2013 Archives - Page 24 of 25 - Tyrepress

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Pirelli Shareholders’ Agreement Renewed

Pirelli & C. SpA, parent company of Pirelli Tyre, reports that its “Sindacato di Blocco Azioni Pirelli & C. SpA” shareholders’ agreement has been renewed for approximately three years. No changes to members or shares have been conferred. The agreement’s new expiry date is April 15, 2013. All the members in the shareholders’ agreement, Pirelli adds, have expressed the will to renew the agreement within the deadline contractually determined for withdrawal, 15 January 2010.

22nd January 2010/by Tyrepress Editors

Japanese Firms to Establish Singapore Synthetic Rubber Operations

According to a November 28 article in Japan’s Nikkei newspaper, two Japanese chemical companies, Asahi Kasei Corporation and Zeon Corporation, intend to establish synthetic rubber plants in Singapore to cater for growing demand for low rolling resistance tyres.

8th December 2009/by Tyrepress Editors

Research Tips 8.21% Growth in India Until 2013

India’s Automotive Tyre Manufacturers Association has predicted tyre consumption in the subcontinent will grow by five to six per cent in the coming months, yet information collated by Indian based business research firm CARE Research indicates that growth may reach a slightly higher rate. According to the company’s research, India’s tyre industry is expected to grow at 6.81 per cent in the 2010 financial year and at a compound annual growth rate of 8.21 per cent until the 2013 financial year.

27th October 2009/by Tyrepress Editors

Hankook Evaluates Southeast Asian Sites for New Plant

International News

Hankook Tire intends to build a new factory – its sixth overseas plant – somewhere in Southeast Asia. South Korea’s Yonhap news reports company CEO Suh Seung-hwa as stating on October 23 that Hankook may spend between US$250 million and $300 million building the new facility, which is expected to have an annual capacity of ten million units.

26th October 2009/by Tyrepress Editors

Kumho Delays US Facility

Local NBC reports in Georgia, USA say that Kumho is to delay the building of its tyre manufacturing plant in the state’s Bibb County. Unnamed officials told the news source that the plant would still be built, but not until late 2013. The Chamber of Commerce told WMGT.com that low demand for autos and the poor economy had lead to the delay. The Chamber president Chip Cherry said that Kumho is still deliberating over what tyre types will be manufactured at the site, which projections suggest will bring 450 jobs and $225 million into the area.

7th October 2009/by Tyrepress Editors

USW, Goodyear Reach Agreement on Contract

The United Steelworkers (USW) announced on September 19 that a new four-year agreement covering some 10,300 USW members at seven Goodyear Tire and Rubber Company plants has been ratified by secret ballot referendum vote, and comes into effect on September 21.

21st September 2009/by Tyrepress Editors

Bridgestone Says Both Sides Met Contract Goals

Tire Review – While ratification votes are still weeks away, Bridgestone Americas said it is satisfied with its tentative four-year contract with the USW, and that the union met its bargaining goals, as well. The tentative deal covers USW workers at Bridgestone facilities in Akron, Des Moines, Iowa; LaVergne, Tennessee; and Russellville, Arkansas.

18th September 2009/by Tyrepress Editors

Schaeffler Group to Make 250 million euros of Savings

Schaeffler Group has announced that is to implement further cost adjustments, while trying to prevent layoffs. In the first quarter of 2009, the company’s Automotive division recorded a downturn of 33 per cent compared to the previous year, which has now stabilized at a level 25 per cent below last year’s. The Schaeffler Group’s Industrial division, which accounts for 40 percent of total sales, sustained losses of 12 per cent in the first quarter. At 7.5 billion euros, current sales expectations for 2009 are significantly below 2008 levels. In a statement the company said it does not expect the markets to return to 2008 levels until 2012 or 2013.

13th May 2009/by Tyrepress Editors

Bright Puts Bridgestone Tyres on Hybrid

The new “green” concept vehicle from Bright Automotive will come equipped with Bridgestone brand tyres. The Bright Idea, a plug-in hybrid electric vehicle that the producer claims will reach 100 mpg, will feature Bridgestone Turanza tyres. Once in production in 2013, Bright Automotive plans to produce 50,000 of the cars, which will roll on Bridgestone Ecopia radials. (Tire Review/Akron)

22nd April 2009/by Tyrepress Editors

UK Fuel Duty to Rise Incrementally from September

UK chancellor, Alistair Darling announced in the Budget that UK fuel duty will increase by two pence per litre on 1 September 2009, and will be followed by an additional penny – in real terms – every year between 2010 and 2013. The measure is designed to “support the public finances, while also driving the move to a low-carbon and resource-efficient economy”. The Budget predicts that the move will “save 2 MtCO2 per year by 2013-14”, while also providing additional funds for “medium-term fiscal consolidation” (otherwise known as propping up the public coffers with your hard-earned).

22nd April 2009/by Tyrepress Editors

European Truck Market to Fall 20.7% in 2009

Europe’s heavy truck market is predicted to slow 20.7 per cent to 255,800 units in 2009 according to some forecasts. According to Automotive World’s research 2009 will prove to be “the worst for truck sales in recent history.” No return to the almost 350,000-unit market witnessed in 2007 is seen on the forecast horizon that extends to 2013. The report also warns that the positive impact on sales derived from a boom in Eastern Europe is now on the wane and that the 2004 EU accession countries “now appear to have entered a replacement rather than a growth cycle.”

14th October 2008/by Tyrepress Editors

Titan International Offers Company Chief Contract Extension

Titan International chairman and CEO Maurice M. Taylor Jr. is to hold his position within the company at least until 2012, following a two-year extension of his employment contract.

“The Board of Directors proposed a two-year addition to my contract, but before I agreed, I had my doctor, Dan Megler, give me a physical. He told me I was healthy as a 42-year-old jock and I agreed. Hopefully those who know me are not laughing too hard now!” said Taylor. “But seriously, the success of Titan’s super giant tyre project has been the most fulfilling career challenge of my life. I owe this success to our employees, and it is because of their hard work that we see these super giant tyres in use around the world.”

10th October 2008/by Tyrepress Editors

Automotive Employers Urged to Consider Diploma in Product Design

Employers are being encouraged to consider a new Diploma in Manufacturing and Product Design as a way of investing in the future of their business. The course has been developed to equip young people with the skills and knowledge needed to pursue a career in industry, and will be taught from a curriculum designed in partnership with manufacturers. Available to young people aged between 14 and 19, it will be launched in September 2009 in 27 areas across England, delivered by approved consortia of schools, colleges and employers. In September this year, new consortia will be invited to apply to deliver the qualification from 2010, extending its reach to more young people. By 2013, the diploma will be available to all young people in England.

11th August 2008/by Tyrepress Editors

Lower Rolling Resistance, TPMS by 2012, says EU

A host of new vehicle safety and environmental requirements, including several tyre related measures, will become obligatory as of 2012. On May 23 the European Commission unveiled its timetable for the introduction of these measures, of which European Commission vice-president Günter Verheugen said: “We are simplifying legislation. We are improving road safety. We are promoting fuel efficiency. We are presenting a modern integrated policy approach beneficiary for citizens, for the environment and the industry.”

Low rolling resistance tyres (LRRT) are to become obligatory from 2012, and the European Commission notes that, in order to avoid any negative impact on safety, explicit safety requirements are to be introduced alongside new standards on noise. Tyre Pressure Monitoring Systems will also become obligatory from 2012. Deflated tyres, comments the Commission, can cause up to a 4 per cent increase in fuel consumption while reducing tyre lifespan by 45 per cent. Tyres can lose 3 to 6 per cent pressure per month, and this may not be noticed by the driver. According to research by TNO in the Netherlands, the fuel saving potential of LRRT and TPMS in passenger cars is 3 per cent and 2.5 per cent respectively. For new cars with expected engine test cycle performance of 130 g CO2/km this would mean additional reductions of more than 7 g CO2/km (3.9 LRRT and 3.25 TPMS). The CO2 reduction potential of LRRT+TPMS on a current car (with a test cycle of, for instance, 160g) would be greater than 7kg/tonne.

27th May 2008/by Tyrepress Editors

Net Sales, Net Loss Up for Hayes Lemmerz in Q2

Hayes Lemmerz reported on September 6 that its sales for the fiscal second quarter ended July 31, 2007 were US$570.3 million, up 19 per cent from $480.8 million in the corresponding quarter of 2006. The sales increase came from strong international steel and aluminium wheel sales, metals cost recovery and favourable currency fluctuations, the company said.

For the fiscal second quarter, the company reported adjusted EBITDA of $48.5 million, up $6.6 million from $41.9 million a year earlier, and a loss from operations of $4.8 million, compared with year earlier earnings from operations of $7.4 million. “We continue our strategy of restructuring our business, executing our operating plan, and extending the lead in our global wheel business,” said Curtis J. Clawson, president, CEO and chairman of the board.

As part of the company’s ongoing restructuring efforts, Hayes Lemmerz reached “important milestones” in the second quarter that it believes significantly improve its long-term outlook, while imposing one-time transaction costs. “We greatly strengthened our balance sheet by raising $193.1 million through an equity rights offering and a direct equity investment, and paying down $130.8 million of long term debt,” said Clawson. The balance sheet restructuring, which included the rights offering, new senior credit facilities totalling approximately $495 million, and 130 million euros of 8.25 per cent senior unsecured notes issued by a European subsidiary, “improved our liquidity by $80 million, will generate interest cost savings of approximately $24 million annually, and extends all significant debt maturities until 2013 or later.”

7th September 2007/by Tyrepress Editors