December Archives - Page 15 of 35 - Tyrepress

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TyreGenics Enters Administration

Some 18 months after opening, the TyreGenics recycling joint venture in Baglan, South Wales, has been placed into administration. The £4 million, 80 tonne per day capacity facility was developed by major shareholder Credential Environmental along with BOC, FieldTurf Tarkett and RTI Cryogenics, and began operation in July 2007. From the outset it was announced that FieldTurf had committed to purchasing 70 per cent of output for the first three years, yet in spite of this assured market the facility has been affected by dwindling demand.

2nd February 2009/by Tyrepress Editors

Bridgestone Revises 2008 Fiscal Projections Following EC Fine

Following the January 28 European Commission decision regarding the international marine hose cartel, Bridgestone has once more revised its consolidated financial projections for the 2008 fiscal year. The company anticipates net sales of 3,250 billion yen (£25.5 billion), an amount unchanged since it last revised its projections on December 22, 2008 and 170 billion yen (£1.3 billion) less than the company’s original 2008 year projection, announced on August 8, 2008. Operating income, at 118 billion yen (£926.7 million) and ordinary income of 64 billion yen (£502.6 million) also remain the same as the December 22 projection. Net income, however, is now projected to be 7.5 billion yen (£58.9 million), a reduction of 4.5 billion yen (£35.3 million) or 35 per cent from the December revisions. Last August the tyre major had anticipated net income of 66 billion yen (£518.3 million).

29th January 2009/by Tyrepress Editors

Goodyear Closing Mixing Plant

The Richmond, Virginia, Times-Dispatch reported that Goodyear will close its rubber mixing plant in Radford, Va. The plant mixes rubber stock for Goodyear factories, the report said. Goodyear laid off 31 workers at the plant in December; the remaining 18 employees will be cut when the plant is closed on 30 January. The mixing plant had been owned and operated by Brad Ragan Inc. before Goodyear bought it.

Separately, news reports said that Goodyear was instituting one-week partial shutdowns at its Topeka, Kansas, truck and OTR tire plant. The shutdowns, Goodyear said, will come in February and March. (Tire Review/Akron)

28th January 2009/by Tyrepress Editors

Kesoram Industries Rords Drop in Net Profit

Indian tyre manufacturer, Kesoram Industries has carded a 63.55 per cent reduction in net profit over the final quarter of 2008, finishing at 391.5 million rupees (5.8 million pounds sterling). The company has declared a suspension of work between 17 and 31 January to deal with the general market stagnation, an action first taken between 17 and 31 December , 2008, reports India’s Business Standard.

26th January 2009/by Tyrepress Editors

December Figures Show Marked Drop in UK Vehicle Production

December vehicle production figures released by the Society of Motor Manufacturers and Traders Limited (SMMT) show a sharp drop in UK production of both passenger and commercial vehicles. During the month a total of 58,823 passenger cars were produced in the UK, a 47.5 per cent decrease on the previous year’s December production. Just 6,290 commercial vehicles were manufactured in the UK during December, representing a drop of 56.7 per cent.

23rd January 2009/by Tyrepress Editors

December Tyre Production More than 20% Down in China

According to China’s National Bureau of Statistics, tyre production nationwide fell by 21.7 per cent year on year in December to 36.67 million units. This figure, disseminated by Dow Jones Newswire, present a strong contrast to the 14 per cent growth recorded in December 2007. Synthetic rubber production totalled 236,000 tons in December, up 26.7 per cent year on year.

22nd January 2009/by Tyrepress Editors

Ex-Wife Found Not Guilty of Threatening to Kill Fast-Fit Founder

The former wife of Australian fast fit mogul Bob Jane has been found not guilty of threatening to shoot and stab him. The rocky relationship experienced by the Janes, who divorced in 2008, is well known in their homeland – amongst other things, Bob, aged 79, accused his ex-wife last year of forging his signature on a mortgage document in order to pay off the AU$1.5 million (£706,000) in debt she had racked up on her 41 credit cards.

In February 2007, Bob Jane was granted a 12-month intervention order against his former wife of 20 years, 39-year old Laree Jane, of threatening to shoot him and threatening him with a kitchen knife. She was also accused of throwing a television remote control at the Bob Jane T-Marts founder.

22nd January 2009/by Tyrepress Editors

ATS Euromaster Opened Four New Stores in 2008

On 18 December 2008 ATS Euromaster opened a new service centre in Hemel Hempstead, Hertfordshire, its fourth new centre to be opened in the UK during 2008. Built with an investment of more than £1 million, the new fast-fit facility is situated within the Chancery Gate Business Centre in Whiteleaf Road, and joins a network of more than 470 service locations across the UK – including seven in Hertfordshire.

Vince McGurk, Group Operations Director, explained: “We chose to invest in this area following a strategic assessment of our new business opportunities. It highlighted that putting ATS Euromaster firmly on the map in Hemel Hempstead, just off the busy A41 and only three miles from the M25 and M1 motorways, would further strengthen our nationwide service offering…It is also the fourth new centre we have opened in 12 months, joining recent additions in Redruth, Treforest and Bourne End.”

The new team is led by Steve Thomson, centre manager, who brings with him 18 months experience at ATS Euromaster, having previously worked as assistant manager at the company’s dedicated truck facility in Hounslow. The Hemel Hempstead branch has on-site parking for up to 20 cars.

21st January 2009/by Tyrepress Editors

Birla Tyres Again Stopping Production at Orissa Factory

Following a 15-day production halt in December Birla Tyres is planning another temporary closure of its factory in Orissa, India, again in response to weakening sales of the company’s tyres. A senior member of staff at the factory, who wished to remain anonymous, told the Indo-Asian News Service that Birla “will shut down the plant from January 19 to January 31 because of falling demand.” He added that employees have already been notified of the decision.

16th January 2009/by Tyrepress Editors

JK Tyre Joins in Truck Tyre Price Slash

JK Tyre is the latest of the large Indian manufacturers to announce a large cut in the price of its tyres, reducing them by 400 rupees. In Mumbai, The Hindu reports that company president, Arun K Bajoria stated, “JK Tyres has reduced the price of truck tyres by 400 rupees in view of lowering of rubber prices.” The cut is the second in two months, following the Cenvat-related reductions in December (see Tyrepress.com for details).

These reductions come in a marked contrast to the last two years’ consistent and sharp upwards trajectory in India’s tyre prices, which totalled a 40-45 per cent increase. The increases were tracking the rising cost of natural rubber, though – much to the chagrin of the All India Motor Transport Congress – when rubber dropped in value, commercial tyre prices remained high. The AIMTC recently spent eight days conducting a nationwide strike due in part to the continued high prices of tyres.

16th January 2009/by Tyrepress Editors

Reduced Production Continues at Goodyear’s Luxembourg Factory

The shorter working week implemented at Goodyear’s truck tyre factory in Luxembourg is being extended beyond the time originally specified. Between February and April production will only take place four days a week, commented a company spokesman.

14th January 2009/by Tyrepress Editors

Investments Banks Hold 35.75% Stake in Conti

Investment banks B. Metzler seel. Sohn & Co Holding AG and Merrill Lynch have bought shares equating to a combined voting stake of 35.75 per cent in Continental AG. According to a Reuters report, Metzler has built a 19.5 per cent voting stake, while Merrill Lynch International holds 16.25 per cent. The two companies are now the largest shareholders after Schaeffler Group (49.9 per cent). On 22 December 2008 Metzler and Sal. Oppenheim bought stakes of 4 per cent and 5.5 per cent each.

14th January 2009/by Tyrepress Editors

Automechanika Shanghai Attracts More than 30,000 Visitors

The organisers of Automechanika Shanghai report that 30,845 visitors from 104 countries and regions visited China’s number one event for the automotive part, component and aftermarket industry. A total of 1,982 exhibitors from 23 countries and regions displayed their products during the December 2008 exhibition.

Automechanika Shanghai is organised by Messe Frankfurt, together with the China National Automotive Industry International Corporation (CNAICO). The next show will take place from 9 to 11 December 2009.

12th January 2009/by Tyrepress Editors

Meeting Fails to Resolve Lockout at Factory Supplying Apollo Tyres

A meeting held on January 7 to discuss the lockout at the PTL factory in Kalamassery, India, which exclusively supplies Apollo Tyres, has failed to find a viable means of ending the standoff between management and unions. Following the breakdown of talks trade union leaders allegedly decided to hold a meeting of their own the following day.

The lockout began on December 6, 2008, following what Apollo Tyres referred to as “negative and non-cooperative attitude of workmen”.

8th January 2009/by Tyrepress Editors

American Tire Acquires Am-Pac

North Carolina, US based company American Tire Distributors has purchased California based Am-Pac Tire Distributors through a stock purchase deal. The acquisition, announced in December, is said to bring together two former competitors in a way that strengthens American Tire’s geographical distribution and builds upon its existing marketing through Am-Pac’s ‘Tire Pros’ franchise programme.

American Tire bought Am-Pac from Itochu Corporation. The Tokyo, Japan-based conglomerate had owned Am-Pac since 1999. Itochu also owns leading UK tyre distribution business, Stapleton’s.

7th January 2009/by Tyrepress Editors