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Retread America Opens Oliver Rubber Retread Plant

A new Oliver Rubber retreading facility has opened in the US town of Florence, Kentucky. Equipment and supplies from the wholly owned Michelin North America subsidiary will be used by Retread America, a supplier of retreads to the intermodal and commercial tyre industries, to produce Oliver brand retreads.

“Oliver Rubber is a proven industry supplier of quality retreads, and we are confident in the company’s ability to provide excellent retreading products to our customers,” said Rodney Goderwis, president of Retread America. “We selected Oliver Rubber because they offer one of the broadest product lines in the industry, which will enable us to offer premium retreads at value prices for all segments.”

12th November 2008/by Tyrepress Editors

TyreCheck to Invest in Sales and R&D Following Windfall

Ireland based tyre management solutions company TyreCheck has received 2.4 million euros from Enterprise Ireland and the Allied Irish Bank Seed Capital Fund, which will be invested into the company’s R&D and international sales capabilities. TyreCheck says the funds will create 11 new jobs.

10th November 2008/by Tyrepress Editors

Pirelli Results Reflect Current World Economy

Pirelli’s released results for the first nine months of 2008 show a company affected by the international crisis. According to the company, during the course of the first nine months of the year the tyre market registered increasing weakness due to a combination of factors. In volume terms, the replacement channel, which determines most of Pirelli’s tyre sales, was affected by a reduction in consumer and industrial segment demand, especially in Western markets. The original equipment channel, says the company, was hurt by the strong contraction of new car sales, especially in Western Europe (10 per cent in the third quarter, 5 per cent in the first nine months compared with 2007) and in North America (15 per cent in the third quarter, 11 per cent in the first nine months compared with 2007).

10th November 2008/by Tyrepress Editors

Cooper Reports Q3 Net Loss

Cooper Tire & Rubber has reported a net loss of US$55 million, or 94 cents per share, for the financial quarter that ended September 30, 2008. This result contrasts markedly from the company’s result for the same period in 2007, in which it recorded a net profit of $30.2 million. The company says its results were pressured by unprecedented raw material cost increases, higher utility costs, and production curtailments due to raw material shortages caused by hurricanes in the Gulf Coast region.

10th November 2008/by Tyrepress Editors

Smithers Names Polovick VP Human Resources

Michael J. Polovick has joined The Smithers Group based in Akron as vice president of human resources, a newly created position, responsible for overseeing HR activities at all of the Group’s member companies worldwide. Polovick brings more than 30 years’ experience as an HR professional.

10th November 2008/by Tyrepress Editors

Strong Bekaert Sales Driven by High Raw Material Prices

In the first nine months of 2008 Bekaert achieved consolidated sales of 2.047 billion euros and combined sales of 3.119 billion euros, an increase of 28.8 per cent and 24.0 per cent respectively. Bekaert reports that organic growth accounted for a growth in consolidated sales of 24.7 per cent, largely driven by the passed on raw material price rises, and the net movement in acquisitions and divestments in Vicson (Venezuela) and in Proalco (Colombia) accounted for 7.9 per cent. Exchange rate fluctuations tempered the growth by 3.8 per cent.

7th November 2008/by Tyrepress Editors

Michelin North America to Temporarily Cut Ardmore Workforce

About 240 workers at the Michelin North America tyre factory in Ardmore, Oklahoma will be laid off for around two months, starting mid-November. According to Michelin public relations manager Lynn Mann, the work force reduction is a temporary measure, one brought about due to the country’s economic downturn and a weaker demand for passenger car and light truck tyres.

6th November 2008/by Tyrepress Editors

Hankook Profits Down 45% in Third Quarter

Third quarter sales grew 24 per cent year on year at Hankook Tire, the company’s latest figures reveal. However, as has been the case with so many companies in this second half of 2008, increased sales have not translated into a better bottom line.

5th November 2008/by Tyrepress Editors

Michelin North America Announces Agricultural Tyre Price Rise

As of December 1, Michelin North America is increasing prices on Michelin and Kléber brand agricultural and compact line tires and tubes sold in the United States and Canada. The company reports that prices will go up by an average of 11 per cent.

4th November 2008/by Tyrepress Editors

Michelin to Discontinue BFGoodrich Agricultural Tyre

In order to improve the ability of its own branded agricultural tyres, Michelin North America announced on October 31 that it will, as of next year, no longer offer the BFGoodrich Power Radial 80 tyre. The company says it will convert the factory capacity currently utilised in its production to the manufacture of Michelin-brand agricultural tyres.

3rd November 2008/by Tyrepress Editors

Indian Vehicle Manufacturers Revise OE Tyre Offtake Projections

It appears that the current auto industry woes are by no means restricted to North America and Europe. In India, the Hindu Business Line reports that major manufacturers of medium and heavy commercial vehicles have reduced their OE tyre offtake projections by about 40 to 50 per cent during the current financial quarter.

3rd November 2008/by Tyrepress Editors

Conti to Implement Cost Reduction Programmes

In light of slowing world markets, as highlighted by the company’s latest quarterly financial figures, Continental is cutting back production at a number of its facilities. Amongst the measures to be introduced to this effect are a shortening of the working week, a prolonged end of year shutdown period, and a reduction in the number of temporary employees on the company’s payroll.

“Continental is well prepared for the difficult challenges ahead,” said Executive Board chairman Dr. Karl-Thomas Neumann. “Nonetheless, we have initiated additional programmes to cut costs. For instance, in the Automotive Group we will reduce the number of temporary workers, greatly lengthen the plant holiday shutdown period at the end of the year by using the existing work time accounts, and, depending on the location and the order situation, deviate downwards from the five-day-week until further notice. Furthermore, we are putting investments that are not urgent on hold,”

3rd November 2008/by Tyrepress Editors

1,100 Jobs to go in Tenneco Restructuring

Automotive emission control and ride control products manufacturer Tenneco Inc. is to restructure its global operations. In an announcement made on October 29, the company said it would further reduce structural costs and capacity in response to the worsening industry downturn. Approximately 1,100 jobs will be axed as a result of the restructuring and five facilities closed. In total Tenneco expects to generate around US$64 million in annual savings once all changes are fully implemented.

31st October 2008/by Tyrepress Editors

Nokian Tyres Reports Positive Third Quarter Results

Despite announcing the need to idle workers at its Finland factory to adjust production, the latest financial figures for Nokian Tyres shows a company doing well in 2008. Results for the quarter ending September 30 show net sales, operating profit and net profit have increased both during the three-month period and during 2008 as a whole.

31st October 2008/by Tyrepress Editors

Titan Reports Record Third Quarter Sales and Net Income

Titan has reported all time third-quarter sales, profit and income results upon releasing its latest financial results. Sales for third quarter 2008 were $255.5 million, an increase of $60 million, or 31 per cent, as compared to $195.5 million in the third quarter of last year. Gross profit, at $37.4 million for the quarter, showed an improvement of over $19 million, or 105 per cent, from the $18.3 million recorded in last year’s third quarter. Income from operations was $21.3 million for the third quarter of 2008, rising $18.5 million, or 688 per cent, compared to $2.7 million in the previous year’s third quarter. Net income was $10.3 million for the quarter, an improvement of $11 million, compared to last year’s third quarter loss of $900,000.

30th October 2008/by Tyrepress Editors