Cooper Tire shares that it received a ‘Global Media Award’ at this month’s SEMA Show/Global Tire Expo for introducing the new Mastercraft Courser MXT at the show. In addition, the Cooper Zeon RS3-S (in size 325/30R19) was named a runner-up in the New Products Showcase in the Tire and Related Product category.
Deutsche Bank Equity Research Automotive has adjusted its 2013 and 2014 earnings outlook for Bridgestone Corporation. In a company update published on 18 November, analyst Kurt Sanger wrote that overall, Bridgestone’s strong third quarter performance highlighted the company’s “operational excellence through cost controls.”
Current low prices for butadiene rubber have been singled out as a key reason why sales within Lanxess’ Performance Polymers business declined eight per cent year-on-year to €1.1 billion in the third quarter of 2013 despite a 14 per cent rise in volumes. Lanxess says lower raw material prices, especially butadiene, led to selling prices dropping 19 per cent. Sales were also hampered by negative currency effects.
Toyo Tire & Rubber’s third quarter 2013 results, published on 12 November, show a 10.5 per cent year-on-year increase in net sales for the June to September quarter, to ¥268.2 billion (£1.7 billion). Third quarter operating income, at ¥24.7 billion (£155.6 million), was up 159 per cent year-on-year and offered a 9.2 per cent margin.
The €143.85 premium that shares in Continental AG currently command (as of 1pm, 13 November) is the company’s highest-ever share price, yet US bank Citgroup anticipates a target price of €164 – and it has therefore given the company a “buy” rating. Analyst Philip Watkins writes that the tyre and automotive systems company continues to have the sector’s best business model, and opines that the company’s third quarter figures underline its technological leadership.
On the eve of EU-South Korea summit (7 November) the European automotive industry released a statement calling for more to be done to dismantle barriers to trade in South Korea.
At today’s presentation of its 2013-2017 Industrial Plan in London, Pirelli & C. SpA chairman and chief executive officer Marco Tronchetti Provera spoke of the need for a “change of pace” in its activities in Russia, noting that “we’re running late with our start-up plan.” The Russian market situation, and what Pirelli intends to do there, was then explained in greater detail by Gregorio Borgo, Pirelli’s general manager operations.
Karlheinz Haupt (56) is now head of the Advanced Driver Assistance Systems (ADAS) Business Unit in Continental’s Chassis & Safety Division, effective 1 November 2013. He succeeds Friedrich Angerbauer (49) who has been appointed Head of Purchasing for the Chassis & Safety Division. The business unit is headquartered in Lindau, Germany.
BEN, the automotive industry charity has announced that David Prescott, MBE, FCIS, former Deputy Chief Executive, and long standing supporter, has died following a short battle with cancer. In an illustrious career that spanned more than 50 years (36 of which were served with BEN), David dedicated himself to improving the lives of others and his loss will leave a huge void for those who came to know this truly remarkable man.
Maxxis International has launched a new website, which the company says is designed to showcase the many facets of the growing brand. www.Maxxis.co.uk offers new functionality, as well as opening the door to anyone looking to find out more about the fast-growing tyre brand.
Effective 1 January 2014, Patrick Olney will take on the role of chief operating officer at TRW Automotive Holdings. In his new position, the current president of Volvo Construction Equipment will report directly to TRW Automotive chairman and chief executive officer John Plant. Olney will be based in Michelin, USA, and replaces Steve Lunn, who previously announced his intention to retire effective 28 February 2014.
The NBA Global Games’ visit to Taiwan gave tyre manufacturer Kenda the ideal opportunity to meet up with the franchise it sponsors, Houston Rockets, and its star player Jeremy Lin. Kenda officials were invited to a private meet and greet with Lin, who entertained guests by sharing some childhood memories of Taiwan, at Taipei’s Okura Prestige Hotel.
TRW Automotive Holdings was recently awarded the 2013 General Motors Supplier Quality Excellence Award for “achieving consistently high levels of quality performance” during the past year at then of its manufacturing facilities.
Following BEN’s recent announcement of its plans to create a new residential and retirement ‘village’, the charity was honoured by a visit from His Royal Highness Prince Michael of Kent GCVO who laid the foundation stone of the state-of-the-art care centre currently under construction on the site of Lynwood, BEN’s long-standing centre in Sunninghill, Berkshire.
At its board meeting on 24 October, the directors of JK Tyre & Industries Ltd approved a RS 14.3 billion (£144.5 million) expansion of its Chennai factory in eastern India.
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