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Three More Years for the Turnaround

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.

25th August 2004/by Tyrepress Editors

Bridgestone Reports Fire at its Largest Plant

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.

23rd August 2004/by Tyrepress Editors

Beru Increases Revenues by 23%

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.

20th August 2004/by Tyrepress Editors

Amerityre Appoint Chief Financial Officer

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.

10th August 2004/by Tyrepress Editors

Bridgestone First Half Results Confirm Four Pence Dividend

Bridgestone Corporation has announced its first half results showing increased sales figures almost across the board.

10th August 2004/by Tyrepress Editors

Michelin Invest in Northern Ireland

Michelin is to invest a further £14.5 million into its Northern Ireland manufacturing facility. According to the Northern Ireland News Letter the company intends to make its Ballymena site the largest truck and bus tyre plant in the UK.

9th August 2004/by Tyrepress Editors

Goodyear Receives Grant from US Congress

Goodyear is to receive a $2.25 million (£1.2 million) grant under the Defense Appropriations bill, passed last week by US Congress. The company’s Akron Technical Center will benefit from the majority of the financial injection, which will fund research and development of aircraft tyres to be used on America’s new Navy and Air Force joint strike fighter jets.

3rd August 2004/by Tyrepress Editors

Pirelli Posts First Half Results

Pirelli has announced its preliminary first half results showing what it claims as “a strong improvement of all economic indicators.” While the results were in line with 2004-2006 targets, its net financial position is negative by approximately 2,050 million euros, against 1,745 million euros at year end 2003.

2nd August 2004/by Tyrepress Editors

Steelworkers battle Continental against ‘Runaway Shop Scheme’

The United Steelworkers of America (USWA) has filed a charge against Continental Tire North America (CTNA) to the National Labor Relations Board (NLRB). The union alleges that the suspension of tyre production at the company’s Mayfield, Kentucky facility, scheduled for the end of this year, is illegal. The steelworkers association claims that the federal government should halt the proposed action.

23rd July 2004/by Tyrepress Editors

Jumna Tyre Cord to list on Sesdaq

Financial sources are reporting that China based Junma Tyre Cord Co., Ltd., is seeking a listing on the Sesdaq. The move will see Junma Tyre Cord become the first Chinese company to list S shares on the stock exchange.

Junma’s net profit grew at a compound annual growth rate of about 46 per cent to some 60 million yuan, approximately £4 million, in the last financial year.

S shares are shares of China-incorporated companies which are directly listed in Singapore.

22nd July 2004/by Tyrepress Editors

Goodyear Previews Second Quarter Earnings

Goodyear Tire & Rubber Company has announced that it expects to report second quarter sales of around $4.5 billion. The figure represents a $0.7 million dollar improvement on the previous year, which the company believes is the result of higher volume output, improved pricing and better product mix.

22nd July 2004/by Tyrepress Editors

Acquisition of AA Causes Kwik-Fit Management Changes

The recent acquisition of the AA by private equity groups CVC Capital Partners and Permira has led to management changes at Kwik-Fit. The initial impact was felt as soon as the purchase was made public when Kwik-Fit chairman, Sir Trevor Chinn, and chief executive, Tim Parker, announced that they would move to the AA on completion of the deal.

19th July 2004/by Tyrepress Editors

Phoenix Share Deadline Looms

Phoenix AG shareholders have a last chance to accept the offer submitted by Continental AG for the takeover of Phoenix AG shares. The statutory mandated deadline for acceptance of Continental’s 15 euros per share offer is 19 July.

5th July 2004/by Tyrepress Editors

Goodyear Reports Losses

Goodyear Tire and Rubber Co., has released its delayed first quarter results, reporting record sales figures but a loss of nearly $77 million US.

23rd June 2004/by Tyrepress Editors

Hayes Lemmerz Financial Results

Hayes Lemmerz has posted its first quarter 2004 results, which reflect a 15% sales growth, reduced debt and a stronger balance sheet. Sales of the global supplier for the first fiscal quarter rose to $594.1 million from $515.3 million of the previous year. Earnings from operations for the first financial period climbed sharply to $26.2 million, compared with $14.4 million a year earlier.

17th June 2004/by Tyrepress Editors