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Michelin Says Cost Saving Plans On Target

On October 1 Michelin stated it remains on target to reach its “Horizon 2010” strategic plan of becoming more competitive. The cost saving programmes it has implemented have reduced costs by 500 million euros since 2006, approximately a third of its 2010 goal.

“The group is on target to meet the 2010 cost-reduction objectives it announced two years ago,” the company announced. Michelin intends to reach an overall savings target of between 1.5 and 1.7 billion euros.

2nd October 2008/by Tyrepress Editors

Pirelli Announces Further Investment in Romania

Pirelli’s sees its new industrial centre in Romania’s automotive sector as strategic for the company’s future growth in the emerging East European markets. The company’s position in Romania is now set to grow further in coming years following the announcement of new investments to the value of 250 million euros. The chairman of Pirelli & C. SpA, Marco Tronchetti Provera, made the announcement to Romanian Prime Minister, Calin Popescu Tariceanu, during a meeting held in Bucharest on September 29, at which the Group’s activities in the country were discussed.

30th September 2008/by Tyrepress Editors

Scorpion Exhausts – The Balance Of Power

When Scorpion brought the first T304 stainless steel performance exhaust system to the market back in 1992, it caused a stir, to say the least. From this solid start the company has rapidly grown to become one of the world’s largest exhaust manufacturers, with distributors in every continent and products available in over 30 countries. Scorpion has achieved this by working closely with some of the most respected names in the industry, including Citroen and Peugeot Motorsport, Subaru, Toyota and Prodrive. The company also closely values its ties with smaller tuning concerns and independent retailers as an invaluable source of technical feedback and market information. Over 95 per cent of all production is still handled in the UK, much of it by precision hand fabrication.

29th September 2008/by Tyrepress Editors

Conti Begins Series Production of Hybrid Vehicle Batteries

On September 24 Continental’s Powertrain Division held a celebration to mark the start of series production for its lithium-ion batteries for use in hybrid drive cars. The beginning of series production – which takes place following an investment of more than three million euros into developing manufacturing capacity at its factory in Nuremburg, Germany – is, says Conti, a world first.

“This underlines Continental’s claim that, by developing and manufacturing state-of-the-art drive technologies, it can contribute to a significant reduction in fuel consumption by vehicles in future and, consequently, to a reduction in CO2 emissions as well”, said Dr. Karl-Thomas Neumann, CEO of Continental AG and head of the Powertrain Division.

25th September 2008/by Tyrepress Editors

Accuride President Resigns, Company Restructures

Accuride has announced the resignation of John Murphy as president and CEO and director of Accuride, effective 22 September 2008. Upon acceptance of Murphy’s resignation, Accuride’s board of directors appointed William (Bill) Lasky as interim president and CEO. At the same time, the wheel manufacturer also announced that it is embarking on restructuring programme that will eliminate a total of 392 positions, or 11 per cent the company’s workforce. This includes 159 salaried positions (18% of current level) and 233 hourly employees (9% of current total).

As a result of the restructuring programme, the Company expects to incur a one-time restructuring charge of approximately $14.3 million in the third quarter of 2008 of which a total of $10 million will impact cash during 2008 and 2009. However, the company expects that the restructuring will save an estimated $6 million in 2008 and generate annual cost savings of approximately $27.5 million thereafter.

25th September 2008/by Tyrepress Editors

Bridgestone Brazil Investment Plan Concluded

Bridgestone has completed a seven-year investment plan in its Brazilian subsidiary, Bridgestone Firestone do Brasil Indústria e Comércio Ltda. The investment plan is said to have been worth in the area of US$460 million.

This news comes as the company celebrates the production of tyre number three million at its facility in Camaçari. This milestone was reached nineteen months after the factory’s inauguration. The factory, located on a seven-hectare site in the state of Bahia, currently has a capacity in excess of 8,000 passenger car and light truck tyres per day.

23rd September 2008/by Tyrepress Editors

Michelin OE on Latest Komatsu Mining Truck

Michelin XDR earthmover tyres are to be fitted as OE to the new Komatsu 860E-1K haul truck, introduced during September’s MINExpo show in Las Vegas, USA. The rigid dump truck is designed for the most demanding surface mine applications, and features a 280-ton capacity, 2,700-horsepower diesel electric-drive system designed by Komatsu. The truck is also designed with an optional factory-installed trolley option.

“The new Komatsu 860E will be expected to handle staggering workloads and requires a tyre that can not only stand up under tremendous weight but also perform under the harshest conditions for a long time,” said Luc Minguet, president of the South Carolina, US based Michelin Earthmover and Industrial Tires division. “Because of its durability and maximum wear life, the MICHELIN XDR tyre is the ideal fitment for the new Komatsu truck.”

23rd September 2008/by Tyrepress Editors

Hankook to Supply Sinopec

Sinopec, the Chinese petrol and chemical giant, has awarded Hankook Tire with two supply contracts for steel truck radial tyres. The Korean manufacturer is a supplier to many transportation companies in China, having entered the market in 2003. It is pushing forward a concerted effort to establish its presence further than the 1.7 million unit capacity it now possesses within China, with estimates within Hankook predicting boldly a sales growth of 25-30 per cent.

Details of the Sinopec deal were not released within the announcement.

23rd September 2008/by Tyrepress Editors

Bangladesh to Double Rubber Output by 2020

Industry professionals in Bangladesh say that the country has targeted a doubling of rubber production over the next decade, in order to meet potential export figures. The current capacity stands at 30,000 tonnes, though at present the estimate for 2008 stands at 16,000 tonnes from the 1,300 nationwide rubber gardens.

Local news sources report that the country’s commerce adviser, Dr Hossain Zillur Rahman said on Monday that Bangladesh had started to trade rubber with Turkey, which is trying to get certificate for Bangladesh’s rubber from Bridgestone. “Bridgestone’s certification may take the Bangladeshi rubber industry to a new height,” claimed Hossain Zillur.

12th September 2008/by Tyrepress Editors

South China Tyre & Rubber Bounces Back

The South China Tyre & Rubber Company (SCTR) claims to have been the first state-owned organisation in China to specialise in the production of high performance radial tyres and its hp product portfolio includes tyres with speed ratings from V up to Y.

Not that SCTR’s products are limited to high performance tyres, as the range includes light truck and heavy truck, including all-steel radials. The company operates two production facilities in the Panyu and Conghua districts and annual production is around eight million tyres, of which 1.3 million are all-steel radials, under the brand names of Wanli and Milever. Wanli tyres are exported to more than 110 countries worldwide and have achieved the necessary certifications and approvals, such as ECE and DOT. Wanli tyres are also supplied to domestic vehicle manufacturers, such as Shanghai Volkswagen, Faw Volkswagen, Hainan Mazda, Zhenghou Nissan and Guangzhou Isuzu, among many others. Domestic sales are handled via a network of 103 provincial agents.

11th September 2008/by Tyrepress Editors

Goodyear Shares Struggle with “External Forces”

Tuesday saw a significant drop in the price of Goodyear shares on the NYSE, leading analysts at KeyBanc Capital Markets to drop their company rating from “Buy” to “Hold” and lower 2008 earnings estimates on the stock by 30 cents (to $1.90 per share). Afternoon trading resulted in Goodyear shares dropping $2.36 (12 per cent) to $18.05.

10th September 2008/by Tyrepress Editors

SRF Buys Thai Baroda Tyre Cord Business

SRF Limited, the Indian market leader in technical textiles has reportedly closed the acquisition of Thai Baroda Industries Limited in Rayong, Thailand. As a result of the purchase, made through one of SRF’s international subsidiaries, SRF Group has increased its output to 65000 tonnes per annum, “making it the second largest Nylon 6 tyre cord fabric manufacturer in the world,” according to local news sources.

Thai Baroda Industries Limited has an annual production capacity of approximately 12,000 tonnes of Dipped Nylon Tyre Cord Fabric with annual sales of around $50 million.

10th September 2008/by Tyrepress Editors

Kumho Plant Gets Additional Grant

The Macon-Bibb County Industrial Authority recently learned about some unexpected grant money for the Kumho Tire manufacturing plant, which broke ground earlier this year in the Sofkee Industrial Park in south Bibb County. The Economic Development Administration of the U.S. Department of Commerce called the Middle Georgia Regional Development Center last week, saying if an application could be submitted within about 24 hours, an additional $217,161 could be available for the project. The application was filed and the award package is expected by the end of September. This grant will add to the $500,000 grant already received by Bibb County from the Employment Incentive Program of the Georgia Department of Community Affairs that goes toward the Kumho project.

9th September 2008/by Tyrepress Editors

Pirelli Develops New Premium “Gommoncino”

Pirelli continues to aspire to innovation in the area of truck tyres, while also acknowledging its desire to tap into new and emerging markets. Now it has developed the Gommoncino, a new 385/55R22.5 size, premium-tread FH85 Amaranto, which the manufacturer claims is able to sustain superior loads and return greater mileage. Simultaneously, the company announces that it continues to strengthen its position in emerging markets, especially in China and South America, through OE alliances with some of the world’s largest industrial vehicle manufacturers.

4th September 2008/by Tyrepress Editors

Goodyear Reducing Truck Tyre Production in Luxembourg

The output of truck tyres from Goodyear’s facility in Colmar-Berg, Luxembourg will be significantly reduced until the end of this year. The reason for this decision, the company disclosed in a press statement, is the strong decline in Europe’s truck tyre market, with sales figures much lower than expected. This occurrence has, Goodyear adds, resulted in a steady increase in the overall stocks of truck tyres held by the company.

4th September 2008/by Tyrepress Editors