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Fiat Auto Predicts Larger-Than-Expected Loss For 4Q

Fiat has warned that its auto division will report a loss of around 187 million Euros for the fourth quarter. Previously the company had predicted a break-even for 4Q, while analysts were forecasting a loss of 35 million Euros. If the estimate is correct, Fiat Auto’s loss for the year 2002 will be 1.4 billion Euros. The company has sold assets in an attempt to improve its financial position, including its 5 per cent stake in General Motors, bought by Merrill Lynch for US$ 1.16 billion.

21st January 2003/by Tyrepress Editors

Confirmation Of Job Losses At Goodyear

The Goodyear Tire & Rubber Company has announced restructuring actions in its corporate headquarters and North American Tire operations that will eliminate more than 700 salaried staff positions. The action is being taken to improve the company’s fixed cost structure.

17th January 2003/by Tyrepress Editors

Goodyear “Disappointed” At Rating Downgrade

Goodyear president and COO Robert Keegan said the company was “disappointed” at the decision of Standard & Poor’s Rating Services to lower its rating of Goodyear’s debt by two degrees, from BB+ to BB-. This is the minimum rating required as a condition for borrowing in some cases. Keegan said that Goodyear was “fundamentally sound” and that the company’s plan to improve operational and financial performance was on track, adding that 2003 “will be a transition year for Goodyear.”

2nd January 2003/by Tyrepress Editors

Analysts Rate Michelin

Ipsos has carried out a study of Michelin’s financial image, asking 251 European financial analysts and 517 French people owning securities. They rated the company under a number of headings and Michelin’s overall performance was generally very good. It scored particularly well in the sections “In financial terms, its forecasts always match its achievements” and “It is particularly capable of reacting to the economic situation”. 80 per cent of the analysts and 56 per cent of the private investors said that they were “confident about the share’s performance” over the next six months.

18th December 2002/by Tyrepress Editors

AXA Financial Cut Holdings In Goodyear

AXA Financial Inc. has cut its shareholding in Goodyear from 20,333,870 common shares at December 31st, 2001 to 10,845,483 common shares on December 10th 2002. This represents a drop from 12.5 per cent to 6.5 per cent.

11th December 2002/by Tyrepress Editors

Arrows Fired From Formula One

The Arrows F1 racing team has been excluded from next year’s series of races, following a season during which the team did not appear in five races and also suffered financial difficulties. F1 is facing falling TV audiences and there are moves afoot to change the technical regulations in order to make the races more interesting.

3rd December 2002/by Tyrepress Editors

Refunding At SmarTire

SmarTire Systems Inc. has strengthened its financial position with the completion of three private placements totalling $6.4 million. Since September 2002, $1.184 million has been released to the Company. A total of $5.2 million is subject to registration. The financings include a $1.0 million placement of common shares and warrants with European investors, $400,000 in convertible debentures and a $5.0 million facility for the placement of common shares. Proceeds from these private placements will fund ongoing operations, purchase inventory to satisfy current and projected product demand and retire debt.”With implementation of the TREAD Act less than a year away, we have been extremely busy formalizing corporate relationships, completing supply agreements and quoting for new business,” says Robert Rudman, President and Chief Executive Officer of SmarTire. “With our improved financial position we are better able to address the anticipated demand for tire pressure monitoring already evident in North America and Europe and beginning to emerge in the Asian markets.”

22nd November 2002/by Tyrepress Editors

Tech Restructures With New Appointments

Tech International, the Ohio-based manufacturer of tyre repair materials, has announced three new appointments. Robert Craig Overs, who joined Tech in 1990 has been promoted to Chief Operating Officer. Les C. Mawson assumes the role of General Operations Manager for Tech’s North American operations and Kim Hansen has been named as Chief Financial Officer. CEO Michael R. Chambers said that the restructuring “will ensure Tech International’s market leading position.”

6th November 2002/by Tyrepress Editors

Martha Mills Assets Sold

WesTek Inc., also known as Martha Mills, is a privately held Georgia company engaged in the manufacture and distribution of tyre cord and chafer fabric. WesTek Inc. also produces yarns for use as reinforcement fibre for tyres. Cornerstone Investment Group, a private equity investment firm specialising in turnarounds of undercapitalized or distressed small to medium size companies, announced that it has entered into definitive written agreements to purchase the assets of WesTek Inc. Both companies expect the financial arrangements to be completed on or before November 15, 2002.

5th November 2002/by Tyrepress Editors

Favourable Reaction To Conti Nine-Month Figures

Continental has published its financial results for the first nine months, and initial reactions by financial analysts are very positive. Sales rose 3 per cent over the same period last year to 8.48 billion Euros. Net income increased by 173 million Euros to 217 million Euros and debt was reduced by 516 million Euros to 2.4 billion Euros. Passenger tyre sales fell 5.2 per cent to 2.76 bn Euros, due largely to the sale of the National Tyre Service chain and sluggish sales in the USA. Commercial vehicle tyre sales were flat.

31st October 2002/by Tyrepress Editors

Difficult Year For SmarTire

The Company reported a net loss of $6.8 million ($0.41 per share) 2002 compared with a net loss of $5.5 million ($0.39 per share) in 2001. Gross revenue for 2002 totalled $1.0 million, up from $0.8 million for 2001.

28th October 2002/by Tyrepress Editors

Bridgestone Is Running Ahead Of Competition In The USA

The year 2000 tyre recall, with all its consequences and financial difficulties, is more or less over. Sales in North America are strong, plus the performance of the Firestone brand has been stabilised, while the Bridgestone brand managed a growth of 30%, said John Lampe, CEO of Bridgestone/Firestone Americas Holding Inc. yesterday on TV. The fact that Lampe (who has turned out to be a charismatic leader by virtue of his tough battle with his biggest customer Ford, admired by all Bridgestone/Firestone employees in America) appeared on TV this week is another blow for the morale of Goodyear people. Last week they were told by CEO Gibara and his successor from the 1st of January next year, Keegan, that the Corporation has lost market share and has been unable to produce good results on its home market so far. This is forcing the company into the next round of restructuring and cost saving measures. According to Gibara the company is no longer able to pay the health costs at the same high rates as in the past, but has to reduce these costs immediately. This is a consequence, said Gibara, of fierce competition. Employees also fear that the company might lay off thousands more associates in order to reduce costs.

11th October 2002/by Tyrepress Editors

Goodyear GB Sells Wolverhampton Site

Goodyear Great Britain has sold its Wolverhampton manufacturing site to Birmingham-based St. Modwen Developments Limited and entered into a 10-year, extendable lease-back agreement which will enable production to continue. Financial details were not revealed. Wolverhampton was Goodyear’s first factory outside North America, opened in 1927. Production has fallen due to lack of competitiveness and clerical jobs have been relocated to the new HQ at Tyrefort in Birmingham. The sale/lease arrangement allows production to continue and for Goodyear to release value from the 88.6 acre site.

8th October 2002/by Tyrepress Editors

Goodyear Boosts Pension Plans

Goodyear Tire and Rubber has contributed 11.3 million shares of common stock to its two domestic pension plans. The contributions are voluntary on Goodyear’s part. Robert W. Tieken, chief financial officer, says that the move will benefit both the pension plan participants and the company without any material impact on earnings per share through 2003.

19th September 2002/by Tyrepress Editors

SmarTire Systems Raise Funds Reschedule Debts

SmarTire Systems has just announced the completion of a Warrant Offering and a Private Placement of generating gross proceeds of some 849,000 dollars. Additionally SmarTire has rescheduled debt repayments. “SmarTire is well positioned strategically, competitively and technologically to take full advantage of the increasing demands of the tyre and automotive industries for tyre monitoring technologies and products,” says Robert Rudman, President and Chief Executive Officer of SmarTire. “However, from a financial resources standpoint, we must build a stronger base. Our financial plan has been designed to achieve that objective and we are making progress despite current market conditions.”

6th August 2002/by Tyrepress Editors