(Akron/Tire Review) Yokohama Tire Corp has announced “across the board” price increases on its OTR tyres. The increases, effective July 15, will range from 5 per cent to 8 per cent, the manufacturer said. Yokohama cited escalating petroleum-derived material costs, energy and freight costs as well as social cost adjustments as reasons for the increases. Detailed pricing will be provided to dealers prior to the increase, Yokohama said.
The board of directors of Titan International, has approved a quarterly cash dividend of $.005 (one half cent) per common share for the second quarter of 2005. The cash dividend is payable on 15 July 2005, to stockholders of record on 30 June 30 2005.
While Bridgestone Firestone North American Tire (BFNAT) and the union representing factory workers (USW) reached a tentative agreement, one plant has still rejected the deal. Workers at BFNAT’s Warren County, Tennessee, tyre plant are the only group of factory staff to reject the contract offer. BFNAT reportedly extended Warren County, Tennessee, workers a “similar offer” to workers at the other plants.
The Retread Manufacturers Association has appointed Patrick O’Connell, of Bandvulc as the Association’s chairman, effective from 8 June. He succeeds Gary Oliver of C-Tyres, who has stepped down after two years in office.
In the first quarter of 2005 Alliance Tire reported net profits of around $9.2 million including deferred tax assets of around $4 million. Alliance’s first-quarter exports amounted to $29.3 million, a growth of 16.7 per cent over the first quarter of 2004. Sales for the first quarter amounted to $37.6 million compared to $32.1 million the previous year, an increase of 17.1 per cent.
The directors of MG Rover are to face a full inquiry into their accounts and management of the collapsed car maker, The Times has reported. The inquiry, to be led by Guy Newey, QC, was ordered by Alan Johnson, the Trade and Industry Secretary, after a preliminary inquiry for the Department of Trade and Industry raised concerns. Witnesses can be forced to give evidence to the inquiry.
Titan International board of directors has elected several new directors at its annual meeting of stockholders held last week. Maurice M. Taylor Jr will be the new chairman and CEO, Erwin H. Billig vice chairman, Kent W. Hackamack vice president of finance and treasurer and Cheri T. Holley will be the new vice president and secretary.
“The Board thanks Mr Billig for his dedication and service as Titan’s chairman during the last 10 years,” stated Mr Taylor. “I personally would like to thank him for all of the time, effort and guidance given to me and the company and I know this will continue in his role as vice chairman.”
Richard M. Cashin Jr., Albert J. Febbo and Mitchell I. Quain were also elected by the stockholders to serve as directors for three-year terms. Stockholders also approved the Titan International, Inc. 2005 Equity Incentive Plan and the PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for 2005.
Continental AG executive board member, Martien de Louw, will leave the company due to differing views of the business stategy. The decisions is reported to have been made by mutual agreement. Mr de Louw had been responsible for the corporation’s Passenger and Light Truck Tyre division since 1 February 2003. Manfred Wennemer will take over as head of the Passenger and Light Truck Tires division with immediate effect, in addition to his function as chairman.
Bandag’s board of directors has declared a regular quarterly dividend of $0.33 per share on the company’s Common Stock, Class A Common Stock and Class B Common Stock. The dividend is payable 20 July 2005 to shareholders of record at the close of business on 20 June 2005.
Following Stephen Myers’ decision to step down, John C Orr has been promoted to CEO of plastic, rubber products company Myers Industries in Akron, Ohio. According to reports the board did not waste any time in appointing Mr Orr, the company’s 54-year-old president and chief operating officer, as CEO.
(Akron/Tire Review) Contrary to some reports in the wake of the recently completed World Tire Expo, TIA’s board of directors and officers have made no decision regarding the future of the biannual conference and trade show.
Goodyear Tire & Rubber Company has re-elected Gary Forsee, Denise Morrison, Thomas Weidemeyer, John Breen and William Hudson Jr to the company’s board of directors. Forsee, Morrison and Weidemeyer were elected to terms expiring in 2008, while Breen and Hudson were elected to terms expiring in 2006. The company’s other directors are James Boland, Robert Keegan, Steven Minter, Rodney O’Neal and Shirley Peterson.
At the same time as the board members were elected, shareholders failed to approve an amendment to the company’s code of regulations that would have required the annual election of directors, and a shareholder proposal regarding executive compensation failed to receive a majority of votes.
(Akron/Tire Review) Citing “continued escalation of petroleum derived material costs, energy cost increases, freight cost increases and social cost adjustments,” Yokohama Tire Corp. said it would increase prices across the board on its TBS and commercial LT tyres. Prices on these tyres will increase by 5 per cent to 6 per cent, the Yokohama said, and “additional in-line adjustments will be made.” Detailed pricing information will be sent to dealers before 1 June, when the price increases take effect.
(Akron/Tire Review) Bandag Inc. has reported consolidated net earnings of $6.0 million, or $0.30 per diluted share, for the first quarter of 2005. Consolidated net sales were $186.6 million, an increase of 8 per cent, compared to consolidated net sales of $173.5 million in first quarter 2004. For the first quarter of 2004, Bandag reported consolidated net earnings of $4.0 million, or $0.20 per diluted share.
Dr. Rainer Schieben (42), managing director of Goodyear GmbH & Co. KG, the German distribution leg of the tyre manufacturer, has left the company “by his own decision,” writes Goodyear Germany in a press release.
During the 10 years Dr. Schieben worked for the Goodyear-Dunlop group, he has held several executive positions. He took up the position of managing director as of June 2001. Gerd Grünenwald, chairman of the managing board of Goodyear Dunlop Tires Germany GmbH, and Dr. Schieben’s superior, praised the former managing director as somebody who has delivered “a positive contribution” to the success of the organisation.
A successor will be proclaimed soon, according to Goodyear’s press release.
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