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Hayes Lemmerz Reports Q3

Hayes Lemmerz has reported financial results for the three months ended October 31, 2003. The Company said that earnings from operations totalled 13.9 million US dollars for the quarter, with gross profits remaining consistent, as compared to the same period in 2002. This is despite the increased depreciation expenses and lower OEM production requirements. Net sales for the three month period totalled 530.9 million US dollars, compared to 535.4 million US dollars for the comparable period in 2002. The Company reported a net loss of 10.0 million US dollars, compared to net income of 3.7 million US dollars for the comparable three months in 2002.

10th December 2003/by Tyrepress Editors

Fintrade pulls out of wheel manufacture

Alloy wheel manufacturer Fintrade has taken the decision to run down and cease production of its own make alloy wheels. The company says that it cannot compete with products from emerging markets and that the closure of the factory was the only route open to avoid financial ruin. The company has announced an orderly run down of production and will be liquidating the assets of the business to service debts in order of preference. It is expected that there should be no shortfall at this point in the proceedings.

2nd December 2003/by Tyrepress Editors

Goodyear asks for more time (update)

The deadline for Goodyear to release its financial results for the third quarter has been extended from last Friday to this Wednesday, after the tyre maker asked the Securities and Exchange Commission for more time to finalise the figures. Goodyear also asked for more time to complete the restatement of its accounts for the past five years. The company has indicated that its third quarter loss will be in the order of $106 million, or 60 cents per share, which is higher than some analysts forecast. The loss will be Goodyear’s eighth quarterly loss in the past 12 quarters and the company says that its loss for the first nine months of this year will be between $310 million-$335 million. A Goodyear spokesman would not comment on whether the 3Q figures would include any special charges covering factory closures or other restructuring costs.

18th November 2003/by Tyrepress Editors

Goodyear’s Wells Honoured as a Top ‘Under 40’ Finance Executive

Darren Wells, vice president and treasurer of The Goodyear Tire & Rubber Company, has been recognised by Treasury & Risk Management magazine as one of the nation’s top finance executives under the age of 40. Wells’ responsibilities include Goodyear’s financial risk management, treasury policy, and the company’s relationships with the banking community. He was one of the key participants in renegotiating the company’s credit agreements in early 2003.

14th November 2003/by Tyrepress Editors

Iraqi Car Market Booms

Global Insight, Inc has announced its forecast findings on the newly-emerging Iraq light vehicle market. According to the Global Insight study, basic light vehicle demand during 2005-2007 should stabilise at estimated 200,000 units, after an immediate post-war surge to 250,000-300,000 units. Since the end of the Iraqi war, used car exports to Iraq have risen very sharply, trending towards the lowest priced cars available from the neighbouring regions of the UAE, Kuwait and Jordan. Between May and September of this year, it is estimated that 100,000 used cars have been shipped to Iraq, with Kuwait alone reportedly shipping 18,000 used cars to Iraq during this same period. Oil wealth, a free trade environment, external spending and financial support all augur for an Iraq potentially wealthier than some of its neighbours. Global Insight’s macro economic forecast shows GDP rising from 1,000 US dollars per capita in 2003 to close to 3,000 US dollars by 2009. The new car market will be seen to grow as the Iraqi economy makes these gains.

13th November 2003/by Tyrepress Editors

Scott & Scott, LLC Announces Class Action Against Goodyear

Scott & Scott, LLC a law firm with offices in Connecticut and California, announced a securities fraud class action against The Goodyear Tire and Rubber Co. The complaints filed by the law firm have cited various individual defendants including Samir G. Gibara, Robert W. Tieken, Robert J. Keegan, and Stephanie W. Bergeron.

12th November 2003/by Tyrepress Editors

Fire at Ellerbrock

Early this morning fire broke out at Ellerbrock Tread in Henstedt-Ulzburg. The 6,500 square metre production hall has fallen victim to the flames. There are approximately 200 fire-fighters on site fighting the fire and it is expected that it will take the whole weekend to bring the fire under control. According to the local radio station in Schleswig-Holstein damage is estimated to run to approximately 15 million Euro. Marketing and sales director Dirk Rohmann stated at the factory gates in Hamburg that it was too early to state the extent of the damage. The fire had damaged the production facility but only after the fire is completely extinguished will the full extent of the damage be assessed. The cause of the fire is not known at present.

7th November 2003/by Tyrepress Editors

Goodyear update – share price holds up

It was a quiet day on the legal front for Goodyear yesterday, with only one more law firm announcing that it was going to bring a class action against the company, following the recent admission that income had been over-stated. Reaction to recent events has been mixed, with website message boards showing a sharp divergence of views – unsurprisingly, there are bitter comments about the management, both past and present, but there are harsh words too for the lawyers, who some see as exploiting an unfortunate situation for financial gain. Taking Goodyear’s share price as a barometer of opinion shows that yesterday it rose 17 cents, to close at $6.72.

30th October 2003/by Tyrepress Editors

Gajah Tunggal „sold to Singapore firm“

There are reports in the Asian press that the Indonesian Bank Restructuring Agency (IBRA) has sold tyre manufacturer Gajah Tunggal and Gajah Tunggal Petrochem Industries for the equivalent of US$214 million. The purchaser is Singapore-based Garibaldi Venture Fund; one of five bidders. IBRA took over Gajah Tunggal as a debt settlement by Indonesian tycoon Sjamsul Nursalim, after the financial crisis of the late 90s.

28th October 2003/by Tyrepress Editors

Cooper to Announce Q3 Results

Cooper Tire & Rubber Company will announce its third quarter financial results before the market opens on Thursday, October 16, 2003. A conference call discussing the financial results will follow at 11:00 a.m. (EDT). Individuals can access a webcasting of the conference call at our investor relations web page at www.coopertire.com

3rd October 2003/by Tyrepress Editors

Shake-up in Goodyear finance department

Thomas A. Connell is to join Goodyear from TRW as vice president and controller reporting to Stephanie W. Bergeron, senior vice president, corporate financial operations. He is joined by Michael M. Rajkovic, vice president of finance for its North American Tire business unit. He will report to Robert W. Tieken, executive vice president and chief financial officer, and to Jonathan D. Rich, president, North American Tire.

Rajkovic replaces Richard J. Kramer, who was named senior vice president, strategic planning & restructuring by the company. Kramer moves on to become senior vice president, strategic planning & restructuring for The Goodyear Tire & Rubber Company.

“Richard has been active in driving change in our organisation and is recognised as an outstanding leader,” said Robert J. Keegan, chairman and chief executive officer, to whom Kramer will report in his new position. “His experience, plus his deep knowledge of our company, makes him a valuable addition to our corporate leadership team as we build toward our 2005 objectives and turnaround.”

29th August 2003/by Tyrepress Editors

Continental back in DAX after seven years

After a seven-year gap, Continental AG, Hanover, is back in Dax. On September 22 the international automotive supplier will return to the German’s stock market’s blue chip index. The announcement was made yesterday by the Deutsche Börse AG in Frankfurt/Main. Continental, a founding member of the index, thus becomes the first company in Dax’s fifteen-year history to stage a comeback into the circle of Germany’s 30 largest companies.

20th August 2003/by Tyrepress Editors

Goodyear draws line in the sand

Goodyear Tire & Rubber Co. has set a deadline for reaching a tentative labour agreement with the United Steelworkers of America, a spokesman for the union said on Thursday. Goodyear has told union leaders that it will move forward with unspecified plans to secure the company’s future if a deal is not struck by midday on Friday, the union said.
Goodyear and the steelworkers have been unable to reach a compromise on key issues of job security, financial restructuring and health care for current and retired employees.

15th August 2003/by Tyrepress Editors

Equipment Services PLC: The Yorkshire name in garage equipment

Ten years of quiet growth have brought this Bradford firm to a leading position in the automotive equipment market.

Equipment Services is a Bradford-based garage equipment supplier specialising in the fast-fit sector. The business was founded in 1993 as a garage equipment service and maintenance operation. As the business developed the then partners decided that since there was a potential volume to be attained by the business they would make the move into selling equipment and latterly to become importers and sole distributors of garage equipment wherever the opportunity arose.

As the stature of the company grew so too did the service contracts, amongst which could be counted Charlie Browns, Chessington Tyres, F1 Auto Centres, Kwik-Fit and Nationwide Autocentres. The business grew on these contracts and in spring 2003, Equipment Services became a UK PLC. The company now has five directors, John Prout is the managing director, Carl Allenson the sales and marketing director responsible for all sales operations and marketing the company. Paul Duckworth the service director looks after the service operation and Andrew Marshall the field operations director is responsible for ongoing training, development and quality in the field. The financial director is B.S. Panesar whom has a wealth of business and financial knowledge has recently been named by Natwest entrepreneur of the year 2003.

In the space of five years Equipment Services has committed to volume and through its sole distribution contracts with Teco, tyre changers and wheel balancing equipment, Parise compressors and OMA vehicle lifts. The company offers a full equipment range under its own Equip brand and also has a full range of reconditioned and used garage equipment to meet all requirements.

The head office in Bradford has a fully fitted showroom and training centre with a comprehensive range of fully operational equipment always on display for both sales and training purposes.

Equipment Services also offer a range of service options on three main levels. There is a nationwide service division responding to call outs to service and repair equipment wherever it may be in the UK at the beck and call of the trade at large. Secondly there is a preventative maintenance division carrying out preventative maintenance work under contract, and thirdly there is the nationwide installation division that undertakes anything from installing a single tyre changer through to complete garage design and fitting out services.

Equipment Services also offer a comprehensive project management facility from initial measurements and drawings through to commissioning equipment. The company has a great deal of experience in working with the vehicle inspectorate and installing and calibrating equipment to VI standards and will readily undertake class 1,2,4,5 and 7 full MoT bay installation to turnkey standard.

11th August 2003/by Tyrepress Editors

Hayes Lemmerz Looks To Reduce Costs

Hayes Lemmerz, the wheel producer who recently emerged from Chapter 11 bankruptcy protection, is trying to reduce costs without compromising financial recovery. This comes in response to the expectation that US vehicle manufacturers will ask suppliers to reduce prices in order to improve the manufacturers’ own bottom lines.

9th July 2003/by Tyrepress Editors