Buy Back in Hayes Lemmerz Stock Repurchase Program
Hayes Lemmerz International, one of the worlds leading suppliers of wheels, brakes, powertrain, suspension, structural and other lightweight components to the automotive and commercial highway markets, has announced that its Board of Directors has approved the repurchase of up to an aggregate of $30 million of its outstanding Common Stock. Based on current market prices, our stock is at a historical low and we believe that the repurchase program is a good investment of available funds, said Ron Cucuz, Hayes CEO and Chairman of the Board.
Continue ReadingNew US-Headquarter For Continental Teves In Auburn Hills
The new administration building an R&D-Centre has been officially opened in September. The two storey building has 250.000 square meters and the costs were 40 million US-$. 540 employees, within weeks this number will climb up to 600, who used to work before in three different places in Detroit, are now working in the headquarter, which is located very close to the US-HQ from DaimlerChrysler. Continental Teves employs 2,100 people in North America. 32 % of its turnover of about 2.5 bn Euro are made in the US.
Continue ReadingTop Scores For New Generation Yokohama Tyre Generation
Japanese producer Yokohamas high performance tyres received top scores in the latest competitive tyre tests in the German motoring press. Magazines auto, motor & sport, sport auto and rallye racing emphasised the extraordinary performance of the AVS Sport and the TW 1 on wet and dry surface.
Continue ReadingNo More Firestones For Ford In Venezuela
The Venezuelan subsidiary of Ford has said that it will no longer fit Firestone tyres as OE on its Lazer vehicle and 350 truck. Goodyear tyres will be used instead. Bridgestone/Firestone says that this represents only a 2 per cent loss of sales in the Venezuelan market.
Continue ReadingComplaints In The US About Bridgestone Tyres On Audi S4
More concern for Bridgestone; reports in Business Week say that the US National Highway Traffic Safety Administration has received around a dozen complaints concerning sidewall bulges on Bridgestone Potenza RE040 tyres, fitted to Audi S4 sedans. An Audi spokesman said there was no cause for concern and the NHTSA said that there was no safety investigation planned.
Continue ReadingJapanese Car Output Rises
Toyota, Nissan, and other Japanese motor manufacturers are reporting strong growth in global production for the first half of the year. This comes amid massive restructuring of the industry as European and American manufacturers take shares in Japanese businesses. However, the growth figures are tempered by across the board decreased in production in September, suggesting signs of a slowdown in the market.
Continue ReadingUltra-Low Aspect Drive Axle Tyres From Bridgestone/Firestone
Bridgestone/Firestone Europe (BFE) has revealed details of a new, ultra-low aspect tyre for trucks and city buses. Called GMD (Greatec Mega Drive) the tyre replaces a pair of dual-mounted drive axle tyres with a single unit. Advantages claimed by BFE include lighter weight, lower rolling resistance and increased carrying capacity. Sizes are 435/45 R22.5 (for city buses) and 495/45 R22.5 (for trucks). Bus tyres will be commercially available early next year and the larger GMD truck tyres in 2002.
Continue ReadingIncreasing Pressure On Goodyear To Recall “Load Range E”
Goodyear announced that the firm had received notice from the National Highways Transportation Safety Administration (NHTSA) to a preliminary investigation into its Load Range E light commercial tyres. This follows on from a number of complaints and issues raised as a consequence of a New Jersey court case being defended by Goodyear. The lawyers for the plaintiff claim that Goodyear has been aware of a problem with the Load Range E and has been conducting a silent recall, both allegations being vehemently denied by the tyre company.
Continue ReadingKorean Unions Try To Block Daewoo Sale To A Foreign Company
Unions working for car manufacturers Daewoo, Ssangyong, Hyundai and Kia are opposing the sale of car manufacturer Daewoo to foreign businesses, believing that such a sale would lead to job losses and pose a danger to the domestic supply industry.
Continue ReadingBridgestone Acquires Second Tyre Plant In China
Bridgestone Corporation has acquired control of a Chinese manufacturer who produces radial passenger and commercial tyres from the Republic of Korea’s Kumho Industrial Co. The company has a current production capacity of about 3.5 million tyres a year.
Continue ReadingPeter Faber Retires
Peter Faber, who, for the last decade has been President of Michelin Japan, and before that, Sales & Marketing Director of Michelin Germany, has recently retired.
Continue ReadingContinental To Invest In Indian Tyre Producer
Continental has announced it will be acquiring a 15% share in Indian tyre manufacturer, Apollo Tyres. According to Indian media sources, the acquisition will enable Continental to build up a technological relationship with the Indian tyre market and there are plans to develop a truck tyre factory on a greenfield site in Pune. At the moment, neither Continental or Apollo Tyres have confirmed the partnership.
Continue ReadingHonour For Goodyear
For the third time in a row, Goodyear has earned top honours in Fortune magazines Rubber and Plastics Product category of Americas Most Admired Companies. Among things measured were reputation, product quality, innovation, social responsibility and financial soundness.
Continue ReadingBetter Conditions At The Stock Exchange
After having fallen to a 52-week low again in mid March the shares prices of Goodyear, Cooper and the other tyre manufacturers rose or at least remained unchanged in the first weeks of April while Hayes-Lemmerz, Volkswagen and BMW each slipped by -5%.
Continue ReadingNew Truck Racing Tyres From Continental
This year, Continental is once again supplying tyres for the European Truck Racing Championship. New tyres have been developed for the front and rear axles: HSR Speed and HDR Speed.
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