joint venture Archives - Page 20 of 24 - Tyrepress

Posts

Superior Industries First Quarter Results

Wheel manufacturer Superior Industries has released its first quarter 2004 results. Turnover was up 10.7 per cent to an all-time high of $234.19 million. Net income fell to $13.667 million, compared with $22.266 million in 1Q 2003. Superior’s aluminium suspension components business made a loss of $2.9 million, while the company’s share of profits from its wheel manufacturing joint venture SUOFTEC in Hungary was $2.17 million, due largely to the favourable currency exchange rate.

20th April 2004/by Tyrepress Editors

Keegan joins SRI board

Robert J. Keegan, chairman and chief executive officer of The Goodyear Tire & Rubber Company, has been elected to the board of directors of Sumitomo Rubber Industries Ltd. in Kobe, Japan. Goodyear and Sumitomo Rubber Industries have six joint venture businesses in North America, Europe and Japan. In addition, each company holds common stock in the other.

1st April 2004/by Tyrepress Editors

Nokian to terminate joint venture with Amtel

Nokian has announced its intention to terminate the Joint Venture with Russian company, Amtel. Under the terms of the agreement Amtel produced Nokian’s intermediate brand, Nordman. Nokian has established its own logistical centre in the Moscow area and is now concentrating its marketing strategy on the Nokian brand alone. The company is building a new tyre factory close to St. Petersburg. It is expected that this factory will commence production in 2005.

16th March 2004/by Tyrepress Editors

Continental To Invest In Brazil, Malaysia

Continental AG plans to invest more than 250 million euro in building a new tyre production facility in Camacari (Bahia/Brazil) and expanding capacity in Malaysia with joint venture partner Sime Darby (car tyres in Alor Setar, truck tyres in Kuala Lumpur).

16th March 2004/by Tyrepress Editors

Bridgestone not talking with Amtel

Shigeo Watanabe, head of Bridgestone Corp., has categorically stated that the company was not discussing a production deal with Russia’s Amtel, which has threatened to dump partner Nokian Renkaat. Russian tyre maker Amtel told Reuters last week that relations between it and Finland’s Nokian were frozen and their venture could end. Nokian, in which Bridgestone owns about 20 per cent, has said its 50-50 joint venture with Amtel was still intact. Amtel Vice President Anatoly Volnov, however, has stated Amtel and Bridgestone plan to produce a quarter of a million tyres this year under the Bridgestone brand at the Kirov plant.

20th February 2004/by Tyrepress Editors

Cabot announces JV with China’s Bluestar

Cabot Corporation has announced that its wholly-owned subsidiary, Cabot (China) Ltd., has signed a joint venture agreement with Bluestar New Chemical Materials Co., Ltd., a part of the China National Bluestar Group, to manufacture fumed silica in China.

5th February 2004/by Tyrepress Editors

Hayes Lemmerz Int. Expands its Aluminium Wheel Presence

Hayes Lemmerz International, Inc. purchased certain assets from Hayes Wheels Aluminio, S.A. de C.V., which operated a cast aluminum wheel plant in Chihuahua, Mexico. The Chihuahua aluminium wheel plant has been renamed “Hayes Lemmerz Aluminio, S. de R.L. de C.V.” and will be part of Hayes Lemmerz’ International Wheel Group.

16th January 2004/by Tyrepress Editors

EnTire Solutions makes progress

EnTire Solutions, LLC, the 50/50 joint venture of Michelin and TRW Automotive, has announced contracts with Honda and Fiat for its direct tyre pressure monitoring systems (TPMS). EnTire Solutions, LLC is now supplying tyre pressure monitoring systems (TPMS) for the 2004 Acura MDX luxury sport utility vehicle, and has also been selected by Fiat to provide advanced TPMS for a range of its upcoming European models. Chief Executive Officer of EnTire Solutions, LLC, Rich Wolfe, said, “It’s a boost for us to be announcing these contract wins so close to the launch of EnTire Solutions, LLC, and it reflects the extremely positive response we’ve had so far. With Michelin’s expertise in tyre systems and TRW’s electronics and integration capabilities, EnTire Solutions is built on a solid technical and operating base.”

13th January 2004/by Tyrepress Editors

ArvinMeritor to sell APA JV Shares to Kayaba

ArvinMeritor has announced that it has signed a definitive agreement to sell its 75 per cent shareholdings in shock absorber producer AP Amortiguadores (APA) to joint venture partner Kayaba Industry. The sale is subject to regulatory approval, and terms of the transaction were not disclosed.

22nd December 2003/by Tyrepress Editors

Sumitomo rubber to build 400-store network in China

Sumitomo Rubber Industries Ltd. intends to establish a sales network of more than 400 stores in China within two years in and plans to take a 10 per cent share of the Chinese tyre market by 2010. The company, whose first tire factory in China will go onstream in April, aims to develop a customer base in China, where it currently has almost no sales. Sumitomo Rubber teamed up with Tyre Pacific (HK) Ltd. of Hong Kong to create a joint venture to oversee sales in China. The joint venture, SRI-TP JV Co., is capitalized at 6 million US dollars.

16th December 2003/by Tyrepress Editors

Tenneco announce two Chinese deals

Tenneco Automotive announced that the company has signed a jointventure agreement with China-based Chengdu Lingchuan Mechanical Plant to establish Chongqing Walker Exhaust System Co., Ltd. The new jointventure will supply emission control products and systems to Changan Ford Co. Ltd., the joint venture between Changan Automobile Group Company and Ford Motor Company. Tenneco Automotive will have 60 per cent ownership of the joint venture expected to be formally established by the end of this year and to begin production in 2004. Tenneco also announced an agreement with Eberspacher International GmbH to establish Walker-Eberspacher Automotive Exhaust System Co., Ltd, a jointventure in China. The jointventure will manufacture and distribute emission control products and systems for BMW and Audi vehicles produced in China. The joint venture will operate just-in-time (JIT) final assembly manufacturing operations in Dalian and Changchun, China at Tenneco Automotive’s existing joint venture facilities in those cities. The jointventure will be owned 30 per cent by Tenneco Automotive directly, 25 per cent by one of Tenneco Automotive’s existing majority-owned joint ventures in China and 45 percent by Eberspacher.

25th November 2003/by Tyrepress Editors

Hayes Lemmerz in majority ownership of Turkish JV

Hayes Lemmerz International, Inc. has acquired an additional 35 per cent of its joint venture, Jantas Jant Sanayi ve Ticaret A.S., in Turkey. Hayes Lemmerz now owns 60 per cent of the company, which is part of Hayes Lemmerz’ European Wheel Group. The remaining 40 per cent is held by Inci Holding A.S., Cevdet Inci, and members of his family. The joint venture has been renamed Hayes Lemmerz Jantas Jant Sanayi ve Ticaret A.S.. Jantas has the capacity to produce over 1.2 million wheels annually. “Jantas supplies over 175 customers in 50 countries,” said Curtis Clawson, Chairman and Chief Executive Officer of Hayes Lemmerz International. “We are confident in the tremendous opportunity Jantas provides to increase our market share in Western and Eastern Europe and Asia.”

14th November 2003/by Tyrepress Editors

Brembo and DaimlerChrysler to establish joint venture

Brembo and DaimlerChrysler are to set up a joint venture to manufacture ceramic brake discs. Each company will hold a 50 per cent share in the JV, which will be called Brembo Ceramic Brake Systems SpA and will be located at a new Science and Technology Park in Stezzano, Italy.

10th November 2003/by Tyrepress Editors

GM plans further Chinese expansion

GM is to extend its factory at Shanghai to increase capacity from 500,000 units to 760,000 by 2006. No cost has been revealed, but press estimates are around $241 million. Another GM joint venture, manufacturing light trucks, is also set to more than double capacity by 2006, to 336,000 units.

5th November 2003/by Tyrepress Editors

Ford and Mazda to expand capacity in Thailand

Ford and Mazda are to invest $500 million in their joint venture in Thailand; a country that Bill Ford says “will spearhead Ford’s Asian growth strategy”. The investment will increase annual production from 135,000 vehicles to 200,000, plus Ford plans to set up a regional headquarters in Thailand.

14th October 2003/by Tyrepress Editors