company reports Archives - Page 13 of 21 - Tyrepress

Posts

Tiger Wheels under Provisional Liquidation

Tiger Wheels, the JSE-listed wheel manufacturer (Tiwheel), has gone provisionally into liquidation following an order from the High Court, which – the company reports – has appointed joint provisional liquidators.

South African news sources reported that earlier this year, the investment arm of the Nedbank group, Nedgroup Investments, served a notice of motion to apply for the liquidation of the company. The basis of this motion was based on Tiwheel’s liability on the financing of the property occupied by one of Tiwheel’s subsidiaries, ATS Light Alloy Wheels SA. Tiwheel agreed to underwrite any losses that the Nedbank group could incur in the financing arrangement.

The multinational ATS group went into liquidation, affecting its worldwide interests including the South African operation, which was now to be sold off either in part or whole.

26th September 2008/by Tyrepress Editors

Goodyear to Collaborate in Development of Isoprene Substitute

On September 16 the announcement was made that Goodyear has entered into a research collaboration with Genencor, a division of Danish company Danisco A/S, to develop a bio-based process for producing isoprene using renewable raw materials.

Goodyear and Genencor are working on a product called BioIsoprene, a bio-based alternative for the petroleum-derived chemical compound isoprene. BioIsoprene can be used for the production of synthetic rubber and other elastomers. The development of BioIsoprene could, says Danisco, make the tyre and rubber industry less dependent on oil-derived products, such as synthetic rubber made from petroleum-derived isoprene monomer.

16th September 2008/by Tyrepress Editors

Drifting With Federal Tires

Drifting has seen a rapid growth in popularity in recent years in United Kingdom, and the 2008 European Drifting Championship attracted large numbers of competitors and fans to the Knockhill Circuit in Scotland. The racing action was reported to be top notch all weekend during the 17th and 18th of May, providing an exhilarating atmosphere for spectators. For Federal Tires, these events, in which British duo Ben Broke-Smith and Phil Morrison performed spectacularly, help the company draw closer to the growing enthusiast market for high performance tyres.

The weekend drew all manner of petrol head out of the woodwork, lured by the smell of burning rubber as it were to two days of burnouts, cruising and admiring the metal on display. Phil, from Driftworks, showed off his Skyline’s paint and body work, seizing much attention.

19th August 2008/by Tyrepress Editors

Lanxess to Move Group Headquarters

Specialty chemicals company Lanxess AG plans to move its headquarters from Leverkusen to Cologne, Germany, with the relocation process to be completed by 2011. Lanxess reports it will now begin discussions with the city of Cologne to identify possible sites.

“Lanxess is today a well-positioned and globally successful enterprise,” explained Axel C. Heitmann, chairman of the Lanxess Board of Management. “If we are to continue efficiently steering and supporting our growth course in the future, we need a Group headquarters building that provides us with optimal conditions.

18th August 2008/by Tyrepress Editors

Quality Alignment and Garage Equipment from Snap-On

Snap-on Equipment has been building on its long-standing position as a leading garage equipment manufacturer, supplier and service provider with a comprehensive range of wheel alignment systems, including the John Bean Visualiner 3D Arago, Ultra, V3D1 and V3D Lite systems, through to the new hybrid PRISM.

Three-dimensional wheel alignment offers workshops the latest technology for accurate alignment readings in an easy-to-use package. Designed with the UK wheel service market in mind, the John Bean V3D Lite wheel alignment system has been well received since it was introduced in 2007 complementing the John Bean line up, through to the top-of-the range 3D Arago aligner. The Reading-based company has also gained endorsement for the 3D Arago for all marques under the Volkswagen Group.

18th August 2008/by Tyrepress Editors

Half-Year Profits Down at Beru

Germany’s Beru Group have posted sales revenue of 230.4 million euros in the first half of 2008, a 2.77 per cent growth on the corresponding period of 2007. The main sources of revenue, the company reports, were the Aftermarket segment and the Electronics and Sensors division. Profit from ordinary activities (EBIT) reduced 35.2 per cent due to one-time special items and amounted to 15.8 million euros. Excluding the special items, adjusted EBIT amounted to 23.1 million euros, equivalent to an adjusted margin of 10.0 per cent. Beru’s profit of 12.3 million euros during the period was also lower than in the first half of 2007, when profits of 18.5 million euros were achieved.

15th August 2008/by Tyrepress Editors

SITR Invests £4 million in Tyre Recycling

Cheshire-based IT recycling firm, has invested hefty £4 million on adding tyre recycling to its Middlewich plant. The company reports that it plans to open five other similar facilities throughout the UK and more in mainland Europe during the next two years. SITR is reportedly 90 per cent there in regards to installing new equipment for the plant, which has been brought in from Canada. As a result, the company announced that it will now also produce the Dunweedin range of rubber mulch, crumb and chippings at the Middlewich plant.

According to a letsrecycle.com report, Secure IT Recycling (SITR) was established in 2001 and focussed on secure document and IT equipment disposal until the beginning of this year when it began operating as a tyre recycler.

14th August 2008/by Tyrepress Editors

Toyo Posts Net Loss in Q1 2008

Toyo Tire & Rubber has announced its consolidated business results for the first quarter of the 2008 financial year, the period between April 1 and June 30, 2008. Compared with the same period in 2007, net sales increased to 86.639 billion yen (£410.9 million), a rise of 4.6 per cent, while operating income decreased a significant 70.1 per cent, to 1.259 billion yen (£5.97 million). Ordinary income decreased to 1.205 billion yen (£5.71 million), down 71.6 per cent. The company reports a net loss of 1.438 billion yen (£6.82 million); in the first quarter of the 2007 financial year net income was 3.632 billion yen (£17.23 million).

12th August 2008/by Tyrepress Editors

Wolfrace Has Tuning Scene Covered with Latest Product

Better known in the tuning scene for its alloy wheels, Wolfrace is introducing a completely new product it says brings a welcome breath of fresh air to the market – its own branded insurance cover. The Wolfrace Insurance Scheme offers customers the most competitive rates in the UK, the company reports, and furthermore, the firm’s 37 years experience of the UK tuning market allows every policy to be individually tailored to suit the needs of each driver and take into account any vehicle modifications undertaken – without penalising the vehicle owner. Policy holders also automatically receive a set of locking bolts to protect their wheels and receive a 10 per cent discount on all Wolfrace products purchased from the wolfrace.com website.

7th August 2008/by Tyrepress Editors

Conti to Display ‘Fuel Efficient’ Tyres at IAA Show

At the 62nd IAA Commercial Vehicles in Hanover, Germany, held between September 23 and October 2, Continental intends to present a wide range of products and services for commercial vehicle manufacturers, fleet operators and special-purpose vehicle manufacturers. The company reports it will be exhibiting both indoors, at booth B05 in hall 17, and outdoors (G 63). Last year’s takeover of Siemens VDO Automotive has further expanded the company’s product spectrum, specifically in the area of commercial and special-purpose vehicles. All in all, five of Continental’s six divisions will have new products and services on view at the IAA Commercial Vehicles 2008, not least the tyre products division.

7th August 2008/by Tyrepress Editors

Rudd Joins UK Batteries

UK Batteries has appointed Keith Rudd as its new product manager. As the fastest-growing independent battery distributor in today’s market, the Manchester-based company reports that it is always striving to make sure its product offering meets the needs of its customers and Rudd’s appointment is key to meeting that objective. Rudd’s appointment follows Bob Price’s recent decision to leave Exide and head to UK Batteries as its deputy managing director.

4th August 2008/by Tyrepress Editors

MRF Profits Down in Q3 Despite Increased Sales

Increasing raw material and personnel costs are said to be two of the key factors behind lower net profits for India’s MRF in the financial year’s third quarter. In the three months to June 30, 2008 the Chennai based company experienced a 25 per cent drop in net profits from the corresponding quarter a year earlier, to Rs 318.6 million (£3.74 million). Net profits for the nine months of the current financial year stand at Rs 1.492 billion (£17.5 million), an increase of 39.2 per cent.

25th July 2008/by Tyrepress Editors

TSRC Planning India, Vietnam Rubber Facilities

With a view to maximise the opportunities present in emerging nations, Taiwan based SBR (styrene butadiene rubber) and BR (polybutadiene rubber) manufacturer TSRC Corporation plans to establish facilities in India and Vietnam. TSRC president W.H. Tu said the company is considering setting up factories in these two countries as both possess a booming automotive industry but lack an upstream raw material supply of SBR and BR. In addition, TSRC is also studying the feasibility of establishing a plant in the Middle East due to regional advantage of low-price raw materials for the production of SBR and BR.

24th July 2008/by Tyrepress Editors

MTNA Boosts Production at Madison Plant by 25%

Marangoni Tread North America has increased Ringtread production at its Madison, Tennessee Alpha-Ring manufacturing plant by 25 per cent. The company reports this greater production will accommodate both domestic and global growth. Specifically, 14 per cent more Ring moulds have been installed at the Madison facility in order to handle North American market growth and provide better service to the North American Ringtread dealer network. On top of this, the Madison plant is now shipping Ringtreads to other global markets, and further expansion is scheduled for next year.

23rd July 2008/by Tyrepress Editors

Gripen Wheels Opens UK Warehouse

Swedish commercial vehicle tyre wholesale specialist, Gripen Wheels, is now well and truly up and running in the UK. Tyres & Accessories met up with UK director, Ray Coulson, during the Essen show and found out how business is progressing.

7th July 2008/by Tyrepress Editors