Michelin Archives - Page 284 of 323

Michelin Teams Dominate Opening F1 Race

Michelin supplied teams took all but one of the top eight places at Sunday’s Australian Grand Prix. The opening race of the season saw Giancarlo Fisichella’s Renault win at the chequered flag, followed by Rubens Barichello’s Bridgestone equipped Ferrari. Fisichella’s teammate, Fernando Alonso took the final podium position. In a further development, the Red Bull team’s drivers (David Coulthard and Christian Klein) took fourth and seventh place respectively.

During the official press conference that followed the race, racewinner Giancarlo Fisichella told journalists: “Honestly because of the first part of the race I was a bit conservative on the tyres. I never pushed to the limit, only at the end when Rubens was catching me.”

“It’s going to be a lot closer this year, but I do feel we’re going to be in with a shout all year,” Renault’s technical boss Pat Symonds also commented.

7th March 2005/by Tyrepress Editors

Hayes Lemmerz Appoints VP of Sales for International Wheel Group

Product News

Hayes Lemmerz International, Inc. has appointed Pieter Klinkers to the position of vice president of sales and marketing for the company’s International Wheel Group. Mr Klinkers replaces Marc Hendrickx who was recently appointed as vice president of the International Wheel Group’s Aluminum Operations. Mr Klinkers will report directly to president Fred Bentley. The appointment became effective on 1 March, 2005.

Pieter Klinkers joins Hayes Lemmerz from Michelin’s Wheel Group where he has worked since 1997. Mr Klinkers has served in a series of senior level marketing and sales positions with Michelin, most recently as director of sales and marketing, based in Paris, France. Fluent in Dutch, English, German and French, Mr Klinkers holds a Masters degree in Business Administration from Maastricht University in the Netherlands.

4th March 2005/by Tyrepress Editors

Major CEOs Agree to Address Policy Issues

Career Tracks

The Rubber Manufacturers Association (RMA) has reported that 11 CEOs from tyre companies in Europe, Japan, South Korea and North America met in Geneva during the Geneva Motor Show to discuss common global policy issues faced by the industry. According to news published by Tire Review, the CEOs discussed environmental and health and safety matters, and reached a consensus on two major issues.

The companies agreed to address industry policy issues of tyre materials and tyre wear particles. As part of that, they agreed to initiate independent research on these issues by establishing two project teams that will report back to the group. Participating in the discussions were the chief executives of Bridgestone Corp., Continental AG, Cooper Tire & Rubber Co., Goodyear Tire & Rubber Co., Hankook Tire Co., Kumho Tire Co., Groupe Michelin, Pirelli & Cie SpA, Sumitomo Rubber Industries Ltd., Toyo Tire & Rubber Co., and Yokohama Rubber Co.

The meeting was attended by representatives of the European Association of the Rubber Industry – BLIC, the Japanese Automotive Tire Manufacturers Association, the Korea Tire Manufacturers Association and the Rubber Manufacturers Association.

4th March 2005/by Tyrepress Editors

Michelin Invests in ATS Euromaster

Product News

Michelin has confirmed that it will be injecting a multi-million pound investment package into its UK service chain ATS Euromaster this year, so that it can continue to develop its added value customer focus started in 2004. According to the company this 10-year programme is part of a wider investment schedule that will be introduced and rolled out throughout the coming years.

3rd March 2005/by Tyrepress Editors

Michelin Denies Trenco Interest

Product News

Michelin will not buy the whole Trenco Egyptian conglomerate, as some new sources had reported. According to an article in French newspaper, Les Echos, Michelin was likely to buy the conglomerate for $10 million, despite its daily losses of $40,000 and debts of $200 million. Deutsche Bank analysts contacted Michelin and report that the company denied being interested in the whole conglomerate, but only in the Nisr tyre brand. Nisr is much smaller in comparison, producing only 30,000 tyres each year. Egypt is the 5th largest North African market with an annual volume of 3 million passenger tyres and 700,000 truck tyres. This is an attractive market for Michelin which aims to expand its production capacity in this region, the analysts believe.

3rd March 2005/by Tyrepress Editors

Stoke Industrial Action Put on Hold

Product News

The Transport & General Workers Union (T&G) has agreed hold off on planned industrial action for seven days. Union members at Michelin’s Stoke-on-Trent plant had agreed to work to rule, but the decision was suspended following a “positive” meeting with management. If no agreement on the pay offer can be reached, the industrial action will go ahead on 11 March, the Birmingham Post reported. A planned demonstration will also be postponed, the newspaper added.

3rd March 2005/by Tyrepress Editors

Conti Backs Out of Qingdao Agreement

Product News

Continental AG has retreated from its memorandum of understanding with China’s Qingdao Doublestar, Bloomberg has reported. A Continental spokesperson told Tyres & Accessories that the decision was made recently when the company realised it would not be able to gain a majority share in the Chinese joint venture. Because the decision was taken at this early stage, no money has been lost, the representative said.

2nd March 2005/by Tyrepress Editors

TIA Names Summit Participants

Product News

TIA has named the participants in the first Commercial Tire Executive Summit, which will be held April 20 during the forthcoming World Tire Expo at the Kentucky International Convention Center in Lousiville. Tire Review has reported that the summit, entitled “The Commercial Truck Tire Industry: Here and Now,” will include “an energetic discussion of current issues and how they are impacting the commercial tyre industry right now,” according to TIA.

2nd March 2005/by Tyrepress Editors

Michelin Proposes Michel Rollier For Managing Partner Role

Product News

Michelin managing partners Edouard Michelin and René Zingraff will propose that Mr Michel Rollier takes up the position of managing partner, according to a company statement. The existing managing partners will formally make the proposal when the company has its annual general meeting on 20 May.

2nd March 2005/by Tyrepress Editors

Michelin Workers Vote for Industrial Action

Product News

Workers at Michelin’s Stoke-on-Trent Remix plant have voted to take industrial action after a dispute over pay conditions. Members of the Transport and General Workers Union (T&G) at the factory supported strike action by almost three to one and industrial action short of strikes by just over four to one. 81 per cent of the T&G members took part in the vote.

28th February 2005/by Tyrepress Editors

Michelin to Take Over Tigar

Product News

Serbian tyre company, Tigar, has signed a contract for long-term co-operation with Michelin and the World Bank Belgrade, reports Tanjug News Agency.

Under the contract, Michelin aims to take over 50.6 per cent of Tigar by 2007. By 2010, the plan is for small shareholders to hold only 30 per cent of company shares whilst Michelin will own 70 per cent.

28th February 2005/by Tyrepress Editors

Industrial Action at Remix Plant

Product News

Around 400 workers at Michelin’s Stoke-on-Trent Remix plant will start industrial action at the end of next week, the Financial Times has reported. The work force is to ban overtime, work to rule and withdraw co-operation. The new follows workers’ decision to reject a non-consolidated pay rise of £650, or around three per cent.

25th February 2005/by Tyrepress Editors

Kwik-Fit ‘Worth Up to £1 Billion’

Product News

Kwik-Fit could be worth up to £1 billion if it were auctioned in the coming months, according to media reports. CVC Capital, which acquired the business from Ford in 2002, is thought to be ready to appoint financial advisers. The Financial Times reports that Citigroup, Deutsche Bank, Goldman Sachs, Merrill Lynch and Morgan Stanley are all vying for the mandate.

21st February 2005/by Tyrepress Editors

Michelin Share Price Increase

Product News

Deutsche Bank analysts are expecting the price of Michelin shares to increase by over 20 per cent from their current value of 53 euros per share to 65 euros. The estimate follows Michelin’s recent financial activities such as its investment in Poland, its Q4 results and its announcement that it is disposing of its wheel business. These signals “show the management commitment to turnaround this business unit,” wrote Deutsche Bank.

“In our view this shows a great consistency with the management strategy and reinforces our confidence in the capability of Michelin to reach their mid-cycle target of 10 per cent as early as 2006,” it estimated. This translates into 6.5 euros EPS.

However a risk lies in further strong increases in raw material prices which Deutsche Bank fears will not be able to be passed on to the customer.

17th February 2005/by Tyrepress Editors

BFGoodrich Targets Outdoors Market

Premium, Product News

Michelin North America’s BFGoodrich Tire division is planning to sponsor the new Wal-Mart FLW Kingfish Tour and Wal-Mart FLW Redfish Series, Tire Review has reported.

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17th February 2005/by Tyrepress Editors

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