December Archives - Page 22 of 35 - Tyrepress

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Goodyear Concludes Convertible Note Exchange

Goodyear Tire & Rubber announced on December 6 the results of a previously announced offer to exchange its outstanding four per cent Convertible Senior Notes due June 15, 2034 for a cash payment and shares of its common stock. Note holders tendered approximately US$346 million aggregate principal amount of convertible notes in exchange for approximately 28.7 million shares of common stock plus a total cash payment of approximately $23 million. Approximately 99 per cent of the principal amount of the outstanding convertible notes was tendered in the exchange offer. A total of approximately $4 million principal amount of convertible notes remains outstanding.

7th December 2007/by Tyrepress Editors

PSA Boss New ACEA President

Christian Streiff, the president of carmaker PSA Peugeot Citroen, has been named as the new head of the European Car Manufacturers’ association (ACEA). While the decision has been made today (7 December), the appointment won’t take effect until 1 January 2008. Streiff succeeds Fiat president, Sergio Marchionne.

7th December 2007/by Tyrepress Editors

New Vredestein UK MD

Vredestein has appointed Stuart Jackson as managing director of the company’s UK operations following the departure of Bert Stellinga in August. Prior to entering the tyre trade, Jackson occupied a number senior posts in the automotive industry, latterly with Visteon, a leading global supplier of automotive parts and solutions. The appointment became effective on 1 December.

6th December 2007/by Tyrepress Editors

Titan CEO Taylor on Trial for Slander

(Tire Review) The chairman and CEO of Titan Tire parent company Titan International Inc., Maurice M. Taylor Jr., is a defendant in a slander trial that began December 3 in the U.S. District Court in Des Moines, Iowa. About 20 former and current Titan employees allege they were slandered when Taylor, at a news conference in 2000, falsely accused them of filing fraudulent worker compensation claims as part of union tactics during a long United Steelworkers strike at Titan’s agricultural tyre plant in Des Moines.

5th December 2007/by Tyrepress Editors

WTO Rules Brazil Must Allow Retread Imports

A World Trade Organization appeals panel ruled on December 3 that Brazil did violate international commerce rules by restricting importation of retreaded tyres from Europe. Brazil claimed that the European Union was dumping millions of used tyres on its market, creating a greater risk of disease and environmental damage as the country had no means to effectively recycle the used tyres. Because Brazil allows such imports from South American countries, the WTO ruled that Brazil’s ban on the retreaded tyres was, in fact, as restriction on international trade.

5th December 2007/by Tyrepress Editors

Interstate Tyres On Show in Kuwait

Interstate Tires are to participate at the prestigious Kuwait Automobile exhibition. From November 28 to December 4, 2007 Interstate Tires will display the company’s complete range of tyres. The Middle East is fast growing market and, according to Theo de Vries Interstate Tires are very popular in “various” Gulf states. Furthermore Interstate Tires is approved and licensed to be used in the official dealer organizations of Volkswagen, Audi, Ford and Mazda. “You can find Interstate Tires in the main hall, next to Audi and Spijker cars,” company president Theo de Vries told Tyres & Acceessories.

28th November 2007/by Tyrepress Editors

Apollo Tyres to Spread AIDS Message in December

In addition to being a tyre manufacturer Apollo Tyres operates a number of health clinics in India – at present seven are in operation and further establishments are planned. Through this healthcare connection Apollo plans to commemorate World AIDS Day, December 1, 2007, at all its manufacturing locations and clinics through a week-long series of activities.

27th November 2007/by Tyrepress Editors

Keep on Going, There’s no Pressure…

With the occasional lawsuit and industry murmurings about the difficulty and cost of run-flat repairs proving no more an obstacle to the onward march of run-flat tyres than a carelessly dropped nail on the road, most sectors of the passenger car tyre market are now furnished with a healthy selection of run-flat options. In December T&A examines what’s new and what’s good in the world of run-flats.

27th November 2007/by Tyrepress Editors

Cooper Tire & Rubber Announces 143rd Quarterly Dividend

On November 15 Cooper Tire & Rubber announced a quarterly dividend of 10.5 cents per share on its common stock, payable December 28, 2007, to stockholders of record at the close of business on December 3, 2007. This latest payment will mark the 143rd consecutive quarterly dividend paid by the Cooper Tire & Rubber Company. The company, which went public in 1960, has increased the dividend it has paid annually since 1980.

19th November 2007/by Tyrepress Editors

Paul Everitt To Be New SMMT Chief

The Society of Motor Manufacturers and Traders says that Paul Everitt will be its next chief executive. He will succeed Christopher Macgowan who leaves the society at the end of December, after a nine-year term.

Everitt is director of civil air transport and communications at the Society of British Aerospace Companies, where he is responsible for environmental and safety issues, as well as leading its media team and government relations programmes. Before this, Everitt was head of communications, economics and policy at SMMT. He played a big part in launching the SMMT’s motor industry sustainability report and its annual CO2 report, plus he also took a lead on a range of high-profile policy campaigns, including the End of Life Vehicle Directive, Block Exemption and the Climate Change Levy.

12th November 2007/by Tyrepress Editors

Like Father, Like Son

The Wales Rally GB is set to be a family affair in 2007, with 18-year old driver Elfyn Evans competing against father Gwyndaf. Evans the younger has proven to be one of the country’s rising rally stars this year, finishing third overall in the Fiesta Sporting Trophy, and he is now relishing the chance to tackle the home round of the World Rally Championship alongside his former British Rally Champion father, who has spent the season driving for the Mitsubishi rally team in the BRC.

Organisers believe it is more than a decade since a father and son competed head on against each other in the event – the most recent being Roger and Matthew Clark in 1995 and Jimmy McRae against both Colin and Alister in 1993. Elfyn and co-driver Richard Edwards will continue to use their trusty Fiesta and have secured backing for the rally from Hankook Tire – the main sponsor of Gwyndaf’s BRC efforts in 2006.

1st November 2007/by Tyrepress Editors

Goodyear Elects to End Tyre Production at Tyler Plant

On October 30 Goodyear announced its intention to end tyre production at its Tyler facility in the US state of Texas, ending months of speculation over the plant’s fate upon expiry of the one-year stay of execution granted by the signing of the United Steelworkers’ three-year master contract in December 2006.

Goodyear announced that production will end in January, the exact date falling some time in the first fortnight of the year. The end of tyre production will be accompanied by the loss of more than 600 of the plant’s 740 hourly jobs, the company added.

The tyremaker issued the USW a Worker Adjustment Relocation Notice (WARN) Act notification on the afternoon of October 30. By law a company must issue a WARN Act notification 60 days prior to beginning redundancies that will affect more than one-third of the workforce.

1st November 2007/by Tyrepress Editors

Vredestein to Raise Prices

(Akron/Tire Review) As of December 1, Vredestein Tyres North American said it will raise prices on all of its passenger and light truck/SUV tyres. The increase, said Vredestein, will be 5 per cent.

29th October 2007/by Tyrepress Editors

TGI Set to Celebrate New Office, Anniversary

(Akron/Tire Review) Tire Group International will soon celebrate both its 15th anniversary and the grand opening of its new Miami offices. The event will be held on December 8. TGI carries more than 40 tyre brands, the company said, including its own private labels Astro, Cosmo, Industar, Luna and Jaguar, as well as other brands such as MRF, Delta and Matador.

25th October 2007/by Tyrepress Editors

John Kemp Passes Away

Axle Group Holdings Ltd has announced the death of John Kemp, Partner, at the age of 53, following a year long battle against illness. John Kemp was a popular and well respected figure, having worked in the tyre industry for 30 years. He began his career with Birkenshaw International as Finance Manager, based in Glasgow and during this time helped oversee the merger of the southern based wholesaler, Viking Express to form one of the country’s largest tyre wholesalers, Viking International.

In December 2001, Mr Kemp joined Alan Revie, John Taylor and John Caldwell in the highly publicised management buy-out of National Tyres and Autocare and Viking International, from Continental AG. In his capacity as Group Financial Director, John Kemp played a pivotal role in the dramatic turnaround of the company’s finances.

25th October 2007/by Tyrepress Editors