Based in Japan, Bridgestone Corporation is the world’s largest tyre and rubber company.
The latest annual results from Bridgestone Corporation show a rise in sales, operating income and net income, although the latter was pared back by fines linked to antitrust cases and the cost of product recalls during the year, including the 1.2 million tyre recall announced in Japan in November 2013. The company also anticipates that sales and operating income will further increase in 2014.
Earlier today, Bridgestone shared news that it has entered into a plea agreement with the US Department of Justice on antitrust activities and accepted a $425 million fine. But it omitted to mention that the amount to be paid is so large because this isn’t the first time Bridgestone has been found guilty of price-fixing in the United States. In a statement published yesterday, the Department of Justice confirmed that Bridgestone’s failure to disclose its participation when pleading guilty to other violations in October 2011 was a “factor in determining the $425 million fine.”
On 13 February, Bridgestone Corporation entered into a plea agreement with the US Department of Justice; this deal will see the company plead guilty to an antitrust conspiracy related to the sale of automotive anti-vibration rubber products. Bridgestone will also pay a US$425 million fine, and says it now intends to “take appropriate disciplinary action against certain responsible employees” in accordance with applicable corporate standards.
The winners of the Tire Technology International Awards for Innovation and Excellence 2014 have been announced, and Continental has walked away with awards in two of the five regular categories. In addition to being named Tire Manufacturer of the Year, the German firm was recipient of the Tire Manufacturing Innovation of the Year award for its ContiLifeCycle facility in Hannover. Other winners included Bridgestone, VMI and Sumitomo Rubber Industries. The awards were presented at a gala dinner held during this week’s Tire Technology Expo in Cologne.
Father-son motocross duo Mick and Adam Extance have given Bridgestone’s new motocross tyre their approval, with the latter saying the Battlecross X30 was “up there with the best tyre I’ve ridden on.” Seven times Dakar Rally competitor, Mick Extance tested the Battlecross X30 at his off-road school track in the Welsh mountains. Mick, who was […]
Tyre market revenues in Mexico grew at around 19 per cent compound annual growth rate (CAGR) between 2009 and 2012, according to a report published by Research and Markets.
The combination of Mexico’s relatively cheap skilled labour, proximity to the United States, membership of NAFTA and 12 free trade agreements with world’s growing economies such as EU, Japan, Canada, and the United States, are said to have made the country “an ideal production centre for automobiles and components”. However the report also suggests that the automobile population in Mexico is underperforming with only 275 cars per 1,000 people as of 2012.
OK so the fact that China is the world’s largest tyre producer, the largest car maker, has the largest population and is likely to be the largest economy soon means that it is massively premature to write off the People’s Republic. Rapid growth and the huge scale of Brazil, Russia and India means these markets are still should be the focus of much attention. However, many international businesses have already latched onto this. So if everyone is competing for what they perceive as the same low-hanging fruit other opportunities could be going missing…or at least that is the question that is being raised in banking circles.
The vacancy in Bridgestone Americas’ senior management created by Eduardo Minardi’s impending departure for Europe will be filled by Gordon Knapp. Effective 1 March, he will assume the role of chief executive officer of Bridgestone Americas and chairman, CEO and president of Bridgestone Americas Tire Operations. Until a successor is appointed for his current position, Knapp will also continue as president of North American Consumer Tire at Bridgestone Americas Tire Operations.
Eduardo Minardi is to relocate to Brussels to make the role of executive chairman, Bridgestone Europe (BSEU) his primary responsibility. Minardi previously served as Bridgestone Americas chief operating officer and chairman, CEO & president of Bridgestone Tire Operations concurrently with the BSEU role he assumed 1 January, 2014.
Bridgestone has launched a new steer position tyre to its commercial vehicle range, tuned to improve tyre life and increase load capacity. Bridgestone also said the new tyre would offer greater savings on fuel, with significant reductions in rolling resistance and irregular wear among the benefits it says the new tyre provides. Bridgestone makes its claims for the tyre based on internal calculations and field test performance in Spain, France and The Netherlands in 2012.
RNF Digital and Bridgestone are reporting that their Firestone Tyre Pressure Calculator and Bridgestone Challenge apps re delivering impressive results since being launched a couple of years ago (the Firestone app is aimed at farmers and agricultural contractors and the Bridgestone Challenge was developed for use by Bridgestone’s sales teams in assisting customers and helping to land new contracts).
On 10 March, three new sizes will join Bridgestone’s Battlax Hypersport S20 Evo sport radial tyre range. These include one front and two rear sizes, in dimensions popular on 250cc and other light/middle weight motorcycles. Bridgestone will initially launch the tyres in Japan and will then introduce them in other global markets.
A Chinese court has ruled that a tyre maker’s use of the Besttone name and a logo similar to that of the Bridgestone tyre brand constitutes trademark infringement. As a result, production and sales of the Besttone brand must now stop and Chinese firm Shenzhen Momentum Star Tyre Co., Ltd. and its affiliate Hangzhou Hangyou Rubber Products Co., Ltd. must pay Bridgestone damages.
The shortlisted nominations for this year’s Tire Technology International Awards include a number of familiar names, including a double-billing for Continental and SRI. The list of nominees also recognises important environmental innovations from the likes of Devulco, Kordsa and Pyrolyx, and the growing global impact of China-based tyre manufacturers and equipment suppliers, with Giti Tire and Mesnac both shortlisted. The winners in each of the five award categories will be announced on 11 February.
Bridgestone has revealed its plan to increase the prominence of its Firestone brand in the UK passenger car tyre market during summer 2014. The manufacturer says its marketing drive will link the Firestone badge explicitly to its lengthy history in motorsport, and Bridgestone is hoping that this renewed effort will put its mid-range brand in a position to offer a compelling proposition to motorists and dealers alongside Bridgestone’s premium offering. In addition, the company will launch the new Firestone Destination 4×4 tyre in June to coincide with the concerted effort to increase awareness and sales through a variety of campaigns.
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