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Cooper Appoints Barnett, Schroeder to New Roles

(Akron/Tire Review) Cooper Tire & Rubber Co has appointed Kerry A Barnett as director of financial planning and commercial analysis and Gary C Schroeder as director of credit.

In her new position, Barnett will be responsible for developing annual plans, monthly updates and forecasts for Cooper’s North American tire division and will consolidate operating plans for Cooper-Avon and the company’s Asian operations. Barnett will also oversee customer accounting and customer profitability reporting, commercial analyses and financially related sales and marketing activities, Cooper stated in a release.

17th November 2005/by Tyrepress Editors

Alcoa Organisation Changes

Alain Belda, chairman and CEO of Alcoa has announced the retirement of Richard B. Kelson, chief financial officer and EVP. Joseph C. Muscari will succeed him in the role, effective 1 January 2006.

“Rick Kelson has been an integral part of Alcoa’s success over the past three decades,” said Belda. “We are sorry to lose him, but I am pleased that he has agreed to stay on well into next year to help provide for a smooth transition.” Mr Kelson will become chairman’s counsel in January and will continue to advise the company on the transition.

17th November 2005/by Tyrepress Editors

Overpriced or Undervalued?

When Bridgestone recently announced that it would increase prices in Europe it was the latest in a string of decisions by tyre manufacturers around the world. It seems that no matter where in the world a company is based, companies cannot avoid the increased price of raw materials and particularly natural rubber, synthetic rubber and steel. But T&A would like to know what you think about the recent spate of price increases issued by manufacturers around the world? Are they a necessary evil, a stealth tax on distributors or just the result of prudent financial planning on the part of the manufacturing business? To place your vote and leave your opinion click here.

4th November 2005/by Tyrepress Editors

Continental Results Too Good to Last?

Analysts have raised questions about the long-term staying power of Continental AG’s recent spate of impressive financial results. “Continental’s “clean” EBIT of 420 million euros was 70 million euros above consensus and 100 million above our expectations,” Deutsche Bank analysts reported, adding: “With current high EBIT margins, in excess of 11 per cent, it’s difficult to see further improvement especially since 62 per cent of revenues are OE related and since OEMs are currently struggling.”

3rd November 2005/by Tyrepress Editors

SmarTire Reports Year End Financial Results

SmarTire Systems Inc has published its results for the financial year ended 31 July 2005. The company reported revenue of $1.46 million compared to $1.66 million in 2004. Net loss for the year totalled $14.3 million compared with losses of $11 million in 2004.

31st October 2005/by Tyrepress Editors

Titan Purchase Committee Member Named

(Akron/Tire Review) In its third quarter financial results, Titan International released the names of those who are serving on its special committee to conduct sale negotiations with One Equity Partners.

31st October 2005/by Tyrepress Editors

Continental Considers Buying Delphi Assets

Continental AG is considering whether it should buy some assets from Delphi. CEO, Manfred Wennemer told the Financial Times Deutschland that the company and others were looking to see if Delphi would see off some of its assets. “This is a chance for everyone — also for Continental. We have to see what they want to or must sell off,” the newspaper quoted Wennemer as sayding. Wennemer did not say what parts of Delphi Continental would be interested in, but he ruled out any purchases that would take the automotive supplier into any new areas.

24th October 2005/by Tyrepress Editors

Amtel Plans $250 million London IPO

Russian tyre producer Amtel plans to attract $250 million at an initial public offering in London next month, Reuters has reported. Amtel-Vredestein plans to sell 25 per cent of its stock at the IPO, which is planned for 10 November, the news source said.

20th October 2005/by Tyrepress Editors

Hayes Lemmerz Sells Aftermarket Brake Controller Business

Hayes Lemmerz International, Inc is to sell its aftermarket brake controller business to Hayes Brake Controller Company, a limited liability corporation formed by Syncro Corporation of Arab, Alabama. Under the agreement Hayes Brake Controller Company will acquire all inventory, assets and intellectual property necessary to the operation of the aftermarket brake controller business. Financial terms of the transaction were not disclosed.

19th October 2005/by Tyrepress Editors

Bridgestone Settlement Could Benefit US Operations

International ratings agency Fitch Ratings has said that the settlement between Bridgestone and the Ford Motor Company could pave the way for Bridgestone to improve profitability in its US operations. The settlement, which is in relation to the infamous “August 2000 Firestone/Ford Explorer Tyre Recall” problem, will have a negative effect on Bridgestone’s financial position in the short term. Despite this Fitch affirmed Bridgestone’s senior unsecured foreign currency rating at ‘A’ with stable outlook and short-term rating at ‘F1.’

17th October 2005/by Tyrepress Editors

BFNAT Writes $240 Million Check to Settle With Ford

(Akron/Tire Review) Bridgestone/Firestone North American Tire (BFNAT) has reached a settlement agreement with Ford Motor Co on “outstanding financial issues” tied to BFNAT’s August 2000 Firestone Wilderness tire recall and Ford’s subsequent May 2001 tire replacement program. In the agreement, BFNAT will pay Ford some $240 million. BFNAT said the deal “settles all remaining matters between the two companies related to these campaigns.”

12th October 2005/by Tyrepress Editors

MAM Software for Mr. Clutch

MAM Software has just completed the installation of its Autopart v20 management system at all 44 branches of Mr. Clutch Autocentres, the national garage services chain. MAM was chosen because of its ability to meet the requirements imposed by Mr. Clutch’s recent expansion of services.

7th October 2005/by Tyrepress Editors

Goodyear To Launch New Airship

The Goodyear Tire & Rubber Company has announced plans to launch a new airship in the spring of 2006 to be deployed to its Pompano Beach, Florida operation. The new airship has been in production for the past two years as a previously scheduled 2006 replacement for the Stars & Stripes, which has operated in Florida since 1992.

6th October 2005/by Tyrepress Editors

Goodyear Expects Temporary Impact from Hurricane Rita

Goodyear has implemented temporary reductions in production at its North American tyre facilities due to disruptions in the supply of certain raw materials resulting from the impact of Hurricane Rita in Texas and Louisiana.

4th October 2005/by Tyrepress Editors

Michelin Buys-out Apollo

Michelin has bought Apollo Tyres’ stake in the two companies’ joint venture. In addition to the 49 per cent stake Michelin now owns as a result of the acquisition, the French manufacturer will hold onto the 14.9 per cent stake it acquired in Apollo Tyres two years ago. Explaining the reason behind the buy-out, Michelin said: “While the use of radial tyres has gone up in the past two years, it is at a pace that was slower than projected by the partners.”

3rd October 2005/by Tyrepress Editors