Kumho Vietnamese Plant – Latest
It seems that the announcement by Kumho that it is to spend US$155 million on building a factory at Binh Duong in Vietnam (30th April) is only part of the whole story.
It seems that the announcement by Kumho that it is to spend US$155 million on building a factory at Binh Duong in Vietnam (30th April) is only part of the whole story.
This week sees the return of Goodyear on TV for the second successive year in the UK. Once again the campaign focuses on Goodyear’s firsts in innovation – from the first tyre on the moon, up to the present day RunOnFlat concept – the TV campaign allows Goodyear to reach millions of UK households with a clear brand message, focused on a clearly defined target consumer.
(Akron/Tire Review) Michelin North America (MNA) plans to spend some $26 million on improvements to its Greenville, South Carolina, passenger and light truck/SUV tyre plant. The capital program will boost capacity there by 20 per cent, said MNA.
Viking International recently appointed Claire Deane as divisional call centre manager covering the South. Deane will be working alongside Don McIntyre, divisional call centre manager for the North, both based at a central call centre in Liverpool. Claire Deane’s experience in customer service began after university when she initially worked in the hospitality industry before going onto work for Sitel, an international provider of outsourced customer interaction services, in January 2002.
Employees at Kwik-Fit Fleet’s St Albans headquarters raised more than £2,000 for BEN, the Motor and Allied Trades Benevolent Fund.
Kwik-Fit Group is currently in the process of refurbishing and modernising its 669 UK centres and the redeveloping its Fleet Service Call Centre. As a result, all of Kwik-Fit Fleet’s sales managers have new laptop computers, while office-based staff have new desktop computers. The computers had seen out their useful life in the business and rather than scrap them, staff agreed to make a donation to BEN.
Troika Dialog, the oldest investment bank in Russia, has rated Amtel-Vredestein stock as “hold,” with a fair value of $11.06. According to the bank, the company “appears to have the means to deliver significant income growth in 2006.” However, Troika analysts also state their concern that “corporate governance practices, a tendency to grow debt and sudden swings in capital expenditure are holding back its valuation.”
Amtel-Vredestein NV (AV), a pan-European tyre manufacturer with operating facilities in Russia and the Netherlands, today announced that its chief financial officer, Victor Nekrasov, will leave the company to join a leading international investment bank.
(Akron/Tire Review) Amerityre Corp said it has retained Los Angeles-based CCG Investor Relations and Strategic Communications to “provide counseling in a broad range of corporate communications directed at investors and the media.”
Bulgarian company Ecoprocess (Dobrich) has completed the construction of a tyre recycling factory. The plant uses a technique called vacuum pyrolysis to incinerate tyres and break them down into carbon, pyrolysis oil and gas.
In 2005 Continental’s capital expenditure increased by 20 per cent and should increase by a further 7 per cent to 910 million euros (6.3 per cent of sales). Over the last three years (2002 – 2004) Continental’s capital expenditure (capex) reached 5.5 per cent of sales, approximately 650 million euros per annum, according to Deutsche Bank analysts.
(Akron/Tire Review) Canadian Tire Corp has reached agreement for the sale and leaseback of two of its distribution centres, located in Brampton, Ontario and Calgary, Alberta, to H&R Real Estate Investment Trust. The $229 million deal involves Canadian Tire leasing the facilities back.
Bernie Ecclestone and German bank BayernLB have sold their controlling stake in Formula One to CVC Capital Partners for an undisclosed sum. The sale gives the investment company 75 per cent control of F1. However Ecclestone will hold onto the chief executive post at Formula One Group as well as retaining a stake in the business.
Russian-Dutch tyre maker Amtel-Vredestein has admitted to using tax optimisation schemes up to 2002, according to Russian newspaper Vedomosti. The report refers to a period before Amtel bought Vredestein and comes after Amtel-Vredestein set an indicative range of $13 to $16 per Global Depositary Receipt in its London IPO, which is expected to raise around $300 million and value the company at $1.2 billion.
(Akron/Tire Review) Activist hedge fund Jana Partners has taken a strong stance against the proposed “merger” between Titan International and One Equity Partners. Calling it a move to take Titan private, Jana Partners said the $18 per share offer made by One Equity Partners was “well below the true value of the company.”
Michelin has started an Economical Development Fund with the aim of helping small and medium sizes enterprises (SMEs) and creating more jobs. The company itself is providing 250 new places in Nyíregyháza through a 60 million euro investment, said regional director Joel Pouget. The factory in Nyíregyháza, which produces tractor tyres for the European market, will expand to include car tyre production from September. The company, as part of its Michelin Development Project, will sponsor SMEs within a 50-kilometer distance from its sites. They will also provide support in terms of loans of up to 1 million euros a year, the Budapest Business Journal reported.
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