financials Archives - Page 109 of 134 - Tyrepress

Posts

Mani Counters Palazhi Tyres Allegations

Kerala (India) Congress leader and former minister K M Mani said a State Government probe into the affairs of Palazhi Tyres Ltd politically motivated. Mani said that no financial irregularity has been committed and the company documents will speak themselves.

“The only fault with the company is that the mission for setting up a tyre factory has not become a reality till date, for various reasons. It owns 37 acres of well-kept rubber estate having big valuation at Valavoor in Meenachil taluk. The company has been registered as per company and co-operative laws and it has an audited annual balance sheet,” KM Mani told local newspapers.

30th October 2006/by Tyrepress Editors

Cooper to Announce Quarterly Results

(Akron/Tire Review) Cooper Tire & Rubber Company will announce its third quarter 2006 financial results before the market opens on 8 November. A conference call discussing the financial results will begin at 11:00. (EST).

27th October 2006/by Tyrepress Editors

New President & CEO For SmarTire

The board of directors of SmarTire Systems Inc. has promoted Vice President of Sales and Marketing, David Warkentin to President & Chief Executive Officer of SmarTire. Prior to joining SmarTire in August 2005, Warkentin was the vice president of sales for Intrinsyc Software International, Inc., a Canadian public company that provides engineering services to wireless mobile device makers and licensable software for the wireless telephone handset market.

24th October 2006/by Tyrepress Editors

Plimsoll names Tyre Manufacturers & Distributors Industry winners

The UK’s most successful tyre manufacturers & distributors companies have been named as part of a special study by industry analysts Plimsoll Publishing Ltd. These outstanding companies have been grouped into five different areas of financial success.

24th October 2006/by Tyrepress Editors

Efficiency Award For Alcoa’s Hungary Operation

Alcoa has announced that its Alcoa-Köfém operation located in Szekesfehervar, Hungary was ranked as the “Most Efficient Company” by major business weekly Figyelö of the 200 largest corporations in the country based on ratios of Ebitda (earnings before interest, taxes, depreciation and amortization) to invested capital, a financial indicator. The award is based on 2005 figures.

20th October 2006/by Tyrepress Editors

Hayes Lemmerz Sells Components Machining Plant

Hayes Lemmerz International, Inc. has announced the sale of its Southfield, Michigan iron suspension components machining plant to Whitebox Advisors, LLC and the management team who had previously purchased the Company’s Cadillac, Michigan ductile iron foundry in December 2005.

17th October 2006/by Tyrepress Editors

Goodyear Borrows $1 Billion As Precaution Against Prolonged Strike

The Goodyear Tire & Rubber Company has significantly enhanced its cash position by borrowing nearly $1 billion under an existing revolving credit facility. The company said it borrowed approximately $675 million on October 13 and $300 million on October 5 under its $1.5 billion U.S. First Lien Credit Facility. Thus, this particular facility is almost fully drawn, when including its $500 million deposit-funded facility.

16th October 2006/by Tyrepress Editors

Apollo Q2 Sales Grow 21 per cent

Apollo has published un-audited financial results showing second quarter sales of 7.67 billion rupees (£90.5 million), up 21 per cent year-on-year. Net profits grew 3.8 per cent to 193 million rupees (£2.28 million) despite global raw material increases. Sales improvement was reflected in the half-year results. Net sales were up 27 per cent to 15.246 billion rupees (£180 million). Operating profit grew 2.8 per cent in the six-month period to 1,167 billion rupees (£13.78 million).

12th October 2006/by Tyrepress Editors

Investments Boost Rockingham’s Success

Since Corby Developments Limited acquired the majority shareholding in the Rockingham racing circuit in late 2005, it has implemented a £5 million development plan to give the circuit a major makeover. Billing itself as “Europe’s fastest motor racing circuit” – a claim based on the fact that in 2001 Tony Kanaan went round Rockingham’s 1.5 mile oval in 24.719 seconds in his Ford/Lola Champ car – the scope of the facilities now available at Rockingham has attracted a number of events. This year the circuit has already hosted the Avon-sponsored British GT, 2006 Pickup Truck Racing Championship, SCSA Third Round and the Rockingham VSR Championship.

12th October 2006/by Tyrepress Editors

Goodyear Prepares for Long Strike

No-one was surprised when the United Steelworkers Union announced its Goodyear-employed members would go on strike on Thursday 5 October. Now, days later with no news forthcoming from either side, it looks like 14,600 Union workers at 12 of Goodyear’s US plants and four additional plants in Canada, are preparing for the long haul.

Some analysts say the strike could cost Goodyear $2 million a day. Others are less optimistic. One Deutsche Bank report suggested that for each day Goodyear workers are burning wood on the picket line, Goodyear would be burning $5-6 million. Some analysts put the figure even higher.

10th October 2006/by Tyrepress Editors

Michelin, Dynamic Settle Lawsuits

(Akron/Tire Review) Michelin and Dynamic Tire Corp. have entered into a settlement agreement resolving the infringement of intellectual property rights.

9th October 2006/by Tyrepress Editors

UK Tyre Companies See Values Increase

Overall values of the UK’s 50 leading tyre companies are on the up, rising 10 per cent in the period studied by a new Plimsoll Publishing report. 35 of the companies included have seen their values increase by a staggering 20 per cent. This is a direct result of improved profitability and a conscious effort by their managers to place their company’s on a firm financial footing. These companies are building a solid foundation to further enhance their values in 2007, the report says.

29th September 2006/by Tyrepress Editors

Lear Corp and Transense Cooperate

Automotive supplier Lear Corp. has signed an agreement with Transense Technologies PLC to develop a tyre pressure monitoring system (TPMS) that does not require batteries and will comply with US federal regulations. Financial terms have not been disclosed.

25th September 2006/by Tyrepress Editors

Hedge Fund Buys into Cooper Tire & Rubber

On 18 September Trafelet & Company, disclosed that it now holds 5.756 million shares in Cooper Tire & Rubber – a 9.4 per cent stake. Trafelet is now Cooper Tire & Rubber’s fourth-largest shareholder behind value investors Shapiro Capital Management (11.4 per cent), Brandes Investment Partners (11.4 per cent) and Perkins, Wolf, McDonnell & Company (10 per cent).

22nd September 2006/by Tyrepress Editors

Cynthia Feldmann Appointed to Hayes Lemmerz’ Board of Directors

Hayes Lemmerz has announced that Cynthia Feldmann has been appointed to the Company’s board of directors. With the addition of Ms. Feldmann, the Board now consists of seven members. Ms. Feldmann has also been appointed as the Chairperson of the Audit Committee and a member of the Nominating and Corporate Governance Committee.

21st September 2006/by Tyrepress Editors