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Cabot Chemicals Announces Closures and Layoffs

Specialty chemicals producer Cabot Corporation announced on January 28 that reduced sales have caused its fiscal first-quarter profit to drop 88 per cent versus the previous year. In hand with this news, the company announced it would cut 500 jobs, some 12 per cent of its workforce, as part of a comprehensive restructuring plan.

Net sales of US$652 million were recorded in the first quarter of fiscal 2009, compared with $711 in the first quarter last year. This represents a decline of 8.3 per cent. Net income for the quarter was $4 million, as opposed to $36 million in Q1 2008.

29th January 2009/by Tyrepress Editors

Pirelli Workers in Turkey Demonstrate Against Layoffs

Employees at Pirelli’s facility in Kartepe, Turkey have taken part in a sit-in protest at the factory site after hearing news that 80 workers had been laid off. Workers at the Türk Pirelli factory stopped production late on January 26 and many occupied the factory. According to the Lastik-İş labour union, all 1,150 factory employees took part in the sit-in.

28th January 2009/by Tyrepress Editors

CTNA Mt. Vernon Factory Not Affected By Cuts, Says Manager

The plant manager at Continental Tire North America’s Mount Vernon facilities has voiced his reassurances following recent news that the parent company plans to reduce its North American workforce. In mid January US media reported the company’s North America CEO Samir Salman as saying Continental AG was moving towards reducing its workforce in this region by 10 per cent during 2009.

27th January 2009/by Tyrepress Editors

Continental AG in State Aid Negotiations

Continental AG and its controlling shareholder, Schaeffler Group, are reportedly seeking aid from two German state governments. According to a Bloomberg report, German federal government isn’t directly involved in the “advanced talks” with the Lower Saxony and Bavaria state authorities. On 27 January representatives of the IG Metall trade union told reports that any state aid should be used to help save jobs and “not the private wealth of company owners Maria-Elisabeth Schaeffler and her son Georg.” The union, which represents a total of 2.3 million employees, said workers should also get a say in running the company.

Meanwhile, credit rating agency, Standard & Poor’s, has lowered Continental AG’s creditworthiness two levels to ‘BB’ from ‘BBB-‘. According to an S&P statement the decision was made following an analysis of Continental’s revised business plan and the renegotiation of financial covenants. Continental AG is currently responsible for servicing an estimated 22 billion euros of debts.

27th January 2009/by Tyrepress Editors

PCR & LTR Production to End at Bridgestone LaVergne Plant

Bridgestone Americas Tire Operations (BATO) has made was it calls “a difficult decision”. On January 22 the Bridgestone Americas unit announced that, in light of negative economic conditions, it will cease the manufacture of passenger car and light truck tyres at its factory in LaVergne, Tennessee. This sombre news follows a December 1, 2008 notification that 148 hourly and 10 salaried positions were being eliminated at the facility.

“Based on current economic forecasts, it appears that the global economic crisis is going to get worse before it gets better. We are not immune from these challenging times,” said Steve Brooks, president, US, Canada and Monterrey Manufacturing Group, BATO.

23rd January 2009/by Tyrepress Editors

Michelin Rolling Out Further UK Cost Cutting Measures

The light has yet to appear at the end of the economic downturn tunnel, and in response to market conditions Michelin in the UK is taking steps to cut costs. Measures being introduced include a pause in production of its Encore brand truck tyres between April 11 and 20, and a delay in the annual salary increases of about 600 salaried employees. Increases due in May will not take place until September.

21st January 2009/by Tyrepress Editors

Firestone Complete Auto Care Opens 1,500th US Outlet

On January 23 Bridgestone’s US retail operation, Bridgestone Retail Operations, LLC (BSRO), celebrates the opening of its 1,500th Firestone Complete Auto Care location. Outlet number 1500 is located in the Illinois town of McHenry, and upon opening the centre joins the largest network of company-owned automotive service providers in the world.

“We are so proud to have achieved this great milestone,” said Larry Magee, chairman, CEO & president of BSRO. “When Harvey S. Firestone opened the first Firestone Service Center in the early 1900s, opening 1,500 stores was only a dream. We’re proud to have turned that dream into a reality

21st January 2009/by Tyrepress Editors

Michelin Reports ‘No Urgent Need’ For Funding

The French government has offered to pump up to six billion euros into the nation’s battered automotive industry, but Michelin says it doesn’t require state assistance. Despite being hard hit by declining global vehicle sales, the tyre maker said on January 20 that its debt financing needs were for the time being covered.

21st January 2009/by Tyrepress Editors

Nokian Announces Further Redundancies, Layoffs

Nokian Car and Van has responded to reduced demand with a raft of job cuts and temporary layoffs. The company has eliminated a total of 232 jobs, of which 106 are to be covered by pension arrangements. In addition, a further 440 people will be temporarily furloughed in 110 batches over a nine-week cycle, plus 62 more are to be laid off until further notice.

20th January 2009/by Tyrepress Editors

Redundancy Period Continues for Outsourced Michelin Workers

While the 240 Michelin North America employees temporarily laid off from the company’s Ardmore, Oklahoma factory have returned to their jobs, a further 110 workers, employed by a manufacturing outsourcing company, will not be returning to the Michelin factory any time soon.

19th January 2009/by Tyrepress Editors

Johnson Controls Reports First Loss in 16 Years

Battery and automotive components manufacturer Johnson Controls has posted its first quarterly loss since 1993. Details of the company’s negative performance was given on January 16 along with news that employee wages are to be frozen and bonuses cut. A second quarterly loss is also anticipated, the company disclosed.

A decrease in sales of almost 23 per cent led to the US$608 million first fiscal quarter loss, said Johnson controls. Excluding non-cash charges, the loss equates to $82 million, or 14 cents a share, compared with $235 million or 39 cents a share in profit during the same period of fiscal 2008.

19th January 2009/by Tyrepress Editors

Michelin Dundee Plans Praised

Proposed initiatives to tackle the effects of the economic situation have been well received by union representatives. On January 16 the company announced that discussions with employees and the union Unite have led to a number of measures being put forward in an attempt to avoid redundancies at the company’s Baldovie factory in Dundee. Michelin has proposed temporary plant closures in which employees would be asked to take 56 hours off on full pay, with the proviso they work back the time in 2010, or else take the time off on two-thirds pay without the obligation to work it back.

19th January 2009/by Tyrepress Editors

Lanxess India Rubber Facility to Relocate

According to Indian media, Lanxess India Pvt Ltd intends to relocate its rubber chemicals facility from Thane in Maharashtra state to Jhagadia, in Gujarat state. Approximately 50 million euros will be invested into the new site, which will create 225 new jobs.

16th January 2009/by Tyrepress Editors

Kwik-Fit Upgrades Mobile Technology

Kwik-Fit Mobile’s decision to equip its off-site tyre fitting fleet of 230 mobile technicians with new mobile technology means fleet customers are receiving a faster and more efficient service, the company has reported. Developed with MMCC Consultants, B2M Solutions and Ryzex, Kwik-Fit reports that its mobile fleet will use the new technology to improve the service it offers some of the UK’s largest vehicle fleets such as British Gas and Motability.

16th January 2009/by Tyrepress Editors

Superior Industries Closing Van Nuys Aluminium Wheel Factory

US based aluminium wheel manufacturer Superior Industries International intends to close its factory in Van Nuys, California. In a statement published January 13, the company said the closure is taking place “in an effort to further reduce costs and more closely align its capacity with sharply lower demand for light vehicles.” Superior Industries added that its remaining five North American facilities and its Hungarian joint venture operation contain sufficient capacity to accommodate current and expected production requirements.

15th January 2009/by Tyrepress Editors