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SRI Plans Price Increase

Sumitomo Rubber Industries has announced its intention to increase prices from three to five per cent in the second half of the year. These increases will apply to Sumitomo brand passenger, light truck, truck and bus tyres in Asia, Middle East, Latin America and Africa and they will vary according to country and product line. The increase is necessary, says SRI, because of increasing raw material costs and follows a similar price increase introduced in January this year.

9th May 2003/by Tyrepress Editors

Loss And Layoffs For Pirelli

Pirelli posted a net loss for the third quarter of 325 million Euros, compared with a profit of 15 m Euros in 3Q last year. Chairman Marco Tronchetti Provera revealed that the company will close six factories and lay off 2,400 staff, representing 6 per cent of the workforce. Of the factories to close, three make telecommunications cables and three make energy cables. Tyre division results were good and the energy unit broke even, but neither could compensate for the poor performance of the telecommunications.

12th November 2002/by Tyrepress Editors

Michelin Sales Up, Revenue Down

Michelin’s third quarter figures reveal that revenue during the quarter fell 3.2 per cent. However, ignoring currency exchange rate variations, sales increased by 2.7 per cent. Sales for 3Q were 3.86 bn Euros. In unit terms, Michelin’s passenger car tyre unit volume sales in Europe increased by 2.5 per cent (replacement sales + 8 p.c, OE sales -8 p.c). In the USA, car tyre unit replacement sales fell 5 per cent, OE sales rose 11 per cent. Latin America and Asia showed double digit growth in both replacement and OE volume. In truck tyres, there were gains for Michelin in Europe and the US for both replacement and OE.

26th October 2002/by Tyrepress Editors

Investor Update From Goodyear

In August, North American industry shipments of consumer replacement tires were 8 percent below last year’s levels. Goodyear’s shipments of consumer replacement tires were also down and below the industry shipment levels. However, Goodyear’s shipments to its large wholesalers continued to improve in August. Shipments of custom brand tires declined significantly from August 2001 levels. Commercial replacement tires were up 18 percent from last year’s levels. Goodyear’s shipments of commercial replacement tires increased but were below industry shipment levels.European Union industry replacement tire shipments were down 1 percent for consumer tires and down 6 percent for commercial tires compared with prior year levels. Goodyear consumer tire shipments declined at the same rate as the industry and Goodyear commercial shipments were below industry shipments. In Eastern Europe consumer replacement tire unit sales for Goodyear were up significantly compared with August of last year. Volume gains were reported in most countries, especially Russia and South Africa. The Latin American market showed August replacement tire shipments were up primarily due to higher consumer sales in Mexico and Venezuela and strong commercial sales in Brazil whilst OE shipments were down significantly from last year due to a decrease in auto production in Mexico and Brazil. In Asia replacement tire shipments increased throughout the region in August whilst OE tire shipments declined from 2001 levels due to lower sales in China and the ASEAN region.

19th September 2002/by Tyrepress Editors

Bridgestone US Executive Appointment

Bridgestone Firestone Americas Holding Inc. has appointed Mark Emkes (49) as chairman, president and chief executive of Bridgestone Firestone North America, effective from Monday. Mr. Emkes has been with the company for 26 years and most recently headed up Bridgestone Firestone’s business in Latin America. He succeeds Isao Togashi, who has returned to Japan as head of global manufacturing for the Bridgestone Corporation.

13th September 2002/by Tyrepress Editors

Bridgestone Group to Expand Global Production Capacity

Bridgestone Corporation has announced that it and its subsidiaries will expand their collective production capacity worldwide. It also announced that the Bridgestone Group will realign the geographical distribution of production capacity for different kinds of products. Bridgestone and its subsidiaries will invest approximately 250 million dollars in the production expansion and realignment, according to the announcement. The moves are measures to cope with the shift toward larger sizes of passenger car tyres in the industrialised nations and the growing demand for commodity-grade tyres in the newly industrialising economies of Asia and elsewhere.

14th August 2002/by Tyrepress Editors

Pirelli Is On Track

In an interview with Neue Reifenzeitung, Dr. Francesco Gori, who is head of the tyre divisions worldwide, revealed that in 2001, Pirelli achieved almost the same turnover and EBIT figures as it had in 2000. In the future, Pirelli will invest more in passenger car tyres and less in the truck tyre business, but will not sell the Truck Division. Pirelli is successful with truck tyres mainly in southern Europe and Latin America. From July 1st, Pirelli will change the terms of its agreement with its alliance partner Cooper in the USA and will once again resume full responsibility for the Pirelli brand. In Europe, the company is optimising its structure, moving responsibilities increasingly towards its Milan headquarters, to oversee European operations as a single market.

16th April 2002/by Tyrepress Editors

Focus On Core Business As Continental Seeks To Sell ContiTech

The executive board of Continental has said that it is looking to sell major parts of the ContiTech group in order to reinforce Conti’s core business as a supplier of chassis technology to the auto industry. The revenue generated will enable Conti to make further acquisitions. ContiTech’s sales last year were 1.4 billion Euros and it employs 14,000.

30th November 2001/by Tyrepress Editors

Bridgestone Continues To Win In F1 Circus

Bridgestone, the world’s second largest tyre manufacturer, invited a party of tyre dealers and important customers to the Monaco Grand Prix. And there was reason to celebrate as the first two drivers home were racing in cars shod with Bridgestone tyres. Michelin had to be content with third place, which went to Eddie Irvine. The Bridgestone management is using Formula One events to improve its relationships with important partners, plus involvement in motorsports breeds success – over the past three years brand image and brand awareness have improved significantly in Europe and Latin America. This not only helps to ensure that the ambitious volume targets are met, but has the effect of improving the consumers’ perception of the quality of the brand, which means that they are willing to pay a higher price for the tyres.

30th November 2001/by Tyrepress Editors

Investor Update From Goodyear

The latest investor update from Goodyear reflects the worldwide state of the motor industry. US and European passenger car replacement sales were above last year’s figures, but commercial sales were down. OE shipments in the US were down, but level with last year’s figures in the European Union. Eastern Europe showed a flat replacement market and a 20% drop in OE supply. In Latin America replacement sales were down, but OE was up in May. A similar picture was painted in Asia. Throughout the world market increasing raw materials costs and reduction in auto manufacture output has affected trade adversely.

30th November 2001/by Tyrepress Editors

Second Quarter Results From Goodyear

Goodyear has released its 2nd quarter financial results. At $3.58 billion, Q2 turnover was slightly up from Q1 ($3.4 bn) and around the same as for Q2 last year. Profits after tax were $7.8 million, nearly 90 per cent down on the figure for Q2 2000 of $77.1 m. However, Q2’s profits were a vast improvement on the $46.7 m loss recorded in Q1 2001, due largely to increased business from the replacement of Firestone tyres on Ford Explorers. For the first half of 2001, Goodyear posted a net loss of $38.9 m, compared to a profit of $125.3 m for H1 2000. Regarding the rationalisation programme, 5,800 jobs have been lost from the proposed total of 7,800.

30th November 2001/by Tyrepress Editors

Aircraft Tyre Production Resumes At Goodyear Sao Paulo Factory

Increased demand in Latin America has prompted Goodyear to resume production of aircraft tyres at its factory in Sao Paulo, Brazil. Manufacture of these tyres began in 1943 and was stopped in 1992. The biggest customer is Brazilian aeroplane maker Embraer; the fourth largest in the world, and which is currently constructing a new factory in Brazil. 30 per cent of the Sao Paulo aircraft tyres will be for the Brazilian market, with the remaining 70 per cent exported to North America, Europe, Asia, Latin America and Australia. Goodyear claims to be the world leader in aircraft tyre manufacturing.

30th November 2001/by Tyrepress Editors

Gibara Explains Goodyear’s 2000 Strategy

At a dealer conference in Las Vegas, Goodyear Chief Gibara explained to an audience of 4,500 tyre people the need for consolidation in 2000, following the recent aggressive expansion strategy. Gibara pointed out the importance of the personal touch despite the fast growth of e-commerce and the Internet. The fill-rate problem will be improved through shipments from Latin America, Eastern Europe and Turkey for the US replacement market.

7th December 2000/by Tyrepress Editors

Goodyear Confidence For Latin America

US tyre manufacturer Goodyear has announced its confidence in the Latin American market during the year 2000. The company believes it will be able to increase its Ebit-margin significantly.

7th December 2000/by Tyrepress Editors

Goodyear decrease in net income

Goodyear’s net income for the fourth quarter of last year amounted to US$ 47.8 million compared with US$ 121.5 million in the fourth quarter of 1998. The company’s net income for the whole of 1999 was US$ 241.1 million compared to US$ 682.3 million in 1998.

7th December 2000/by Tyrepress Editors