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Third Truck Point Business Manager

Bridgestone UK has appointed Stuart Monk (34) as the third business development manager for the Truck Point network of independent truck tyre dealers. Mr Monk, who will cover the Midlands area, has a strong financial background in banking, joining Bridgestone UK in 2002 and working in senior positions in the central billing department. His new role is structured round initiatives being taken by Bridgestone to support the independents’ business activities with fleet customers and to ensure that there are clear lines of communication between Bridgestone UK, the fleets and the dealers.

20th July 2005/by Tyrepress Editors

Kwik-Fit Fleet Expands Service Centre and Adds Staff

Kwik-Fit Fleet has announced a major redevelopment and expansion of its Fleet Service Centre. The latest developments include taking on 10 new service centre operators, on top of the 30 recruited 12 months ago, and relocating the service centre to a newly-refurbished dedicated area within Kwik-Fit Financial Services’ call centre at Tannochside.

20th July 2005/by Tyrepress Editors

Hankook to Restart Talks With Other Countries

(Akron/Tire Review) Reports out of Slovakia say that Hankook Tire Co will restart negotiations with other eastern European nations regarding its plans for a 500 million euro tyre plant. Slovakia lost its exclusive bargaining rights after cabinet ministers rejected a government aid package worth some 110 million euros.
It is expected that Hankook officials will renew talks with Poland and Hungary, the two the countries the South Korean tyremaker held negotiations with before it selected Slovakia in May.

14th July 2005/by Tyrepress Editors

TVS’ Ambitious Plans

TVS Tyres is set to increase its tyre exports. The Indian company, which has just launched seven new tyres into the market, expects exports to account for 40 per cent of its total turnover. It is also planning to increase its two wheeler tyre production by 15 per cent.

“At present our exports, of solid tyres only, contribute 15 percent to the total turnover. We have already established our presence in Europe, West Asia and Africa and are proceeding to the US and neighbouring countries,” said S Balasubramanian, VP, marketing of the company.

8th July 2005/by Tyrepress Editors

SmarTire Completes Major Financing

SmarTire Systems Inc has agreed a major financing programme with Cornell Capital Partners LP that has resulted in net proceeds of $11 million plus a $160 million standby equity distribution agreement. According to the company the funds will be used to expand the company’s business strategy beyond tyre pressure monitoring and into the field of wireless sensing and control applications.

7th July 2005/by Tyrepress Editors

Beru Aims to Increase Earnings and Sales Revenues

The executive board of Beru AG says it aims to increase earnings and sales revenues by high single digit rates. Beru AG increased its total revenues by 8.8 per cent to 385.8 million euros in the past financial year. EBIT decreased to 50.5 million euros, due to one-time exceptional effects totalling 5.0 million euros. In addition, the company’s executive committee and supervisory board want to suggest a dividend of 1.10 euro for each share to the general meeting on 21 September 2005. Despite increasingly tough competition and pressure on prices, BERU believes it is well positioned for the future with its strong product pipeline.

4th July 2005/by Tyrepress Editors

AXA Increases Continental Stake

AXA has increased its stake in Continental AG to 10.5 per cent of voting rights, Continental said in a notice in German newspaper, Boersen-Zeitung. Most of the shares are reportedly held by AXA’s US units AXA Financial Inc, AXA Financial Services LLC, AXA Equitable Life Insurance Company and Alliance Capital Management LP.

1st July 2005/by Tyrepress Editors

Goodyear Names OTR General Manager

Goodyear has appointed John Sweeney, former general manager for the company’s chemical division since November 2004, said he seeks to improve OTR operations and financial performance. The business has faced an industry-wide product shortage since last year. “We must refocus on customer and end-user needs. In these challenging times, demand has risen dramatically, and we must take the necessary steps to lessen the impact of this shortage on their operations,” Sweeney said.

30th June 2005/by Tyrepress Editors

Kwik-Fit to Stay in Scotland

Kwik-Fit will remain in its Edinburgh headquarters despite the fact that it has been bought by European equity firm, PAI partners. Paris-based PAI Partners confirmed to The Times that Kwik-Fit’s management team and the headquarters in Broxburn, West Lothian, would remain in place. London-based PAI partner Hamish Mackenzie, who negotiated the deal, said: “The business remains as it is. You wouldn’t think, with my name and my accent, it would be moving out of Scotland, now would you?” the newspaper reported.

29th June 2005/by Tyrepress Editors

Goodyear Integrates Chemical Biz into North American Tire

(Akron/Tire Review) Goodyear Tire & Rubber Co has reported that it has “reclassified” financial information to reflect the integration of its chemical products business segment into its North American tire segment. The reclassification applies to financial information for each of the three previous years, ending on 31 December 2004.

23rd June 2005/by Tyrepress Editors

SmarTire Reports Continued Losses

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.

16th June 2005/by Tyrepress Editors

Apollo Tyres Reports Record Fourth Quarter

India’s Apollo Tyres has reported that it achieved record sales in the fourth quarter of its 2004/2005 financial year. At the same time the company announced a 45 per cent dividend. For the 2004/2005 year Apollo Tyres Ltd posted a gross turnover of 26.56 billion rupees (£332 million), a 15 per cent growth over the previous year. The company also registered the highest quarterly sales achieved in its history – over 7.5 billion rupees in the last fourth quarter. This represents 21 per cent growth over the same period last year. At the same time the company maintained three per cent net profit.

8th June 2005/by Tyrepress Editors

Yaroslavl Reports Operating Results

JSC Yaroslavsky Tire Works in Yaroslavl’, one of Russia’s largest tyre manufacturers and a part of Sibur holding, has released full-year 2004 and first quarter 2005 financials. The results show that, once again, although the company’s output dropped its profitability has actually increased. 2004 sales fell 30 per cent year-on-year to $95 million, while operating profit dropped 17 per cent to $2.5 million.

7th June 2005/by Tyrepress Editors

Omskshina Sales Drop 38 per cent

Omskshina, a subsidiary of Sibur, has released its full year 2004 and first quarter 2005 results showing sharp declines in sales and output. In 2004 tyre output fell 27 per cent year-on-year to 3.8 million units. At least part of this sizeable drop can be attributed to Sibur’s decision to transfer the production passenger car and light truck tyres to its Matador-Omskshina joint venture. Although to all intents and purposes this was a sideways move, the transition of these figures from one balance sheet to another, has obviously had a marked impact on Omskshina’s totals.

7th June 2005/by Tyrepress Editors

Fulda Tyres Team Joins the Race

A group of associates from Fulda Tyres in Birmingham have participated in the Great Midlands Fun Run, raising money for the Acorn Children’s Hospice in Sutton Coldfield, Birmingham in the process.The 8.5 mile run started in Sutton Park on 5 June and ended in Sutton town centre in front of a crowd of spectators. Fulda Tyres did its bit with six employees lacing up their trainers and battling their way through the challenging course.

7th June 2005/by Tyrepress Editors