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Analysts Change Recommendations for Cooper and Sumitomo

Deutsche Bank analysts have published a “buy” rating for shares in Sumitomo Rubber Industries. The bank says it sees potential for the company’s share price to grow in the region of 20 per cent. “SRI’s earnings are much better than expected and the acquisition of TBC Tyres in North America through Sumitomo Corporation brings additional positive aspects,” Deutsche Bank representatives reported.

At the same time the bank’s analysts lowered their expectations for Cooper shares and issued a “hold” rating for the company’s stock. Analysts from Deutsche Bank lowered their expectations to $13.50. “Due to weaker demand the company is obviously not meeting the turnover target this year,” the analysts commented.

21st October 2005/by Tyrepress Editors

CTNA Starts Union Talks for Charlotte Plant

(Akron/Tire Review) Continental Tire North America Inc (CTNA) said it has begun negotiations with the United Steelworkers (USW) for a new labour agreement at its Charlotte, NC tyre manufacturing plant.

The current labour agreement, initiated on 20 September 1999, does not expire until 30 April 2006, according to CTNA, but the tyremaker wanted to begin negotiations now to “address high manufacturing costs,” the company said.

21st October 2005/by Tyrepress Editors

Dana to Market SmarTire’s CV TPMS

SmarTire Systems Inc has announced that it has signed a contract with Dana’s Commercial Vehicle Systems group to market and sell SmarTire’s tyre pressure and temperature monitoring systems to the commercial truck, bus and RV markets.

18th October 2005/by Tyrepress Editors

Bridgestone Settlement Could Benefit US Operations

International ratings agency Fitch Ratings has said that the settlement between Bridgestone and the Ford Motor Company could pave the way for Bridgestone to improve profitability in its US operations. The settlement, which is in relation to the infamous “August 2000 Firestone/Ford Explorer Tyre Recall” problem, will have a negative effect on Bridgestone’s financial position in the short term. Despite this Fitch affirmed Bridgestone’s senior unsecured foreign currency rating at ‘A’ with stable outlook and short-term rating at ‘F1.’

17th October 2005/by Tyrepress Editors

Titan Buyout Deal Surprises USW

(Akron/Tire Review – Freeport Journal Standard) The $18 per share “cash merger” offer by an New York private equity firm for Titan International apparently caught the United Steelworkers (USW) well off guard, leaving the national union and its Freeport, Illinois, local scrambling for information.

17th October 2005/by Tyrepress Editors

Stamford Names Seidel to Head NA Effort

(Akron/Tire Review) Former Continental Tire North America executive Jim Seidel has been named vice president and chief operating officer Stamford Tires & Wheels Inc a North American subsidiary of Singapore-based tyremaker Stamford Tyres Corp Ltd.

12th October 2005/by Tyrepress Editors

Titan Gets Buyout Offer From Equity Group

(Akron/Tire Review) Titan International Inc says it has received a “cash merger offer” from a private equity group. The $18 per share offer was made, according to Titan, by One Equity Partners LLC, which is affiliated with JP Morgan Chase & Co. Based on the number of outstanding Titan shares available, the deal is likely worth about $350 million.

12th October 2005/by Tyrepress Editors

Pirelli Raises Tyre Prices

As a consequnce of the continuing cost increase of the sector’s key raw materials and energy, Pirelli Tyre has announced an increase of its list prices, differentiated by area and segment.

The increase will be 4.5 per cent in Europe and North America for car, SUV and commercial vehicle tyres, and all Group brands; and 6 per cent worldwide for all Motorcycle Tyre brands.

10th October 2005/by Tyrepress Editors

Goodyear Tyres for Hybrid Truck

A prototype hybrid U.S. Air Force aircraft refueller truck built on a Mack Truck chassis features a new mixed-service tyre from Goodyear.

Goodyear Unisteel G287 MSA tyres (315/80R22.5) are mounted in the steer position on the 6,000-gallon refueller. Mack Trucks Inc. and the U.S. Air Force Advanced Power Technology Office developed the hybrid diesel-electric truck. Eight Goodyear Unisteel G286 tyres (12R22.5) are mounted on the vehicle’s rear drive axles.

7th October 2005/by Tyrepress Editors

CTNA Holds Price Hike Until 1 January

Continental Tire North America has announced that it is increasing prices on its replacement passenger and light truck/SUV tyres by up to 8 per cent. However, the increase is not due to take effect until 1 January 2006. The price increase includes all Continental, General and private brand tyres.

Less than a month ago, Continental announced a second price increase in the US (passenger and light truck tyres), of between 3 and 8 per cent, which became effective 1 October after a 6 per cent rise last February. Analysts expect Continental and the industry in general to fully offset raw material price increases.

5th October 2005/by Tyrepress Editors

CTNA, Union Agree to Mayfield Severance Plan

(Akron/Tire Review) The United Steelworkers (USW) and Continental Tire North America (CTNA) reached an agreement for CTNA to provide “enhanced severance benefits” to hourly workers who lost their jobs when the tiremaker suspended production at its Mayfield, Ky., tire plant last year. The tentative agreement was finalized 15 September, and the ratification vote was held 30 September.

5th October 2005/by Tyrepress Editors

Galaxy, Dynamic Merger Completed

(Akron/Tire Review) The merger of Galaxy Tire & Wheel Inc. and Dynamic Tire Corp. has been completed, resulting in the creation of GPX International Tire Corp. The Boston-based Galaxy Tire and Toronto-based Dynamic Tire announced their merger plans this past June.

Combined as GPX, the companies will post some $300 million in sales for 2005, officials said, and will have operations in North America, Europe and Asia. GPX officials said that the new firm will market Galaxy and Primex brands as its “flagship” tyre brands.

5th October 2005/by Tyrepress Editors

BKT to Increase Capacity by 66 per cent

BKT is set to embark on ambitious expansion plans designed to increase the company’s tyre production capacity by 66 per cent. The Indian company currently runs three tyre factories located at Waluj (Western India), Bhiwadi (Northern India) and Chopanki (Northern India). In terms of tyre numbers this means BKT will more than double radial tractor tyre capacity to 250,000 tyres a year. Total capacity for heavy earthmover tyres will be raised from 10,000 to 50,000 tyres per annum.

4th October 2005/by Tyrepress Editors

No Deadline Extension for Titan-Goodyear Deal – Yet

(Akron/Tire Review) The deadline for Titan International to conclude its $100 million purchase of Goodyear Tire & Rubber Co.’s agricultural tyre unit has come and gone, with no word on the disposition of the deal.

Titan has twice extended the completion date for the deal, originally reached last February, because of slow moving negotiations between Titan and the United Steelworkers (USW) over a new contract for employees at Goodyear’s Freeport, Illinois, agricultural tyre plant.

4th October 2005/by Tyrepress Editors

EnTire Solutions Launches for 2006 Hyundai/Kia Models

EnTire Solutions, the joint venture between Michelin and TRW Automotive, says it will increase its direct tyre pressure monitoring system (TPMS) presence in North America for the new 2006 Hyundai Tucson and the 2006 Kia Sportage.

30th September 2005/by Tyrepress Editors