Company News Archives - Page 22 of 40 - Tyrepress

Tyre and wheel business news from the segment’s most important companies.

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CGS Receives State Funding for US Plant

On August 19 it was announced that the Iowa Economic Development Board, an Iowa state government agency, has awarded CGS Tires US $924,000 from its Grow Iowa Values Fund. This amount, the board reports, will be used to support 154 of the 192 jobs to be created when the Czech Republic’s first factory in North America is built. The total project cost is $43.8 million and involves reconfiguring the former Winnebago Industries manufacturing facility in Charles City for the production of radial agricultural tyres, amongst other products.

25th August 2010/by Tyrepress Editors

Russian Tyre Makers in Merger Talks

Russian business daily Vedomosti reports that Sibur Holding and Nizhnekamskshina, a Tatneft petrochemical subsidiary, intend to merge their tyre assets to create an entity holding two-thirds of the market share in Russia. While Sibur Russian Tyres general director Vadim Gurinov was quoted as saying no decision has yet been made regarding such a merger, the news that the two companies are in talks was confirmed by a Tatneft official.

24th August 2010/by Tyrepress Editors

New Union Agreement Ratified at Accuride Plant

Accuride Corporation has negotiated a new collective bargaining agreement with the unions representing 215 workers at the company’s aluminium wheel manufacturing facility in the US state of Pennsylvania. The existing agreement representatives with the International Union, United Aerospace and Agricultural Implement Workers of America was set to expire at midnight September 3, 2010. The new agreement for the Erie plant is effective September 4, 2010, through September 3, 2014.

23rd August 2010/by Tyrepress Editors

Goodyear Prices Additional $100 Million of 8.25% Senior Notes

Goodyear Tire & Rubber has announced it has priced its offering of an additional US$100 million aggregate principal amount of its 8.25 per cent senior notes due August 15, 2020. The notes will be senior unsecured obligations of the company. The notes will be sold at 100.75 per cent of the principal amount. Goodyear expects the offering to close on August 25, 2010, subject to customary closing conditions.

23rd August 2010/by Tyrepress Editors

Gulfstream Names Goodyear Aviation Supplier of the Year

Gulfstream, a manufacturer of technologically-advanced business jet aircraft, has named Goodyear Tire & Rubber Co.’s Aviation business one of its 2009 Suppliers of the Year. The tyremaker supplies Gulfstream with its Flight Eagle tyres, which are produced for the business jet segment and manufactured at Goodyear’s Danville, Virginia, plant.

19th August 2010/by Tyrepress Editors

Ireland Tyre Tax Increase Would Compromise Jobs & Safety – ITIA

Ireland’s government apparently is considering increasing the tax levied upon tyres, and the association representing the country’s tyre industry has slammed it as a measure that would compromise safety and jobs. HGV Ireland reports that in a submission to Environment Minister John Gormley, the Irish Tyre Industry Association (ITIA) has stated that any tax increase would lead to hundreds of job losses as motorists would cross the border into Northern Ireland to make their tyre purchases.

19th August 2010/by Tyrepress Editors

Bib Kits Up for Phase 2 of Michelin Ad Campaign

He’s performed sterling service battling an evil fuel pump and doling out fuel efficient tyres for the benefit of motorists, and now Bibendum – known more widely as the ‘Michelin Man’ – returns for the second phase of Michelin’s “the right tyre changes everything” advertising campaign. This time round Bib has been drafted in to save animals from becoming roadkill.

19th August 2010/by Tyrepress Editors

Superior Industries Posts $10.1M Q2 Profit

Aluminium Wheel Manufacturer Superior Industries International has announced a net income of US$10.1 million for the second quarter of 2010, a figure that includes a $4.1 million loss on the sale of the company’s joint venture in Hungary. This compares to a net loss in the second quarter of 2009 of $21.0 million.

17th August 2010/by Tyrepress Editors

Conti to Place High-Yield Bond

According to ‘confidential sources’, Continental AG is planning another high-yield bond placement for September. Reuters Deutschland reports the bond will be to the value of less than a billion euros, a scale comparable with the five-year bond the indebted company released in July. Company CFO Wolfgang Schäfer has previously stated that Continental plans to place bonds to a total volume of up to four billion euros.

16th August 2010/by Tyrepress Editors

Hankook Eyes Premier League Football Deal, Extends European Sponsorship

While Hankook discloses the medium term aim of widening its football sponsorship strategy to include England’s Premier League and Italy’s A Series, it is currently furthering its commitments through new deals in Germany and Spain. In addition to extending its relationship with six times German league champion Borussia Dortmund, in the 2010/2011 season the tyre maker will also display advertisements at the home stadiums of four federal league teams: Bayer 04 Leverkusen, Eintracht Frankfurt, VfB Stuttgart and VfL Wolfsburg.

13th August 2010/by Tyrepress Editors

Sumitomo Sales Surpass £2 Billion in H1, 2010

Half year results for Sumitomo Rubber Industries show net sales increasing 22.2 per cent to 280,797 million yen (£2.1 billion). During this six month period to June 30, 2010 operating income amounted to 20,342 million yen (£151.4 million), representing a margin of 7.2 per cent. Net income was 10,438 million yen (£78.1 million) as opposed to a 6,892 million yen a year earlier and represented a margin of 3.7 per cent.

13th August 2010/by Tyrepress Editors

Ruia Group Substitute Candidate for Ssangyong Takeover

The bid for struggling South Korean 4×4 specialist Ssangyong submitted by Indian commercial vehicle manufacturer Mahindra & Mahindra Ltd has been given the green light. Should an arrangement between Mahindra and Ssangyong’s creditors fail to be finalised, however, the Ruia Group – parent company of Dunlop India and Falcon Tyres – is reportedly next in line. A total of six parties, including Renault-Nissan, expressed interest in acquiring the debt laden Ssangyong, the smallest of South Korea’s five car makers.

13th August 2010/by Tyrepress Editors

Superior Delays Q2 Figures Release

Superior Industries International states that the release of its second quarter 2010 financial results, scheduled to be made public on August 11, has been postponed due, in part, to the recent implementation of a new Enterprise Resource Planning (ERP) system. The aluminium wheel manufacturer says it is “working diligently” to finalise its second quarter results and will provide new dates and times for the earnings release and earnings conference call at a later date.

13th August 2010/by Tyrepress Editors

Cooper Marks Half Century Producing Tyres for Hercules

In 2010 Hercules Tire & Rubber and Cooper Tire & Rubber celebrate 50 years of tyre business partnership. Cooper manufactures the Hercules brand of replacement market tyres, and claims to have produced millions of passenger car, SUV and light truck tyres for Hercules over the years.

12th August 2010/by Tyrepress Editors

Goodyear Offers $900 Million in Senior Notes

Goodyear Tire & Rubber Co. announced it has commenced a public offering of US$900 million aggregate principal amount of 10-year senior notes. The offering was increased from a previously announced offering size of $750 million.

12th August 2010/by Tyrepress Editors