December Archives - Page 31 of 35 - Tyrepress

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T&G to Ballot for Action at Michelin

Members of the Transport and General Worker’s Union (T&G) at Michelin’s Stoke-on-Trent factory will be balloted for industrial action in a dispute over pay. According to the union, the action comes after a majority of members rejected the company’s December 2004 pay deal. The company has refused to alter its lump sum offer.

Michelin representatives expressed their disappointment that the deal was rejected, but confirmed that they were committed to finding a solution. The company also offered the deal to workers at its Ballymena and Dundee plants.

19th January 2005/by Tyrepress Editors

2004 Car Registrations Remain Flat

In 2004 new car registrations in the UK totalled 2,567,269 units, 0.5 per cent down compared with 2003’s figures. During the same period the number of units manufactured with diesel engines increased 18.5 per cent totalling 835,334 units. Diesel cars now occupy a record 32.5 per cent of the market. Registrations for the month December dipped 7.1 per cent to 144,353 units from 155,452.

10th January 2005/by Tyrepress Editors

Record Annual CV Registrations

Commercial vehicle registrations hit an all time high last year with a record level of 389, 923 units, a figure that was up some 9.5 per cent. The SMMT also recorded the highest ever December CV registrations at 28,470.

According to the society growth remained concentrated in LCVs, particularly medium vans. 24,021 light commercial vehicles were registered in December, with a total of 329,599 units recorded for the year.

10th January 2005/by Tyrepress Editors

Titan Ranked Second For Stock Appreciation

Titan International has been ranked second in terms of stock appreciation in a list compiled from New York Stock Exchange (NYSE) companies. In 2004 the companies share price increased 393.5 per cent, second only to WR Grace & Co. The price of Titan’s stock grew from $3.06 on 31 December 2003 to $15.10 by the end of 2004.

“We congratulate W R Grace for their outstanding stock performance,” said Titan president and CEO, Maurice Taylor Jr. “Seeing Titan’s market value reach the levels where we knew it should be is rewarding. An investment of $3,000 in TWI stock on the first trading day of 2004, would have been worth approximately $15,000 on the last day of 2004. The effort and commitment of our employees and stockholders have made it possible to return to profitability and to achieve this remarkable progress and recognition within the investment community.”

Titan’s announcement marks a distinct turnaround in the company’s financial performance. Little over a year ago Titan was in danger of being de-listed from the NYSE for having a very low share price.

7th January 2005/by Tyrepress Editors

Titan International Announces Cash Dividend

Titan International Inc’s board of directors has approved a quarterly cash dividend of half a cent per common share for the fourth quarter of 2004. The cash dividend is payable 14 January 2005 to those recorded as stockholders on 31 December 2004.

14th December 2004/by Tyrepress Editors

November Car Registrations Up

According to figures released by the SMMT, car registrations went up 172,094 units (1.8 per cent) in November, leading to confidence that by the end of the year 2004 will be a growth year. This is exemplified in the fact that year-to-date figures are only 682 units behind the 2003 level. In order for 2004 to be a record year only 156,135 cars need to be registered. Commenting on the announcement, SMMT chief executive, Christopher Macgowan said: “November’s new car market was the second largest on record, boosting registrations towards a fourth consecutive record annual total. While the December market is difficult to predict, 156,135 new cars would see another record total. With Christmas coming, it remains to be seen if enough people have a new car on their gift list.”

13th December 2004/by Tyrepress Editors

Continental Completes Repayment of Bond Loan

As announced two weeks ago, Continental has now completed the repayment of a 500 million euro bond loan. In doing so Continental has now undertaken another step on its way to reducing its debts. The German automotive supplier envisages that the sum will be repaid at 104.39 per cent by the 7 December. The bond loan that was issued in 1999 at 5.25 per cent was originally due for 2006.

3rd December 2004/by Tyrepress Editors

Conti to Raise 2004 Share Dividend?

According to German media publications, Continental AG is considering paying a higher dividend at the end of the current financial year. Chairman Manfred Wennemer told a European business magazine that because of growing earnings an increase would be possible. At the end of September Wennemer said that this year’s earnings per share (EPS) will be at least on the 2003 level of 0.52 euros. At the same time he confirmed the rather positive earning predictions for the financial year saying that 2004 will be ended with an operating profit of 855 million euros on 31 December.

24th November 2004/by Tyrepress Editors

Top Technician 2005

The search continues to find the top British garage technician of the automotive aftermarket. There is less than one month left to nominate candidates for the award and judges are looking for a technician with the right skills, knowledge and attitude to approach any job.

23rd November 2004/by Tyrepress Editors

Continental and USWA Bargain Over Severance Package

Continental and the USWA are in the process of negotiating a severance agreement for the workers affected by the closure of the company’s Mayfield plant. The two sides are at loggerheads over the package, which the company sees as generous, but the union calls an insult.

The union is unhappy about the company’s proposals. These include a lump-sum severance payment of up to $8,000 per worker, a maximum 30 day health insurance cover and a special fund of more than $1.1 million to help displaced workers find jobs, retraining, health care, relocation and other transition expenses.

Continental plans to cease production by 31 December and shift work elsewhere, leaving 60 workers in tyre mixing and warehousing and hundreds unemployed.

22nd November 2004/by Tyrepress Editors

Bridgestone Create Artificial Fin

Bridgestone has supplied a rubber fin for a dolphin that lost most of its tail fin to disease. Fuji, a 235-kilogram female at the Okinawa Churaumi Aquarium, is the recipient of the manufacturer’s technology, and is said to have regained nearly all of her swimming ability since receiving the new fin. Bridgestone engineers believe that this is the first-ever successful development of an artificial fin for a dolphin.

Volunteer employees at Bridgestone went to work on the rubber fin for Fuji in December 2002. The company subsequently assembled a project team which delivered its first prototype in September 2003 and its a second prototype the following month. After numerous tests it delivered a third and final prototype in March of this year.

The fin is made of silicone rubber, a material that is highly compatible with living tissue. It has a cushion of patented foamed rubber called, “Everlight Moran,” where it fits against the dolphin’s body. ACM (Advanced Composite Material) provides reinforcement for the fin, and reduces the load on Fuji because of its light weight comparing to the metal. The Bridgestone engineers analysed the movement of dolphin fins in three dimensions and FEM (finite element method) used for designing tyres to optimise the fin design.

19th November 2004/by Tyrepress Editors

National Tyres Works With Woman for Charity

Woman magazine, is to raise money for Breast Cancer Campaign by running a competition in association with National Tyres and Autocare. The competition will five readers the opportunity to win a limited edition pink Smart car, worth £8000, and raise money for charity at the same time.

15th November 2004/by Tyrepress Editors

Bandag Sells South African Operation

Bandag Incorporated has reached an agreement to sell its South African business to local management. The new company will be known as Bandag Southern Africa. The deal is due become effective as of 1 December 2004, with a long term licensing agreement expected to follow when transaction is completed.

The multinational retreader points out that the South African operation represents less than 2 per cent of the Bandag’s total assets and contributed approximately $0.6 million to the company’s pre-tax income in 2003. The business will cost its new owners approximately $3.5 million. Payment will include a cash sum of $2 million with the remainder to be paid in equal instalments over five years.

According to the company, the effect that this will have on the earnings of the businesss may fluctuate over the five-year period depending on the stability of the euro and the South African rand. The company says that the expected loss will not affect Bandag’s cash flow, but rather will be an accounting entry which will reduce net earnings.

5th November 2004/by Tyrepress Editors

CITEXPO Dates Announced

The dates for the next China International Tire Expo in Shanghai, the so called CITEXPO, have been fixed. The show’s organisers, Reliable, again expect a large number of exhibitors and visitors to attend one of the most interesting cities in the world. The third CITEXPO will be held on December 14-16, 2005 and will take place in the Shanghai Everbright Convention & Exhibition Center.

4th November 2004/by Tyrepress Editors

Bridgestone to Produce Ultra-Thin Display Devices

Bridgestone has announced that it will enter the display device market. The Japanese tyre maker says it has developed “ultra-thin electronic price tags” and is aiming to achieve sales of 1 billion yen (£5.1 million) in two to three years.

20th October 2004/by Tyrepress Editors