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Recycling Success Story

In the waste industry there is an increasing demand for turnkey waste processing solutions that not only meet technical demands, but also exceed business goals. But how can you manage well-established companies from different areas, to work together and keep their own egos in the background? Synmet has the answer. Established in 2002, the Synmet Group represents five brands: Artech (size reduction), BHS (disc screens), BOA (balers), Hidding (screening) and Nihot (air technology). The synergy has many advantages for the customers in various ways. Within Synmet, the brands combine engineering expertise to take on technological challenges and produce innovative solutions. Synmet adds financial back-up and expertise.

22nd May 2006/by Tyrepress Editors

Michelin Credit Rating Put on CreditWatch by S&P

(Akron/Tire Review) AFX reports out of London say that Standard & Poor’s Ratings Services has placed its BBB+ long-term corporate credit rating on Groupe Michelin, citing concerns over the tyremaker’s profitability. S&P affirmed, however, Michelin’s short-term rating at A-2.

8th May 2006/by Tyrepress Editors

Canadian Tire Shakes Up Top Management

(Akron/Tire Review) Tom Gauld has been named president and CEO and a director of Canadian Tire Corp. He succeeds Wayne Sales, who stepped down from the board and his position as president and CEO. Sales will stay on as vice chairman in an advisory capacity to Gauld. Gauld, the past president of Canadian Tire Financial Services, had retired from the company last year.

2nd May 2006/by Tyrepress Editors

Titan’s Q1 Sales Up 34 Per Cent

US company Titan’s first quarter financial results show that the company achieved a 34 per cent increase in net sales. First quarter 2006 net sales were $182.6 million, compared to $136.1 million in first quarter 2005. Gross profit increased by 29 percent, or $7.0 million. First quarter 2006 gross profit was $31.1 million ($24.1 million Q1 2005).

28th April 2006/by Tyrepress Editors

Goodyear Announces Q1 Earnings Release

The Goodyear Tire & Rubber Company will report first quarter 2006 financial results before market opens on Thursday, May 4, to be followed by an investor conference call at 11:30 a.m. EDT. Participating in the conference call will be Robert J. Keegan, chairman and chief executive officer; Richard J. Kramer, executive vice president and chief financial officer; and Darren R. Wells, senior vice president, business development and treasurer. They will review Goodyear’s first quarter results.

26th April 2006/by Tyrepress Editors

Indian Financial Markets Fall

A bout of profit taking early in the week in metal and automotive stocks, among others, led to a fall on the financial markets of India. The BSE Auto Index closed down 143.35 points (equal to 2.61 per cent) with auto stocks such as MRF, Tata Motors, Hind Motors, Apollo Tyres and TVS Motor all falling in value.

26th April 2006/by Tyrepress Editors

Analysts Forecast Good Q1 Results from Michelin

Industry analysts have forecasted first quarter sales figures for Michelin of around 3.85 billion euros ($4.75 billion) – a rise of 6.7 per cent. The figure is the average of estimates from 11 analysts, which ranged from 3.7 billion euros to 4.2 billion. Michelin’s actual first quarter financial results will be revealed after the close of the stock market today.

25th April 2006/by Tyrepress Editors

Cooper to Announce First Quarter Results

(Akron/Tire Review) Cooper Tire & Rubber Co. will announce its first quarter 2006 financial results before the market opens on Wednesday, May 3, the company said.

20th April 2006/by Tyrepress Editors

Nick Manning to Assume Buying Responsibility at Group Tyre

Group Tyre (UK) Ltd has announced the appointment of Nick Manning as director of purchasing. Joining Group Tyre after a substantial career within the Continental Tyre Group Limited, he assumes the full buying responsibility from Larry Cross, whose role as Coordinating Director of Group Tyre continues.

Welcoming Nick Manning’s appointment Larry Cross, said, “Nick’s huge depth of experience of the industry will be a huge asset to Group Tyre. His substantial business development and brand strategy expertise, together with his unique insight into every aspect of the UK tyre market is an invaluable resource. This can only further strengthen the position of Group Tyre as the UK’s leading independent wholesaler and hugely benefit both our members and their customers.”

13th April 2006/by Tyrepress Editors

Keegan: Goodyear is an ‘Aggressive Marketing Company’

In his address at Goodyear’s Annual Shareholder Meeting, chairman and CEO Robert J. Keegan said the tyremaker remains committed to the strategic direction implemented three years ago, describing the business as an “aggressive marketing company.”

“Innovation, quality and a sharp market focus continue to drive Goodyear in the right direction,” he said. “We believe we are taking the required steps to drive improving future performance.” Keegan cited the company’s important financial milestones in 2005, including record sales, net income double the 2004 level, and growth in its business segments.

12th April 2006/by Tyrepress Editors

Motorola Deal Increases Conti Market Capitalisation

The recent purchase of Motorola’s Auto Electronics business by Continental has increased the German company’s market capitalisation by 900 million Euros this week. Financial analysts appear to approve of the deal, describing it as a good fit and, at US$1 billion (812 million Euros), they feel that the price was right. The analysts also believe that the deal will quickly add to the group’s operating profits.

6th April 2006/by Tyrepress Editors

Hayes Lemmerz Amends Credit Facility

Hayes Lemmerz International, Inc. has announced that it has concluded an agreement with its lending group to amend its $625 million senior secured credit facility. Among other changes, the amendment favourably modifies certain financial covenants. “This amendment provides Hayes Lemmerz with additional financial flexibility as we continue to rationalise our manufacturing footprint, implement cost reduction initiatives, and capitalize on growth opportunities within our core businesses and in select geographic regions. We appreciate our lending group’s continuing support of our strategic direction and financial priorities,” said Curtis Clawson, President, CEO and Chairman of the Board.

4th April 2006/by Tyrepress Editors

Amtel-Vredestein Selects Oracle for Corporate IT System

Amtel-Vredestein NV has announced that it has selected Oracle E-Business Suite for its corporate information system at a press conference held in Moscow at Oracle’s APPS FORUM 2006. Based on Oracle’s E-Business Suite platform, the new system will help to enable centralized and effective financial and logistics management, strict cost allocation and price control at all stages of production.

31st March 2006/by Tyrepress Editors

Goodyear Announces Termination of SEC Investigation

The Goodyear Tire & Rubber Company has confirmed that staff of the Securities and Exchange Commission have terminated their investigation into accounting matters included in the company’s restatement of financial results, announced in October 2003, and in subsequent public filings.

30th March 2006/by Tyrepress Editors

John Church Steps Down from Group Tyre

Group Tyre (UK) Ltd chairman John Church is to step down from 1 April 2006, because of health reasons. According to an official statement, the decision was agreed mutually by John Church and Group Tyre and fully supported by the managing directors of all Group Tyre member companies. The directors of Group Tyre paid tribute to John Church’s leadership.

As a result Larry Cross will increasingly take up the role of coordinating director, as well as there being a greater input from the other managing directors of Group Tyre member companies. Group Tyre’s head office management will reside with Karl Naylor, (director of commercial operations), Nick Manning (director of purchasing – who assumes this responsibility from Larry Cross) and John Dunleavy (financial controller).

29th March 2006/by Tyrepress Editors