The Goodyear Tire & Rubber Company has received Spartan Chassis Inc.’s “SPARC” Award for commercial tyres installed on Spartan recreational vehicle and fire truck chassis.
Spartan Chassis – part of Spartan Motors Inc. – said the award involves product quality, supply and delivery, engineering and technical support, sales and marketing, and training and warranty support.
(Akron/Tire Review) The UK Military and Police Canine Training Centre has named one of its dogs Bridgestone after the UK wing of the Japanese manufacturer stepped in to sponsor the unit.
(Akron/Tire Review) Groupe Michelin’s Tweel, the non-pneumatic tyre and wheel assembly that debuted at the North American International Auto Show earlier this year, has been named one of the “100 Most Innovative Products of the Year” by Popular Science magazine.
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Goodyear has appointed Pierre Jambon as general manager, global aviation. In his new role, Jambon will run the company’s global aviation business, overseeing the development, manufacture and marketing of aviation tyres for use as original equipment, replacement and military applications.
Since joining Goodyear in January of 2004, Jambon has served as the director of finance planning and analysis for the North American Tire business unit.
(Akron/Tire Review) News reports say that Kumho Industrial Co. has bought 7.5 million shares of Kumho Tire Co. for 102 billion won ($99.4 million), making it the tyre company’s single largest shareholder. Kumho Industrial bought the shares at 13,600 won per share from the Military Mutual Aid Association, according to a regulatory filing in Seoul.
According to market experts there are currently about 1,000 companies in China that are producing retreaded tyres of some sort. While the Chinese tyre market continues its impressive growth and has gained about 27 per cent in output last year alone. The importance of the Chinese retreading business is also increasing. That’s why the second “Chinese International Tire Cyclic Utilization” exhibition will take place in Beijing, this October. Organised by the China Tire Retreading & Utilization Association (CTRA), the show that attracts new tyre manufacturers will take place 25-27 October 2005 in the capital’s military museum.
Michelin Aircraft Tire Corp, based in Greenville, South Carolina, has been awarded a $93 million contract to supply 23 separate naval aviation tyres for aircraft including, F14 and F18 jets.
Goodyear is “more or less on track…to come in around breakeven” during the first quarter of 2005, Deutsche Bank analysts have reported. The analysts went on to say that they foresee a modest profit ($0.05 per share) in the second quarter, while maintaining their $10 target sell rating. The market watchers suggest that Goodyear’s new $3.2 billion credit facility ($2 billion of which has already been used) has “bought the company enough time to turn its tyre business around. However, there was caution. The analysts warned that competition from America and Eastern Europe present challenges for the company, as do declining military revenues and lower auto production levels. In addition, competitors appear to be outpacing Goodyear’s efforts to shift to low cost markets, they concluded.
Michael Bair, former senior technical and regulatory advisor to the legal department at Michelin North America, has been named senior manager of technical services and sales for Smithers Scientific Services.
In his new role, Mr Bair will be responsible for the development of new tyre business, project management and product analysis. He will focus on business opportunities with various tyre manufacturers, suppliers, government agencies and military organisations, says Smithers in a recent news release.
“Mike has an excellent technical understanding about tyres, their performance characteristics, and proper selection and application,” said Raymond Farmer, Smithers’ vice president and chief operating officer.
South Korea’s largest tyre manufacturer, Kumho Tire, is planning a dual stock market listing in Seoul and either New York or London, the Financial Times has reported. Such a move would be worth more than $1.5 billion, according to the newspaper. The listing is expected to take place in the first half of next year.
Kumho is believed to have hired JPMorgan to manage the sale of at least a third of its shares in a move that could raise more than $500 million. One of the company’s major shareholders, the Military Mutual Aid Association (MMAA), owns 50 per cent of the company and stands to make a 40 per cent return on its original investment.
Kumho and JPMorgan have declined to comment.
The Titan Tire Corporation, a subsidiary of Tian International, has been awarded two multi-year contracts by TACOM (Tank Automotive Command). Together the contracts total an estimated value of $40 million and cover the US Army’s anticipated requirements for tyres used on 2.5 and five ton military trucks, for the next five years.
“We are proud to continue our tradition of supplying products to support the US military and are appreciative of the confidence placed in Titan,” stated Maurice Taylor Jr, Titan president and CEO. “This is further evidence of Titan’s recognised expertise in the off-highway sector.”
Whilst presenting the new Pirelli Calendar 2004 in London yesterday evening, Pirelli’s chairman and CEO Marco Tronchetti Provera asked the guests for a minute’s silence in commemoration of the victims from a bomb attack on an Italian military base in Iraq in which 15 Italian soldiers and others were killed. The new 2004 Calendar that was then presented by photographer Nick Knight and art director Peter Saville, takes getting used to. Star model of the evening was undoubtedly the Sudanese Alek Wek, who enjoys large reputation also because of various social commitments.
Kumho Industrial, until recently the owner of Kumho Tire, has been trying to find a new investor for the tyre division. An investor that would allow the incumbent management and strategies to remain in place, albeit in an enhanced form. The new arrangement is such that the Tire Business Unit has been acquired, with a 50 per cent share being taken by the Military Mutual Aid Association, a military pension fund. Kumho retains a 30 per cent share, and the balance is made up from a number of smaller investors. This establishes a new joint venture with an initial value of 1.2 billion US Dollars. T&A visited J. M. Kim, managing director of Kumho UK, to get a first hand reaction to the new joint venture.
Kumho Industrial Co., Ltd. has announced that it has agreed to sell its Tire Business Unit for the sum of Won 1.428 trillion (US$ 1.2 billion). The Tire Business Unit will be acquired by a new joint venture company whose principal shareholder will be South Korea’s military pension fund, the Military Mutual Aid Association (MMAA). The new joint venture company is to be established during June with Won 500 billion (US$ 410 million) of paid-up capital. The MMAA will own 50 per cent of the company with Kumho Industrial taking a 30 per cent stake. The remaining 20 per cent will be distributed between several smaller investors.
Michelin Aircraft Tire Corp. has announced the completion of tyre research and development for the American Utilicraft Corporation’s FF-1080 aircraft. “Michelin is pleased to be associated with this exciting program,” says Harvey Stackhouse, director of sales and marketing for Michelin Aircraft Tire Corp. “This new tyre design will accommodate the wide variety of applications and configurations that are planned for this aircraft.” The FF-1080 aircraft is designed to meet the unique requirements of the air cargo and military transport markets and consequently places specific demands on tyre performance. “Improving mobility is at the core of Michelin’s mission,” notes Stackhouse. The FF-1080-200 Freight Feeder aircraft, will be capable of carrying standard industry air containers on short-to-medium range/medium density routes.
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