Titan Purchase Committee Member Named
(Akron/Tire Review) In its third quarter financial results, Titan International released the names of those who are serving on its special committee to conduct sale negotiations with One Equity Partners.
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Hankook Tire Selects Hungary as ‘Preferred Site’
Product NewsHankook Tire’s board of directors has approved the selection of Hungary as a preferred site for its proposed 500 million euro plant, the AFX news agency has reported. According to the report, Hankook has formed a local unit — tentatively named Hankook Tire Hungary Ltd — to conduct talks with the Hungarian government.
The unit is said to have a capital base of 14.9 million won. “If the talks are going well, then we can expect to announce the result in early November,” a Hankook Tire spokesman said. The news follows Slovakia’s refusal of incentives worth 110 million euros.
Amerityre Adds Johnsen to Board of Directors
Product News(Akron/Tire Review) Amerityre Corp has appointed Kenneth C Johnsen to its board of directors. Johnsen currently serves on the board of directors of mining equipment manufacturer Joy Global Inc. in Milwaukee. Previously, Johnsen was a director, president and chief executive officer of Geneva Steel in Vineyard, Utah. He also served as executive vice president, secretary and general counsel for Geneva Steel.
“The appointment of Ken Johnsen to the board of directors is another step towards Amerityre’s objective to attract highly qualified outside directors,” said Richard A Steinke, chairman of Amerityre’s board of directors. “Initially, we expect Ken will take an active lead in providing direction with our tire retreading technology.”
Columbian Chemicals Co Proceeds With Bahia, Brazil Plant
Product NewsColumbian Chemicals Co received approval from the Phelps Dodge Corp Board of directors to proceed with plans to build a greenfield carbon black manufacturing facility in the Camacari Pole, a chemical complex in the Bahia state of Brazil. Construction of the facility is anticipated to begin in early 2006 with production commencing the first quarter of 2007.
Smartire’s Independent Board
Product NewsSmarTire’s president and CEO Al Kozak has resigned as a company director to “increase the independence of the board.” The company maintains that the resignation will have no impact on his duties as president and CEO.
Robert Rudman, non-executive chairman of SmarTire’s board, said: “Our objective is to move toward the creation of a totally non-executive, independent board in keeping with the spirit of Sarbanes-Oxley. We are now at a stage to expand the depth and experience of the board of directors.”
Trelleborg Appoint First Executive Vice President
Product NewsTrelleborg’s board of directors has appointed chief financial officer Bo Jacobsson as first executive vice president of the Trelleborg Group. The new appointment will be effective as of 1 October, 2005 in conjunction with Peter Nilsson assuming the position of new president and CEO.
“With his broad experience of management and administration in major companies, and the in-depth knowledge he has acquired of the Trelleborg Group over many years, Bo is a vital sounding board for us all within group management,” says Peter Nilsson.
BERU Achieves Double Digit Quarterly Revenue Growth
Product NewsBeru AG’s preliminary first quarter figures show the company increased its total sales revenues in the first quarter by 14.5 per cent to 97.9 million euros. The company attributed the strong first quarter results to new product “start-ups” in the core division of Diesel Cold Start Technology and in the youngest division of Electronics and Sensor Technology, which includes TPMS sensors.
According to executive board chairman, Marco von Maltzan, the group now plans to achieve growth in sales revenues at a high single-digit percentages in its current financial year. The goal is for operating profit (EBIT) to increase at the same rate as sales revenues. Beru considers itself well positioned with its strong product pipeline, but expects weaker growth in the coming quarters in view of only moderate growth in demand for automobiles combined with an increasingly competitive environment and more aggressive pricing.
Carlisle Continues 29 Years of Dividend Increases
Product NewsThe board of directors of Carlisle Companies Incorporated has declared a regular quarterly dividend of $0.25 per share, payable on 1 September 2005 to shareholders of record at the close of business on 19 August 2005. This marks the 29th consecutive year of dividend increases for Carlisle shareholders. Richmond McKinnish, Carlisle’s president and CEO commented, “We are pleased to be able to continue Carlisle’s long history of rewarding our shareholders by increasing Carlisle’s quarterly dividend.”
Conti Board Member to Join VW?
Product NewsContinental AG personnel director, Thomas Sattelberger, has been named as a potential candidate to replace Peter Hartz at Volkswagen. Mr Hartz resigned amid allegations that his department was involved in Indian bribery scandal. Mr Sattelberger is reported to be one of the top candidates, Dow Jones Newswires has reported. His experience and that fact that he is not a Volkwagen insider are both likely to count in his favour. Continental spokesman Hannes Boekhoff made no comment. Mr Sattelberger has been part of Continental executive committee since July 2003. Before that he worked for Lufthansa and DaimlerChrysler.
Meanwhile ThyssenKrupp rejected reports that director Ralph Labonte was another possible succesor. A ThyssenKrupp spokesperson said that Labonte is not available to fill that position.
Apollo’s Kanwar Heads Exports Panel
Product News(India/Rubber Asia) Onkar S. Kanwar, chairman of Apollo Tyres, has been named as the head of the Board of Trade working groups (WGs) set up by the Indian Commerce Ministry in order to boost exports from the country.
Mr Kanwar, who is also the president of the Federation of Indian Chambers of Commerce and Industry, heads the WG on “trade facilitation”. The WGs were expected to submit their reports to the Board chairman before September.
Leno to Headline SEMA Banquet
Product News(Akron/Tire Review) SEMA has announced that car junkie and “Tonight Show” host Jay Leno will perform at the 2005 SEMA Industry Awards Banquet, on the 3 November, alongside the forthcoming SEMA Show. The banquet will be held at the Las Vegas Hilton Center.
Leno has been a frequent SEMA Show visitor and has exhibited his own cars at the event. “SEMA has had the pleasure of displaying some of Jay’s extensive car collection in the past, now we are fortunate enough to have his extensive talent at the awards banquet,” said Mitch Williams, SEMA’s incoming chairman of the board. Tickets for general attendees will become available after 15 August on a first come, first serve basis.
SmarTire Reorganises Management
Product NewsSmarTire Systems has reorganised its senior management team. President and CEO Robert Rudman has resigned and will serve SmarTire as both the non-executive chairman of the board and as a consultant to the company. Chief operating officer Al Kozak will take his place. The general manager of the company’s European operations, Nigel Hammond, has also been promoted to the new position of managing director, SmarTire (Europe).
Rudman said, “As SmarTire enters its next major stage of development, it is necessary that all members of our senior management team have the responsibility and authority to focus their unique skill sets on the opportunities and challenges ahead. In my particular case, I can best serve SmarTire as the chairman of the board and consultant to the company. With the completion of the major financing that we announced yesterday, SmarTire now has the capital resources to execute on its strategic plan, an area in which I will play an active role. In addition, I will continue to be the company’s primary representative to the investment community.”
Beru Aims to Increase Earnings and Sales Revenues
Product NewsThe executive board of Beru AG says it aims to increase earnings and sales revenues by high single digit rates. Beru AG increased its total revenues by 8.8 per cent to 385.8 million euros in the past financial year. EBIT decreased to 50.5 million euros, due to one-time exceptional effects totalling 5.0 million euros. In addition, the company’s executive committee and supervisory board want to suggest a dividend of 1.10 euro for each share to the general meeting on 21 September 2005. Despite increasingly tough competition and pressure on prices, BERU believes it is well positioned for the future with its strong product pipeline.
Continental Supplies BMW M5 and M6
Product NewsContinental is to supply the new BMW M5 Limousine and the M6 Coupé. The German automotive supplier will provide both its MK60 E5 brake system and ContiSportContact 2 tyres. “Once again, BMW is placing its trust in our know-how and expertise for its top sporty models, following the current M3 and M3 CSL models. We’re very pleased about this,” said Dr Karl-Thomas Neumann, president of Continental Automotive Systems and member of the Continental AG Executive Board.
Goodyear Plant Workers Vote For Union
Product News(Akron/Tire Review) Workers at Goodyear Tire & Rubber Co.’s wire plant in Asheboro, North Carolina, voted to be represented by the United Steelworkers (USW). A secret ballot election was held last week, with a final vote of 173-147 in favor of union representation. The USW said that Asheboro workers participated in a card check election in 2004 “that validated the USW as the official employee representative.” However, some workers there dissented, and legal action was taken. The National Labor Relations Board was brought in to conduct the secret ballot vote.
