Earnings Of Hayes Lemmerz Impacted By US Truck Production
Hayes Lemmerz International has announced results for the first six months of 2000. Sales were $1,138 million ($1,132), diluted earnings per share were $ 0.73 ($ 0.93). Business was impacted primarily by the drop in heavy truck production in the United States, coupled with the devaluation of the Euro against the Dollar.
Continue ReadingAvon Builds World’s Biggest Bike Tyre
Avon has produced the biggest motorcycle tyre ever made. It is a 250/40 - 18, nearly ten inches wide and does not fit any known motorcycle. Avon says it wants to inspire custom designers to create a bike which will take the tyre.
Continue ReadingNow Continental General Tire Responsible For 18 Deaths?
Tyre failures of the product General 52 S for the Ford Bronco are responsible for the deaths of 18 people, say lawyers in the USA who have filed a law suit against the Group. The lawyers also claim that Continental has deliberately covered up safety faults. Continental rejects all accusations and claims that it has cooperated fully with the NHTSA at all times.
Continue ReadingInterview With Edouard Michelin
There is hardly any international group, that has managed such drastic changes within such a short time, as Michelin. Not least, thanks to the world-wide success of radial tyres, François Michelin (74) was able to make the French tyre manufacturer a global player. His single-mindedness, with which he backed the product and its technical superiority, has resulted in a product- or manufacturer-driven group. It doesn’t matter therefore, if this group is No 1 or only 2 in today’s ranking of the world’s biggest tyre companies, considering that ranking can change quickly. Handing the leadership of the group over to his son Edouard (37), a process started years ago and now finished, has meant more for the company than just a change from old to young, from one generation to another. In keeping best with the group’s company philosophy and its assets, Edouard Michelin has been successful in creating and establishing his company as a market-driven business. At the end of September, Edouard Michelin made himself available to TYRES & ACCESSORIES for a detailed interview in Paris. The article featured in our November issue can be downloaded in full length as PDF file (size: 209 kbyte, Adobe Acrobat Reader required).
Continue ReadingRedundancies And Closures At Finelist
There are reports of redundancies and closures at car parts group Finelist, which went into administrative receivership. Rumours that 120 staff had been made redundant and that 50 Motor World car accessory shops had been closed down, were not confirmed by receivers. It is believed that over 100 companies have expressed an interest in buying parts of Finelist, with ten or so willing to buy the group as a whole.
Continue ReadingKaizaki Dismisses Bankruptcy Rumours
At a press conference, Bridgestone president Yoichiro Kaizaki dismissed rumours that claims for damages in the USA could force Bridgestone/Firestone Inc. into bankruptcy. The company has set aside $450 million to cover claims and any extra needed could come from the US companys reserves, estimated at $2.3 billion. Despite the reassurance, Bridgestone shares fell by over 13 per cent in Tokyo.
Continue ReadingGeneral Manager For Goodyear US Retreading Operations
Armond Boyes has been appointed general manager of Goodyears North American retreading operations. Boyes is responsible for overseeing Goodyears Next-Tred retreading program, including the design, development and sales of Next-Tred products and the installation of retread plants throughout North America.
Continue ReadingGoodyear Supply Problems Continue
Goodyears fill rates in the USA remain low. Dealers are very unsatisfied and are making their opinions strongly known.
Continue ReadingPirelli: Investments In Telecommunications And Internet
According to Italian financial analysts Pirelli will use the US$ 2.15 bn received from the purchase by Cisco of their Terrestrial Optical Networking Systems for investments in telecommunications and the Internet.
Continue ReadingNew Managing Director at Vergölst
Frank Jung (40) will take over as Managing Director at the Conti subsidiary Vergölst, following the departure of Andreas Scheiba. Jung was previously responsible in-house for the German tyre replacement business at Continental.
Continue ReadingMelber back again
Italian brand Melber had to leave the German aftermarket for alloy wheels last year. In co-operation with Euro Consulting and sales manager Josef Holder the company is now planning a relaunch of the brand in the German market.
Continue ReadingPacific Dunlop Announces Drop In Net Income
The Australian Conglomerate, Pacific Dunlop Ltd., cannot reach its income figure from 1998 of A$ 188m. In the first half of 1999 the company reached a net income of A$74.5m compared with A$ 101.7 million for the first six half of 1998.
Continue ReadingMorgan with SmarTire
The Morgan Motor Company has decided to fit the new Morgan Aero 8 with the tyre pressure control system SmarTire. The 260 km/h top speed Aero 8 will have no spare tyre fitted.
Continue ReadingBMW Chief Milberg Does Not Convince The Press
It seems that BMWs CEO Joachim Milberg may be close to being dismissed. The German magazine stern reports that the major shareholder - the Quandt family - has lost confidence in Milberg due to his mis-handling of the problems associated with daugther company Rover. The BMW boss also left many questions unanswered at a press conference on 17th March. For example, he and his colleagues neglected to mention the planned sale of Land Rover to Ford. Milberg also responded with no comment to the question why had three colleagues been forced to leave the company over the Rover fiasco when Milberg himself and the boss of the Supervisory Board Doppelfeld had been the ones responsible? The Quandt family owns over 40% of BMWs shares and they have said that they would never entertain a take-over bid for the company. In the light of recent events, many people are sceptical of such statements.
Continue ReadingPirelli With Great Ambitions in Africa
Pirelli’s truck tyre division generated a 1999 turnover of 466 million Euro and an EBIT of approximately 38 million Euro (eight per cent of turnover). For the current year the division has set itself the firm target of breaking the 500-million-euro barrier. The commercial vehicle tyre business accounts for almost 20 p.c. of Pirelli’s tyre turnover, in which the truck tyre factory in Alexandria/Egypt plays a key role. (The group also has commercial vehicle tyre production in Settimo Torinese/Italy, Izmit/Turkey and Santo André/Brazil). The enterprise started in 1990 with a mere 11 p.c. Pirelli participation in the 150 million dollar investment. And even that was not in hard cash but in know-how about building a new truck tyre factory and research and development data for the product. Other investors were local, both private and public finance consortiums. As Egyptian legislation was liberalised, it became possible for the Italians to increase their share to 60 p.c. by capital raising measures and to take the industrial leadership. Only two years after the start of building the first truck tyre was produced at the Alexandria factory. In 1995 the annual capacity was 100,000 truck tyres, today 330,000. In two investment stages capacity is to be increased to 550,000 tyres in the short term and to 800,000 tyres per year by 2003. But the plans do not only involve volume growth; new products are also part of the project, for instance the tubed tyres FG85 and TG85 for on/off application in Africa and the Middle East, introduced on the Truck Tyre Day 2000. The total investment plan is for 140 million Euro. Currently only a third of the truck tyres produced in Alexandria go to export, but in future exports will account for about half the output. Read more in NEUE REIFENZEITUNG 5/2000.
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