Superior Industries International, Inc has announced that its board of directors has authorised management to engage an investment banker and/or other advisors to explore options for disposal of the company’s suspension components business.
(Akron/Tire Review) A record 1.13 million automobiles were sold in Mexico in 2005, up 3.3 percent from the year before, the Mexican Automotive Industry Association, or AMIA, announced on Tuesday.
Rising raw material costs, especially of rubber and petroleum products, have prompted Indian tyre manufacturer JK Tyres to warn that it will raise the prices of its tyres over the next three months.
OTR tyre wholesale specialist Heuver Banden has spent 7 million euros on a new 12,000 square-metre warehouse, more than doubling its existing 4500 square-metre space. Construction of the new site, at Hadenberg in Holland, got underway in December 2005 and is expected to be completed in the spring in time for operations to begin in May.
BEN, the Motor and Allied Trades Benevolent Fund is mourning the loss of one of its long serving board members – John Joseph Tinker. John sadly died on Friday 23 December, having suffered poor health in recent months.
Production of certain models of Corvette could be delayed as a result of wheel supply interruption. Supplier Amcast went into bankruptcy on 2 December. General Motors is changing all orders that were scheduled to be built after 3 January from polished wheels to silver painted wheels delivered by another supplier. Any substitution of a lower cost wheel will be reflected in a reduced invoice for the dealers. The chrome wheel option will be postponed until “late spring production.” The impact on production of the top version Z06 is still undetermined.
The Board of Directors of Titan International, Inc has approved a quarterly cash dividend of $.005 (one half cent) per common share for the fourth quarter of 2005. The cash dividend is payable 13 January 2006, to stockholders of record on 30 December 2005.
(Akron/Tire Review) The Freeport (Illinois) Journal-Standard reported that United Steelworkers (USW) workers at Goodyear Tire & Rubber Co.’s Freeport agricultural tyre plant will vote 21 December on a new labour agreement that could pave the way for Titan International to acquire the plant.
(Akron/Tire Review) Calgary, Alberta, police arrested four teenagers who allegedly slashed the tyres of more than 80 cars this past weekend. Estimates are that the vandalism, which occurred early on 4 December caused some $30,000 in damage. Police arrested and charged three 15-year-olds – two boys and one girl, and a 16-year-old boy with 204 counts. News reports say the victims are upset, having to face replacing tyres just before the holidays. In one case, according to police, one victim had all four tires on his three vehicles slashed.
(Akron/Tire Review) The union feud that forced Bridgestone/Firestone to twice close its Valencia, Venezuela, plant has apparently ended and the plant has restarted production. Tyres were rolling off the line late on 6 December, according to a company spokesman.
(Akron/Tire Review) TIA has named Paul Fiore, its current director of business development, as the association’s new director of government and business relations. Fiore replaces Becky MacDicken, who left TIA as of 2 December for a position in Pennsylvania.
(Akron/Tire Review) Cooper Tire & Rubber Co. set the prices for its planned fixed spread tender offer to purchase up to $175 million in aggregate principal amount of its outstanding 7.75 per cent notes due 2009, 7.625 per cent notes due 2027, and 8 per cent notes due 2019.
SmarTire Systems Inc has expanded its manufacturing agreement with Vansco Electronics LP. Under the agreement, Vansco will manufacture key subsystems for SmarTire’s wireless gateway family of products. SmarTire also announced the termination of its contract manufacturing agreement with Hyundai Autonet Company, Ltd (“HACO”) in Korea, which was terminated as a result of HACO’s acquisition by Hyundai.
(Akron/Tire Review) Kumho Tire USA Inc will be relocating its US headquarters and its California warehouse from Fontana to Rancho Cucamonga, California, during the weekend of 10-11 December, and plans to be up and fully operational on Monday 12 December. Kumho said the new 830,300-square-foot building, named the Haven Distribution Center, is more than three times the space of its previous home. The facility features 136 truck docks and 144 trailer stalls.
Shanghai International Exhibition for Auto Parts & Accessories (Auto Parts Shanghai 2005) and Shanghai International Exhibition for Auto Manufacturing (Auto Manufacturing Shanghai 2005) are being held on December 6 – 9, 2005 at the Shanghai International Exhibition Center in China.
In Auto Parts Shanghai 2005 / Auto Manufacturing 2005, 250 local and overseas auto parts manufacturers and suppliers will present their latest auto parts, accessories and technology. There are six international pavilions and over 20 seminars will be given by major auto manufacturers and professionals, running alongside the show. The latest show information can be found on www.2456.com/atop
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