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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

Goodyear Sells SA Distributor

Intertyre, Goodyear’s South African distribution operation has been taken over by African Genesis, a wholly black-owned investment company. African Genesis has taken 70 per cent of Intertyre leaving Goodyear with the remaining 30 per cent. Currently Goodyear has 40 per cent market share in South Africa and the change in management of Intertyre is planned to increase the company’s performance. Intertyre CEO Lawrence Mavundla, who is also the national president of the African Chamber of Hawkers and Informal Business, said yesterday that the deal presented an opportunity for small business to set up mini distribution enterprises in the tyre industry. He said the partnership would bring about a “robust growth” in Goodyear’s market share, mainly in the passenger vehicle market.”There are some chamber members who trade in tyres. However, the tyres they sell mostly don’t meet the SA Bureau of Standards’ requirements,” he said. Mavundla said while some of these small enterprises import tyres illegally, the situation was worsened by some traders who used glue to retread tyres, making them unsafe.Intertyre hopes to address these problems by making tyres available at reasonable prices to Chamber members. It is also hoped that this will initiate strategic alliances with Goodyear subsidiaries and create a platform for generating other larger projects in South Africa and neighbouring countries.

11th December 2002/by Tyrepress Editors

Kaplan Praises Sava Performance In Interview

In an interview with a Slovenian newspaper Jarro Kaplan, president of Goodyear’s Eastern Europe, Africa and Middle East region, paid tribute to the part played by Sava Tire in Goodyear’s global business activities. Since Goodyear took an 80 per cent stake in Sava in 1998, the Slovenian company has grown in international importance, exporting more than 90 per cent of its production to 70 countries, with plans to enter the US market soon. Kaplan described the Sava workforce as “well educated, highly productive and internationally oriented.” A five-year investment program in Sava was completed a year ahead of schedule and, says Kaplan, Goodyear is seriously considering further production expansion. In addition to the Sava brand, the factory produces Goodyear, Dunlop, Fulda and Debica brand tyres and is Goodyear’s only European factory to produce 17.5 inch truck tyres.

6th December 2002/by Tyrepress Editors

New Plant For Bridgestone

Bridgestone Corp, Japan’s largest tyremaker, said on Tuesday it would spend 17 billion yen to build a third tyre plant in Thailand to meet growing demand for truck and bus tyres, particularly in Asia. The development, first notified in December 2000 by T&A, could also take Bridgestone to the number one position in the global tyre market. Bridgestone said in a statement that the new plant, located in Chonburi, 60 km south of Bangkok, would produce and export tyres to the Americas, Europe, the Middle East, Africa, and other Southeast Asian countries. “The new plant is a move to provide a multilateral, global response to the growing worldwide demand for truck and bus tyres,” said a spokesman for Bridgestone.

27th November 2002/by Tyrepress Editors

Andreas Niegsch Replaces Marco Molinari At Goodyear Dunlop UK

On December 1st, Andreas Niegsch will be appointed General Manager of Goodyear Dunlop UK, replacing Marco Molinari, who is leaving the company to pursue other interests. Molinari’s current position of Group Managing Director will be eliminated. Niegsch will report to Robin McKnight, MD of Goodyear Dunlop sales countries, western Europe. Niegsch originally joined Dunlop Germany in 1998 as manager, sales countries, western Europe and was appointed director the following year. In 2001 he assumed his current position as director of marketing and sales for Goodyear’s Eastern Europe, Middle East and Africa region. The UK manufacturing operations at Wolverhampton and Washington will report directly to the European regional manufacturing HQ in Luxembourg, as part of the current policy to centralise product sourcing to obtain maximum efficiencies.

27th November 2002/by Tyrepress Editors

$20 Million Investment In Zimbabwe Bandag Plant

National Tyre Services Limited (Zimbabwe) has invested $20 million on the commissioning of a third curing chamber at its Harare Bandag factory. The investment comes at a time when other companies are closing shops or relocating to other countries. NTS Zimbabwe is an official re-distributor of Dunlop tyres and is now the largest customer in southern Africa for Bandag products.

5th November 2002/by Tyrepress Editors

Goodyear 3Q Results: Net Income Triples

Goodyear has published its results for the third quarter. Net income more than tripled to $33.7 million (3Q 2001: $9.3 m), while worldwide sales were down slightly at $3.5 bn ($3.7 bn). Currency movements had an estimated $4 m negative effect on sales and $10 m on earnings. For the first nine months, Goodyear posted a loss of $0.6 million, compared with a loss of $29.6 m for the same period last year. Sales were down too, at $10.3 bn ($10.7 bn), while tyre volumes slipped 2.5 per cent to 160.7 million units. Sam Gibara said that economic conditions in key markets and rising raw material costs are a concern, but Goodyear will continue to concentrate on reducing working capital.

31st October 2002/by Tyrepress Editors

Investor Update From Goodyear

In August, North American industry shipments of consumer replacement tires were 8 percent below last year’s levels. Goodyear’s shipments of consumer replacement tires were also down and below the industry shipment levels. However, Goodyear’s shipments to its large wholesalers continued to improve in August. Shipments of custom brand tires declined significantly from August 2001 levels. Commercial replacement tires were up 18 percent from last year’s levels. Goodyear’s shipments of commercial replacement tires increased but were below industry shipment levels.European Union industry replacement tire shipments were down 1 percent for consumer tires and down 6 percent for commercial tires compared with prior year levels. Goodyear consumer tire shipments declined at the same rate as the industry and Goodyear commercial shipments were below industry shipments. In Eastern Europe consumer replacement tire unit sales for Goodyear were up significantly compared with August of last year. Volume gains were reported in most countries, especially Russia and South Africa. The Latin American market showed August replacement tire shipments were up primarily due to higher consumer sales in Mexico and Venezuela and strong commercial sales in Brazil whilst OE shipments were down significantly from last year due to a decrease in auto production in Mexico and Brazil. In Asia replacement tire shipments increased throughout the region in August whilst OE tire shipments declined from 2001 levels due to lower sales in China and the ASEAN region.

19th September 2002/by Tyrepress Editors

Tiger Wheels Grow

South African Tiger Wheels has benefited from a weak Rand pushing attributable earnings up by 63.3 per cent for the year to June. Revenue was up by 22 per cent and earnings by 49 per cent. According to the company the average euro-to-rand rate of R8.95 had most benefited the German-based division, ATS which became one of the main drivers for the growth in revenue. The company reported an improvement in production at its Babelegi plant in South Africa, increased production from the new Polish facility and the first phase of a new US wheel manufacturing facility at Auburn, Alabama was now under way. The US expansion has come about to meet the demand for wheel rims from DaimlerChrysler.

4th September 2002/by Tyrepress Editors

South African Waste Tyre Legislation Delay

South Africa produces 90,000 tonnes of waste tyres per year and currently only recycles 10 per cent. The country has one large tyre recycling company and some 10 smaller operations, with another 16 waiting to develop business when waste tyre legislation is developed. However, a white paper on waste expected in July has not yet been issued and the SA Tyre Recycling Process Company (a not-for-profit organisation hoping to establish itself as the governing body for the industry) reports that some landfill sites are already refusing to take tyres and others are charging up to 15 Rand (1,40 €) per tyre. The company suggests a collection fee, payable by the consumer, of 6 Rand (0,60 €), which will fund the recycling process collection and management. The subsidy is needed, say the company, because recycling operations need to receive the tyres at virtually no cost to be profitable.

3rd September 2002/by Tyrepress Editors

Two Records For Dunlop South Africa

In South Africa, a V8 speedster called Spirit of Dunlop, shod with locally-produced SP Sport 7000D tyres, achieved an average speed of 388.538 km/hr over a measures kilometre, monitored by Motorsport SA. This is an unofficial, but recognised, World Land Speed Record for standard production tyres, says Dunlop Tyres South Africa. It also beats the South African Land Speed Record of 372.401 km/hr, which has stood since 1990. The Spirit of Dunlop was driven by three times SA Production Car Champion Grant van Schalkwyk.

22nd August 2002/by Tyrepress Editors

Tripling Investment In South Africa

Bridgestone/Firestone is to triple its investment in South Africa to around 15 million US dollars. Chairman Takashi Wada states that this is part of a drive to build market share and improve exports. There are expectations of increased OE business with Ford, GM, Toyota and BMW. The aim is to make the South African operation the third largest in the Bridgestone portfolio.

13th June 2002/by Tyrepress Editors

Dunlop Divests In South Africa

Dunlop Tyres International (formerly Dunlop Africa) has sold off its international products division to Specialised Belting. The price was not revealed. The international products division includes conveyor belt and hose manufacturing and the sale, according to Dunlop CEO Mike Hankinson, follows Dunlop’s decision to concentrate on the core business of tyre manufacturing

13th May 2002/by Tyrepress Editors

Employee Shareholding Plan From Michelin

Michelin is offering 100,000 employees worldwide the chance to become preferential shareholders in the group. Employees will be able to purchase shares until the end of April with a discount and they will have usual shareholder rights, including access to financial information sent by Michelin to its employees. The object is to strengthen the relationship between the company and its employees and to give them a stake in the group’s development.

10th April 2002/by Tyrepress Editors

MRF Limited

MRF was established in Chennai, India, in 1946 as a general rubber goods manufacturer and gradually progressed into tyre production in 1961.Today, the company enjoys the distinction of being the largest tyre company in the Indian subcontinent and the 13th largest in the world. The Far Eastern Economic Review “Annual Review 200”; rated MRF as one of India’s top ten companies and among the 200 most admired companies in Asia, for the last seven years consecutively.MRF was also rated the No. 1 Ethical Company in India by the Business World magazine. MRF operates six manufacturing plants in India at Tiruvottiyur, Arkonam, Kottayam, Goa, Medak, and Pondicherry and manufactures the largest range of tyres in India´s heavy duty truck/bus tyres, light commercial vehicle tyres, passenger car tyres, off-the-road/industrial tyres, 2-wheeler tyres and farm service tyres. Five of these plants and the conveyor belting factory at Arakonam are ISO 9002 certified. The plant at Pondicherry is QS 9000 certified. MRF Tyres are exported to over 65 countries in the Americas, Africa, Middle East, Australia and Asia.With the focus on exports, the company plans to increase market share and start operations in several new countries. MRF also manufactures conveyor belts and precure tread rubber, and its subsidiaries manufacture toys, speciality paints, leather and leather products.

25th March 2002/by Tyrepress Editors