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Hayes Lemmerz Brazil Receives Supplier Award from Agrale

Hayes Lemmerz International, Inc. announced that its steel wheel manufacturing operation in Guarulhos, Brazil has received the 2003/2004 supplier award from Agrale, the Brazil-based truck, chassis, tractor, motorcycle and engine manufacturer. The award recognized Hayes Lemmerz as “The Best Supplier” of its commercial truck steel wheels. The recent quality awards received by this plant demonstrate that investment in upgrading the capabilities of the plant are paying off. “I am honored that Agrale has recognized our efforts to be an industry leader,” said Fred Bentley, President of the Company’s International Wheel Group. “The key to successful implementation of quality is having a team that truly practices Operational Excellence. Our team strives to provide our customers with the best products and service possible.”

27th December 2004/by Tyrepress Editors

Michelin Development Fund Reaches New Heights

Three more Dundee firms have been given a cash injection from the Michelin Development Fund, pushing the total loaned to local businesses beyond £100,000. IRT, MW Plastics and Team Play Learning Dynamics (TPLD) shared a total of £68,000, which will help company development, performance and enhance long-term profitability. Working in association with Scottish Enterprise Tayside, Business Gateway, Dundee City Council’s economic development unit and The Royal Bank of Scotland, Michelin Development aims to effectively contribute to the economic regeneration and long-term prosperity of the different regions where Michelin has sites within the UK. Michelin Development Dundee’s core aims are to encourage skills and entrepreneurship able to support the long term future of the city. There is also a drive to attract inward investment and contribute towards the creation of sustainable, quality employment growth.

23rd December 2004/by Tyrepress Editors

Kumho to Make International Listing

South Korea’s largest tyre manufacturer, Kumho Tire, is planning a dual stock market listing in Seoul and either New York or London, the Financial Times has reported. Such a move would be worth more than $1.5 billion, according to the newspaper. The listing is expected to take place in the first half of next year.

Kumho is believed to have hired JPMorgan to manage the sale of at least a third of its shares in a move that could raise more than $500 million. One of the company’s major shareholders, the Military Mutual Aid Association (MMAA), owns 50 per cent of the company and stands to make a 40 per cent return on its original investment.

Kumho and JPMorgan have declined to comment.

9th December 2004/by Tyrepress Editors

Bridgestone Establishes Chinese Investment Company

Bridgestone has announced that it has established a company responsible for managing its Chinese tyre operations. The new company, established on 22 October is called Bridgestone (China) Investment and has a start-up capitalisation of $68 million. The company’s establishment follows the formal opening of Bridgestone’s third Chinese tyre plant in Wuxi, Jiangsu province. The company says the new company will enable it to “respond faster and more flexibly to customer expectations.”

5th November 2004/by Tyrepress Editors

First Stop Network Grows

Bridgestone has reported that the number of independent tyre dealerships that have joined Bridgestone First Stop is at an all-time high. A total of 160 dealerships are now involved in the network.

19th October 2004/by Tyrepress Editors

Ansell and Goodyear Partnership to Continue

Dr Ed Tweddell, director of Goodyear joint venture partner, Ansell, has stated that his company expects to continue to be involved in its South Pacific Tyres partnership with Goodyear.

14th October 2004/by Tyrepress Editors

Amtel Sells $34.2 million Shares

Russian tyre manufacturer, Amtel has sold 10 per cent of its stock in a private placement underwritten and distributed solely by Troika Dialog Group.

7th October 2004/by Tyrepress Editors

PSA Peugeot Citroën to Double Production in Argentina

PSA Peugeot Citroën has today announced its industrial development plan for Argentina through which it plans to launch two new models at its Buenos Aires plant.

The Peugeot 206, 307 and Partner and the Citroën Berlingo are currently manufactured at the plant and production of the two new models is expected to begin by 2007.

The company believes the “favourable outlook” for the Argentine automobile market supports these developments. There is no doubt that the move will heighten the facility’s competitiveness, and reflects the country’s improved economic situation.

According to the company the new models will be exported to other Mercosur countries, as well as to other Latin American markets and possibly around the world.

Annual output at the Buenos Aires facility is expected to increase from the 45,000 cars planned in 2004 to 100,000 in 2007. Total investment is expected to amount to 450 million Argentine pesos (125 million euros).

21st September 2004/by Tyrepress Editors

Cooper Sells Automotive Unit

Cooper Tire & Rubber has announced that it will sell its automotive business, Cooper-Standard Automotive, to an entity formed by The Cypress Group and Goldman Sachs Capital Partners for approximately $1.165 billion in cash. The transaction, which is subject to certain post-closing adjustments, is expected to close in the fourth quarter of 2004.

Cooper-Standard Automotive, which had revenue of approximately $1.6 billion in 2003, is a manufacturer of fluid handling systems, body sealing systems, and active and passive vibration control systems, primarily for automotive original equipment manufacturers.

Thomas Dattilo, chairman, president, and CEO of Cooper Tire & Rubber said: “We are pleased with the transaction terms reached with Cypress and Goldman. We look forward to pursuing growth opportunities in our tyre business. We believe that after the transaction is completed Cooper-Standard Automotive will be well-positioned for continued strong growth under its new ownership.” Proceeds from the sale are expected to be used for debt reduction, further investment in operations and in repurchasing shares.

20th September 2004/by Tyrepress Editors

Biggest Online Dealer Takes On Investors

Europe’s biggest online tyre dealer, the Hanover based Delticom AG, has signed an investment contract with a local bank and a local private equity firm. The deal is the company’s second investment contract. Four years ago the online tyre dealer took on an investor, the company writes in its press release. With this new deal Delticom is seeking to allow for further international expansion and the build-up of a global network, explain the company’s two chairmen Andreas Prüfer and Rainer Binder. “With regards to a possible floating of our shares we are well prepared,“ they say. Delticom has not published the size of the new investment contract or any figures relating to the ownership situation of the company. This year Delticom expects to achieve a turnover of £44.5 million.

16th September 2004/by Tyrepress Editors

Marangoni to focus on Ringtreads

The retreading industry is always looking for new, more advanced solutions, and the ability to compete against new tyre performance. Marangoni believes its Ringtread concept is the answer to this. The Ringtread has undergone some extensive developments since its introduction. Once again the technology behind the tread is evolving. To mark its most recent stage of advancement Marangoni has committed the majority of its future investment towards marketing the system. As the industry’s attention is drawn towards the Ringtread, Tyres & Accessories discovers what’s behind the Italian manufacturer’s latest move.To download this article as a PDF file, click here.

6th September 2004/by Tyrepress Editors

AXA acquires 12% of Conti Shares

The French investment and insurance group AXA has announced that is has acquired 11.75 per cent of Continental’s shares. AXA has held shares in Continental before now but only recently publicised the fact in order fulfil German law. According German legislation, companies disposing of more than 10 per cent of their shares have to make this knowledge public.

20th August 2004/by Tyrepress Editors

Goodyear may Benefit from New Loan Terms

Following reports of Goodyear’s first quarterly profit in almost two years, JPMorgan Chase & Co are deciding whether to increase a loan to the company and to trim the interest rate it will pay.

10th August 2004/by Tyrepress Editors

Bridgestone’s First Stop Investment.

Bridgestone has invested £250,000 in training and refurbishment within its First Stop network.

The independent tyre dealers have planned a complete upgrade of First Stop outlets in a drive to reinforce the brand across the UK.

The investment will also enable the development of training programmes designed to improve the skills of both tyre technicians and management personnel.

17th June 2004/by Tyrepress Editors

Tires & Rubber 2005

The 8th Moscow international specialised exhibition for the tyre and rubber industry will take place at the Expocentre, Moscow from the 1st to the 4th of February 2005. With analysts predicting an annual growth rate of between 15 and 20 percent over the next 4 years the Russian tyre market presents fertile ground for investment and commercial evelopment. This show serves as a shop window and offers a meeting forum for Russian and international companies.

For further information contact:
Alla Shevchenko
Maxima International Exhibitions
Office 219
3, Profsoyuznaya Street
Moscow 117036
Russia
Tel: +7 095 1247760
Fax: +7 095 1247060
Email: shevchenko@maxima-expo.ru
Web: www.maxima-expo.ru

15th June 2004/by Tyrepress Editors