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Bridgestone Firestone Opens Second Brazilian Plant

Bridgestone’s Brazilian subsidiary, Bridgestone Firestone do Brasil Indústria e Comércio Ltda., has inaugurated its second Brazilian facility, approximately two years after the announcement of plans to invest in the State of Bahia. Built to meet both domestic and export demand, the 7-hectare plant will focus on the production of car and light truck tyres and is set to directly generate 500 jobs, with a further 1,200 or so jobs expected to be generated in related fields.

5th February 2007/by Tyrepress Editors

Marangoni Expanding South American Presence

(Akron/Tire Review) Marangoni Group has entered a “partnership” with Distribuir Argentina in a move to consolidate and grow Marangoni’s activities in South America. Marangoni operates Marangoni do Brasil, a retread product manufacturing and sales business in Brazil.

30th January 2007/by Tyrepress Editors

Goodyear Plant Managers Swap Posts

(Akron/Tire Review) Goodyear has swapped managers at two of its tire plants.

Todd Turner, formerly production director at the company’s Americana, Brazil, tire plant, has taken over as plant manager at its Union City, Tenn., plant. Union City plant manager Jim Davis has taken the reins at Goodyear’s Gadsden, Ala., tire plant.

22nd January 2007/by Tyrepress Editors

Goodyear Finalises Sale of Tyre Fabric Operations

While most of us were struggling to get over Christmas, the Goodyear Tire & Rubber Company were busy finalising the sale of its tyre fabric operations to South Korea’s Hyosung Corporation. The deal was closed on December 29, pending post-closing adjustments and the sale of its operation in Americana, Brazil.

3rd January 2007/by Tyrepress Editors

Union Acts Globally in Goodyear Dispute

The United Steelworkers union have called for international support and solidarity from their overseas counterparts during their ongoing dispute with tyremaker Goodyear. The USW has recently forged strategic alliances with unions in Mexico, Brazil, Germany and Australia in order to support each other during disputes with common employers and to increase their bargaining power through coordination.

11th December 2006/by Tyrepress Editors

Bridgestone Buys Bandag for US$1.05 billion

Bridgestone’s North American subsidiary, Bridgestone Americas Holding (BSAH), has bought Bandag Incorporated for US$1.05 billion. The deal sees the two companies enter into a merger agreement pursuant to which BSAH will acquire the outstanding shares of each class of Bandag stock for US$50.75 per share in cash. Bandag’s Board of Directors unanimously approved the agreement. The transaction is expected to be completed late in the first quarter or early in the second quarter of 2007, subject to the receipt of shareholder and regulatory approvals and the closing conditions. In 2005 Bandag had worldwide sales of US$921 million.

5th December 2006/by Tyrepress Editors

Michelin Receives Bolster Award

French tyre manufacturer Michelin has been honoured with a John Bolster Award for its contribution towards and success in motor racing. Pierre Dupasquier, Michelin’s former competition boss, received the trophy from former Grand Prix driver Carlos Reutemann.

4th December 2006/by Tyrepress Editors

Continental Enters China Plant ‘End-Game’

“We are making the final decision of the destination between two Chinese cities for passenger- and light-duty truck-use tyres production,” Continental AG executive board chairman, Manfred Wennemer, told the China Daily Newspaper. He did not give details of exactly which cities were being considered for a new production plant, but put the total proposed investment at 200 million euros and explained that his company plans to open 100 franchised and owned retail stores in the country in 2007.

Informed sources told Tyres & Accessories that the two short listed sites are likely to be selected from three possible cities. These are: Shen Yang, Dalian (Liaoning) where the likes of Michelin, Bridgestone and Goodyear are already producing tyres; and Tianjin, where Bridgestone has another factory.

22nd November 2006/by Tyrepress Editors

Union Ratifies Continental’s Severance Agreement

United Steelworkers of America members have ratified an agreement providing severance packages and lump-sum payments involving Continental Tire North America’s decision to close its tyre plant in Mayfield, Kentucky, within the next few months.

20th October 2006/by Tyrepress Editors

Continental CV Tyre Production Now Over 7 million Units

Continental AG is profiting from the growing demand for commercial vehicles. The international automotive supplier expects to achieve sales this year totalling nearly 2.0 billion euros in the commercial vehicle original equipment and replacement business. “We are counting on further growth in the coming year,” said Dr Hans-Joachim Nikolin. In the Commercial Vehicles Tires division, Continental’s capacity exceeded 7.0 million tyres this year. The plant in Puchov, Slovakia, and the Continental Sime Tyre operations in Malaysia have been expanded, and production got started in the new facility in Camaçari, Brazil.

22nd September 2006/by Tyrepress Editors

Sealent Maker Inovex Receives Virginia Exporter Award

Inovex, the maker of Ride-On Tire Sealants for truck, bus, motorbike, military and private vehicles was recently chosen to participate in the Commonwealth of Virginia’s AIM export Program. In addition to valuable capital funding, market research and strategic counselling, the AIM programme gives Virginia companies the opportunity to leverage private-sector professional service providers and VEDP-developed relationships around the world.

21st September 2006/by Tyrepress Editors

Broadening Horizons

The last time Tyres & Accessories met with Continental AG’s executive board member responsible for truck tyres, Dr Hans-Joachim Nikolin, he and Continental UK commercial tyre business director, Arthur Greg extolled the virtues of the company’s wide single tyres (see July T&A). Then in September Continental launched a new drive axle “super single” product (the HDL1 Superdrive) its second wide single launch of the year. Since then the pressures facing tyre manufacturers have barely lifted, with the exception of falling natural rubber prices. But is this enough for customers to avoid more price rises?

14th September 2006/by Tyrepress Editors

It Would be Pirelli’s Downfall

Marco Tronchetti Provera may be an extremely qualified financial manager, but with regards to major financial transactions his timing has most definitely been off. A few years ago Pirelli bought a major share of Telecom Italia at a premium price that could be seen only a few months later. However it is easy to see with hindsight and no-one could have predicted the events of 9/11 and its implications on the world’s stock markets.

Just a few short weeks ago another financial transaction failed. Provera’s plan to generate 1 billion euros through a sell-off of parts of Pirelli’s tyre business was ill-fated from the beginning. This time the window of opportunity closed too fast. Competitors were forced to issue earnings warnings and overnight stock holdings in tyre companies were no longer considered ”sexy.”

11th September 2006/by Tyrepress Editors

Goodyear Sells Cord Operations to Hyosung: Update

Following earlier reports of Goodyear Tire & Rubber Company agreeing to sell its global tyre fabric operations to Hyosung Corporation, the company has released an official statement giving details of the transaction. Goodyear and its affiliates will receive $80 million for their tyre fabric manufacturing plants and assets, which include operations in Decatur, Alabama; Utica, New York; Americana, Brazil; and Colmar-Berg, Luxembourg, subject to post-closing adjustments. The facilities, which employ about 1,000 people, produce and treat fabric that is used in Goodyear’s tyres.

8th September 2006/by Tyrepress Editors

Hyosung to Buy Goodyear Tyre Cord Plants

Korean company Hyosung Corp. is to take over four tyre cord plants from Goodyear Tire & Rubber for an undisclosed price, although various sources are quoting a figure of $80 million. Hyosung will acquire 100 per cent of Goodyear subsidiary Utica, plus it will assume control of the tyre manufacturer’s cord factory at Decatur. The other two factories are sited in Luxembourg and Brazil. In addition to the acquisitions, Hyosung has struck a deal – reportedly worth $3.2 billion – to supply Goodyear with tyre cord.

7th September 2006/by Tyrepress Editors