TMD Friction appoints new CFO
TMD friction has announced the appointment of John Hudson as its new chief financial officer (CFO). Mr Hudson replaces Peter Cheung who had worked for TMD Friction products for the last three and a half years.
TMD friction has announced the appointment of John Hudson as its new chief financial officer (CFO). Mr Hudson replaces Peter Cheung who had worked for TMD Friction products for the last three and a half years.
Delphi, the world’s largest automotive supplier, is to cut up to 6000 US jobs by the end of year.
A new report published by industry analysts, Plimsoll Publishing, identifies 22 companies whose efficiency could have an impact on the rest of the industry.
Toyo Tire & Rubber Co has announced that it has set up a wholly owned subsidiary in Guangzhou, southern China.
Goodyear Dunlop Europe has appointed Dick Johnson as general manager of Goodyear Dunlop UK, the company has announced.
BBS has released its consolidated first-half sales figures, which hold steady at 89.6 million euros. Growth outside Germany has seen the sales increase from the previous year’s figure of 89.4 million euros. However, due to dwindling business inside Germany EBT amounted to a mere 1.9 million euros.
In Germany, business volumes fell 3.4 per cent from 50.2 million euros to 48.5 million euros. Outside Germany, the wheel manufacturer boosted sales by 4.9 per cent from 39.2 million euros to 41.1 million euros. As a result, its share of sales outside Germany rose from 43.8 per cent to 45.9 per cent of its total sales.
In the 2003 financial year the Vredestein group has generated a turnover of 305.6 million euros (£205 million) of which roughly 200 million euros (£134.3 million) stems from new tyre business, the company has said. With this turnover the Dutch tyre manufacturer achieved an EBIT of 18.6 million euros (£12.5 million) and net earnings of 9.1 million euros. Talking to Tyres & Accessories, Vredestein’s managing director Rob Oudshoorn, who is responsible for the tyre business of the group, said that the company would be as successful as its competitors this year. Mr Oudshoorn could not and would not give detailed business results.
Amtel Holdings Holland has announced a 64 per cent increase in profits as part of its consolidated results for the 2003 financial year.
Titan International, Inc was notified by the trustee that all $136.8 million (£76 million) of its outstanding 8.75% senior subordinated notes have been redeemed today, 26 August, 2004.
“We appreciate the confidence of our bond holders during the past seven years,” stated Maurice Taylor Jr., Titan president and CEO. “The financial support has been a valuable tool as Titan continuously strives to lead the off-highway wheel and tire industry.”
Operations at Bridgestone’s Amagi plant have resumed after a fire, which burned for two hours, was put out last Friday. As a result of the fire, and the resultant clean-up operation, the Amagi factory had been closed for five days. The financial implications of the fire have been described by analysts as minimal due to the company’s strong “earnings momentum.” The same Deutsche Bank analysts have predicted that the financial impact, in terms of operating profit, will at most approach 2 billion yen (£10 million).
In a recent interview Goodyear Tire & Rubber Co’s CEO Robert Keegan has told Germany’s daily Frankfurter Allgemeine Zeitung that the company needs three years to get its US tyre business back on track to healthier profits.
Mr Keegan is reported to have said that Goodyear’s European business was making better progress. The company hasn’t posted a consolidated net profit since 2000, however it managed to record profits in the second quarter from North America and other regions.
Reuters news agency is reporting that there has been a fire a Bridgestone’s largest tyre factory. The news of the blaze comes less that a year after a huge fire at the Tochigi factory north of Tokyo dealt a significant blow to the firm’s earnings.
Beru Aktiengesellschaft (Ludwigsburg, Germany) increased its total revenues in the first quarter of the 2004/05 financial year (1 April – 30 June, 2004) by 23.2% to €85.5 million (1 April – 30 June, 2003: €69.4 million). A high level of growth in the company’s youngest division, Electronics and Sensor Technology, made a decisive contribution (12.5% organic growth) to earnings achieved by the group, but not the tyre pressure monitoring system. Net income rose by 20.3% to €7.7 million after €6.4 million in the same period of last year. As a result, earnings per share reached €0.77 after €0.64 in the prior-year quarter.
Amerityre Corp has appointed Anders Suarez as chief financial officer. Prior to the appointment Mr Suarez had been employed as the company’s financial systems administrator, a position he had held since October 2003.
Bridgestone Corporation has announced its first half results showing increased sales figures almost across the board.
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