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Hankook Tire Denies It’s Walking Away From Slovakia

Hankook Tire Co, Korea’s largest tyre manufacturer said it is still considering Slovakia as the site for a 500 million euro ($603 million) plant, contradicting a Korean newspaper report that the plan had been scrapped. Now the Slovak government is saying that it has up until 31 August to come with a new offer for Hankook, local media sources have reported.

The cabinet rejected the original investment proposal due to investment incentives of 21 per cent of the total investment. Now the government insists that six per cent will remain the maximum level of the investment stimuli for the company.

19th July 2005/by Tyrepress Editors

Azerbaijan Tyre Plant For Sale

96.98 per cent of the shares in the Azershin tyre factory in Azerbaijan are for sale. Commissioned in 1959, the Azershin plant is located in Baku, Azerbaijan and covers an area of 17.9 hectares. The plant produces 1.5 million tyres per year. The enterprise, with the charter capital of 8.9 billion manats ($1.87 million), employs 69 people and has 894,314 shares with a value of 10,000 manats each. Azershin has arrears amounting to 26.5 billion manats ($5.6 million).

13th July 2005/by Tyrepress Editors

Pirelli Will Not Build Indian Plant

Pirelli S.p.A. says it has no plans to build a new tyre plant in India, denying the news item in earlier reports that it may be looking at that possibility. Pirelli’s published statement was to the point: “The Pirelli Group has no plans to build a new factory in India for tyre production.”

11th July 2005/by Tyrepress Editors

Pneu Laurent Quits Passenger Retreads

Michelin subsidiary Pneu Laurent has terminated the production of passenger car retreads at its Avallon factory in France. The decision comes exactly 50 years after the company first entered the business. The company’s sales figures have decreased in the past few years due to the low prices of new tyres, particularly those coming from the Far East.

Pneu Laurent maintains that every one of the 22 workers involved in the division will be relocated within the company. It is not the first company to withdraw from the segment and follows Reiff Reifen, which has also ended the production of passenger car retreads due to the declining trend in the market.

8th July 2005/by Tyrepress Editors

MotoGP Welcomes Back Laguna Track

MotoGP has welcomed a new challenge with the re-launch of the American Laguna Seea race. This time however, the circuit that staged its last GP eleven years ago, will host 990 cc-MotoGP bikes.

The Laguna Seca circuit is known for its steep ascents, tight corners, fast direction changes and the famous drop-off zone as well as a notorious Corkscrew and a blind downhill S-curve.

8th July 2005/by Tyrepress Editors

Michelin Tops Up UK Pension Fund

A report in the Daily Telegraph revealed that Michelin is making two emergency payments, together worth nearly £60 million “to plug a £286 million black hole in its UK pension scheme.”

According to the report, Michelin employs 3,500 in the UK and its final salary pension scheme has 5,500 active members, 9,500 pensioners and 11,000 deferred members. The final salary scheme was closed to new members last September and employee contributions rose to 5.25 per cent (from 3.25 per cent) in April. Michelin’s contribution is 13 per cent of salary.

21st June 2005/by Tyrepress Editors

Goodyear Accused of Union Busting in Thailand

ICEM (the International Federation of Chemical, Energy Mining and General Workers’ Unions) has accused Goodyear of ‘union busting’ in Thailand. In a statement published on the union’s web site ICEM said it was “sharply critical” of labour practices being carried out by Goodyear Thailand Ltd, a subsidiary of Goodyear Tire and Rubber Co.

15th June 2005/by Tyrepress Editors

Galaxy and Dynamic to Merge Forming GPX

Galaxy Tire & Wheel and Dynamic Tire Corp have agreed to merge. As a result a new company, GPX Tyre & Wheel, will be formed. According to an official statement the new company is expected to record sales of more than $300 million in 2005 and holds assets in excess of $100 million. “The will provide the solid foundation and critical mass necessary for GPX Tire & Wheel to become one of the leading global players in the agricultural, industrial, commercial and off-the-road tyre markets,” the statement says. For the time being the two companies will operate in parallel as separate entities. The merger is expected to be completed by the end of this calender year.

14th June 2005/by Tyrepress Editors

Warren County Workers Reject BFNAT Offer

While Bridgestone Firestone North American Tire (BFNAT) and the union representing factory workers (USW) reached a tentative agreement, one plant has still rejected the deal. Workers at BFNAT’s Warren County, Tennessee, tyre plant are the only group of factory staff to reject the contract offer. BFNAT reportedly extended Warren County, Tennessee, workers a “similar offer” to workers at the other plants.

14th June 2005/by Tyrepress Editors

Roesler to Buy Bryan Factory

Continental Tire North America Inc. is expected to sell its 312-employee Bryan tyre factory this summer to the German Roesler Group, the Toledo Blade has reported. According to the reports, negotiations are said to be ongoing, and a sale price has not been determined. Roesler is expected to take on the plant’s existing staff. The northwest Ohio factory primarily makes giant tyres used on earth-moving equipment.

8th June 2005/by Tyrepress Editors

Sumitomo Rubber to Invest in Thailand

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.

7th June 2005/by Tyrepress Editors

Alliance Ends First Quarter with $5 million Dollar Net Profit

In the first quarter of 2005 Alliance Tire reported net profits of around $9.2 million including deferred tax assets of around $4 million. Alliance’s first-quarter exports amounted to $29.3 million, a growth of 16.7 per cent over the first quarter of 2004. Sales for the first quarter amounted to $37.6 million compared to $32.1 million the previous year, an increase of 17.1 per cent.

6th June 2005/by Tyrepress Editors

TVR Plotting MG Takeover?

The rumour mill is churning our speculation that sport car manufacturer, TVR’s, bosses are poised to launch a bid to buy what’s left of MG, Auto Express has reported. Not only that, but the report suggests that such a move would also see the company mothball its Blackpool, Lancashire, factory in favour of moving back to the currently idle Longbridge site in Birmingham. The idea is said to be backed an unnamed member of MG’s former management. Neither TVR or MG Rover administrator PriceWaterhouseCoopers gave any comment.

2nd June 2005/by Tyrepress Editors

Apollo Tyres Suspends Production at Vadodara Plant

Apollo Tyres Ltd has shut its manufacturing plant in Vadodara, Gujarat. Local media reports attribute the closure to illegal strike action by one section of trade unions in the factory. As a result, shares in Apollo were down 0.8 per cent at 280 rupees in what the Reuters news agency described as “a slightly firm Bombay market”.

31st May 2005/by Tyrepress Editors

Kayaba Wins OE Contracts

Kayaba has increased its original equipment business with PSA Citroen and Toyota, supplying shock absorbers for the Citroen C1, Peugeot 107 and the Toyota Aygo. All three vehicles share the same platform and will be manufactured at the Toyota Peugeot Citroen Automobiles (TPCA) plant at Kolin in the Czech Republic. Initially, the shock absorbers will be supplied from Kayaba’s factory near Pamplona in Spain, but this will switch to a purpose-built factory in the Czech Republic. This plant is due to begin production in February 2007.

9th May 2005/by Tyrepress Editors