SE Tyres has incorporated the new integrated ledgers from Cam Systems into its Cameo data stream. The software provider says the new system will allow the fast fitter’s network to interrogate its financials more robustly. SE’s auditor says the system will allow the business to exert greater control over the business.
France’s National Assembly has voted to create a commission of enquiry into the closure of Goodyear’s Amiens Nord factory. According to French daily Le Figaro, the lower house vote was supported by members from the socialist and green parties and the commission will examine the “economic and financial” causes of the proposed plant closure and its “economic, social and environmental consequences.” The thirty member commission has been given six months to produce its report.
Goodyear Tire & Rubber has announced Damon Audia’s assumption of interim responsibility for investor relations in addition to his current role as senior vice-president, business development. He takes over responsibility from Gregory A. Fritz, who Goodyear says left the company to “pursue other opportunities.” Audia will continue to report to Darren R. Wells, executive vice-president and chief financial officer.
BEN, the automotive industry charity, has won £13,000-worth of free PR support through Automotive PR's #tweetcharity competition. The competition, which ran exclusively on Twitter – from nominations to voting – reached more than 650,000 users, with hundreds of tweets for the shortlisted charities, including from television presenter Mike Brewer, the official Twitter feeds of Help for Heroes and Best Western Hotels, as well as from famous racing drivers Derek Bell MBE, the five-times Le Mans winner, and Ben Collins, formerly ‘The Stig' on the BBC's Top Gear.
Nokian Tyres has published its first Corporate Sustainability Report to have been drawn up according to GRI (Global Reporting Initiative) guidelines; the report describes the goals, plans, actions, and results of the group’s sustainability programme during 2012. Added perspective has been introduced by describing Nokian Tyres’ activities from the past few years.
Cumbria County Council has declared the purchase of part-worn tyres “safe” on its patch following visits to part-worn tyre traders in the region by officers from Cumbria Trading Standards and the Police. The council says officers carried out 22 visits to premises in Cumbria between February and May in response to a TyreSafe survey that showed 98 per cent of examined tyres did not meet current legal requirements.
In response to what it describes as “more than a decade of substantial annual losses in Colombia”, a situation it says “repeated investments have failed to stem”, Michelin has decided to discontinue the manufacturing operations of its local subsidiary Icollantas. The tyre maker singles out the unit’s insufficient size and other local economic factors as the reasons behind Icollantas’ lack of competitiveness.
On 10 June, Exide Technologies filed for Chapter 11 bankruptcy protection in the US. This is the second time it has done so since the Millennium; in April 2002 the stored electrical solutions company also submitted a Chapter 11 application in the District of Delaware. Exide says it took this step to “facilitate the financial and operational restructuring necessary to strengthen its balance sheet and its business to position the company for future success.” It also says it intends to “become more aggressive in reducing costs, taking actions with respect to underperforming business segments and focusing on the most attractive areas for future growth.” Only the company’s operations in the United States are affected by the filing, and Exide Technologies confirms that it plans to “operate globally without interruption during the reorganisation.”
At its meeting on 27 May, JK Tyre & Industries Ltd’s Board of Directors confirmed the promotion of Raghupati Singhania from vice-chairman to chairman. Singhania is now chairman and managing director of the company.
Halfords Autocentres has made the automotive benevolent fund BEN a long-term partner. According to the company the move will see over 1,800 of the business’ employees helping to raise vital funds which will enable BEN to continue its work in the automotive community.
Each year BEN helps thousands of men, women and children – who either work or have worked in the automotive industry or are dependents of those who have – by providing different types of support tailored towards the circumstances of those affected. The nature of support will focus on providing information, advice and emotional support but can also extend to financial help.
At last Friday’s Michelin Annual Shareholders Meeting in Clermont-Ferrand, France, a dividend of €2.40 per share, with a reinvestment option, was approved. The dividend will be paid in cash or reinvested in shares on 24 June 2013.
According to a recently published consolidated financial summary for Cheng Shin Rubber, the Taiwanese tyre maker’s net sales and profits are expected to steadily climb over the next couple of years.
Automotive industry charity BEN has announced the appointment of Nigel Rothband to the newly created role of Chief Operating Officer.
The addition of this post to BEN's senior management structure is a cornerstone of the charity's plan for strategic development. Rothband will report directly to David Main, BEN's Chief Executive and will be instrumental in building on the charity's already firm foundation. His main objectives are to further raise awareness, extend the range and reach of BEN's services and increase the fund's capacity to help an even greater number of automotive industry employees, past and present.
Although year-on-year sales were down 12.5 per cent in the first quarter of 2013, Cooper Tire & Rubber nevertheless managed to more than double operating profit and net income during the January to March period. Net sales amounted to US$862 million, a decrease of $123 million compared with the same period a year ago. Operating profit was a first quarter record of $97 million, up 103 per cent from the first quarter of 2012 and 11.2 per cent of net sales. The company reported net income attributable to Cooper Tire & Rubber Company of $0.87 per share, or $56 million, in the first quarter. This is 160 per cent higher than the $22 million, or $0.34 per share, for the same period last year.
Vittorio Malacalza resigned from Pirelli & C. SpA on 10 May, stepping down from the position of deputy chairman and member of the board and prompting a clarification from the company’s corporate headquarters in Milan.
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