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Slovakia Scrambles to Mend Hankook Deal

(Akron/Tire Review) Reports say that Slovakian government officials are trying to meet with Hankook Tire Co to see if a deal to bring a 500 million euro tyre plant to that country can be salvaged. Earlier this week, government ministers rejected an incentive plan previously offered to lure the South Korean tyre maker to that country.

According to the Slovak Spectator, Economy Minister Pavol Rusko was expected to meet with Hankook officials yesterday to discuss “an acceptable amount of investment incentives.” The rejected incentive plan would have provided nearly 300 million euros in infrastructure improvements and tax breaks, said the newspaper.

11th July 2005/by Tyrepress Editors

SmarTire Reorganises Management

SmarTire Systems has reorganised its senior management team. President and CEO Robert Rudman has resigned and will serve SmarTire as both the non-executive chairman of the board and as a consultant to the company. Chief operating officer Al Kozak will take his place. The general manager of the company’s European operations, Nigel Hammond, has also been promoted to the new position of managing director, SmarTire (Europe).

Rudman said, “As SmarTire enters its next major stage of development, it is necessary that all members of our senior management team have the responsibility and authority to focus their unique skill sets on the opportunities and challenges ahead. In my particular case, I can best serve SmarTire as the chairman of the board and consultant to the company. With the completion of the major financing that we announced yesterday, SmarTire now has the capital resources to execute on its strategic plan, an area in which I will play an active role. In addition, I will continue to be the company’s primary representative to the investment community.”

8th July 2005/by Tyrepress Editors

Amtel-Vredestein Secure Investment

Amtel has secured a sum of private equity capital totaling US $70 million (£40 million). Following its recent acquisition of Vredestein the company has arranged equity financing from two leading groups, Alfa Group and Temasek Holdings, representing both domestic and international investors.

8th July 2005/by Tyrepress Editors

Slovakian Economic Ministers Reject Hankook Investment

An internal meeting of ministers in Economic ministers from Slovakia has recommended that the investment between Hankook and Slovakia should not be approved by the government. Jan Slota, chairman of the nationalist non-parliamentary SNS party, considers Monday’s decision by the economic group to be harmful to Slovakia’s business interests. According to Mr Slota, the decision means that Slovakia will fall further and further behind the other countries in the area. Mr Slota also suggested that other lobbying interests are causing finance minister Ivan Miklos’ negative attitude towards the Korean investment.

7th July 2005/by Tyrepress Editors

Yokohama Opens Chinese Sealant and Hose Assembly Plants

Yokohama subsidiaries, Yokohama Hamatite, a passenger car sealants supplier, and Yokohama Hoses & Coupling have held a joint opening ceremony of their new Chinese factories. Yokohama Hoses & Coupling (Hangzhou) will start by assembling 2,500 hoses monthly, raising output 10,000 units monthly through 2008. The capital investment for equipment and facilities will total $350,000, the company reports.

1st July 2005/by Tyrepress Editors

Pirelli Looks Towards India?

Indian news sources have reported that Pirelli is setting up a “liaison office” in Dehli, inferring that the company plans to start production in the country. According to the reports, the new office will be led by Pirelli executive Lorrenzo Arrigone. In the past there have been rumours about a possible investment worth $500 million, although nothing has materialised to date.

1st July 2005/by Tyrepress Editors

Bridgestone Invests 17 billion yen in OTR Expansion

Bridgestone is to invest 17 billion yen (£86 million) in increasing production of large and ultra-large radial tyres for mining and construction equipment. The company plans to spend the money in expanding production at its Shimonoseki, Saga, and Hofu plants. Bridgestone said that the move has been taken in response to growing global demand for this specific type of tyres. The investment is also said to be part of a “sweeping capital spending programme” that the Bridgestone Group is undertaking worldwide.

1st July 2005/by Tyrepress Editors

Investment Group to Take 49 per cent Share in The Tire Rack

(Akron/Tire Review) Automotive News has reported that the Los Angeles-based investment group, Leonard Green & Partners will buy a 49 per cent stake in the Tire Rack. Leonard Green & Partners, which also owns shares in the Rite Aid drugstore chain and Diamond Triumph Auto Glass will effectively buy out The Tire Rack founders, Peter and Wilma Veldman, while remaining family members and senior management would retain 51 per cent in the South Bend, Ind., mail order and wholesale tyre and wheel company.

Family members and senior management that will retain majority ownership include Mike Joines, Tom Veldman, Matt Edmonds and Mark Veldman. In addition The Deal.com suggested Leonard Green & Partners’ would spend in excess of $350 million for its minority stake in The Tire Rack.

14th June 2005/by Tyrepress Editors

Continental to Outpace Car Growth

“Continental AG will grow faster than automotive sector output in the years ahead,” chief executive Manfred Wennemer told an investment conference on Tuesday.

“Also in coming years — based on the orders we have in our books — we will grow considerably faster than the relevant car (sector) production,” he said, noting that Continental grew some seven per cent faster than relevant automotive production in 2004.

1st June 2005/by Tyrepress Editors

Government Orders Inquiry into MG Rover Collapse

The directors of MG Rover are to face a full inquiry into their accounts and management of the collapsed car maker, The Times has reported. The inquiry, to be led by Guy Newey, QC, was ordered by Alan Johnson, the Trade and Industry Secretary, after a preliminary inquiry for the Department of Trade and Industry raised concerns. Witnesses can be forced to give evidence to the inquiry.

1st June 2005/by Tyrepress Editors

Jiang Xi Federal Tire Doubles Capacity

Federal Tire’s subsidiary in Jiang Xi, China (JFT) will invest $30 million into equipment and people to double annual capacity to 5 million units a year, by the end of 2005. According to the company the investment is required due to an increase in demand for its tyres.

The majority of the investment will go towards the purchase of curing presses, tyre building, uniformity inspection equipment and mixers as JFT increases the size of its current tyres and finalises plans for new additions to its product line. JFT manufactures a range of Hero and Federal brand tyres including UHP, PCR, SUV, light truck.

31st May 2005/by Tyrepress Editors

Hankook’s Plans for Slovakia Plant Facing Hurdles

(Akron/Tire Review) Confusion over the state’s incentives is emerging just days after Hankook Tire announced its decision to build a new tyre plant in Slovakia. In return for its investment, Hankook made several requests, one of which was the construction of a speedway between Nitra and Hronský Benadik by 2009 and a four-lane road between Levice and Hronský Benadik by 2010.

18th May 2005/by Tyrepress Editors

Companies Object to Hankook Treatment

(Akron/Tire Review) Various companies are lining up, according to reports in the Slovak Spectator, to protest the special incentive package the Slovakian government has extended to Hankook Tire as an inducement to get the South Korean tyre maker to build a new plant there.

Slovakian tyre company Matador Púchov and members of Klub 500, an association of companies, say the investment incentives offered by the government are unfair and may exceed established limits. Matador, in particular, said the incentives place it at an unfair advantage.

16th May 2005/by Tyrepress Editors

JP Morgan: Goodyear Shares ‘Overweight’

JP Morgan analysts have changed Goodyear’s share rating from “neutral” to “overweight,” while raising their estimates for the company. The analysts mentioned that the company’s share price has depreciated by 22 per cent year-to-date, creating an attractive investment opportunity. According to the analysts Goodyear is likely to benefit from moderating raw material costs in the short term and a healthy pricing environment globally. JP Morgan raised earnings per share estimates for 2005 and 2006 from $0.65 to $0.80 and $0.75 to $0.90 respectively.

29th April 2005/by Tyrepress Editors

Hankook/Slovakia Negotiations Underway

(Akron/Tire Review) The Slovak Spectator reported today that negotiations are underway between the Slovakian government and Hankook Tire Co regarding a new $650 million tyre plant for that country.

27th April 2005/by Tyrepress Editors