Expansion At ContiTech Fluid
ContiTech Fluid – part of ContiTech Holding, a business unit of Continental AG – announced a 50:50 joint venture in China and expansion of the production bases at Wackersdorf and Salzgitter, plus an extension of its Berlin centre of competence.
Continue ReadingSuit Against Concorde Tyre Supplier?
A San Francisco-based specialist law firm is exploring the possibility of filing a lawsuit against Goodyear in Ohio and is contacting dependants of the crash victims. Goodyear has been the exclusive tyre supplier for Air France Concordes since 1995. Therefore the which crashed recently was equipped with Goodyear tyres, too. Whether or not a blown tyre caused the disaster is still not known and a Goodyear spokesman said its way too early to make any assumptions or comments.
Continue ReadingNew Trailer Tyre Offered By Continental
Continental has introduced the trailer tyre size HTR 385/55 R 22.5 for heavy trucks in regional traffic. The HSR tyre in the same size for steer axles will be available from this autumn.
Continue ReadingInvestors Better Off With GM Shares Instead Of Ford
Analysts are recommending investment in GM rather than Ford. Ford is under the public microscope and the focus of analysts. This week, the shares have fallen 13%, representing damage to the group of more than US$ 10 bn. The management is accused of having known about the problems - which have led to the voluntary recall of Firestone tyres - for around two years. Consumer groups and official authorities want an answer to the question whether Ford has worked (ie changed or improved) on the suspension of its vehicles in Venezuela in order to overcome the problems there. The reaction at the stock exchange has probably gone far too far, as, even if the company had to mount a vehicle recall, the figure of US$ 10 bn is too high. The real costs, if any, would be in the region of US$ 1 bn or less.
Continue ReadingFirst Stop in Germany
First Stop is a partnership program of Bridgestone/Firestone Europe in cooperation with independent tyre dealers. The chain started five years ago in Scandinavia and Great Britain and now numbers about 1.100 Outlets in sixteen European countries. All the First Stop dealers have the same corporate identity with a black, grey and red livery. In Germany, the First Stop concept started one and a half years ago with perhaps 30 Outlets, based on the experiences gained in the other European countries and successful marketing measures at Germanys Bridgestone/Firestone own chain A3. Nowadays First Stop has 75 service stations all over Germany and plans for the end of 2000 to reach hundred - representing between 80 and 90 dealers. Marketing and advertisement support is part of the First Stop concept as well as training in technical, business administration and sales aspects. The efforts of the Bad Homburg headquarters also include car servicing (shock absorbers, brakes, exhausts and oil) which is not very strong at many German tyre stations. Also the cooperation guarantees benefits in the purchase of workshop equipment and other parts such as wheels. The dealers can also participate in a three phase tyre offer for cars (for trucks Bridgestone/Firestone developed the Truck Point system): the premium brand Bridgestone, the well known brand Firestone in medium segments, and FST 2000 tyres. FST 2000 is a car summer tyre in nearly 30 sizes from 135/80 R13T up to 195/50 R15V, produced only in Europe and exclusively distributed through its First Stop partners who need an offer for the end user who is more price-conscious. And of course the worlds leading rubber company guarantees best quality. Now Bridgestone/Firestone has added First Stop Winter to complete the program for the dealers. Details can be found in issue 10/2000 of NEUE REIFENZEITUNG.
Continue ReadingUS Jobs Cut By ArvinMeritor
Automotive components group ArvinMeritor is to cut its US workforce by 30%, or 800 staff. The reason is a fall in orders from the truck industry in the USA. There are no plans for cutbacks at the companys European facilities.
Continue ReadingThird Quarter Results Released By Michelin
Third quarter results from Michelin are stronger than expected with revenues growing by 16.4% to 3,916 Euro or 14.6% if the first nine months 2000 are compared with the same period last year. Taking higher raw material costs and other economic factors into account, an EBIT of about 8% seems to be realistic for this year.
Continue ReadingContinental Engaged in Persia
Continental makes her know-how available to Iranian company Kerman Tyre and Rubber Company (Tehran) for the production of truck and car tyre radials. Later Kerman will produce its own brand under this technology plus truck and car tyre radials in an offtake agreement under the Continental brand for the Middle East and Central Asia.
Continue ReadingAward for Bridgestone’s Superbike Tyre “Battlax 010”
The British magazine Motorcycle News has tested motorcycle tyres for machines over 600 cc. Bridgestones BT 010 has won the title Product of the Year in its class due to its extraordinarily good performance. The editor of the magazine underlined in particular the durability and the price-performance relation.
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 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 ReadingVRG Ends Consultations With Team
Surprisingly, Team and VRG could not come to an agreement in some major topics concerning the co-operation of the two German groups of tyre dealers. As a result VRG ended the consultations for the present.
Continue ReadingMichelin Price Increase
After Continental and Goodyear, Michelin is now planning a price increase of 3%, which would be equivalent to absorbing an increase in raw materials (Rubber, Oil) of about 12%. Due to the fact that raw material prices are continuing to grow it seems unlikely that much of the price increase will benefit the manufacturers.
Continue ReadingContinental Shares Like Lead
Despite excellent results and an on-going buy recommendation from Deutsche Bank, Continental shares are not rising. The management has announced that the intelligent tyre is to be fitted as OE from 2003 but refuses to name the car manufacturer. The management also feeds speculation regarding a joint venture partner for brakes in Asia. Will this help the share price to rise?
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