December Archives - Page 21 of 35 - Tyrepress

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Dispute Torn MRF Factory Given Week to Re-Open

The government in the Indian state of Tamil Nadu may assume control of the MRF Ltd tyre manufacturing plant in Tiruvottiyur, near Chennai, if the company does not promptly re-open it. The facility has been closed since last December, following industrial disputes in which MRF accused its employees of “indiscipline and being unable to meet productivity norms.”

“The MRF management should find a solution to the labour problem in its units within a week’s time,” electricity minister Arcot N. Veerasamy told the Tamil Nadu state legislative assembly on January 30. He said that the Tamil Nadu chief minister, M. Karunanidhi, would intervene to find an amicable solution, adding that “if no solution was found even then, the government would take over the unit.”

31st January 2008/by Tyrepress Editors

JK Tyre BOD Recommends 27% Dividend

Shareholders in JK Tyre & Industries look assured of a healthy return on their investment after the company’s board of directors recommended a dividend of 27 per cent on equity shares for the year 2006-07. Company net profits for the quarter ending December 31, 2007 were Rs 217.4 million (£2.8 million), an impressive increase of 166 per cent on results for the same quarter a year earlier. Net sales were Rs 7,228.8 million (£92.4 million, an increase of 9.9 per cent.

30th January 2008/by Tyrepress Editors

Hankook Sales Up, Ordinary Income Down in 2007

Hankook Tire reports positive sales and operating income results for 2007. The tyremaker has recorded sales of 2.253 trillion won (£1.2 billion), an increase of 9.2 per cent on its 2006 results. Operating income jumped 57.4 per cent from 174.54 billion won (£94.5 million) in 2006 to 274.79 billion won (£148.7 million) last year.

22nd January 2008/by Tyrepress Editors

Simpson Joins Yokohama

Yokohama Tire Corp. has hired human resources veteran Rex Simpson as its new vice president of administration. Simpson replaces Steve Kessing, who retired in December 2007 after 17 years with the company. Most recently, Simpson held a number of HR posts with American Honda Motor. (Tire Review/Akron)

10th January 2008/by Tyrepress Editors

Reflex Vehicle Solutions Chooses Kwik Fit

Stockton on Tees based Reflex Vehicle Solutions, operator of a 6,500 vehicle strong fleet of rental cars and light commercial vehicles, has entered into a repair agreement with Kwik Fit Fleet. The new deal will give Reflex Vehicle Solutions clients access to Kwik Fit Fleet’s 670 outlets and 200-vehicle strong mobile fleet network.

10th January 2008/by Tyrepress Editors

Chinese Government Responds to US Countervailing Determination

China’s Ministry of Commerce has published its official response to the countervailing determination set out by the US Department of Commerce on December 10, expressing “strong dissatisfaction over and firm opposition to such a decision.”

The Ministry claims the Department of Commerce has turned a “deaf ear to the US law as well as its own consistent practice” through its decision to break with its practice, maintained since 1984, of not imposing countervailing duties on what it classes as ‘non-market economies’. This non-imposition, says the Ministry, had “already been established as a legal precedent in the US judicial lawsuits” prior to the Department of Commerce’s commencement of a series of five countervailing investigations, which led to US based companies lodging a number of countervailing appeals against products originating in China. Referring to these recent investigations, the Chinese Ministry of Commerce states that “such practices are by no means conducive to the normal development of the bilateral trade and economic ties.”

8th January 2008/by Tyrepress Editors

Production Ends At Tyler

Tyre production at Goodyear’s factory at Tyler, Texas ended on December 21st; just over 50 days after the company announced its intention to cease making tyres at the plant. Around 600 jobs were lost.

4th January 2008/by Tyrepress Editors

Ruia Offers Dunlop Land to State

Pawan Ruia, chairman of Dunlop India, has offered to set up an IT special economic zone (SEZ) on 50 acres of Dunlop land belonging to the Sahaganj factory labour colony. A similar offer has been made on 50 acres of Jessop land at Durgapur too. Ruia, chairman of both India’s first tyre maker Dunlop and oldest engineering company Jessop, said: “Sahaganj, located just 40 km from Kolkata, with an improved road connection can serve to disperse the IT concentration in Salt Lake-Rajarhat area.”

The proposal comes at a time when the state government is hard pressed to arrange land for IT majors like Infosys Technologies, Wipro, ITC Infotech. Dunlop’s land at Sahaganj covers 239 acres, of which only 51 acres accommodate the factory. According to local news sources Dunlop India is currently going through a “funds crunch” that has resulted in the state electricity board severing electricity in December with no word of when it would be resumed.

3rd January 2008/by Tyrepress Editors

Toyo Changes Subsidiary Names

Over the Christmas break Toyo Tire & Rubber Co. Ltd. Changed the names of some of its second and third tier subsidiaries in the US. President and CEO Yoshio Kataoka announced the new names in a statement published on boxing day (26 December 2007). Toyo Tire International, Inc. will now be known as: Toyo Tire Holdings of Americas Inc.; While Toyo Tire (U.S.A.) Corp. has become Toyo Tire U.S.A. Corp,; Nitto Tire North America Inc. was renamed Nitto Tire U.S.A. Inc.; and Toyo Tire North America, Inc. is now Toyo Tire North America Manufacturing Inc. All the name changes took effect on 1 January 2008.

3rd January 2008/by Tyrepress Editors

Roy Armes Becomes Cooper Chairman

Cooper Tire & Rubber Company has made Roy V. Armes Chairman of the Board in addition to being President and CEO of the company. Along with that change, the Board dissolved the Office of the Chairman and appointed John Meier as Lead Director for the Board. Since August 2006, the Office of the Chairman has consisted of directors Byron Pond, Art Aronson and John Shuey. Armes was appointed President and CEO on 19 December, 2006.

21st December 2007/by Tyrepress Editors

Brose Buys Conti’s Electric Motor Operations

On 20 December the Brose Group agreed to buy Continental’s Electric Motor operations. The acquisition is subject to the approval of the antitrust authorities. “We decided to sell the former Siemens VDO Electric Motor Drives operations and Continental’s cooling fan business to the Brose Group because Brose’s excellent positioning in the market segment creates exceedingly good prospects for that business,” said Continental’s Executive Board Chairman, Manfred Wennemer. The news follows Continental’s acquisition of Siemens VDO and, according Wennemer.

21st December 2007/by Tyrepress Editors

Titan International Announces Q4 Dividend

The Board of Directors of Titan International has approved a quarterly cash dividend of US$.005 per common share for the fourth quarter of 2007. The cash dividend is payable January 15, 2008, to stockholders of record on December 31, 2007.

12th December 2007/by Tyrepress Editors

UK Members of Marine Hose Cartel Plead Guilty

The two Dunlop Oil and Marine executives and the Lincolnshire based consultant charged in the US for their participation in a price fixing cartel have entered a guilty plea. The one-count felony charges were laid in a Houston court on December 5, and the three men subsequently filed court documents detailing their plea arrangements. The pleas will be entered on December 12.

12th December 2007/by Tyrepress Editors

Heuver’s New Online Store Offers Full Professional Range

On December 10 Netherlands based wholesaler Heuver Tyrewholesale launches its all-new ‘webshop’. In addition to offering customers the convenience of 24 hours a day, 7 days a week ordering, Heuver Tyrewholesale claims its new site delivers an important milestone – the Heuver webshop is the first online tyre industry store where professional use tyres from all market segments are on offer. The company states that earthmover, industrial, agricultural, truck and trailer tyres can all be purchased through the webshop, as well as valves and inner tubes.

10th December 2007/by Tyrepress Editors

New VP of Accuride Wheels Appointed

Accuride Corporation has announced the appointment of Leigh Wright to the position of vice president of Accuride Wheels, effective December 4. Wright was formerly vice president of Steel Wheels, and in his new role will be responsible for the strategic global leadership and manufacturing oversight of the company’s steel and aluminium wheel manufacturing facilities.

10th December 2007/by Tyrepress Editors