From Michelin
Michelins turnover increased during the first half of the year 2000 by 14% to 7.4 bn Euro but despite this fact Ebit will be much lower than the first six months of last year (611 million Euro). Yesterday the company only announced sales figures and will give more details in September.
Continue ReadingFirestone Recall Hysteria Fuelled By Advocates
Firestone has been forced, for the second time in the companys history, to recall tyres in North America. 22 years ago, the recall of 14 million f 500 tyres, almost ruined Firestone. The current situation refers to the recall of 6.5 million SUV tyres, the ATX, ATX II, and Wilderness line in the size P 235/75 R 15. About 2/3 of these tyres are earmarked for Fords OE demand for the Ford Explorer and the Ford Ranger. Bridgestone already announced that it would take a one-time $ 350 million charge and informed analysts that earnings estimates, $1 billion before the recall situation, had to be reduced by the amount of the taken charge. Whether this is the only financial impact that BFS will have to encounter is more than doubtful. In the US a horde of consumer advocates stand ready to sue BFS, all in the name of consumer advocacy. The likely cost of litigation is not included in the $ 350 million charge. The extent of the damage to BFS and its Firestone brand cannot be evaluated, it remains to be seen how the entire industry will be affected by this recall. Without any doubt, the Firestone brand has suffered a serious blow despite the fact that up until today it has not been demonstrated that the tyres were the cause of accidents investigated by NHTSA. BFS, so it seems, never really had a chance to manage the ensuing crisis in an optimal way. Although the crisis didnt hit BFS completely out of the blue, BFS had to take into consideration the interests of its largest OE customer Ford on the one hand, and its own interest to protect the Bridgestone brand from any spill-over effects. One thing became abundantly clear: two kinds of tyre manufacturers currently exist. One the one hand, there are those who have already had to deal with a disastrous recall situation and on the other hand are those that will have to do just that at some uncertain time in the future.
Continue ReadingDisaster For Pirelli
The tenth race of the Pirelli Porsche Cup in Spa has been called off because, during practice, the tyres showed dramatic failures. The Pirelli tyres, it was said, peeled like onions. Following failures in Silverstone, Barcelona and Monaco, Porsche felt compelled to cancel the race in the interest of driver safety. Porsche is blaming Pirelli for inferior production process and the use of faulty compounds.
Continue Reading‘Misrepresentation’ In Article Claimed By Goodyear
Goodyear claims that an article in the Washington Post entitled Explorer has higher rate of tire accidents misrepresented the role of Goodyear tyres in accidents. The article examined data from the Florida Highway Patrol used to identify potential causes of accidents and the tire-related category consisted of blow-outs and punctures. Both of these could be caused by road hazards, argues Goodyear, which has nothing to do with the manufacture and quality of the tyre. The company also says that its own claims data show no correlation between tyre performance and accidents involving Explorers.
Continue ReadingCommercial Tyre JV Company Between Goodyear and Treadco
Goodyear and retreader/truck tyre dealer Treadco have announced the formation of a joint venture company, called Wingfoot Commercial Tire Systems. Ownership is 60/40 Goodyear/Treadco. Wingfoot will be the worlds largest network of cv tyre outlets and truck tyre retreading facilities, with coverage coast-to-coast.
Continue ReadingTalks On Future Of Nissan UK Factory
The future of Nissans plant at Sunderland, UK will be decided by the company in. It hinges on whether the plant is chosen to build the new Micra, but Chief Operating Officer and President Carlos Ghosn has hinted that costs may force the group to make the car in France or Spain.
Continue ReadingNew CEO For Bridgestone/Firestone Inc.
John T. Lampe, Executive Vice President of Bridgestone/Firestone Inc., has been made Chairman, Chief Executive Officer and President of the American company. He joined Bridgestone/Firestone in 1973 and has a wealth of international experience with the company. Lampe succeeds Masatoshi Ono (63), who has been with Bridgestone for 41 years, having spent the last ten years in the US and the last seven as CEO. He immediately announced a three-point action plan with the aim of accelerating the tyre recall, assembling a new management team and creating new methods of collecting and examining performance data. His appointment follows personal intervention in the crisis by Yoichiro Kaizaki, Chief Executive Officer of the parent company Bridgestone Corporation. Fuller details in the November issue of TYRES & ACCESSORIES.
Continue ReadingEBIT Expectations Of Michelin Confirmed
In an interview with the French newspaper Le Figaro, the Michelin management has confirmed that it expects an EBIT of between 7.2 and 8.2 per cent for this year, which has to be regarded as a success under the present economic circumstances.
Continue ReadingChina Tire Holdings Seeks $3.5 bn Damages From Goodyear
China Tire Holdings, listed on the NY Stock Exchange since 1993, has brought a law suit against Goodyear in Ohio. Amongst other things the Chinese company accuses Goodyear of violating the RICO statutes and is seeking US$ 3.5 bn in actual and punitive damages from the American rubber giant.
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