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New president for Hayes Lemmerz Europe

Hayes Lemmerz has named Fred Bentley (38) as president of the company’s European Wheel Group, succeeding Giancarlo Dallera, who has retired. Bentley joined Hayes Lemmerz in 2001, before which he held senior positions with Honeywell Consumer Products and AlliedSignal. In his new post, he reports direct to Curtis Clawson, chairman of the board and CEO, and will have responsibility for the European Fabricated Wheel and Cast Aluminium Wheel businesses, plus wheel operations in Brazil, South Africa, Thailand, Turkey and India.

7th October 2003/by Tyrepress Editors

Borbet in South Africa

Murray & Roberts has sold 50% of the business of AWI South Africa to Borbet GmbH of Germany, with effect from 1 July 2003 and subject to approval by the competition authorities.

11th September 2003/by Tyrepress Editors

Tiger Wheels’ Profits Rise

South African company Tiger Wheels, which claims to be Africa’s largest producer of wheels and distributor of tyres, has reported an increase in profit for fiscal 2003 of 41 per cent, to 114,9 million Rand (14.7 million Euro). Tiger’s shares rose 3.6 per cent at the news, to reach 14.5 Rand (1.85 Euro).

4th September 2003/by Tyrepress Editors

Bridgestone to expand production of truck and bus tyres

Bridgestone Corporation has announced that it will increase production capacity of truck and bus radials at three plants in Japan, and will double the planned capacity at a plant currently under construction in Thailand. The reason is to cater for continuing growth in global demand for truck and bus tyres.

Production at the three Japanese plants at Amagi, Tochigi and Tokyo will increase to 1,300 tyres per day, thanks to an investment of two billion Yen (US$16.86 million), with expansion work expected to be complete by the end of 2004.

In Thailand, subsidiary company Bridgestone Tire Manufacturing (Thailand) Co. Ltd., has doubled the capacity originally planned for the plant it is building in Chonburi. Construction work began in February this year and the plant will begin production in the second half of 2004, with a daily production of 2,500 tyres. The latest expansion plans will see this increase to 5,000 tyres a day by the end of 2006, and they will cost seven billion Yen ($59 m), bringing the total investment in Chonburi to 24 billion Yen ($202.3 m).

These projects are part of Bridgestone’s on-going, global plans for expanding production capacity in radials for trucks, buses and passenger cars. Car tyre investment will address the shift in demand towards larger sizes and high-performance tyres in the mature markets of North America, Europe and Japan. At the same time, it will cater for growing demand for standard tyres in Asia, the Middle East and Africa.

The Bridgestone group has earmarked around 90 billion Yen for its capital spending programmes by the end of 2006.

4th September 2003/by Tyrepress Editors

Q2 Net Loss For Goodyear, But Sales Rise

Goodyear’s second quarter (Q2) figures reveal that the company lost $73.6 million, compared to a net income in Q2 last year of $28.9 m. Sales were up nearly 8 per cent at $3.8 billion (3.5 bn), but volumes were down half a million units to 52.8 million pieces. Chairman and CEO Robert J. Keegan described the results as „disappointing“, but said he was encouraged by the „numerous positive trends„ (notably operations outside North America) and he was „optimistic“ about the turnaround plans.

1st August 2003/by Tyrepress Editors

Trelleborg Wheel Systems – First Half Year Results

Figures show that Trelleborg Wheel Systems achieved sales for the first half of the year of 1,470 million Swedish Kroner (SEK), or 160.2 million Euro. Operating profit was up 33 per cent to SEK 84 million (9.15 m Euro), compared with last year’s first half figure of SEK 63 million (6.87 m Euro). During the second quarter, turnover was SEK 713 million (77.7 m Euro) and operating profit was SEK 39 million (4.25 m Euro).

29th July 2003/by Tyrepress Editors

Waste Tyres – The South African Solution?

South Africa has an estimated stockpile of 800 million waste tyres; a considerable achievement for a country that produces only 12 million tyres per annum. Currently most of these tyres are either burned, or retreaded. The former releasing styrene and butadiene, both known human carcinogens, into the atmosphere along with thick black smoke and other chemicals.The South African government recognises that this is not a satisfactory response to the growing problem and is intending to make it mandatory that tyre manufacturers recycle their rubber products. The recycling initiative is estimated to be about to create some 800 jobs in recycling and collection. With only one recycling plant in the country there is a shortage of recycling facilities and the government is in discussions with various companies with a view to establishing further recycling plants. One of the key end products is the use of tyre rubber in asphalt.One of the problems for any investor in recycling in South Africa is the lower volumes experienced in the business compared to Europe or the USA. These lower volumes push up costs and make the already marginal operations less cost effective still. The government’s aim is to drive the tyre manufacturers to provide the recycling facilities, one way or another, and to ensure proper disposal of their products. The government will impose a one per cent tariff on the sale of every tyre, this will be used to fund the collection and disposal through The South African Tyre Recycling Process Company, a non-profit organisation that will collect waste tyres and deliver them to recycling points.

8th July 2003/by Tyrepress Editors

New Drivers at Matador

Since T&A last visited Matador there have been a few changes in the management team. These have been brought about by the retiring of company patriarch, Stefan Rosina Snr. There can be little doubt that Stefan Rosina Snr. is not only a sound businessman, but also an astute politician; if he were otherwise he would not have been able to guide Matador into the free market as he did. The many years involved in the business have placed Mr. Rosina in a commanding position to help develop Matador’s relations both with the Slovak government, of whichever hue, and with politicians and businessmen in the new markets of Russia and the former Soviet influenced states. Although no longer at the helm of Matador, Stefan Rosina Snr, still plays a major figurehead role both as a consultant and as a powerful lobbying tool for Matador.He has been replaced as president of Matador by his son, Stefan Rosina Jnr. as President and Chairman of the Board of Directors. Mr Rosina Jnr. told T&A that the company aims to remain fully independent although working towards new projects with joint venture partners in growing markets. Mr. Rosina reported ongoing developments in Russia at Omskshina, where the JV was now producing 1.5 million tyres per annum and selling every single piece on the Russian domestic market where the Matador brand had already developed a strong following of loyal and satisfied customers. Two other joint ventures in Russia were still under development. Much there depended upon final negotiations and Due Diligence work before any official announcements could be made. However, a JV with Addis Tyre in Ethiopia was in the course of being finalised as we spoke. “This is a long term investment, we will build gently in Africa through our Ethiopian partners. We have long term plans to develop the region, create jobs and wealth and provide education. In Matador, wherever we are we see the potential to provide good employment prospects through the generations. My father worked for Matador, Miroslav (brother) and myself work for Matador and our children also have started working for Matador. We see that same opportunity for all our employees families.”The direction of the company may not have altered but the structure of the upper management has. Stefan Rosina Jnr is the President and Chairman, he is supported by Miroslav Rosina as Vice Chairman and Director of International Operations. The top layer of management is completed by Jozef Vozar, vice president for strategy and General Director Štefan Prekop.

8th July 2003/by Tyrepress Editors

Yokohama South Africa Cuts Tyre Prices

In South Africa, Yokohama is drastically cutting prices of passenger car tyres, by up to 26 per cent. The company says that this is because the Rand has strengthened against other currencies and is challenging competitors to reduce prices also. Yokohama has an estimated 2 per cent share of the South African market.

24th June 2003/by Tyrepress Editors

SRI Plans Price Increase

Sumitomo Rubber Industries has announced its intention to increase prices from three to five per cent in the second half of the year. These increases will apply to Sumitomo brand passenger, light truck, truck and bus tyres in Asia, Middle East, Latin America and Africa and they will vary according to country and product line. The increase is necessary, says SRI, because of increasing raw material costs and follows a similar price increase introduced in January this year.

9th May 2003/by Tyrepress Editors

Continental Sales And Earnings Rise In 1Q

Continental has turned in a good performance in the first quarter, despite a sluggish automotive sector market. Sales rose 3.2 per cent over 1Q 2002 to 2.82 billion Euros (2.73 bn). If these are adjusted for currency fluctuations, the increase was 9.7 per cent. Net profit was up 28 per cent to 87 million Euros, giving a margin of 6.5 per cent. Passenger tyre revenue was up, as were sales at Continental Automotive Systems and ContiTech, but turnover on truck tyres was down.

6th May 2003/by Tyrepress Editors

Bridgestone raises prices in Asia

Bridgestone Corp. has begun raising tyre prices by between 3 and 5 per cent in Asia, Oceania, the Middle East and Africa to cover rising costs of raw materials. The increases will cover Bridgestone and Firestone radial and bias passenger, light truck, truck and bus tyres. Prices in the Japanese market will not be affected. Bridgestone has been implementing the price increases in stages since March 1 to compensate for the rising costs of raw materials, including natural rubber, synthetic rubber, carbon black and some chemical additives.

2nd May 2003/by Tyrepress Editors

First Quarter Loss For Goodyear

Goodyear Tire & Rubber has posted a first quarter 2003 net loss of $163.3 million, compared to a 1Q loss last year of $63.2 million. Turnover for the period was up 7.1 per cent to $3.5 billion ($3.3 bn 1Q 2002), due largely to currency translation and the loss before taxes was $135 million ($85.6 m). International tyre sales were generally good, but the tyre business in North America continued to struggle. President and CEO Robert Keegan was optimistic, however, saying that Goodyear was “aggressively cutting costs to make the business competitive.” He added: “We have much work left to do, but our turnaround is on track”.

2nd May 2003/by Tyrepress Editors

Bridgestone Profits Doubled In 2002

Japanese tyre giant Bridgestone Corporation has reported a strong rise in net profit for the year ended December 31, 2002, and predicts a gain for 2003 as well, even though it warns that business conditions are getting tougher. Bridgestone’s group net profit more than doubled to US$378 million, from US$145 million, on brisk overseas sales. Group sales climbed 5.3 per cent to US$18,700 million, with pre-tax profit jumping 99 per cent to US$1,233 million. For the year to December 2003, the company said it expects group net profit to come to US$584 million, the same mark it initially set for 2002. It forecasts pre-tax profit to shrink to US$1,042 million and sales to slip to US$18,682 million. Bridgestone is boosting its capital spending in 2003 by more than 60 per cent to US$1.6 billion. The company’s president, Shigeo Watanabe, said the investment is aimed at boosting output capacity in Thailand and Poland, as well as upgrading each plant in Japan.

25th February 2003/by Tyrepress Editors

Maxiprest Issue Warning

Motor tyre group Bridgestone/Firestone Maxiprest (South Africa) announced last Friday that its expected full-year earnings would not be achieved, due to pressure on margins and the effect of the stronger rand on its export trading operations. The group said it was however confident that the areas of concern are being addressed and that the group “will continue to show earnings growth”. It also said its board had decided to make provision for the “non-recoverability of a debt due by an associate company in which the group has a 40 percent equity stake”. It releases its annual results in mid-February. The group’s shares were unaffected by the release of the trading update, trading four cents higher at 1.84 rand by close on Friday, from 1.80 rand on Thursday.

14th January 2003/by Tyrepress Editors