An EU-funded project, involving nine European partners and the University of Bath, has resulted in a prototype urban vehicle called CLEVER (Compact Low Emission Vehicle for Urban Transport). The idea behind the 2.16 million euros (1.5 million Pounds) project was to produce a new type of vehicle for city motoring, less than one metre wide.
Accuride has appointed Donald T Johnson Jnr and Craig H Mulhauser to its board of directors. Johnson has also been appointed to the board’s audit committee. “I am pleased to Don and Craig to Accuride’s board,” said Jamie Greene, Partner of Kohlberg, Kravis Roberts and Co (KKR) and chairman of Accuride’s board. “Their extensive global transportation knowledge and industry expertise will afford Accuride additional perspective while pursuing its strategic global growth initiatives.”
(Akron/Tire Review) Bandag Inc. reported $212.4 million in consolidated net sales for the first quarter of 2006, an increase of 12 per cent compared to consolidated net sales of $189.8 million in first quarter of 2005. Consolidated earnings from continuing operations were $3.8 million for the first quarter compared to 2005 first-quarter consolidated net earnings of $6.0 million.
(Akron/Tire Review) Just as suddenly as it came up, One Equity Partners has ended its quest to acquire Titan International Inc. One Equity Partners made an $18 per share offer last October, a move opposed by one of Titan’s largest shareholders but support by the company’s board.
Goodyear Tire & Rubber Company shareholders have re-elected James C. Boland, Steven A. Minter, Michael R. Wessel, John G. Breen and William J. Hudson, Jr. to the company’s Board of Directors.
In other business, shareholders passed a proposal requiring the annual election of directors. In connection with that proposal, the terms of all of the company’s directors will expire at the 2007 annual meeting.
Goodyear Tire & Rubber Company shareholders have re-elected James C. Boland, Steven A. Minter, Michael R. Wessel, John G. Breen and William J. Hudson, Jr. to the company’s Board of Directors.
In other business, shareholders passed a proposal requiring the annual election of directors. In connection with that proposal, the terms of all of the company’s directors will expire at the 2007 annual meeting.
(Akron/Tire Review) Following the retirement of chairman and CEO Dan Wire on 31 March, Treadways Corp has announced the reassignment of two senior executives. Ryoji (Roy) Araki will assume the position of chairman of the board and CEO, and Koichiro (Kyle) Iwasawa will assume the position of president and chief operating officer.
Titan International’s board of directors has approved a quarterly cash dividend of $.005 (one half cent) per common share for the first quarter of 2006. The cash dividend is payable 17 April 2006, to stockholders of record on 31 March 2006.
At the Nokian Tyres Annual General Meeting, to be held April 6, 2006, the Board of Directors will propose the Members of the Board of Directors to be elected for the next period. The nominees are the current Members of the Board of Directors: Rabbe Grönblom, Hannu Penttilä, Petteri Walldén and Kim Gran and new Members of the Board of Directors: Hille Korhonen, Koki Takahashi and Alexei Vlasov.
PSA Peugeot-Citroën has named Bridgestone Europe as its Supplier of the Year 2005 for quality. On 6 March 2006, BSEU Chairman, CEO and President Minekazu Fujimura accepted the award, based on the company’s achievement of a zero ppm fault rate and zero quality issues for year 2005, at a ceremony held in the automotive manufacturer’s Poissy (France) facilities.
The event, attended by Jean-Martin Folz, Chairman of the PSA Peugeot-Citroën Managing Board, and his fellow board members, was introduced by Jean-Philippe Collin, General Purchasing Director.
(Akron/Tire Review) AFX News reports that Italian banks Mediobanca and Banca Intesa will probably be tapped to lead the IPO of Pirelli SpA’s tyre group. Goldman Sachs may also be an advisor on the potential deal. No decision on bankers has been made. Pirelli’s board of directors said it would consider an IPO for it tyre unit, but would retain controlling interest.
Cooper Tire & Rubber Co has named Steven M Chapman as a director of the Company, effective immediately. Mr Chapman is the Group Vice President, Emerging Markets & Businesses for Cummins, Inc., a global leader in diesel engines and related technologies. Mr Chapman will fill the vacancy that has existed on the Board since the departure of Dennis J Gormley. He will serve Gormley’s unexpired term until 6 May, 2008.
(Akron/Tire Review) Continental AG has appointed William L Kozyra a deputy executive board member. Kozyra, president and CEO of Continental Teves Inc in Auburn Hills, Michigan, is responsible for the automotive systems division’s NAFTA business. “The appointment of Kozyra gives Continental an executive board member in North America to represent its interests locally in dealings with key OE customers located in the region,” said Continental in a release. The appointment takes effect immediately.
(Akron/Tire Review) The board of directors of Pirelli SpA has said it will consider launching an IPO for its global tyre division, though the Italian tyre and telecommunications company said it would hold a majority share in the spin-off.
Amtel-Vredestein N.V. has appointed Victor Tuluk as general director of Amtel-Chernozemye Tire Production Complex in Voronezh. He replaces Vyacheslav Chemerinsky.
Vyachelsav Chemerinsky, who leaves the company to pursue other interests, will remain a member of the board of directors at Amtel-Chernozemye. He is also a deputy of the Voronezh Duma. “Vyachelsav has expertly managed the arduous task of bringing our Voronoezh facility into the 21st century. We are grateful he will remain on the plant’s board,” said Amtel-Vredestein CEO, Alexei Gurin.
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