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KeyBanc Raises Goodyear Share Target to $48

KeyBanc has raised its price target for Goodyear Tire & Rubber shares from $39 to $48, maintaining its Buy rating. The firm said: “We believe the main thrust of the GT story is the combination of external forces, such as improving demand, strong pricing and moderating raw material costs, and those unique to GT, including the new labour agreement, lower unfunded pension liabilities leading to reduced pension expenses, other non-union cost reduction initiatives (including interest expenses) and the yet-to-be announced next round of profit enhancing moves.”

6th July 2007/by Tyrepress Editors

Workers Trade Time for Investment at Michelin Germany

Michelin has agreed to invest 250 million euros in its German factories by 2012 in exchange for its 5,600 staff extending their working week by an extra 75 minutes without any extra pay. This decision follows an agreement with the mining, chemical and energy industry trade union IG BCE.

The company’s four facilities – Karlsruhe, Homburg/Saar, Bad Kreuznach, Trier and Hallstadt – manufacture a total of 17 million tyres a year.

3rd July 2007/by Tyrepress Editors

Dunlop India Plant Halts Production

Production at Dunlop India’s Sahagunj facility, which re-opened late last year and began producing tyres in January for the first time since 2001, has once again come to a virtual stop. According to state commerce and industry minister Nirupam Sen, a shortage of working capital is the factor behind this stoppage. “I shall discuss the issue with chairman Pawan Kumar Ruia,” he said following a meeting with union representatives and a local member of parliament. During this meeting it was alleged that company management have not been honouring the agreement they made with employees.

News of the facility’s latest woes has been widely reported in India’s media. Newspaper The Statesman has quoted union representative Kali Ghosh as saying “Mr Pawan Ruia has lost all his credibility.” He further stated that the Ruia group had not brought in capital or raw materials to run the plant, and claimed that workers are also owed money.

3rd July 2007/by Tyrepress Editors

Falcon Tyres, Sumitomo Signs Technical Assistance Deal

India’s Falcon Tyres has signed a technical assistance agreement with Japanese giant Sumitomo Rubber Industries. Chairman of Falcon’s parent Ruia group, P.K. Ruia, has stated that Sumitomo will provide know-how for the production of tyres for two-wheeled vehicles.

According to Mr. Ruia, the agreement will provide assistance for everything from improving production processes through to the introduction of tubleless and other technically advanced tyres. He said although the brand had to date focused upon the OEM segment, the current sluggish growth in OEM demand might force the company to increasingly look at the replacement market.

Falcon Tyres finalised its 2006-07 results at its board meeting on June 28, and have reported an increase in dividend from 25 to 30 per cent for the year. This follows an increase in turnover from £312.9 million £393.9 million. The company’s net profit improved from £4.4 million to £4.8 million.

29th June 2007/by Tyrepress Editors

Expansion Planned For Nokian Tyres’ St. Petersburg Factory

Nokian Tyres plc and Lemcon Oy, which is part of the Lemminkäinen Group, have signed a contract agreement on the expansion of Nokian Tyres’ plant in St. Petersburg. The contract was signed in Vsevolozhsk on 21 June.

Expansion will begin immediately and will be completed in March 2008. In total, the expansion will comprise approximately 33,000 square metres. Potential production capacity can be increased from the current four million tyres per year up to around 10 million tyres per year. Two new production cells will be installed in the new production premises in 2008 and these will increase the annual production volume to six million tyres. The maximum annual capacity of 10 million tyres will be achieved in 2011. Production machinery will be new and as automated as possible and the increased capacity will call for future investments in an expansion of the mixing plant and machine lines.

26th June 2007/by Tyrepress Editors

SmarTire Signs With John Deere

SmarTire Systems Inc. has announced that it has signed an agreement to supply its SmartWave tyre pressure monitoring system (TPMS) to Deere&Company, maker of the well-known John Deere vehicles. “We’re very pleased to be working with Deere&Company, a leading global manufacturer of vehicles in the construction, mining and forestry sectors,” SmarTire CEO Dave Warkentin said.

“The off-road (OTR) market is a key part of our business strategy and we believe that our agreement to supply Deere&Company is a major step forward in our effort to penetrate the OEM segment of that market. We are excited that the engineering phase has been successfully completed and expect production to begin soon.”

15th June 2007/by Tyrepress Editors

Autobacs Forms Credit Line for Acquisitions

(Akron/Tire Review) Japanese automotive parts and accessories retailer Autobacs Seven Co. has established a committed line of credit capped at $822.8 million, to finance the acquisition of competitors inside and outside Japan. An agreement for the five-year commitment line was signed with an investment firm in the UK.

Autobacs will also soon set up a panel to discuss its planned acquisitions and include outside experts to obtain their advice. But the firm says it is “not yet at a point where the acquisition plans can be announced.”

Autobacs said it intends to boost domestic sales, including those at its franchised stores, to approximately $3 billion by fiscal 2008 from the fiscal 2006 level of $2.5 billion. In April, Autobacs reached an agreement to buy U.S. parts retailer Strauss Discount Auto out of bankruptcy for a price of up to $55 million.

4th June 2007/by Tyrepress Editors

Matador Supplies China’s Triangle

(Akron/Tire Review) Matador’s machinery unit has signed an agreement to sell 10 tyre production machines to China tyremaker Triangle. The deal, said the Slovakian tyre and equipment producer, is worth 11.33 million euros. “With this contract, Matador has confirmed its important position among Slovak exporters,” said Matador group spokesman Dusan Koblisek.

18th May 2007/by Tyrepress Editors

Goodyear Dunlop Named as 2nd Pan-Government Supplier

Goodyear Dunlop, along with its HiQ and Truck Force networks, have been appointed as the second of the two suppliers of tyres and associated services for a three-year framework agreement for a pan-government tyre sourcing initiative led by the NHS Purchasing and Supply Agency (NHS PASA), in conjunction with the Office of Government Commerce (OGC). A government spokesman told Tyres & Accessories that the framework is divided equally between the two suppliers.

18th May 2007/by Tyrepress Editors

BFNAT Des Moines Union Workers Approve Contract

(Akron/Tire Review – Des Monies Register) Union workers at the Bridgestone/Firestone North American Tire (BFNAT) agricultural tyre plant in Des Moines, Iowa, approved a new labor contract by six votes.

The agreement, which covers about 1,225 employees, is set to expire in July 2009. BFNAT will invest up to $100 million in the Des Moines plant as well as two others, according to the contract. Additionally, a new tiered wage system provides lower pay rates for new employees, starting at $13 an hour.

“It gives us some protection for retiree health care and definitely protects our plant security for the term of the agreement,” said Al Skinner, Local 310 president. “Companies expect us to compete competitively internationally, which is impossible. They (international competition) work for pennies on the dollar. They expect us to compete with them. It’s virtually impossible for us to do that.”

27th April 2007/by Tyrepress Editors

BFNAT Reaches Agreement With Bloomington Workers

(Akron/Tire Review) The United Steelworkers Local 787 union in Bloomington, Ill., has approved a new three-year contract with Bridgestone/Firestone North American Tire (BFNAT).

Seventy-six percent of the union workers at the OTR plant voted in favor of paying more for medical insurance. In return, workers gained an extra holiday and seniority rights. Wage scales remain the same, but workers will receive cost-of-living pay increases.

Earlier this month, BFNAT reached a tentative deal with the United Steelworkers covering tyre plants in Akron, Ohio; Des Moines, Iowa; and LaVergne, Tenn.

Local 787 has worked under an expired contract since July. The new agreement will expire in July 2009.

26th April 2007/by Tyrepress Editors

BFNAT Gets Tentative Bloomington Deal

(Akron/Tire Review) Reports from Bloomington, Illinois, indicate that USW Local 787 has reached a tentative contract agreement with Bridgestone/Firestone North American Tire. Earlier this month, BFNAT reached a tentative deal with the United Steelworkers covering tyre plants in Akron, Des Moines and LaVergne, Tennessee.

Bridgestone Americas Holding also reached contract deals with the USW for non-tire plants in Russellville, Arkansas, and Noblesville, Indiana The Bloomington OTR tyre plant was on a separate contract.

USW members at the Bloomington plant are expected to vote on the new contract this weekend and into Tuesday next week.

Votes at the other USW represented plants are expected to be completed by April 25.

According to the report, USW workers at BFNAT’s truck tyre plant in Warren County, Tennessee, also on its own contract, ratified a new three-year pact last week.

23rd April 2007/by Tyrepress Editors

USW, Unions in Canada and Europe Explore ‘Super-Union’

(Akron/Tire Review) Globalisation is happening everywhere. On April 18 the United Steelworkers (USW), Amicus and the Transportation & General Workers Union (T&GWU) of the United Kingdom began considering a possible merger, one that would create a labour union covering four countries and some 3.4 million members.

Representatives of the three trade unions – representing workers in the U.S., Canada, the U.K. and Ireland – signed an agreement in Ottawa establishing a merger committee. Within one year, the committee is expected to develop merger plans to create one super-union.

USW said the deal follows a “strategic alliance” between Amicus and the USW two years ago. Further, Amicus and T&GWU will already merge May 1, creating Unite, a union with some 2 million members. By contrast, the USW claims 850,000 members.

20th April 2007/by Tyrepress Editors

US Court Approves Solutia’s Acquisition of Flexsys

Approval has been granted for Solutia Inc.’s agreement to acquire chemical firm Akzo Nobel NV’s share in Flexsys as well as its Japanese Crystex business. The US Bankruptcy Court for the Southern District of New York granted its consent to the transaction on April 11. The court’s consent was required as Solutia is emerging from Chapter 11 bankruptcy, which it filed for in 2003.

Flexsys, headquartered in Brussels, is a 50/50 rubber chemicals joint venture between Akzo Nobel and Solutia, formed in 1995. According to Solutia, Flexsys reported 2005 sales of about US$600 million and employs more than 1,000 people worldwide. Crystex is a Flexsys product, but produced by a separate Japan-based entity.

17th April 2007/by Tyrepress Editors

Changes to Beru’s Executive Board

TPMS manufacturer Beru AG has announced that the company’s appointment of chairman of the board of management and employment Marco von Maltzman will not, by mutual agreement, be extended beyond its current term, which is due to end on January 31, 2008.

According to a statement released by Beru, the supervisory board “thanks Mr. von Maltzan for his efforts and his successful work for the company over the past four years.” His successor has not yet been decided upon.

Beru’s supervisory board has also appointed Marcus Knödler, formerly responsible for finance and reporting, as deputy member of the board of management. Mr. Knödler will be responsible for Finance and IT.

12th April 2007/by Tyrepress Editors