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66 Million Additional Euros Earmarked for Nokian’s Russian Facility

Russia’s AK&M Information Agency reports that investment in the second stage of the Nokian Tyres facility in Vsevolozhsk, St Petersburg will this year be increased by 66 million euros. Total investment in the project, which will double the factory’s output to 10 million units per year by 2011, is expected to reach 195 million euros.

Stage one of the project required an investment of 155 million euros and production at the facility began in June 2005. Plant production reportedly covers 27.4 per cent of Russia’s output. In 2006 the factory’s net profit rose 30.5 per cent to 107.3 million euros, with net sales increasing 21.8 per cent to 835.9 million euros.

24th January 2008/by Tyrepress Editors

Investment Group Gets Large Stake in Titan

Citadel Investment Group LLC took what it calls a “passive” stake in tyre and wheel maker Titan International, according to news reports. Citadel bought a 5.7 per cent stake in the company – about 1.6 million shares. The investment firm said it does not plan to change or influence control in the company. (Tire Review/Akron)

23rd January 2008/by Tyrepress Editors

Tyre Recycling Faces a Reptilian Delay

The businessman behind plans for a tyre recycling facility in the Barrow docks area is hoping to begin set up work on the project by February despite a last minute environmental hurdle. The commencement of recycling at the Green Earth Regeneration Ltd facility may be delayed while a £200,000 earth wall is built to protect birds, lizards, worms and newts living in the plant’s vicinity.

This latest obstacle appears to be testing the patience of businessman Chris Parker, who has been quoted by the North-West Evening Mail as saying “There are so many conditions for a tyre recycling plant it is ridiculous.” Gaining the necessary permission to operate the business has already taken far longer that anticipated: “We have been held up massively in past months. We had nearly 12 months to wait to get a Waste Management Licence and, for the last four months, we have been held up (to do) with the ecology and reptile report for the site,” said Parker, who first submitted a planning application to Cumbria County Council in May 2006.

11th January 2008/by Tyrepress Editors

Investment Fund Secures 5.5% Stake in Goodyear

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.

10th January 2008/by Tyrepress Editors

Reflex Vehicle Solutions Chooses Kwik Fit

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.

10th January 2008/by Tyrepress Editors

Continental Plans Hungarian Brake Testing Facility

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.

4th January 2008/by Tyrepress Editors

Bridgestone Wins 2-Year Dawsongroup Contract

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.”

7th December 2007/by Tyrepress Editors

Thomas P. Capo Named Director of Cooper Tire & Rubber

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.

19th November 2007/by Tyrepress Editors

Rhodia Plans second China Silica Facility

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.”

19th November 2007/by Tyrepress Editors

Sales Appointments at Bandvulc Tyres

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.

15th November 2007/by Tyrepress Editors

Investment Firm Owns Five Per Cent of Nokian

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.

14th November 2007/by Tyrepress Editors

NETE Takes the Exhaustion out of Custom Exhausts

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.

13th November 2007/by Tyrepress Editors

Michelin Names Additional AxioBib OE at Agritechnica

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).

12th November 2007/by Tyrepress Editors

Accuride/Snap-on to Present at Baird Industrial Conference

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.

6th November 2007/by Tyrepress Editors

Focus on Tyres, says Pirelli Shareholder

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.

22nd October 2007/by Tyrepress Editors