Pirelli Pays 2 – 3 cent Dividend
The general meeting of Pirelli & Co has approved the distribution of a shareholder dividend of 0.0210 euros per ordinary share and 0.0364 euros per savings share.
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ITR’s Jacksonville Grand Opening
Product NewsInnovative Tread Replacement Inc (ITR) will host a grand opening of its new location at Eastgate Industrial Park in Jackonsville, Illinois, on 6 and 7 May. Over 700 guests are expected to attend the event. The open house and plant tours will be the first public showing of the ITR’s retread process, recognised worldwide for reliability and efficiency in truck tyre tread replacement, according to the company.
Vredestein Banden Turns Over 230 million euros in 2004
Product NewsIn the last financial year Vredestein Banden turned over more than 230 millions across its four product groups (passenger car, truck, bicycle, agricultural and industrial products). Although Vredestein does not normally publish official financial statements, the latest figures were released as part of an official statement on the company’s recent acquisition by Amtel. In 2003 the Vredestein Group recorded a turnover of some 305.6 million euros. Of this, about 200 million euros was said to have been generated by the new tyre business. If these figures are correct, 2004 must have been a good year for Vredestein Banden with turnover increasing by around 30 million euros.
Treadways’ Dan Wire to Retire
Product News(Akron/Tire Review) Dan Wire, well-known CEO and chairman of Treadways Corp, has announced that he will retire in early 2006. Mr Wire, who said he will remain as an advisor/consultant to Sumitomo Corporation of America and Treadways until April 2008, will retire effective at the end of Treadways’ next financial year on 31 March 2006.
What Price Experience?
Product NewsA new study from industry analysts Plimsoll Publishing asks how important are the leaders of a company to its financial performance? It suggests that we will soon find out, as one in four of UK Tyre manufacturers and distributors company directors will be aged over 60 by the end of this year and, as they near the end of their careers, who will take over?
Stapletons Appoints New Chief Financial Officer
Product NewsStapletons Tyre Services has appointed Taro Ikeba to the position of chief financial officer to join its expanding operation. Mr Ikeba joined Stapletons recently from his previous position at Itochu Finance Europe plc in London, where he was head of corporate finance. He will report to Stapletons’ chief operations officer Alan Denton, and his core responsibilities will include managing the company’s overall financial strategy.
Tuberex Calls in Administrators
Product NewsMatthew Hammond and Rob Hunt of PricewaterhouseCoopers were appointed Joint Administrators of Tuberex Exhaust Systems Limited on 30 March 2005. Based in Stafford West Midlands, Tuberex manufactures and assembles car exhaust systems for the after market and is considered to be number three in the UK market with a 12 per cent market share. It has suffered from difficult trading conditions in the last 18 months, largely, as a result of increasing steel prices. The company has a turnover of around £10 million and employs 130 people.
“We are currently reviewing the Company’s financial position to establish whether a restructuring of the Company is possible. In the meantime Tuberex continues to trade as normal,” commented joint administrator, Matthew Hammond.
Gajah Tunggal Posts a Drop in Net Profit
Product NewsIndonesia’s Gajah Tunggal has reported a 4.11 per cent decline in net profit to Rp478.15 billion (£31.2 million) in 2004 compared with the previous year, according to Yahoo Finance Australia.
Its financial report declared net sales that rose to Rp6,807,58 billion from Rp5,729.51 billion.
Its gross profit rose from Rp871.82 billion to Rp1,124.39 billion but it suffered a loss on the foreign exchange amounting to Rp436.75 billion as against gain of Rp390.65 billion in the previous year, said the report.
The company’s total assets shrank from Rp12,173.26 billion to Rp6,341.12 billion as a result of a sharp fall in current assets from Rp9,096.77 billion to Rp4,491.78 billion.
Hayes Lemmerz Appoints ArvinMeritor Director
Product NewsHayes Lemmerz International has appointed Christine M. Sweda as director of taxes, reporting to James Yost, vice president of finance and chief financial officer.
Sweda comes to Hayes Lemmerz’ from its competitor ArvinMeritor where she worked as director of domestic tax. Prior to her seven year tenure at ArvinMeritor, Sweda worked as a tax manager for T&N Industries Inc., and in various positions at Arthur Andersen LLP.
Goodyear Extends Debt Maturities
Product News(Akron/Tire Review) The Goodyear Tire & Rubber Co announced that it has closed $3.65 billion in new credit facilities, including a $1.5 billion asset-based revolving credit facility due in 2010.
Other credit facilities include a $1.2 billion second-lien term loan due in 2010 and a $300 million third-lien secured term loan facility due in 2011.
Canadian Tire Announces New Five-Year Strategic Plan
Product News(Akron/Tire Review) Canadian Tire has introduced its 2005-2009 strategic plan, which includes establishing up to 285 new and replacement retail stores, to shareholders.
Alliance Records Profit Following Four Years of Losses
Product News(Akron/Tire Review) After four successive years of losses, Alliance Tire Co. reported a net profit of $0.9 million for 2004 in its newly released financial results. The company ended 2003 with a net loss of $13.1 million. But, in 2004, gross profits increased to $31.1 million, compared to $20.4 million in the previous year.
Kmart Exec Joins ArvinMeritor
Product News(Akron/Tire Review) Former Kmart executive James Donlon has been named senior vice president and CFO of ArvinMeritor, effective 1 April. Mr Donlon served as senior vice president and CFO at Kmart.
In this new position, Mr Donlon will drive ArvinMeritor’s financial performance, as well as provide comprehensive financial direction and guidance to the corporation.
Pirelli Dividend Shrinks
Product NewsPirelli Spa & C will pay a smaller dividend for the 2004 financial year than it did for 2003. The Italian company has proposed to pay a dividend of 0.021 euros per ordinary share and 0.0314 euros per savings share. The ordinary share dividend is 30 per cent lower than last year, when the company paid out 0.031 euros and 0.414 euros respectively. In spite of the dividend decrease the company paid out 113 million euros, more than it did in previous years.
Goodyear Results Led By Assurance
Product NewsGoodyear’s Assurance played a key role Goodyear’s recent financial improvements, according to a report in the Akron Beacon journal. Goodyear first rolled out the products a year ago in an effort to generate excitement for its flagship brand.
