Nankang Rubber Tyre Co Ltd has launched a new pattern for its Sonar brand. According to the company the Sonar SX1 is aimed at the high performance market, and the company is planning to introduce new sales channels in across Europe countries in 2005. Sizes will also be enlarged to between 15 and 19 inches in order to cater for demand form tuning shops.
SmarTire Systems’ results for the quarter ended 30 April show a slight increase in losses. SmarTire recorded a quarterly net loss of $5.31 million compared to a net loss of $2.95 million for the same quarter last year. The net loss for the nine month period ended 30 April, was $11.79 million compared to a net loss of $8.12 million last year.
Sumitomo Rubber is reportedly planning to build “the world’s largest quality tyre factory” in Thailand, local media sources have reported. The factory will be base in the eastern province of Rayong and will aim to manufacture 7 million Dunlop branded tyres a year with the first tyres rolling off the production line in 2007, according to the reports.
Wiboon Kromdin, president of the Amata City Co Ltd, said that Sumitomo had already signed an agreement to purchase land for the production plant. The move represents the company’s first investment in Thailand. The location is said to have been chosen due to its proximity to Laem Chabang Port, and Thailand’s position at the centre of distribution to the Asian market.
Dr Peter E Rieth, head of Advanced Engineering for the Automotive Systems division of Continental AG, has been honoured with the US Government’s Award for Safety Engineering Excellence in Washington DC. The award, presented by the National Highway Traffic Safety Administration (NHTSA), is traditionally awarded at the International Technical Conference on Enhanced Safety of Vehicles (ESV) every two years.
RTS Engineering has launched a completely autonomous ‘energy module.’ Billed as “the ultimate” in mobile tyre fitting equipment, the new product is made up of an engine, a hydraulic pump and a hydrovane compressor.
(Akron/Tire Review) Special Report by Amy Antenora of AMN
Over the past few years, global competition in the automotive industry has significantly heated up. Wayne Xing, editor and publisher of China Business Update, addressed the country of particular Interest, during a presentation at the 2005 Global Automotive Aftermarket Symposium (GAAS).
GAAS was held this week in Chicago.
In recent years, China’s automotive industry has exploded as the country’s infrastructure and economy have begun to allow for and create increased interest in passenger cars. It took China 40 years to produce 1 million automobiles, from 1953 to 1992. Today, however, the Chinese vehicle market is expanding at an ever-increasing clip. It is estimated that this year, China will surpass 6 million vehicles produced.
(Akron/Tire Review) Special Report by Amy Antenora of AMN – With a number of critical issues currently challenging the automotive aftermarket – SKU proliferation, auto dealer expansion and raw material costs, to name a few – there was no lack for topics of discussion at this year’s Global Automotive Aftermarket Symposium (GAAS), held this week in Chicago.
Bob McKenna, president and CEO of the Motor & Equipment Manufacturers Association, moderated a panel discussion posing questions about a number of critical issues such as product demand, brand equity, counterfeiting, vehicle maintenance, Right to Repair and the complexities of aftermarket distribution.
(Akron/Tire Review) Hercules Tires & Rubber Co has officially announced that its senior management has “partnered” with private equity firm FdG Associates to acquire the Findlay, Ohio-based private brander and distributor. Hercules’ 33 dealer shareholders voted to sell their share to FdG
According to its statement, Hercules said the transaction was financed with equity from FdG’s second institutional fund, FdG Capital Partners II LP, and “will provide Hercules with the capital to further expand its Hercules branded private label program, solidify its industry position and capitalize on opportunities for continued growth and acquisitions.” Details of the deal were not disclosed.
(Akron/Tire Review) Kumho Tire USA Corp. has leased an 830,000-square-foot warehouse and office building in a new Rancho Cucamonga, California, industrial estate and plans to move its US headquarters and distribution centre there by July. The company reportedly signed a 10-year, $35 million lease for the facility in the Haven Distribution Center. Kumho, currently headquartered in Fontana, has placed its current 265,000-square-foot headquarters and distribution centre facility on the market.
(Akron/Tire Review) A press statement issued today by FdG Associates, a private equity company based in New York City, indicated that it is assisting Hercules Tire & Rubber Co. to “recapitalise its business in partnership with management.”
According to the statement, “This transaction will allow Hercules to strengthen its financial base, further develop its private label programme, solidify its position in the distribution of private label and branded tyres, and capitalise on growth opportunities. Hercules’ relationships with its customers and suppliers will remain unchanged.”
No other information was made available, and, according to the statement, “further details will be made available shortly when the transaction closes.”
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.
The Unipart Group of Companies, one of Europe’s leading privately–owned distribution and logistics businesses, has reported sales for 2004 of £1.064bn (2003: £525.8m) and a net operating profit of £25.4m (- £1.3m). After tax, interest and other charges, the Group reported a profit of £26.3m (£0.9m).
Two ArvinMeritor LVA employees are taking up the BEN Centenary Aftermarket Challenge, as they attempt to cycle the full length of the country, from Lands End to John O’Groats. The money raised will go towards supporting auto industry employees and their dependents who find themselves in need of help.
(Akron/Tire Review) Carl Casalbore, Cooper Tire & Rubber Co’s vice president of marketing and retail sales, abruptly left the company 11 April. The former Pirelli high performance sales and marketing manager left to pursue other interests. Cooper has not yet named a replacement.
Casalbore joined Cooper in 1999 after more than 20 years with Pirelli Tire North America, and was initially director of Pirelli sales for Cooper when the two companies worked together on sales and distribution. He later helped spearhead Cooper’s push into the high performance market and with development and launch of Cooper’s Zeon line.
(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.
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