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AA Sale or Floatation Could Raise £3 billion

The AA, Britain’s largest motoring organisation, could soon be sold or floated on the stock market. According to one Mail on Sunday report, accountants PriceWaterhouseCoopers have been compiling a financial report that could help sell the AA to investors or buyers. The report says private equity owners CVC and Permira wanted to raise £3 billion for the 15 million-member business. They bought the AA from British Gas owner Centrica in July 2004 for £1.7 billion.

27th November 2006/by Tyrepress Editors

USW and Goodyear Still at Table

(Akron/Tire Review) While renewed negotiations with Goodyear have reportedly made little ground, the United Steelworkers continues to bang away at the tyremaker. Even as master contract negotiations restarted Monday after a six-week break, the USW took the company to task for its positions and announced a “nationwide day of action” against the company and its products.

Goodyear and the USW continue to meet in Cincinnati, restarting talks that ended when the Steelworkers struck 16 Goodyear plants in North America on 5 October. Both sides reported no progress had been made.

16th November 2006/by Tyrepress Editors

County Tyres Employees Show Dedication

In an age in which it seems people move jobs on a whim, County Tyres reports that some of its employees have achieved up to four decades of dedication this year. County Tyre Group held it’s Long Service Awards on the 24th October at the County Show Ground in Bristol, showing recognition for some remarkable employees. Nine people have reached the timely milestone of 25 years service, whilst one truly dedicated employee, Alan Clark, is celebrating his 40th year of service.

10th November 2006/by Tyrepress Editors

Goodyear Makes Contract Offer Direct to Workers

Immediately following the news that Goodyear would publish details of the progression of its negotiations with the United Steelworkers on a special website (www.goodyearnegotiations.com), the manufacturer published a copy of the letter it posted to the homes of all striking Goodyear Steelworkers in the US beginning on 8 November, along with a summary of the offer Goodyear made to the USW on 27 October.

Goodyear stock soared more than 16 per cent on 9 November after beating expectations with news about its quarterly earnings and sales. At the close of trading on the 9 November share traded on the New York Stock Exchange were valued at $17.67 per share.

10th November 2006/by Tyrepress Editors

Conti to Close Buffalo Automotive Plant

(Akron/Tire Review) The Associated Press has reported that Continental AG’s Automotive Systems Group will close its Buffalo plant and move production to Asia – likely to the Philippines. The move, expected by 2009, will eliminate about 380 jobs. Continental spokesman Jim Gill told the AP that the move was due to the “hyper competitive” automotive industry. The plant, located in Elma, New York, produces engine and transmission control sensors.

6th November 2006/by Tyrepress Editors

Cooper Confirms Texarkana Cuts

(Akron/Tire Review) Cooper Tire & Rubber Co. confirmed in recent federal securities filings that it will cut some 500 jobs at its Texarkana, Arkansas, tyre plant in a move to reduce operating costs. Cooper said the layoffs should be completed by the end of May 2007, according to reports, and will result in a production reduction of approximately 3.3 million tyres per year at the plant.

3rd November 2006/by Tyrepress Editors

Car Dealers Losing Share of Service Market

Industry research shows vehicle manufacturers’ dealer networks are losing share of the lucrative new car service and repair market to independent garages. The Trend Tracker report on the UK car service and repair market shows that franchised dealers’ traditional near-monopoly of servicing and repairs of cars under manufacturer’s warranty is declining. In 2002, the European Commission introduced legislation to make the car service and repair market more competitive by opening up the market to independent garages and the research shows that car dealers’ share of the lucrative service and repair market for cars under four years old has fallen from 67 per cent of all services and repairs in 2003/04, to 65 per cent in 2005/06.

2nd November 2006/by Tyrepress Editors

BFNAT Begins Oklahoma City Cuts

(Akron/Tire Review) The Associated Press has reported that Bridgestone/Firestone North American Tire has begun cutting employment at its Oklahoma City, Oklahoma, tyre plant, which is scheduled to close by the end of this year. Some 400 employees, said the report, will be laid off by the end of this month. In April, BFNAT announced that it would close the plant, eliminating 1,400 jobs there.

31st October 2006/by Tyrepress Editors

NRI to Close Two Recycling Plants

NRI Industries, one of Ontario’s biggest tyre recyclers, is closing two plants, with the loss of 425 jobs. Alan Power, NRI’s chief executive officer, confirmed yesterday that the company will end automotive parts manufacturing in the next three months, but hopes to survive by producing rubber mats, flooring and sound dampeners.

27th October 2006/by Tyrepress Editors

Tyre Prices Set to Soar In South Africa

A weaker rand in recent months and price increases in raw material has put pressure on the South African (SA) tyre industry, according to the chief executive at Continental Tyres SA. Claudio Boezio told journalists the last 18 months had been expensive for the manufacturing industry.

26th October 2006/by Tyrepress Editors

“Skeleton Staff” Puts Strikers’ Case

Strikers outside the Goodyear plant at Akron have been joined by a new ally; members of United Steel Workers of America (USWA) have put up a skeleton with a sign accusing Goodyear of “picking us to the bone.” The pickets have also erected tombstones with names of cities—Akron, Buffalo, Gadsden, Lincoln, Union City—that the strikers say are dying as rubber industry plants are closed.

23rd October 2006/by Tyrepress Editors

Efficiency Award For Alcoa’s Hungary Operation

Alcoa has announced that its Alcoa-Köfém operation located in Szekesfehervar, Hungary was ranked as the “Most Efficient Company” by major business weekly Figyelö of the 200 largest corporations in the country based on ratios of Ebitda (earnings before interest, taxes, depreciation and amortization) to invested capital, a financial indicator. The award is based on 2005 figures.

20th October 2006/by Tyrepress Editors

Bridgestone Firestone Begins Dayton Plant Closure Programme

Back in April, Bridgestone Firestone North America gave notice that the Dayton plant in Oklahoma City would be closed down by the end of the year. The first tranche of layoffs has begun, with around 400 of the 1,400-strong workforce being told that they will lose their jobs by the end of this month.

19th October 2006/by Tyrepress Editors

Credential Launches £4 million Recycling Joint Venture

Newton Aycliffe-based Credential Environmental, a waste and tyre reprocessing specialist, has led a joint venture deal with global gas company BOC Gases and Toronto-based FieldTurf Inc, the world’s leading artificial sports surface manufacturer. The new venture, TyreGenics Ltd, will use a cryogenic process to produce large volumes of tyre ‘crumb’ from millions of waste tyres produced by Britain’s cars and commercial vehicles each year. The process involves freezing rubber using liquid nitrogen and shattering the frozen rubber into minute pieces. The first plant is expected to open in South Wales in spring 2007.

3rd October 2006/by Tyrepress Editors

Kwik-Way Plans Venture With Launch

Kwik-Way Products Inc. is seeking US state assistance to establish a joint venture with a Chinese company. The company is seeking a “$135,000 forgivable loan” from Iowa’s Economic Development Set-Aside Program administered by the Iowa Department of Economic Development. David Parks, president of Kwik-Way Products, told online news sources his company is forming a venture with Launch Tech Company Ltd. of Chenzhen, China.

29th September 2006/by Tyrepress Editors