Savvy Goodyear Buy More Sava
Goodyear has strengthened its hold on Sava by increasing its stake in the Slovenian tyre manufacturer to 80 per cent, with a right to purchase the remaining 20 per cent between 2004 and 2005. Goodyear has invested over 90 million dollars in modernising Sava Tires. Sava employs some 1,400 staff, manufactured over six million tyres in 2001 and posted sales in excess of 230 million dollars.
Continue ReadingFirst Quarter Figures From Continental
Continentals profits after tax rose almost 62 per cent in the first quarter of the year to 68 million Euro (2001; 42 million). Corporation sales increased by 6.1 per cent to 2.734 billion Euro (previous year 2.578 bn). Ignoring changes from consolidation (mainly the inclusion of Conti Temic), sales fell slightly by 1.7 per cent. In the same period, EBITA (EBIT before goodwill amortization) rose 16.5 per cent to 148 million Euro (2001; 127 million). Cash flow was positive and the numbers of workers increased by 291 to 65,584.
Continue ReadingIncreased Investment For Yokohama
Yokohama has increased its share of the joint venture company Hangzhou Yokohama Tire Co Ltd. From 45 to 80 per cent. The other two shareholders, YHI Holdings Pte. Ltd and Hangzhou Rubber (Group) Co. each have 10 per cent of the holdings. At the AGM in March seven out of nine directors were already appointed from Yokohama. Production of Yokohama radial car tyres in China will begin in May 2003 with the construction of a tyre plant with a capacity of 750,000 units per annum. This will be increased in time to 1.5 million units.
Continue ReadingPrecure Treads From Cooper-Avon
Cooper-Avon has launched a range of precure treads as an addition to its remould materials range. The treads were designed in collaboration with Oliver Rubber, which is part of the Commercial Division of Cooper Tire & Rubber, and they will be manufactured by Rekor Rubber, of Turkey. Initially, eleven profiles will be launched, in a total of 59 pattern sizes.
Continue ReadingImproved Results For Nokian
Nokian Tyres have released first quarter results. Turnover was up 10.3 per cent at 84.5 million Euro (Q1 2001: 76.6 m). The operating result was -1.0 m Euro (-1.9 m) and the result before tax was -4.0 m (-5.0 m). The net result was -3.3 m (-3.7 m). Sales and profits of passenger car tyres rose, while sales of heavy tyres decreased, as did sales of retreading materials. Sales of the chain Vianor were up, but the loss was greater than Q1 2001. Nokians aim for 2002 is to achieve better turnover and profit than last year.
Continue ReadingBigger-Than-Expected Loss For Goodyear
Goodyear has reported a first quarter loss of $63.2 million; larger than many analysts expected. The biggest regional operating loss was $51.3 m, incurred by the North American Tyre operation. Europe was profitable with operating profits of $16.6 m (Q1 2001 $31.4m), as was Asia. Sam Gibara declared himself disappointed by the figures, but he expected the company to make progress in the second quarter. The loss was blamed on production cuts, currency levels and the return of stock worth $10 m when the Penske Automotive Center chain closed. Despite the figures, Goodyears shares rose 3.6 per cent on expectations of profitability in the second quarter.
Continue ReadingFirestone Denies Settlement Offer
In the US, Firestone has denied reports that it is preparing to settle lawsuits with consumers who claim they were sold faulty tyres. A figure between $200 million and $300 million was mentioned. Firestone says there is no common defect in the tyres and the company is prepared to contest the cases, which are separate from those claiming personal injuries as a result of an accident.
Continue ReadingDrop In Sales For Bandag
Bandag Inc. has reported a drop in sales for the quarter ended March 31, 2002. Consolidated net sales for first quarter 2002 were $192.5 million, a decline of approximately six percent compared to net sales of $205.1 million in the same quarter of 2001.
Continue ReadingCollege lab Named In Goodyear’s Honour
Spelman College, in Atlanta, recently opened the Goodyear Tire & Rubber Company Synthetic Chemistry Research Lab. The lab was named for Goodyear as recognition of the companys belief in the importance of a diverse workforce and for investing in the potential of African American women scientists. Spelman College is recognised as a premier private, liberal arts, historically Black college for women.
Continue ReadingChina To Introduce Certification System
Tyres are among 132 different products which will have to carry the China Compulsory Certification (CCC) mark from next month if they are to be sold in the Peoples Republic of China. This applies to domestically-produced and imported products. The CCC mark is a product safety and quality certification system and the mark can be acquired from the Certification and Accreditation Administration of the PRC.
Continue ReadingSlow Growth At Michelin in Q1
Michelin Group income increased by 4.1 per cent to 3.8 billion Euro, ahead of analysts estimates. This was assisted by volume, pricing and currency in Michelins favour. Sales for 2002 have started on a positive note with volumes up on the same quarter in 2001. However, the key brands have fallen and the truck tyre market is dropping faster than expected. Price increases have so far held and Michelin believe they are on target for a 6.7-7.4 per cent margin in 2002, but this is dependent upon the price increases holding. The sales mix in the North American market is said to be precarious and under attack from the growth of private brands in the USA, and flag brands are still suffering as a result of the Firestone recall.
Continue ReadingRecord Shipments For Superior
Superior Industries International has reported that net income for the first quarter of 2002 has exceeded analyst expectations with revenue and shipments reaching record highs. For the first quarter 2002 net income increased by 7.6 per cent or 0.65 dollars per diluted share. Shipments of aluminium wheels increased by 16 per cent bringing revenue for the first quarter to 186,532,000 dollars, a record for the company and a 12.3 per cent increase on the same quarter for 2001. The results include the write off on non-recurring start up costs of 1.653 million dollars in respect of the launch of the new aluminium suspension parts operation. The joint venture wheel manufacturing operation in Hungary also posts profitable results.
Continue ReadingCooper sales up seven percent
Cooper Tire & Rubber Company has announced, from its headquarters in Findlay, Ohio, a 2002 first quarter net income of $26 million US dollars. Net sales were $813 million US dollars, representing a seven percent increase over the first quarter of 2001.
Continue ReadingBig First Quarter Loss For Ford
Ford reported a loss of $800 million for the first quarter, compared to a $1.13 bn profit for the same period last year. The figure includes $708 million in goodwill write-downs, mainly for Kwik-Fit, although core automotive operations lost $310 million in Q1 (Q1 2001: + $748 m). Despite the figures, Ford shares rose 2 per cent as the company forecast that it would outperform the market in Q2.
Continue ReadingSoftware Saves For Hayes Lemmerz
Software supplier MSC, working with Hayes Lemmerz, has reduced time and materials costs in automotive wheel manufacturing and design by using its MSC Acumen and MSC Fatigue software to perform durability analysis. Software simulation has allowed the design of lighter, longer lasting products which can save millions of dollars in manufacturing, maintenance and warranty costs. Khosrow Namdarian, senior structural analyst with Hayes-Lemmerz, stated The advantage is that if you make 4 million of just one aluminium part per year and can save a quarter of a pound of aluminium per part, that adds up to one million pounds of aluminium saved in materials costs on just one part.
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