Goodyear Tells of Increased Market Share
Goodyear Dunlop UK and Ireland has released the claim that, despite challenging economic conditions, the company has managed to increase its car tyre market share by a margin of over 4 per cent in the last four months. Over the company’s four major brands, including European-developed Fulda and Sava in addition to the best-known Goodyear and Dunlop names, the manufacturer states that it reached a two year peak of 27.1 per cent of the market during the last third of a year. Group managing director, Mark Brickhill said that the Birmingham-based company’s strong and diverse portfolio of brands has been the key to gaining market share in challenging conditions. While the rest of the market was declining by 0.6 per cent, Goodyear Dunlop’s December consumer sales were 6 per cent higher than in the same month in 2007. The company says that its share of Market has been growing steadily over the last four months, reaching its aforementioned peak in December.
Continue ReadingBridgestone Revises 2008 Fiscal Projections Following EC Fine
Following the January 28 European Commission decision regarding the international marine hose cartel, Bridgestone has once more revised its consolidated financial projections for the 2008 fiscal year. The company anticipates net sales of 3,250 billion yen (£25.5 billion), an amount unchanged since it last revised its projections on December 22, 2008 and 170 billion yen (£1.3 billion) less than the company’s original 2008 year projection, announced on August 8, 2008. Operating income, at 118 billion yen (£926.7 million) and ordinary income of 64 billion yen (£502.6 million) also remain the same as the December 22 projection. Net income, however, is now projected to be 7.5 billion yen (£58.9 million), a reduction of 4.5 billion yen (£35.3 million) or 35 per cent from the December revisions. Last August the tyre major had anticipated net income of 66 billion yen (£518.3 million).
Continue ReadingProtyre to Supply BFGoodrich Rally Tyres in UK
Protyre Motorsport has followed up news of its agreement to supply Michelin track tyres in the UK and Ireland with the announcement of a new deal to supply BFGoodrich rally tyres to competitors in the UK. The range of tyres to be provided by Protyre Motorsport includes dry weather asphalt tyres which deliver both consistency and versatility; gravel tyres for the three categories of loose surface rallies with tyres that offer soft, medium and hard compound; and snow tyres for all the winter fixtures. Protyre Motorsport will also provide service, support and advice for competitors at key rallies in the UK during 2009.
Continue ReadingKumho Tires Begin 2009 With Motorsport Triumphs
Kumho Tires’ motorsport season started off on the right footing following a win at the opening round of the 2009 Irish Tarmac Rally Championship and its highest ever rank at the Dakar Rally. Eugene Donelly, driving a Skoda equipped with Kumho rally tyres, competed in the A8 class (Over 2000cc, Group A) finishing in first place in the initial round of the Irish Rally, held in Galway on the weekend of 16-18 January. In addition to Donelly, three other vehicles equipped with Kumho rubber ranked first and second in N4 Class (fifth and sixth overall), and first in A7 Class (seventh overall) among 139 vehicles.
Continue ReadingMichelin Installing Europe’s Largest Photovoltaic Roof
Michelin will soon be the proud owner of Europe’s largest photovoltaic roof panel installation – the company plans to fit more than 147,000 square metres of solar panels on the roof of its facility in Cuneo, Italy. With annual production of nearly 10 million kWh, the panels will provide electricity for 2,000 inhabitants while reducing the amount of CO2 released into the atmosphere by 1,200 tonnes a year. The photovoltaic power plant is scheduled to be operational in early 2010. It will be developed and operated by Frey Nouvelles Energies, a company that produces electrical power from renewable energy sources.
Continue ReadingCabot Chemicals Announces Closures and Layoffs
Specialty chemicals producer Cabot Corporation announced on January 28 that reduced sales have caused its fiscal first-quarter profit to drop 88 per cent versus the previous year. In hand with this news, the company announced it would cut 500 jobs, some 12 per cent of its workforce, as part of a comprehensive restructuring plan. Net sales of US$652 million were recorded in the first quarter of fiscal 2009, compared with $711 in the first quarter last year. This represents a decline of 8.3 per cent. Net income for the quarter was $4 million, as opposed to $36 million in Q1 2008.
Continue ReadingConti Names New Interim CFO
Following the announced departure of Dr. Alan Hippe from Continental AG and his appointment as CFO of ThyssenKrupp, the German tyre and automotive component manufacturer has announced a successor to fill Dr. Hippe’s shoes – for the time being. According to the German Press Agency, Continental manager Gérard Cordonnier will take on the job of acting CFO as of March 1. Cordonnier will assume this position in addition to his current role of financial chief of the company’s Interior division. He will not, however, become a member of Conti’s Board.
Continue ReadingCooper to Announce 2008 Results on 26 February
Cooper Tire & Rubber Company has informed interested parties that the company is to announce its 4th-quarter/year-end 2008 financial results before the market opens on Thursday, 26 February. Company management will discuss the financial results in a conference call beginning at 11:00 Eastern Standard Time (16:00 GMT) on the same day. The call will be webcast on the manufacturer’s investor relations webpage at www.coopertire.com. The webcast will be available until the following Thursday, 5 March.
Continue ReadingGoodyear Closing Mixing Plant
The Richmond, Virginia, Times-Dispatch reported that Goodyear will close its rubber mixing plant in Radford, Va. The plant mixes rubber stock for Goodyear factories, the report said. Goodyear laid off 31 workers at the plant in December; the remaining 18 employees will be cut when the plant is closed on 30 January. The mixing plant had been owned and operated by Brad Ragan Inc. before Goodyear bought it. Separately, news reports said that Goodyear was instituting one-week partial shutdowns at its Topeka, Kansas, truck and OTR tire plant. The shutdowns, Goodyear said, will come in February and March. (Tire Review/Akron)
Continue ReadingCould Part Nationalisation Be an Option for Conti?
German media reports, supposedly quoting industry sources suggest Schaeffler Group is discussing the possibility of either the federal or state governments taking a direct stake in Continental AG. So far, the federal government has clearly rejected such an idea and has only indicated the possibility of potential loans or loan guarantees. Whichever way it goes, we are likely to see the outcome tomorrow 30 January as after the summit meeting between state prime ministers Christian Wulff (Lower Saxony) and Horst Seehofer (Bayern) and German Economics Minister Michael Glos in Berlin. Meanwhile Reuters reported that Continental AG posted a full-year operating profit margin of 8 per cent in 2008, quoting “several people familiar with the matter.” The sources also said that Continental manager Gerard Cordonnier would be appointed as new Chief Financial Officer of the company.
Continue ReadingL’Adventure Michelin Inaugurated in Clermont-Ferrand
Those interested in all things Michelin, be it past, present or future, can now visit a place dedicated to the French manufacturer, its history and its current and future developments. On January 23, Michelin Group managing partner Michel Rollier inaugurated L’Adventure Michelin, a 2,000 metre facility in the tyre major’s home town of Clermont-Ferrand. The centre will open to the public in spring 2009.
Continue ReadingMandelson Announces £2 billion Automotive Industry Loan Scheme
Yesterday the government announced a package of measures designed to defrost more than £2 billion automotive industry credit that has frozen as a result of the global economic downturn. The measures include guarantees to unlock loans of up to £1.3 billion European Investment Bank (EIB) guarantees for investment in lower carbon initiatives and loans or loan guarantees to support of up to £1 billion of lending for lower carbon initiatives for non-EIB backed projects. Shadow Secretary of State for Business, Enterprise and Regulatory Reform, Ken Clarke, criticised the measures for being “small beer.” But will the funding offer assistance to UK tyre manufacturers? Here’s what the small print has to say: The measures will “apply to projects over £5 million.” Crucially the announcement specified that UK-based automotive parts suppliers with an annual turnover of £25 million or more could also be considered. UK-based manufacturers of construction equipment (such as diggers and bulldozers) and suppliers that meet the criteria of the framework will also be eligible to apply. The catch is that loan guarantees will only apply to “low carbon” projects. No date for the commencement of loans and loan guarantees under the framework has yet been set since it is dependent on European Commission clearance.
Continue ReadingBridgestone, Conti & Others Fined for Hose Cartel Participation
Bridgestone, Continental, Trelleborg and at least two other companies have been fined a combined total of 131.5 million euros by the European Commission for their role in the price fixing and rigging bids for rubber marine hose. The Commission’s decision follows the action of overseas authorities, such the US Justice Department, that has seen charges laid against a number of executives from British, French, Italian and Japanese firms. The fines were announced on January 28 and Bridgestone received the largest penalty, 58.5 million euros. The size of Bridgestone’s fine, which was increased by 30 per cent, reflects its leading role in the cartel, which operated for more than two decades. Trelleborg’s French subsidiary has been handed a 24.5 million euro fine, while Continental, via its UK-based Dunlop Oil & Marine unit (a member of the ContiTech Group), has been fined 18 million euros.
Continue ReadingJoe Park Joins Hankook Tyre UK
Hankook Tyre UK Ltd has appointed Joe Park as Regional Sales Manager (Commercial) for Scotland. According to Hankook UK commercial vehicle tyre sales manager, Barrie Horrocks, Park will be responsible for developing Hankook Truck Tyre sales throughout Scotland. His main focus will be to promote the benefits of the Hankook brand of truck tyres to the fleet engineers/transport managers of large and medium sized regional and national truck fleets in the Scottish region. Joe Park brings joins Hankook from Michelin and brings with him many years of technical and sales experience.
Continue ReadingPirelli Workers in Turkey Demonstrate Against Layoffs
Employees at Pirelli’s facility in Kartepe, Turkey have taken part in a sit-in protest at the factory site after hearing news that 80 workers had been laid off. Workers at the Türk Pirelli factory stopped production late on January 26 and many occupied the factory. According to the Lastik-İş labour union, all 1,150 factory employees took part in the sit-in.
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