Increased Share Capital For Nokian
At its AGM, Nokian Tyres decided to raise its share capital from 17,798,127.40 Euro to 21,164,572.00 Euro. The companys Articles of Association were amended to allow for a share capital of between a minimum of 16 million Euro and a maximum of 64 million. No new shares will be issued; the 3,366,444.60 Euro will be raised by transferring this amount from the share premium account to the share capital.
Continue ReadingGrowing Demand For Rayon Fabric – Cordenka
Cordenka, the industrial rayon producer, has reported increased demand for rayon tyre cord products converted into dipped cord fabric. The company supplies dipped cord fabric to the individual specifications of tyre manufacturers around the world; at present around 14,000 tonnes a year and rising, from its recently-modernised plant in Obernburg, Germany.
Continue ReadingUS Government Investigates Ford Focus
The National Highway Traffic Safety Administration (NHTSA) has opened four separate defect investigations into the Ford Focus. Two of the investigations relate to possible airbag malfunctions, and the others concern rear wheel bearings failure and reports that the engine could catch fire. Aimed at motorists under 35, the Focus is the fifth best-selling car in the USA. However, since its introduction in 2000, it has been the subject of eight recalls.
Continue ReadingCo-operation Ends Between Continental And Toyo
The ten-year old technology and co-operation between Toyo and Continental has ended, nine months ahead of schedule. This follows the formation of a joint venture between Continental and Yokohama to co-operate on technology and tyre production in Japan. Conti is also co-operating with Bridgestone in the development of run-flat tyres. The ending of the Conti/Toyo agreement was brought forward at the request of the German manufacturer, according to Toyo.
Continue ReadingNHTSA Investigation Into General Tyres Ends
The National Highway Traffic Safety Administration has ended its investigation into alleged failures of General Ameri*550 tyres, saying that it could find no safety defect. Ford was using the tyre to replace Firestone tyres and it was alleged that the failure rate of the General tyre was higher than that for Firestone. Many of the supposedly faulty tyres showed abuse and neglect on the part of their owners, it was revealed. When the investigation started, Ford removed the General tyre from its list of acceptable replacements. The Ford replacement programme officially ended at the end of March.
Continue ReadingNew Chairman At Amcast
Leo Ladehoff has stepped down as chairman of Amcast a day after the announcement that its second quarter loss had been reduced to 4.9 million Dollars in 2002. Ladehoff will remain as a director, but his post of chairman will be taken by CEO Byron Pond. Meanwhile, Joseph Grewe is joining Amcast as president and COO. Grewe will be responsible for all Amcast operations and will report to Pond.
Continue ReadingNew Wheel For New Audi
The latest Audi A8 Sport will come with a no-charge option of a nine-spoke 20 inch wheel. This will also be available on the A8 Quattro. The standard A8 will be offered with an 18 inch hollow-spoke five-spoke polished alloy wheel.
Continue ReadingContinental: End Of Truck Tyre production?
Morgan Stanley sees Continental Shares as positives at the end of the 17th Global Automotive Conference. Conti boss Manfred Wennemer had previously stuck to the goal of reducing debts and had announced that Continental was to buy the remainder of the Temic shares from Daimler Chrysler in the co ming month at a cost of 200 million Euro. When, as planned in the previous year, all five factories have been closed down, more than 50 per cent of Contis production capacities will be located in low wage-cost countries. After Wennemers statements in New York, some analysts, as has already been quoted in leading economic journals, regard it as possible, or even probable, that Continental is already thinking about dropping its truck tyre production completely - whereas the passenger tyre sector is still closely allied to the concept of chassis management.
Continue ReadingShift of Michelin Production Towards Romania
Next month, Michelin will close its truck tyre plant at Burnley (UK) and move the production capacity to Romania where the company took over a local producer several months ago. This move was confirmed by CFO Michel Rollier during the Global Automotive Conference held by Morgan Stanley in New York. Rollier added that the truck tyre business should create an average operating profit between 13 and 14 per cent. In the previous year this had been just 8.8 per cent due to the declining market. - a result which was, in any case, much better than the competitors results. Rollier added that Michelin wants to intensify its passenger car tyre engagement in the European high performance sector and to improve its position in the winter tyre segment. Both segments meanwhile have become attractive markets. In the USA Michelin has been able to win market share and has exchanged 2.6 million tyres during the Firestone recall.
Continue ReadingUsed Tyre Discussion Document Published
The long-awaited discussion paper on a possible producer responsibility model for used tyres has been published by the Department of Trade and Industry. This seeks comments on possible statutory Producer Responsibility requirements on used tyres as a consequence of the Council Directive 1993/31/EC on landfill of waste. Comments must be made in writing by the 12th July 2002, and sent to the relevant addresses given in the discussion document. Copies are available from:- Paul Hallett, DTi, Sustainable Development Directorate, Bay 426, 151 Buckingham Palace Road, London SW1W 9SS, or can be downloaded from www.dti.gov.uk in PDF format. This document will affect everybody in the tyre business, ensure you have your say in its preparation by at least reading this document.
Continue ReadingRealignment At Hayes Lemmerz
Hayes Lemmerz International Inc has announced a strategic re-alignment of its European wheel operation. The move creates a new European Wheels Group from the European Fabricated Wheels and European Cast Wheels Business Units. Giancarlo Dallera, from the European cast Wheels Business Unit will be president of the new European Wheels Group, reporting to Curtis Clawson, Hayes Lemmerz Chairman, President and CEO. Clawson says, This realignment positions us uniquely in the market-place to provide unparalleled service, as well as create one trusted source of solutions for our customers.
Continue ReadingPredicted Fall In Car Sales
Automotive analysts, Autopolis predict a 13 per cent fall in the European car market (from 1999 peak level, in the next 18 months. The claim is based on the European trend showing first in Scandinavian markets, Greece and the Netherlands. Danish demand has already fallen by 40 per cent, Finland by 20 per cent and Greece by 29 per cent in the last year. Economic conditions reinforce the prediction, which would see the market drop by 1.9million units by 2003. Autopolis expects recovery in late 2003, but that there will be little long-term growth till 2010, with Toyota and Hyundai making the greatest gains, whilst smaller producers lose share.
Continue ReadingSurprise Bond Issue From Michelin
The French tyre manufacturer launched a 1.5 billion Euro bond issue of a two part bond. The issue surprised the markets and has a seven-year maturity on a One billion Euro bond, plus a further 500 million pounds in a ten year bond.
Continue ReadingTruck Sales Head Down
North American Truck sales have plummeted, down by as much as 50 per cent since the 1999 peak. There are signs that the downturn may spread to Europe. European truck manufacturers expect sales to fall by 15-20 per cent in 2002. Volvo has declared US deliveries of trucks down 40 per cent and a 21 per cent decline in Europe. Daf also expect to see the European market fall by 20-25 per cent this year.
Continue ReadingPlant Expansion For Goodyear
At a time when Goodyear is selling and downsizing, the company has announced a 4.7 million Dollar expansion at its Asheboro, North Carolina plant. The plant manufactures steel wire for tyres, hoses and conveyors. The expansion will involve the expansion of the workforce by 20.
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