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Future Looking Brighter

With 2006 proving to be a tough year for the North American tyre industry, Continental AG Chief Executive Manfred Wennemer believes that things look set to improve in 2007.

Speaking to media at the North American International Auto Show, he pointed towards declining raw material costs, a potential upswing in replacement demand and reduced operating costs as signs of better times. “I am convinced 2007 will be a good tyre year” said Wennemer. “We do see there is some demand for the market that was not satisfied in 2006.”

9th January 2007/by Tyrepress Editors

More Details of Navistar – Double Coin Deal

(Akron/Tire Review) Citing the effects of a global shortage on commercial truck tires, Navistar has opted to add China-made Double Coin radial truck tires to its OE mix. Navistar signed a deal with China Manufacturers Alliance to put Double Coin radials on “several platforms” of its Class 4-8 International vehicles and IC Corp. buses.

The move marks the first time that a China-produced truck tire has earned an OE position with a major North American truck producer.

8th January 2007/by Tyrepress Editors

Exec Director quits Balkrishna, Plans to Purchase Alliance

Former Balkrishna Industries Ltd executive director Yogeshkumar (Yogesh) Mahansaria and his brother Ashokkumar have reportedly quit the fast-growing Indian tyre producer, citing “family differences” as the reason. Yogesh has now teamed up with US equity firm Warburg Pincus to Acquire Israel’s Alliance Tire for US$45 million.

Alliance has been in negotiations with the two buyers, and the transaction is expected to be completed before June. The Alliance purchase forms part of a new venture that Yogesh Mahansaria has been quoted as saying he intends to float in the near future.

4th January 2007/by Tyrepress Editors

Herman Trend Alert: Manufacturers Being Squeezed

(Akron/Tire Review) In the United States and elsewhere, structural (non-wage) costs for manufacturers, as a percentage of the total costs, are continuing to rise. According to a study released in September by the U.S. National Association of Manufacturers (NAM), The Manufacturing Institute and the Manufacturers Alliance/MAPI, structural costs increased from 22.4% to 31.7% of the total costs, compared to similar costs for similar companies in nine trading partner countries in 2003. “(This) sharp rise in these non-wage costs represents a significant and long-term problem for our nation’s manufacturers and America’s economy,” said John Engler, president of the NAM.

1st December 2006/by Tyrepress Editors

Lexani Names Two Exclusive Distributors

(Akron/Tire Review) Lexani has selected two exclusive US regional distributors for its Lexani high performance tyre line. Terry’s Tire Town, based in Alliance, Ohio, will offer the line in Ohio, Maryland and Virginia, while Wheel City Wholesalers, based in Eagan, Minn., will cover Minnesota, North Dakota, South Dakota and Wisconsin. “The Lexani name on a line of tyres fits in perfectly with our target market,” said Chad Murphy, president of Wheel City Wholesalers. “It is also the only brand of performance tires we have an exclusive on in our territory. The Lexani tyre line is one we expect our dealers to be able to sell profitably as a high quality premium brand.”

20th November 2006/by Tyrepress Editors

Warburg Pincus to Buy Control of Alliance Tire

Alliance Tire Co. ltd. has announced that international private equity fund Warburg Pincus is interested in acquiring the 80 per cent controlling interest in the company from Fishman Holdings at a value of $348 million. Warburg Pincus has invested $20 billion in 525 companies.

16th October 2006/by Tyrepress Editors

Alliance Major Shareholder Agrees to Sell Up

Alliance Tire Co. ltd. has announced that Eliezer Fishman has signed a memorandum of understanding (MOU) to sell his direct and indirect holdings in the company to a group of investors at a price reflecting a company value of $48 million, 20 per cent above its market capitalisation. In the MOU Fishman promises not to negotiate with third parties for 10 weeks. During this period the buyers will conduct due diligence and complete negotiations for buying the shares.

13th October 2006/by Tyrepress Editors

Need Forklift Tyres?

Kirkby Tyres reports that it has been involved in the supply of forklift truck tyres for around 40 years. The company is sole UK agent for Double Coin radial products and Armour Crossply industrial tyres, which are normally sold complete with a tube and flap.

15th August 2006/by Tyrepress Editors

Arnco Gets Deal With ACTN Member Dealers

(Akron/Tire Review) Tire-fill maker Arnco will provide its polyurethane flatproofing material to the American Commercial Tire Network (ACTN), a buying group representing a group of commercial tyre dealers. Founded in 1999, ACTN is an alliance of 17 independent commercial tyre dealers located in 41 states and with more than 75 retread plants and 320 service locations.

27th July 2006/by Tyrepress Editors

Alliance Tire Wins $4 million Caterpillar Contract

Alliance Tire Co. ltd. has signed a supply contract with Caterpillar Inc., the world’s largest manufacturer of heavy engineering equipment. Alliance Tire expects the contract to generate $4 million revenue through December 2007. According to Alliance, the relationship could create other business opportunities for the company and help it penetrate new markets.

14th July 2006/by Tyrepress Editors

Macquarie Bank Buys Inflation Company for US$470 million

A consortium led by the Macquarie Capital Alliance Group (MCAG), which is part of the Macquarie Bank Group, has acquired the world’s largest operator of tyre inflation vending equipment, ASI Holding Corp, for $US420 million. According to local news reports, MCAG will invest up to $109 million, which is up to 61 per cent of the total equity requirement of $179 million.

19th June 2006/by Tyrepress Editors

Kirkby Tyres – One of Europe’s Largest Wholesalers

Kirkby Tyres operates from a three-acre site in Liverpool, close to John Lennon airport, and has grown to become one of the largest wheel and tyre wholesalers in Europe. For most of the UK, next working day delivery of stock items is the norm. The company has long-standing links with major players in the international tyre and wheel markets, which means that it can obtain products from a variety of sources.

29th March 2006/by Tyrepress Editors

US Companies Plan Tyres-to-Ethanol Facility

US companies Startech Environmental Corp. and Future Fuels (FFI) in the building of FFI’s own $84 million Waste-to-Ethanol Facility to be constructed in Toms River, New Jersey. “An important fact sometimes overlooked is that waste is an inexhaustible, renewable, ever-recurring resource.”

Joseph F. Longo, Startech Environmental Corp., president Startech also received the Letter of Intent from FFI for FFI’s purchase of a 100 ton-per-day Startech Plasma Converter System (PCS) for installation in the Waste-to-Ethanol Facility in Toms River, scheduled to go online in late 2007. Plans call for the Toms River Facility expansion to include a series of additional Startech PCSs.

24th March 2006/by Tyrepress Editors

Bandag Net Earnings Halve

Bandag Inc’s fourth quarter 2005 net earnings slid to less than half of their 2004 level despite strong net sales of $252.3 million (£142 million), up seven per cent. Consolidated net earnings totalled $12.1 million, compared with $30.8 million in 2004. According to the company, net sales were positively impacted by foreign currency translation to the tune of approximately $3.5 million.

Announcing its full-year 2005 results, Bandag reported consolidated net sales of $914.6 against $864.3 million in 2004. Consolidated net earnings for 2005 were $49.5 million compared to $66.9 million in 2004.

3rd February 2006/by Tyrepress Editors

UK Equipment Becomes Snap-on Equipment Ltd

UK Equipment Ltd., a fully-owned subsidiary of Snap-on Inc. is changing its name to Snap-on Equipment Ltd., in keeping with the corporation’s global identity. The name change will be effective as of 1 March 2006 and over the coming weeks all aspects of the company’s identity will change to Snap-on Equipment.

30th January 2006/by Tyrepress Editors