joint venture Archives - Page 12 of 24 - Tyrepress

Posts

Vellco Appoints Former Michelin Man

Tyre recycler, Vellco has announced the appointment of Dave Martin, whose expertise will reportedly aid the organisation of – and bring expertise borne out of long-term employment by the Michelin Group – the company’s Truck & Passenger Car Casing business. Martin had a career spanning thirty years with Michelin, in which he held a variety of positions, most recently working on quality guarantee standards for Remix and Encore products. This experience in process application, training and development – along with his vast technical knowledge – brings an invaluable asset to Vellco, states the recycler. This experience will be utilised as the company maintains its current business and attempts to continue its upward trajectory in the years ahead.

29th September 2009/by Tyrepress Editors

Pirelli Extends China JV Relationship

International News, News

Pirelli Tyre has reportedly signed a memorandum of understanding with Hixih Group to build a new filter plant in Yanzhou Shandong province. The new plant will be located near its existing tyre plants that were jointly established by the two companies. Construction for the new 50 million euro plant is expected to start in the first quarter of 2010. (Tire Review)

17th September 2009/by Tyrepress Editors

Conti Completes 100% Acquisition of Matador Rubber

Continental has completed its acquisition of Slovakian company, Continental Matador Rubber S.r.o. following the purchase of the 34 per cent stake held by the Cyprus-based minority shareholder, M.I.L. Investments Ltd for $67 million (£41.1 million).

28th August 2009/by Tyrepress Editors

Michelin Sells Part of its Apollo Shareholding

Michelin has sold a portion of its shareholding in Apollo tyres for approximately Rs 500 million (£6.67 million). The French manufacturer, who held an 11 per cent share in Apollo, sold 3.3 per cent through open market sales. The company has held shares in Apollo Tyres since it acquired a 14.9 per cent stake in early 2004, a deal made at a time when a truck and bus radial joint venture between the two companies seemed likely. Despite the venture’s failure to get off the ground and the September 2005 announcement that Michelin would acquire Apollo’s share in the joint venture, Michelin maintained its stake in the Indian company.

8th June 2009/by Tyrepress Editors

Ansteel-Bekaert JV Steel Cord Plant Opens

Last May Belgium’s Bekaert and Chinese steel producer Ansteel established a strategic partnership, and several months later set up a 50/50 joint venture called Bekaert Ansteel Tire Cord (Chongqing) Co., Ltd. Almost a year after the partnership was first announced, the companies have celebrated the official opening of their 150 million euro joint steel cord production plant in Chongqing, China.

The new facility is intended to meet rising local tyre industry demand for steel cord, and at present 130 people are employed at the site. This number, says Ansteel and Bekaert, will grow in line with market demand and the realisation of further investment phases.

8th April 2009/by Tyrepress Editors

Cooper Appoints New General Manager to Mexican JV Operation

In late March Cooper Tire & Rubber announced the appointment of Jeffrey J. Schumaker as general manager of the company’s manufacturing joint venture in Mexico, Corporacion de Occidente. Schumaker joined Cooper in 1988 and has served as tyre testing manager, and sport-utility vehicle and light truck tyre development manager in the US and as technical liaison manager in Melksham. Following his time in the UK he held the position of business unit manager in Albany, Georgia, and, most recently, as director of quality systems. He has a bachelor’s degree in mechanical engineering and master’s degrees in manufacturing management and operations management.

6th April 2009/by Tyrepress Editors

MWS Introduces Xlite CV Wheel Range

New from MWS Distribution, supplier of international brands such as Kronprinz, Gianetti, Magnetto Topy and Wheels India, is the Xlite range of forged aluminium commercial vehicle wheels. The line-up is available through the company’s MWS Wheel Systems and MWS Aftermarket divisions to both OE and replacement market customers.

Xlite wheels, currently available in 17.5, 19.5 and 22.5-inch sizes, are forged from a single aluminium billet, using computerised numeric control to produce a truer running wheel that delivers reduced vibration, aiding longer wear on surrounding components. The products are available with either a machined or a polished finish, and are available with ‘xbrite’, a surface coating that MWS says helps the wheel maintain its shine while minimising the need for cleaning.

25th March 2009/by Tyrepress Editors

ArvinMeritor Joint Venture Company to Close Canada Plant

Meritor Suspension Systems Company (MSSC) – a joint venture between ArvinMeritor and Mitsubishi Steel Manufacturing – has announced plans to close its coil spring operations in Ontario, Canada. The company met with officials from the Canadian Auto Workers union on March 5 to discuss the closure plans and their impact on the plant’s 165 strong workforce.

“We are experiencing unprecedented economic pressure within the global automotive industry,” said Gerald Anderson, president and general manager, MSSC. “This closure reflects actions we are taking to reduce fixed costs in response to significantly lower vehicle production volumes.”

9th March 2009/by Tyrepress Editors

Superior Industries Reports $26.1 Million 2008 Loss

Wheel manufacturer Superior Industries International has reported a net loss of US$20.1 million for the fourth quarter ended December 31, 2008. This result is compares with a net income of $4.7 million for the fourth quarter of the previous financial year. For the 2008 full year, net loss was $26.1 million, compared to net income of $9.3 million in 2007.

“Our results included a number of non-recurring items related to asset impairments for the two announced plant closures, other workforce reductions, as well as an inventory write-down to recognize lower aluminium rates,” said company chairman, CEO and president Steven Borick. “In aggregate, these special adjustments totalled $23.3 million for the full year 2008. The workforce reductions and plant closings were severe measures, but steps that we believe were necessary in order to right-size our capacity and position the company to operate more efficiently. Perhaps most important, our actions will serve to protect our balance sheet and cash, allowing us to weather this unprecedented business cycle. Despite the economic challenges, we maintained a positive cash flow in 2008.

5th March 2009/by Tyrepress Editors

Nokian Tyres’ Kazakhstan JV on Hold

International News, Product News

Amongst the announcements made upon the public release of the Nokian Tyres 2008 financial statement is news that the company’s joint venture in Kazakhstan has been put on hold. The project with Ordabasy Corporation, agreed upon in 2007, has been paused by mutual agreement, Nokian reports. The company adds that the project may be re-launched, at the earliest, in late 2010. An agreement has been made to return an advance payment of 12 million euros, made for technical support, to Ordabasy.

11th February 2009/by Tyrepress Editors

Turkey’s Brisa to Start Production Suspension

Brisa has announced to the stock exchange that it will suspend production in Turkey for a week starting tomorrow (5 February, 2009) following a slowdown in domestic and foreign demand. The company is a joint venture between Sabanci Holding and Bridgestone.

4th February 2009/by Tyrepress Editors

TyreGenics Enters Administration

Some 18 months after opening, the TyreGenics recycling joint venture in Baglan, South Wales, has been placed into administration. The £4 million, 80 tonne per day capacity facility was developed by major shareholder Credential Environmental along with BOC, FieldTurf Tarkett and RTI Cryogenics, and began operation in July 2007. From the outset it was announced that FieldTurf had committed to purchasing 70 per cent of output for the first three years, yet in spite of this assured market the facility has been affected by dwindling demand.

2nd February 2009/by Tyrepress Editors

TRW Automotive Acquires Michelin Share in EnTire JV

On January 15 Michelin North America’s stake in the EnTire Solutions joint venture was acquired by TRW Automotive Holdings subsidiary, TRW Automotive US LLC, for an undisclosed sum. TRW Automotive says it has acquired the share as part of the company’s commitment to develop its portfolio of electronics systems.

16th January 2009/by Tyrepress Editors

Michelin Sells Share in EnTire Solutions

Michelin North America has sold its share of a tyre chip development operation to TRW Automotive Electronics. The Michelin/TRW joint venture, formed in 2003 – EnTire Solutions – developed attire air pressure and temperature chip and reader system that Michelin attempted to market to the trucking industry.

TRW said it would continue development of the product. Ed Carpenter, vice president of TRW Automotive’s Electronics business, said: “This has been a successful partnership. TRW and Michelin have combined their respective expertise in electronics and tires to develop direct tire pressure monitoring systems that are recognized for their performance characteristics in the industry.” (Tire Review/Akron)

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