Further Price Increases Necessary Soon
Recently announced price increases effective from the 1st November have not been sufficient to compensate for constantly increasing costs. The Continental Group therefore sees the necessity to increase prices again. The company expect to announce rises of around four to five percent early in the new year, Jescow von Puttkamer told NEUE REIFENZEITUNG.
Continue ReadingDr. Paolo Masera New Boss Of Pirelli Reifenwerke
From the 1st January, Dr Paolo Masera (58) took over the responsibilities from his predecessor Dr. Wentz, who is the same age. A few years ago, Dr. Masera was Managing Director of Pirelli UK.
Continue ReadingIncreased Sales And Profits For Vredestein
Vredestein NV, parent company of Enschede-based Vredestein Banden, has announced increased turnover and profits for 1999. Sales rose to 256 m euros, compared to 252 m last year. Cash flow improved 1.2 m euros to 29.9 m euros and net profit for the year was 10.4 m euros.
Continue ReadingEdouard Michelin: Young And Rich
The UK magazine EuroBusiness ranks Edouard Michelin at number 103 among Europes richest 400 people with a fortune of 1.85 bn Euros.
Continue ReadingKeeping The Technic Name Alive
Last year the Technic Group – the world’s largest car tyre retreader – went into Receivership and it looked as if its assets would be sold off. However, the Technic name lives on, as the company has been purchased by Phil Blood and Lucia Farmer. Phil is one of the two original founders of Technic and Lucia is the widow of the other founder, the late Tony Farmer. Phil Blood could not say how many retreads would be made by the new company (called Technic Tyre plc) but he believes that there is a market for a quality retread. One thing is for certain; production will be a long way short of the 40,000-50,000 tyres a week which Technic was turning out at its peak. Phil’s comment on future production is it will find its own level. He admits that sentiment played a large part in rescuing the company with both he and Tony wanting the name of Technic to continue in the area. Tony and I put ten years’ hard work into Technic and neither of us wanted to see it wasted Phil commented. Some of the old Technic team are back working for the company, including Martin Gledhill and Ian Smith. Phil Blood emphasises that he is not employed by the company, he is part owner of Anguilla plc, the company which purchased Technic’s retreading assets. Bearing in mind Tony Farmer’s part in building up Technic, it was perhaps fitting that the first of the ‘new’ retreads were produced on March 1st – a day which would have been Tony Farmer’s 48th birthday. More about this in TYRES & ACCESSORIES’s March issue.
Continue ReadingTeam Kooperation Annual Meeting
Last weekend, Team Kooperation held its 4th annual meeting in Kassel. A special exhibition was held alongside the event in the Stadthalle Kassel which attracted such names as Bridgestone, Conti, Goodyear, Michelin and Pirelli, displaying their group brands. Some high-powered managers attended the event too; Bandags Martin Carver flew over specially from the USA. An important milestone was the planned merger between VRG and Team. The Kooperation has its own private brand for passenger and commercial tyres, made for it by the Conti group. Teams aim is to expand not only nationally, but on a Pan-European basis, attracting enough members to give the group ample coverage of the markets.
Continue ReadingGoodyear Wins New Confidence
First quarter results due to be released on April 19th should be better than expected. The capacity utilisation in all Goodyears factories was higher than last year and the fill rate has been further improved. If Goodyear can stick to the already announced price increases in the USA (3-5%), this will mean a faster than expected recovery.
Continue ReadingChange At Austrian Dealers Association
The Austrian Tyre Dealers Association VRÖ (Verband der Reifenspezialisten Österreichs) has appointed a new President: Former Vice President Ing. Walter Antosch succeeds Ing. Günter Deschka.
Continue ReadingMarket Expects Record Sales For Conti
Rumours in the tyre market anticipate record sales for the Continental Group of almost 9 billion Euros for 1999, mainly due to the integration of Teves. This rise also presents a 30% increase in EBIT to around 520 million Euros. Exact figures were made available in early April.
Continue ReadingJordan Stays With Bridgestone
Jordan has extended its contract with Bridgestone and hopes to become the tyre manufacturers number one partner. There are rumours that McLaren and Ferrari are leaning towards Michelin like Jaguar Racing, the BMW/Williams team and Toyota did before.
Continue ReadingMAST Raises Its Prices
Michelin Americas Small Tires (MAST) has announced an increase in price in the US replacement market for passenger and light truck tyres. Michelin, Uniroyal and BFGoodrich brands will all rise by 5%, along with private and associate brands.
Continue ReadingRecommended By Analysts: Cooper Shares
In the USA, Cooper Tire & Rubber shares have seldom been so cheap. With the recent acquisitions, the market was not convinced that Cooper was running in the right direction, but after the first quarters good results, most have changed their opinions and are regarding Cooper with more optimism. An increasing number of experts are convinced that the Cooper management might use the low share price to buy back up to 10% of its own stock, which would have a positive effect. Apart from Cooper, Continental was the only other tyre and rubber manufacturer whose shares were tipped as a buy by analysts.
Continue ReadingMexico Selected For Goodyear’s Third Moulded Products Plant
To meet increased product demand, Goodyear Engineered Products has announced plans to establish a moulded transportation products manufacturing plant in Mexico and will continue to operate moulded products plants in St. Marys, Ohio, and Quebec City, Quebec. Moulded products include engine and shock mounts that reduce vibration and improve vehicle handling. Goodyear is exploring sites for the new $16 million facility that will employ more than 100 workers.
Continue ReadingLead Balance Weights To Be Banned?
A European committee has agreed on the final text of the End Of Life Vehicle Directive (ELV). One paragraph bans the use of lead in wheel balance weights, including coated weights, on new vehicles after 1st July 2003. It is unclear whether any ban would apply to the aftermarket. The ELV text has to be submitted to the European Parliament and then to the Council for final vote and adoption.
Continue ReadingMontinex In Administrative Receivership
On Friday 4th August, the Montinex tyre retail group went into Administrative Receivership. Discussions with potential purchaser Stapletons Tyre Services broke down last month. The parts of the Montinex group in Receivership are Chessington Tyres, Malvern Tyres, Northway Tyres and Charlie Browns Autocentres, totalling some 144 retail outlets. It is hoped to sell these as a going concern. Fleet Tyre Management is not in Receivership and is continuing to trade. Montinex turns over £86m annually and employs 840.
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