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Giti Sees the Woods for the Trees

In 2007 Giti Tire acted as co-sponsor for the ‘Great Turtle Race’, an international sea conservation event designed to raise awareness of and funds for the endangered leatherneck turtle. This year the tyremaker’s support for green causes continues, and Giti Tire recently announced it is donating $1 million for conservation projects in Indonesia’s northern Sumatra region and the mountains of southwest China as part of an agreement with Conservation International.

The program will protect the habitat of threatened species such as the Sumatran orang-utan in Indonesia and pandas in southwest China through the replanting of forest areas. Giti reports that, during the first year, the investment will offset the corporation’s overall 2008 carbon emissions.

13th February 2008/by Tyrepress Editors

Solutia Files Suit Against 3 Banks

On Feburary 6 Solutia Inc. filed a complaint in the US Bankruptcy Court for the Southern District of New York against the three banks that had executed a firm commitment to fund a US$2 billion exit financing package for Solutia, but to date have refused to meet this commitment. These banks are Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche Bank Securities Inc.

The supplier of chemicals to the rubber industry is seeking a court order requiring the banks to meet their commitment and fund its exit from bankruptcy. The complaint also asserts that the banks should be stopped from invoking the clause they claim relieves them of their obligation due to their improper conduct and misrepresentations to the company, and further claims that the banks fraudulently induced Solutia to enter into the initial engagement by promising that the financing was firmly committed. Solutia and the banks have agreed that Solutia’s claim to require immediate funding of the $2 billion package should be heard by the Court on an expedited basis, with the trial to conclude by the end of February – prior to the expiration of the banks’ commitment.

8th February 2008/by Tyrepress Editors

Chicago Pneumatic Buys Japanese Tool Manufacturer

Chicago Pneumatic Vehicle Service Division recently acquired Tokyo based KTS Co. Ltd., a leading Japanese maker of handheld air tools for the vehicle service market. The agreement, which was signed in December 2007, further strengthens the presence of CPVS, and its range of tools and associated products to the automotive aftermarket sector, in Japan and Asia.

KTS’ product range includes Power Magnum branded tools as well as air tools sold under other OEM brands. KTS serves the second largest automobile market in the world, providing Chicago Pneumatic with a brand, sales force and manufacturing arm which will facilitate fast growth in Japan and throughout Asia.

8th February 2008/by Tyrepress Editors

Vellco & National Tyres & Autocare sign Two-Year Agreement

Following on from a series of one-year agreements forged during recent years, Vellco Limited has announced a two-year total waste management agreement with National Tyres & Autocare. As part of the new deal a number of recently agreed upon program initiatives will be launched. These cover a wide variety of automotive waste streams.

The new arrangements take immediate effect and will reportedly provide significant operational savings for National Tyres & Autocare over the next two years. In addition to conventional waste stream management, Vellco has undertaken to provide National Tyres & Autocare with an innovative environmental analysis, which will enable the fast fit chain to track its carbon footprint and to strive to become carbon neutral within a defined target period.

31st January 2008/by Tyrepress Editors

WRAP Seeks New eQuip Lessors

WRAP is looking for new lessors to join its successful eQuip Residual Value Guarantee scheme, which in its four years of operation has benefited a number of tyre recyclers. There are currently ten finance providers signed up to the scheme and WRAP now wants to open the panel to new lessors as the recycling sector continues to grow.

Ian Wardle, Head of Business Support at WRAP, says: “eQuip has already made a significant contribution towards meeting UK recycling targets. To date, 328 assets have been guaranteed through eQuip, at a value in excess of £19 million. These assets have already diverted three million tonnes of waste from landfill and the demand for this type of activity is going to grow rapidly in the next few years. We need other lessors to join the existing panel so that we can help the recycling sector to keep pace with this demand.”

25th January 2008/by Tyrepress Editors

Deldo to Introduce Expanded Minerva Range

Since its introduction in 1992 Minerva has become well known as a private brand from Deldo. To give the brand more continuity and continued development, Deldo has entered into an agreement with two new manufacturers.

Thanks to intensive co-operation with these Korean and Chinese manufacturers Deldo is now able to offer a very competitive size range, with a total of approximately 50 size ranges between 13 and 19-inches available in 2008. The patterns to be introduced have been developed for the European market where quality and uniformity have been the most important starting point.

22nd January 2008/by Tyrepress Editors

Titan May Chop Production at Ex-Goodyear Plant

It appears, as previously reported, that the honeymoon between the United Steelworkers and Titan International Chairman and CEO Morry Taylor is over. News reports say that Taylor is threatening to move tyre production out of Titan’s plant in Freeport, Illinois, unless the USW goes along with his plans to make the former Goodyear plant operate profitably.

“That’s the way it is,” Taylor told the Freeport Journal-Standard. “We’re going to run a profitable plant or we’re going to shave it down until it does make money. I told everyone that when we first came here.” Apparently, Titan is seeking staffing and wage reductions, but specifics of Titan’s plan for the plant were not revealed. In a memo obtained by the Freeport newspaper, Taylor said that without concessions from the USW employment could be cut to the bare minimum allowed under Titan’s current contract with the Steelworkers.

18th January 2008/by Tyrepress Editors

Bridgestone Renews US Service Centre Deal

The North American truck drivers’ rest and service centre chain TravelCenters of America has extended its truck tyre supply agreement with Bridgestone Firestone North American Tire for a further seven years. At present more than 230 “TravelCenters of America” and “Petro: Lube” branded truck repair locations operate throughout the US and Canada. The tyremaker will continue to be the exclusive premium tyre supplier to all company owned outlets, as well as to the company’s fleet of 400 “RoadSquad” service vehicles, through to December 31, 2014.

18th January 2008/by Tyrepress Editors

No Control Tyre for Australian Rally Championship

Australian Rally Commission (ARCom) chairman Colin Trinder has announced that a control tyre will not be adopted for the 2008 Australian Rally Championship competition season. The Commission initially sought expressions of interest from tyre suppliers and other stakeholders last October, and Mr. Trinder states that the decision not to pursue an arrangement similar to that adopted by numerous other championships was only taken after extensive consultation with all relevant parties.

Mr Trinder said Rallycorp received “some very attractive offers”; in spite of this he states that the complexity involved in implementing a workable scheme in 2008 meant there was insufficient lead in time to fully explore all the options in detail for the upcoming season. “Moving to a strict control tyre regime simply cannot be rushed and unfortunately all the necessary moving parts required to reduce the overall cost of tyres for all competitors in the ARC could not be brought together in sufficient time for the 2008 season,” he said.

18th January 2008/by Tyrepress Editors

Yokohama Pumped Up for Big Screen Role

Yokohama has announced it has concluded a product placement agreement for the latest Hollywood film by Matrix directors the Wachowski brothers. The film, written and directed by the brothers, is titled Speed Racer and is scheduled for release in major international markets in May 2008.

Under the agreement, Yokohama will supply tyres for the technological star of the film, a car named “Mach 5,” and upon the film’s release the tyremaker also carry out extensive promotional activities in some 40 countries where it operates overseas subsidiaries and affiliates. Yokohama reports that it looks forward to the opportunity to further enhance global recognition of the ‘Yokohama’ brand name through association with this film.

11th January 2008/by Tyrepress Editors

Reflex Vehicle Solutions Chooses Kwik Fit

Stockton on Tees based Reflex Vehicle Solutions, operator of a 6,500 vehicle strong fleet of rental cars and light commercial vehicles, has entered into a repair agreement with Kwik Fit Fleet. The new deal will give Reflex Vehicle Solutions clients access to Kwik Fit Fleet’s 670 outlets and 200-vehicle strong mobile fleet network.

10th January 2008/by Tyrepress Editors

Aftersoft Gets New Financing Deal

Chester based Aftersoft Group Inc., which supplies business software to the automotive aftermarket, has successfully completed a revolving credit and term loan agreement with ComVest Capital LLC, raising US$6 million in funds for working capital and other general corporate purposes.

Ian Warwick, Aftersoft’s chairman and CEO, said “we have successfully completed a complex financing agreement in a difficult market environment, which reflects the value, stability and growth potential of Aftersoft’s diverse businesses in the automotive aftermarket. Our management team can now turn its full attention to building those businesses, with the ultimate goal of duplicating in the US and other markets the growth and success we have achieved in the UK. In addition, we can now accelerate our efforts to complete the spin-off of Aftersoft from Auto Data Network.” (Tire Review/Akron)

7th January 2008/by Tyrepress Editors

£400,000 Contract Win For Bandvulc

Ivybridge-based Bandvulc Tyre Contracts (BTC), the management arm of the Bandvulc Group of Companies, has won a major new contract from Axis Intermodal, one of the leading European hirers of Trailers, Trucks, Rigids and Intermodal Swap Bodies. The new deal is worth an estimated £400,000 per annum.

BTC will manage Intermodal’s 5,000-strong fleet across the UK and Europe delivering real time cost savings through a comprehensive package of benefits. One such benefit is the ability to provide specific recharge reports, enabling Axis to monitor and control damaged tyres.

7th January 2008/by Tyrepress Editors

Amtel-Vredestein to Supply Fiat Albea

Amtel-Vredestein N.V. has signed an agreement to supply Amtel tyres for Fiat Albea cars produced in Russia. The deal, struck with OJSC Severstal-Avto – the sole distributor for Fiat in Russia, will see the company start OE supply in the first quarter of 2008. Volumes are expected to be up to 10,000 tyres per month. The contract to supply tyres to Severstal-Avto has been in preparation for about two years. The main supplier will be the Amtel-Povolzhye tyre complex in Kirov. Amtel tyres have passed certificate tests at the Balocco testing area, in Italy, and numerous audit tests by Severstal-Avto and Fiat specialists at the company’s plant in Kirov.

21st December 2007/by Tyrepress Editors

Amtel-Vredestein in Moscow Plant Sale Talks

Amtel-Vredestein NV is in discussions with “a number of companies” regarding the possible sale of its Moscow tyre manufacturing unit, “Moscow Tyre Plant-M”, which is located near the centrE of Moscow. In this event, the Company may relocate the tyre production plant to its Voronezh, Russia facility. “These negotiations may or may not lead to any agreement. A further announcement will be made in due course,” the official statement added.

18th December 2007/by Tyrepress Editors