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P&G Exec to Leave Goodyear Board

Susan Arnold, vice chair for global beauty care at Procter & Gamble Co., will not stand for re-election to Goodyear Tire & Rubber Co.’s board of directors, the Cincinnati Business Courier has reported. In a filing with the Securities and Exchange Commission, Goodyear said that Susan Arnold is leaving the board “as a result of her increased responsibilities at the Procter & Gamble Co,” after being part of Goodyear’s board since January 2003. Forbes magazine has named Susan Arnold as one of the 100 most powerful women in the world. She has been with Cincinnati-based P&G for 24 years.

4th March 2005/by Tyrepress Editors

Fulda Tops Tyre Tests

Fulda’s high performance tyre, Attiro, has topped the medium/large car category in the recent Which? tyre tests.

4th March 2005/by Tyrepress Editors

Goodyear/Titan – Update

In the aftermath of yesterday’s not-too-surprising announcement that Goodyear will sell its agricultural tyre operations to Titan International, more details have come to light, reports Tire Review.

Goodyear agreed to sell the assets of its agricultural group, including its farm tyre plant in Freeport, Illinois, to Titan for approximately $100 million. The deal also gives Titan the right to produce and market agricultural tyres under the Goodyear brand name. However, under Goodyear’s current master contract with the United Steelworkers of America (USWA), any facility sale is contingent on the union and the prospective new owner reaching agreement on a new contract for the plant in question.

2nd March 2005/by Tyrepress Editors

Datillo: Cooper Paid $107 million for Kumho Share

In an exclusive interview with Tire Review last week, Tom Dattilo, chairman, president and CEO of Cooper Tire & Rubber, said the tyre manufacturer ended up paying “about $107 million” for its 11 per cent stake in Kumho Tire Co.

Cooper purchased the stock during Kumho’s dual initial public offerings on the London and Seoul exchanges earlier this year. “That was our 11 per cent stake. I saw a set of figures last week that put it at about $110 million, and we had expected it to come in at the low to mid $140s. A couple of analysts were speculating $140, 150, $160 million, but that was all part of the process of trying to get as high a price as they could,” Mr Dattilo told the magazine.

2nd March 2005/by Tyrepress Editors

Michelin Extends X One Guarantee

Michelin is extending the X One Total Satisfaction Guarantee into 2005, US magazine e-trucker has reported. The guarantee will be available to X One tyre customers in the US that purchase at least four replacement assemblies. According to the report, the guarantee will cover the first 10 sets of X One tyres purchased. As part of its guarantee, Michelin will buy back X One casings and will cover 75 per cent of the cost of the wheels if the owner isn’t pleased with the tyre’s performance at the end of its original tread life. Michelin recently added a new production line at its Spartanburg, South Carolina, factory partly to increase its capacity to produce X One tyres.

16th February 2005/by Tyrepress Editors

21st Annual Tire Industry Conference

Clemson University will host the 21st annual Tire Industry Conference from 9 to 11 March at the Hilton Head Marriott Beach & Golf Resort in Hilton Head, South Carolina, Tire Review has reported. The conference will focus on changing facets of the tyre industry and how tyre and automotive manufacturers and consumers are affected. Twenty presentations will be conducted by representatives from the tyre manufacturing industry, academics and government. The impact of the economy on the tyre industry, vehicle dynamics and how the industry is addressing tyre safety issues are other issues that will be addressed at the conference. In addition, tyre-monitoring technologies, retreading, scrap tyres and the safety of oversized tyres promise to be hot topics, according to the magazine.

14th February 2005/by Tyrepress Editors

Bidvest Buys 17 per cent Stake in Tiger Wheels

Diversified services group Bidvest has acquired a 17 per cent stake in Tiger Wheels for 239.9 million (£20.65 million), according to a South African Business Report story. Last year, Bidvest acquired McCarthy Motor Holdings and also has an American call option to purchase a further 1.8 million shares by 30 April for 45 million (£3.89 million). If it exercises this option, it will increase its stake in Tiger Wheel to about 20 per cent. Bidvest chairman Brian Joffe will be appointed a non-executive director of Tiger.

10th February 2005/by Tyrepress Editors

Indian Tyre Stocks Ride on Budget Hopes

Indian tyre stocks are riding high in expectance of a reduction in replacement tyre excise duty in the country’s forthcoming budget. According to sources quoted in India’s Business Standard, the expectance of a 24 per cent to 16 per cent reduction has led to renewed interest from institutional investors.

Yesterday Ceat shares rose 6.71 per cent to 75.50 rupees, Goodyear India stock went up 3.89 per cent to 70.85 rupees, MRF up 3.61 per cent to 2,733.05 rupees and JK Tyres up 15.41 per cent to close at 86.90 rupees, the magazine reports. The recent share price increase, however, is set against a background of increased raw material costs.

10th February 2005/by Tyrepress Editors

Tyres & Accessories to Cooperate with Tire Review

The publishers of Tyres & Accessories and leading US publication, Tire Review, have announced that the magazines have entered into an editorial cooperation agreement. The exclusive arrangement will see the magazines share editorial content including news, feature articles and interviews. In addition, the magazines will work together on projects requiring a global perspective.

9th February 2005/by Tyrepress Editors

BFGoodrich Recalls 20,000 Tyres

Michelin North America has announced that it is voluntarily recalling 20,000 of its BFGoodrich Land Terrain P235/75R15 size tyres, according to a Tire Review report. The tyre are being recalled after a routine quality inspection process found that the affected tyres were produced with the required tread wear indicators. MNA said there is no performance problems with the tyres, which are primarily sold through Wal-Mart and Canadian Tire stores, the magazine reported. The recalled tyres all have the following DOT code: AN HL B411 and end with the last four digits 0904 through 3304 and mould numbers: 40381 and 40382.

7th February 2005/by Tyrepress Editors

Continental ‘Emphatically’ Denies Cheat Claims

Continental’s Hanover headquarters have denied claims that the company “will do anything to win magazine tyre tests.” The company’s rebuttal follows motoring journalist Robert Collin’s accusations that the company manipulated test results by providing specially produced products rather than the series units they should have. Furthermore, the Swedish Aftonbladet magazine article suggested that Continental had a “secret test tyre department” whose role it was to produce such tyres.

In a statement issued by the manufacturer’s head office, Continental “emphatically denies” the claims. “We don’t have a secret department that produces special tyres to be used in tests,” added Rainer Strang, Continental corporate spokesperson. He also pointed out that the company’s good reputation was confirmed by its market success in addition to its “consistently outstanding test results.” “Continental tyres undergo months and even years of rigorous testing and development with the world’s leading car manufacturers,” he added.

3rd February 2005/by Tyrepress Editors

Bandag Profits Increase 10 per cent

Bandag Inc experienced a 10 per cent increase in profits during 2004, Tire Review has reported. According to the magazine, Bandag 2004 results also showed a 5 per cent increase in net sales compared to its 2003 figures. During 2004 Bandag recorded sales of $854.2 million, compared with $816.4 million in 2003, and net profits of $66.9 million, compared with $60.2 million in 2003.

1st February 2005/by Tyrepress Editors

Michelin Loses 320,000 Tyres in Fire

Michelin North America Inc lost approximately 320,000 tyres because of fire at a South Carolina distribution centre, according to a Tire Business report. The fire was started on 13 January after a tornado (possibly two) lifted the roof off the facility and slammed it back down again. Residents living within half a mile were evacuated.

Michelin reports that the loss of tyres represents only a fraction of 1 per cent of the manufacturer’s unit sales in North America. Michelin added its financial loss is negligible since TNT carried insurance on the building and property, the US trade magazine added.

28th January 2005/by Tyrepress Editors

Avon Unleashes the Viper

“The new tyre range represents a major advance in sports tyre design and is the result of years of testing combined with original and innovative engineering concepts. We are proud to deliver this three-tier offering of 19 sizes to the motorcycle market and have great confidence that it will be enthusiastically received” – Avon’s motorcycle product manager, Pete McNally, can only be that enthusiastic about one thing – the Viper has finally been unleashed.

27th January 2005/by Tyrepress Editors

Will F1 Lose a Tyre Supplier?

The FIA is still deliberating over whether or not to adopt just one tyre supplier for future Formula One series’ according to reports from Autosport magazine.

The association’s president, Max Mosley suggested the change in an effort to cut the F1 teams’ costs, saying that too much of the teams’ budget is spent on testing new compounds.

27th January 2005/by Tyrepress Editors