December Archives - Page 30 of 35 - Tyrepress

Posts

Cooper Sets Price For Tender Offer

(Akron/Tire Review) Cooper Tire & Rubber Co. announced that it has priced its fixed-spread tender offer to purchase the $350 million aggregate principal amount outstanding of its 7-3/4 per cent notes due 15 December, 2009.

Cooper will pay $1,095.05 for each $1,000 principal amount of the notes tendered and accepted for payment in the tender offer, plus $34.44 for accrued but unpaid interest, said the company. The tender offer is scheduled to expire at 5:00 p.m. Eastern Time on Friday, May 20, unless extended, Cooper said.

20th May 2005/by Tyrepress Editors

Pirelli Pays 2 – 3 cent Dividend

The general meeting of Pirelli & Co has approved the distribution of a shareholder dividend of 0.0210 euros per ordinary share and 0.0364 euros per savings share.

3rd May 2005/by Tyrepress Editors

Bandag Announces First Quarter Results

(Akron/Tire Review) Bandag Inc. has reported consolidated net earnings of $6.0 million, or $0.30 per diluted share, for the first quarter of 2005. Consolidated net sales were $186.6 million, an increase of 8 per cent, compared to consolidated net sales of $173.5 million in first quarter 2004. For the first quarter of 2004, Bandag reported consolidated net earnings of $4.0 million, or $0.20 per diluted share.

20th April 2005/by Tyrepress Editors

Apollo Tyres Gains Buy Rating

The Hindu Business Line newspaper has given Apollo Tyres its ‘buy’ rating. Though the performance of the Indian tyre companies have not been overly impressive in recent quarters, the situation is likely to improve, the report added, suggesting that Budget proposals along with the price hikes effected in the past would have a positive impact on tyre companies’ earnings.

21st March 2005/by Tyrepress Editors

2005 China International Tire Expo

CITEXPO, the largest tyre exhibition in China is publicising its change of venue. The exhibition venue has moved from Shanghai East Asia Exhibition Center to a much bigger venue – Shanghai Everbright Exhibition Center. The exhibition’s organisers say that show aims to bridge the gaps between the soaring tyre industry in China and companies from overseas. After being launched in 2003 the second CITEXPO attracted over 100 exhibitors and 5000 visitors from a range of tyre industry roles including manufacturers, buyers, distributors, wholesalers, direct retail and manufacturing purchasers. This year, CITEXPO will be held from 14 – 16 December 2005.

17th March 2005/by Tyrepress Editors

New Start for Prestige Batteries

Platinum Batteries Ltd has released a statement thanking customers for their support during the company’s litigation case with Fiamm Automotive Ltd, which was finally settled last December. “It was extremely difficult maintaining stock levels during the litigation process and our national customer database has been extremely supportive and patient with us. Our situation is turning around rapidly now, with stock levels already back to capacity.

“We will be trading as Prestige Batteries, the result of seeing a marked increase in demand for our four year calcium/calcium range of batteries. The company has a bright outlook for the future and much confidence in it’s ability to go from strength to strength, expanding its share of the UK market,” the statement concluded.

15th March 2005/by Tyrepress Editors

Accuride Reports 46.7 per cent Net Sales Increase

Accuride Corporation has reported net sales of $138.5 million of for the fourth quarter of 2004, ended 31 December 2004. This equates to a 46.7 per cent increase compared to the $94.4 million that it raised in the fourth quarter of 2003. According to the company the increase is primarily the result of the “continuing cyclical recovery of the commercial vehicle industry. Accuride had net income of $5.2 million for the fourth quarter of 2004, compared to $0.6 million at the same time in 2003.

At the same time the company recouped some of its 2003 losses, posting an annual net income of $21.8 million, compared to the company’s $8.7 million net loss of 2003. Full year net sales were $494 million compared with $364.3 million in 2003, an increase of 35.6 per cent.

10th March 2005/by Tyrepress Editors

Commercial Register Entry Seals Phoenix Takeover

Continental AG, Hanover, can now proceed with the integration of the Hamburg-based Phoenix AG into its ContiTech AG subsidiary. The control and profit and loss transfer agreement between ContiTech AG as con-trolling enterprise and Phoenix AG as dependent enterprise was entered into the commercial register on 9 March, 2005. The agreement, approved at an extraordinary meeting of Phoenix AG shareholders on 28 December, 2004, can therefore go to effect.

10th March 2005/by Tyrepress Editors

Debica’s 4Q Net Profits Plummet 98 per cent

Debica SA’s net profits went into freefall in the fourth quarter of 2004, falling 98.14 per cent. According to a Dow Jones report, the company, 59.9 per cent of which is owned by Goodyear, recorded operating profits of 1.1 million euros in the period ended 31 December 2004. This compares with 8.1 million euros the same time the previous year (down 86.42 per cent). Net profits were hit the hardest falling 98.14 per cent from 8.3 million euros in the last quarter of 2004 to only 154,653 euros in 2004. Quarterly sales were the least affected, falling 4.76 per cent from 79.9 million euros in the final quarter 2003 to 76.9 million in 2004.

The end of year profit crash also impacted the total year figures. Although the company’s sales grew 8.54 per cent in 2004, from 360.9 million euros in 2003 to 332.5 million in 2004. Operation profit and net profits fell 4.49 per cent and 13.48 per cent respectively.

8th March 2005/by Tyrepress Editors

Bridgestone Reports OP Increase

Bridgestone will report a 7.9 per cent rise in 2004 operating profit, Reuters has reported. This equates to operating profits of 197.7 billion yen (roughly £991 million), exceeding the company’s projection of 185 billion yen for the year ended 31 December. At the same time the company will forecast a 14 per cent drop in this year’s OP, due to pressures from higher raw material prices, the report continues. This means the company expects to achieve an operating profit of 170 billion yen in 2005.

18th February 2005/by Tyrepress Editors

£1000 Prize For Smithfield Competition Winner

Goodyear has presented Richard Lamb of Home Farm in Rutland with a £1000 farm tyre voucher. Mr Lamb received the prize after being randomly picked from over 3000 entries at December’s Smithfield Show. Goodyear returned to the Smithfield Show last year showing off their newly completed Optitrac range. As Smithfield visitors viewed the range their passes were scanned and they were automatically entered into the prize draw. In the last five years Goodyear has introduced six new products.

Andy Morris, director of farm for Goodyear said: “The Smithfield Show was a great end to a great year for Goodyear farm tyres. We had a fantastic response to the stand and over 3,000 entries into the prize draw.” Richard Lamb, an arable farmer who grows sugar beat, winter barley, winter wheat, peas and linseed was delighted to win. “I couldn’t remember entering the competition so was totally surprised – I actually thought it was a hoax,” he said. “I always travel down to the Smithfield Show and enjoy it but to win £1,000 worth of Goodyear tyres as well is fantastic.”

14th February 2005/by Tyrepress Editors

Doom and Gloom in UK Manufacturing?

A survey conducted by the CBI has reported that UK manufacturing firms fear that up to 26,000 jobs could be lost over the next three months. The CBI and Experian poll showed that confidence in the manufacturing industry has fallen in eight of the UK’s 11 regions over the past quarter with the north west hit hard. Despite the sharpest fall in confidence occurring with firms in the West Midlands, London and the South East are expected to bear the largest decline in manufacturing employment. The CBI states that whilst 26,000 jobs is a large figure, it is still short of the losses seen during the steep manufacturing recession of 2001 to 2003. However, the latest data from the Office for National Statistics shows a 0.6 per cent between November and December, its fastest pace in seven months.

11th February 2005/by Tyrepress Editors

Continental Founds Russian Distribution Company

Continental AG has founded its own distribution company for the Russian market, the Prime-Tass news agency has reported. The news comes after Continental “pulled the plug” on a failed joint venture with Moscow Tyre Plant last December.

7th February 2005/by Tyrepress Editors

Bridgestone NA and Unions Continue Negotiations

While negotiations between the USWA and Bridgestone/Firestone North American Tire (BFNAT) continue, it appears that union representatives may be preparing for some kind of on-the-job action. According to a Tire Review report, a BFNAT spokesman mentioned that talks are progressing albeit slowly. USWA-representatives at BFNAT plants have been working without a contract since April 2003. In November 2003, talks broke off all together and the two sides didn’t return t the bargaining table until December 2004.

On 2 February, a notice was posted on the USWA Local 1155L web site suggesting some “job action” may be imminent. The notice to workers at BFNAT’s truck tyre plant in Warren County, Tennessee stated: “The leadership of USWA 1155L, in an effort to facilitate mobilisation and strike preparation, regrets to inform our membership we are no longer accepting reservations at the Union Hall for its use. Prior reservations will be honored if the business of USWA 1155L allows. This effort will only be necessary until justice is served.”

4th February 2005/by Tyrepress Editors

Steve Tidmarsh Becomes Kumho MD

Kumho Tyre has announced that Steve Tidmarsh has been appointed as managing director and chief operating officer of Kumho Tyre (UK). The appointment became effective on 1 January 2005. Following Mr Tidmarsh’s promotion, YD Yoon, president of Kumho Tire Europe, will assume the role of chief executive officer.

Commenting on the appointment, YD Yoon said: “Under Steve’s leadership I am certain that our team at Kumho Tyre (UK) will be in excellent shape to meet the challenges of the UK and Irish markets. His energy and drive will be invaluable as we move ahead with our strategic plans for Europe.”

Steve Tidmarsh joined Kumho Tyre (UK) in December 2002 as sales director, becoming executive director in 2004.

24th January 2005/by Tyrepress Editors