According to a filing lodged with the Securities and Exchange Commission in the US on January 8, the share in Goodyear Tire & Rubber held by New York based hedge fund TPG-Axon Capital Management LP now stands at 5.5 per cent. This percentage represents about 13.3 million shares. The fund had no stake in the tyre manufacturer before the third quarter of 2007.
Stockton on Tees based Reflex Vehicle Solutions, operator of a 6,500 vehicle strong fleet of rental cars and light commercial vehicles, has entered into a repair agreement with Kwik Fit Fleet. The new deal will give Reflex Vehicle Solutions clients access to Kwik Fit Fleet’s 670 outlets and 200-vehicle strong mobile fleet network.
Reports in the Hungarian press state that Continental is to invest “billions of Forints” in a new testing facility for electronic braking systems (EBS) and their components in Hungary, around 15 to 20 kilometres from the city of Veszprém. The exact location will be decided on later this month and the project will be completed by the end of the year, creating 30 new jobs.
Dawsongroup plc has awarded Bridgestone UK a new two-year tyre contract that runs until January 2010. Under the arrangement Bridgestone UK will supply OE, new replacement and retreaded truck tyres. Greg Ward, Bridgestone UK Commercial Director, said: “We are really pleased to have been awarded this contract. Over the last 12 months we have worked very hard to understand every aspect of their business and fleet requirements. We can build on this foundation and further develop our relationship with the Dawsongroup plc.”
The chemical company Rhodia plans to construct a second facility for the production of high performance silica in China. This plant will be located in the city of Qingdao, where Rhodia already operates a silica facility. The new operation will focus on producing high performance silica notably used in low rolling resistance tyres. A modular design will be employed in the plant’s construction, enabling it to be easily expanded to support the rapidly growing market for this commodity, and Rhodia reports that a number of its existing major customers are supporting the project.
“This investment will allow Rhodia to respond to rapidly growing demand in the Asian region,” said Jean-Pierre Clamadieu, CEO of Rhodia, adding “this move fits perfectly within our strategy to develop businesses in which we have a strong and sustainable leadership position and prioritise investment in China.” President of Rhodia’s Silcea enterprise, Eric Noyrez, commented that “With this new facility, Silcea will reinforce its worldwide leadership in the production of high performance silica while demonstrating its commitment to respond to increasing customer demand for products which are more environmentally sustainable.”
Cooper Tire & Rubber announced on November 15 that its Board of Directors has named Thomas P. Capo as a director of the company. Mr. Capo serves as chairman of the board for Dollar Thrifty Automotive Group Inc, a $1.7 billion car rental company, and also serves as co-chairman of the board of Microheat Inc., a privately held tier-one supplier to the automotive industry. Mr. Capo is an advisor on business, financial and investment strategy to various companies and organisations. He previously served on the boards of JLG Industries Inc., a $2.3 billion access equipment producer, and Sonic Automotive Inc., an $8.0 billion automotive retailer.
Mr. Capo served as senior vice president and treasurer of DaimlerChrysler Corporation from 1998-2000. Prior to 1998, he held the positions of vice president and treasurer of the Chrysler Corporation and vice president and controller of Chrysler Financial Corporation. He earned a bachelor’s degree in accounting and finance, a master’s degree in business administration and a master’s degree in economics, from the University of Detroit Mercy, Detroit, Michigan.
Plymouth-based retreader Bandvulc Tyres has added four key personnel to its Sales division; two of these operating as Regional and National Sales respectfully and two appointments to its fleet support department.
Sales Director, Philip West comments: “We have had a stable growth period of sales over recent years and need to allow for further growth with the addition of key people to our sales team”.
The appointments of Richard Crummack and Simon Arnold to the Sales team bring experience to the organisation, Richard having worked with Michelin previously and Simon with Pirelli.
On 13 November, 2007 Nokian Tyres received an announcement according to which the ownership of Grantham, Mayo, Van Otterloo & Co LLC has increased from the previous share of 4.96 per cent to 5.02 per cent of the voting rights and share capital in Nokian Tyres as a result of a share transaction concluded on 9 November 2007. Grantham, Mayo, Van Otterloo & Co LLC now holds a total of 6,191,363 Nokian Tyres’ share which represents 5.02 per cent of the company’s 123,311,910 shares and voting rights.
Grantham, Mayo, Van Otterloo & Co LLC is a privately held global investment management firm, based in Boston, Mass.
North Eastern Tyre and Exhausts recently announced its intention to make further inroads into the retail market, and steps towards this goal have been made through a number of investments, including upgrading of its outlets and the construction of a ninth premises in Harrogate/Knaresborough, which is nearing completion. Now the Middlesbrough based business has invested into the exhaust side of its operations in North Yorkshire with the addition of a piece of equipment that is proving a drawcard for the region’s car enthusiasts.
The company’s Brotton outlet has become the recipient of a specialist exhaust-bending machine that allows NETE to produce any style of exhaust for any type of car. The machine, which cost in excess of £20,000, utilises the latest in exhaust customising technology to come from the US and, reports the manager of NETE’s Brotton outlet, Tony Darcy, it is attracting a wide variety of drivers from right across the region.
Michelin is confident that its AxioBib tyre has become the benchmark for 250-hp to over 500-hp tractors – the largest, fastest and most powerful units on the market, and at Agritechnica 2007 in Hanover it has announced a number of manufacturer certifications that uphold this claim. The Michelin AxioBib has been granted approval for the new Challenger MT975 and the most recent model of Case’s Magnum 335, meaning that the tyre is now fitted as original equipment on the following models of tractor:
John Deere 8530 (360 hp).
Magnum 335 (368 hp) manufactured by Case.
New Holland T8050 (368 hp).
Challenger MT975 (570 hp).
Fendt 936 (360 hp).
Class Xerion (365 hp).
JCB 7230 (230 hp).
Accuride Corporation and Snap-on have announced that they will each make presentations at the Baird Industrial Conference in Chicago. John R. Murphy, Accuride’s President and Chief Executive Officer, along with David K. Armstrong, Accuride’s Chief Financial Officer and General Counsel, will speak to the investment community.
The investment fund Centaurus Capital, holder of a 3.2 per cent stake in Pirelli & C SpA, has sent a letter to the group asking them to maintain tyres as a primary focus. According to an article published in the Italian newspaper La Repubblica on October 20, the fund is pushing for Pirelli to reacquire the 39 per cent stake in the tyre business it sold last year to a consortium of banks, a purchase that could cost as much as double the 740 million euros originally paid for the share.
Chinese tyre manufacturer Rising Tyre Co Ltd has announced it intends to raise as much as £16.2 million, including expenses, through a share placing, ahead of its Alternative Investment Market debut on October 30. The company said proceeds from the placing will primarily be invested in its new production facilities
In order to put further weight behind its commitment to industry training, Chicago Pneumatic has launched a college sponsorship initiative through which the company will provide student groups access to good quality products and raise awareness of some of the challenges within the vehicle service sector.
Most recently, Chicago Pneumatic visited Wirral Metropolitan College near Liverpool and met with a group of first year student mechanics. “The idea behind the scheme is to make students aware of some of the challenges we face in the vehicle service sector today, provide some best-practice tips and also provide more practical tips, like what they should look out for and consider when buying tools,” commented Paul Humphreys, Chicago Pneumatic Vehicle Service global communications manager.
After a quick hands-on session showing the students some of the different types of tools available on the market, such as the CP7740 lightweight impact wrench, students were given a presentation outlining a few essentials of the industry including: what to look for when buying products; some of the challenges the industry faces today, such as vibration problems and how damaging this can be to mechanics; and the serious consequences of incidents involving vehicle wheel loss and how an investment in good quality products can help minimise this.
Further inroads into the retail market are on the cards for North-Eastern Tyre and Exhausts (NETE), and the Middlesbrough based business plans to use growth in this sector as the base for increasing turnover by 50 per cent over the next two years.
The company, founded by Fred and Netta Darcy in 1971 and still family owned, will reportedly recruit about 300 new staff to facilitate this expansion, with many taking up positions in new or upgraded NETE retail outlets throughout the North-East and Yorkshire regions. The past couple of years have seen numerous improvements made to the firm’s existing outlets, including the addition of café facilities. The ninth NETE retail site, a £1.5 million development in Harrogate/Knaresborough, is due to open in January 2008.
NETE brought in revenues of £33m last year, and this figure is anticipated to rise to £40m during 2007 thanks largely to the company’s enhanced retail presence. Recently appointed managing director Gavin Marshall believes now is a “very exciting” time for NETE and sees great potential to gain further ground against the competition through further retail investment.
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