Union Asks Continental to Reconsider Mayfield Closure
Union representatives from Continental’s Mayfield tyre plant have asked company officials to reconsider a decision to close its Mayfield plant.
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Essen Motor Show Booked Out
Product NewsAll exhibition space at the 37th Essen Motor Show is booked out, say the organisers. From 26 November to 5 December, 2004, 570 companies from 19 different countries will present their latest innovations. In keeping with the exhibition’s motto “Formel Fun,“ the organisers want to bring visitors’ fascination with cars to life. One of the biggest and most influential passenger car exhibitions this year, the show is expected to attract more than 400,000 visitors. Several new models are expected to make their debut. In addition, the tuning sector of the industry will display many new products on its exhibition stands.
Automechanika is going to Shanghai
Product NewsThe internationally renowned exhibition, Automechanika, will take place in Shanghai for the first time this year. Companies from 18 countries have already booked floor-space in the Shanghai New International Expo Center, where Automechanika will be held on 2-4 December 2004. According to the organisers the exhibition will be supported by an abundant schedule of events and seminars. The Automechanika Shanghai is regarded as a “strong international meeting point for the automobile industry,” say the organisers from Messe Frankfurt.
Bridgestone Resumes Rubber Rolling Ahead of Schedule
Product NewsBridgestone has resumed rubber-rolling operations at its Tochigi refining facility two months ahead of schedule. Production was suspended after the building was destroyed by fire in September 2003.
Firestone Build Polish Plant
Product NewsFirestone Industrial Products (FSIP), a business unit of BFS Diversified Products, LLC (BFDP), has announced that it will build a new manufacturing facility in Wolsztyn, Poland. The company’s recently formed Polish subsidiary, Firestone Industrial Products Poland, will produce air springs to support European demand from consumer and commercial vehicle original equipment manufacturers.
Cooper Promotes Three
Product NewsThe Cooper Tire & Rubber Co. has named three key senior appointments, effective 1st May, as a result of a realignment within the Tire Group to better focus on target markets. Harold C. Miller has been named President, International Tire Division – he joined Cooper in March 2002 as vice president, corporate planing and control. D. Richard Stephens becomes President, North American Tire Division. His Cooper career spans 26 years and has been president of Cooper Tire since December 2001. Patricia J. Brown takes up the newly-created post of Vice President, Global Branding and Communications, after a Cooper career of nearly 36 years, latterly as vice president, advertising and communications.
Maxiprest profits down in 2003
Product NewsBridgestone Firestone Maxiprest reports headline earnings per share of 1.4 cents for the year ended December – a sharp decline from earnings of 23.2 cents reported the previous year. The group reported a headline loss of 1.759 million Rand after a 21 million Rand profit the year before. At trading level, margins were maintained at 26 per cent, which was more than satisfactory given the pressure on pricing in the second half of the year end trading results from the African operations. The group said the results were impacted by charges approximating 24.6 million Rand relating to the strengthening on the Rand, the write-down of investments in African operations of 1.8 Rand and the provision for increased bad debt to 11.2 million Rand.
Titan International, Inc. 2003 year-end results
Product NewsTitan International’s financial results showed year on year a pre-tax improvement with reported net sales of 120.5 million US Dollars for the fourth quarter (up 11 per cent from 2002) and 491.7 million US Dollars for the year ended December 31, 2003 (up 6.2 per cent from 2002). Titan recorded a loss before income taxes of 33.7 million US Dollars for the year, compared to 44.3 million US Dollars in 2002. Maurice Taylor Jr., Titan president and CEO said, “The operating results achieved in fourth quarter confirm that Titan is making progress toward our goals of profitability. We were pleased that Titan’s orders surged beginning in December 2003, and continuing through first quarter 2004.”
Bridgestone Firestone recalls 297,000 tires
Product NewsDeja vu for Bridgestone as the company recalls some Steeltex tyres including 297,000 tyres on Ford Excursion sport-utility vehicles following at least five fatalities. The Steeltex Radial A/T tyres were made at a factory in Joliette, Quebec, from March 1999 through December 2002, the tyremaker said. The tyres will be replaced without charge, Firestone said. The Steeltex tyres fail “in a situation where the vehicle is overloaded or the tyre is way under-inflated,” Firestone spokesman Dan MacDonald said. One of the fatal accidents involved a vehicle hauling a trailer that lost control, while in another the sport-utility vehicle was loaded with 1,500 pounds of bottled water, he said. The NHTSA twice previously investigated Steeltex tyres without finding any defects.
Bridgestone 2003 Profit Up
Product NewsBridgestone Corp. has declared its 2003 full-year profit rose 95.5 per cent but forecast a decline in 2004 as the strong yen, higher rubber costs and a fire-induced output cut threaten its bottom line. Group net profit for the year ended December 31 was 88.72 billion yen (829.1 million US dollars), compared with 45.38 billion yen the year before. Recurring profit increased 13.1 percent to 167.30 billion yen. The results were better than Bridgestone’s forecasts, which were revised down in September to account for the fallout from the fire at one of its major domestic plants. For this year, Bridgestone has forecast a recurring profit of 130 billion yen and net profit of 75 billion yen.
Michelin NA to eliminate communications position
Product NewsMichelin North America Inc. has downsized its communications department since January 1, 2004. The decision was taken under the Call to Action initiative, says the company. “This decision was taken only after serious consideration and conclusion that the functions of the position should be redistributed among the rest of the team to optimise efficiency and effectiveness.” In line with the change, Kondria Woods, manager for communications operations and measurement, departed Michelin North America as of December 31.
Stephanie Bergeron to retire
Product NewsStephanie Bergeron (50), senior vice president, corporate financial operations for Goodyear, is to retire, effective December 31st 2003, to pursue other interests. Observers had thought that she would succeed Robert Tieken, Goodyear’s CFO, who turns 65 in May next year. According to Tieken, Bergeron has done an “outstanding job”. No successor for her post will be necassry, according to Goodyear.
Nokian Tyres shares subscribed with option rights
Product NewsAfter the October 31, 2003 registered increase in share capital a total of 13,070, Nokian Tyres plc’s shares have been subscribed with the 2001A option rights. These option rights are attached to the Nokian Tyres plc’s Option Program of 2001. An increase in share capital totalling 26,140 Euros was entered into the Trade Register on December 10, 2003. The shares will be traded on the Helsinki Exchanges together with the old shares as of December 11, 2003.
3-5 per cent price hike for Indian tyres
Product NewsThe Indian tyre industry is gearing up for 3 per cent to 5 per cent price hike starting in December.
Nissan refuse talks with union
Product NewsA ballot for strike action at the Nissan car plant in Sunderland, Tyne and Wear, is under way after Nissan management refused to hold talks with the Amicus Trade union over compulsory re-location of the company’s purchasing department. Balloting of workers in the purchasing department could mean that Nissan are faced with the threat of strike action for the first time in the plant’s history. The result of the strike ballot is expected on 8th December.
