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Mixed Fortunes for Michelin in First Half

Michelin has published its financial results for the first half of the year, showing a 0.1 per cent increase in net sales over 1H 2004 to 7.49 bn euros and a rise in net income of 5.5 per cent to 385.9 m euros.

At first reading, these results seem to indicate stability and “business as usual”, but in fact the story behind them is one of wildly differing performances in the various geographic and product sectors, set against a background of inexorably rising raw material costs.

Of the 7.49 bn euros turnover, car tyre sales were 4.12 bn, while truck tyre sales accounted for 2.41 bn euros. Operating income was 679 m euros, of which 383 m was car tyres and 283 m truck tyres.

5th August 2005/by Tyrepress Editors

A Record-Breaking Motor Sales Month

General Motors, Ford and Chrysler have posted double-digit US sales gains for July. Toyota and Nissan North America also posted their best sales month in the United States.

DaimlerChrysler, including Mercedes-Benz, sold 260,945 units in July, a boost of 25.1 per cent for the month. Year-to-date, the car manufacturer has sold 1,547,536 vehicles, up 6.9 per cent from the same period in 2004.

GM’s July sales rose 15.2 per cent, boosted by the GM Employee Discount for Everyone incentive programme said the company. Its US sales totaled 524,218 vehicles in July compared with 454,963 in July last year. GM has sold 2,844,839 vehicles to date, a 4.3 per cent increase from the same time last year.

Paul Ballew, GM’s chief sales analyst, said 71 per cent of retail sales in July came from trucks, and he predicted that the company would achieve a market share of 27 per cent for the year.

3rd August 2005/by Tyrepress Editors

Conti Hails ‘Record Breaking’ Second Quarter

Continental has released second quarter results which show a 28.5 per cent increase in group earnings (EBIT) and consolidated sales of 6.807 billion euros. “In the first six months, we made considerable progress towards our goal of achieving new top figures and are looking at the second half of the year with confidence,” said executive board chairman Manfred Wennemer.

2nd August 2005/by Tyrepress Editors

The End is Near – Time for a New Beginning?

Company News, International News

The problems Continental faces in the US are more or less ‘homemade’. The problem is there doesn’t appear to be any solution available unless you call a total tactical retreat from the biggest market in the world a solution. In the event that this happens, it is more than likely that the company would call such a decision to cease selling tyres in the US a “strategic withdrawl.”

In 1987 the Continental group did not have the financial resources (and was later unwilling) to spend the amount of money necessary to build up the company’s Continental and General brands. Now the current management has to pay for all the shortfalls left behind by its forbears. Meanwhile, in the midst of all this the US-arm of the group’s tyre division is again going to the dogs with a loss of more than 100 million euros. Nobody believes that a turnaround will take place this year, even though CEO Manfred Wennemer and his colleague Martien de Louw have suggested time and again that it would.

2nd August 2005/by Tyrepress Editors

Michelin Launches US Ticket Refund Process

Michelin have began the process of refunding US Grand Prix ticket holders after tyre failures turned the race into a six-car disappointment. Michelin North America and the Indianapolis Motor Speedway said all those who had bought race day tickets for the 19 June event were eligible. Some 120,000 fans attended the race and details of how to claim were provided through the US Grand Prix website.

18th July 2005/by Tyrepress Editors

Yokohama Thai Subsidiary Officially Opens

(Akron/Tire Review) Yokohama Tire Manufacturing (Thailand) Co, a subsidiary of The Yokohama Rubber Co, held its grand opening ceremony on 15 July.

18th July 2005/by Tyrepress Editors

Michelin Sells US Steel Cord Operations

(Akron/Tire Review) Michelin North America (MNA) has sold its steel cord plant in Scottsburg, Indiana., to Hyosung America Inc. a subsidiary of Hyosung Corp. Terms were not disclosed, but the deal includes a 10-year, $650 million supply contract in which MNA will purchase finished steel cord for tires from Hyosung America.

15th July 2005/by Tyrepress Editors

Michelin Launches Inflation Station Safety Programme in South Carolina

(Akron/Tire Review) Michelin North America (MNA) announced the opening of the first Michelin Tire Inflation Station at the Welcome Center on Interstate 26 in Landrum, S.C.

7th July 2005/by Tyrepress Editors

CTNA Files Charges Against Union

Continental Tire North America, Inc. (CTNA) has filed an unfair labour practice charge against the United Steelworkers union (USW) in relation to its Bryan Ohio OTR tyre manufacturing facility. The announcement follows attempts by Rodos Giants (part of the Roesler Group) to buy the plant. The union refused to enter into a labour agreement with the company.

1st July 2005/by Tyrepress Editors

Canadian Autoparts Toyota to Increase Wheel Capacity 17 per cent

Canadian Autoparts Toyota Inc, which makes aluminium wheels for Toyota Motor Corp, is expanding its operations in British Columbia with a $39-million investment. The expansion will increase wheel capacity at the Delta site by almost 17 per cent to 1.68 million units annually, starting July 2007. The 19,000-square-metre plant produces 22 wheel models for Toyota’s vehicles and employs about 230 people, a number that is set to increase to increase to 260.

1st July 2005/by Tyrepress Editors

Bridgestone Potenza RE050A Original Equipment on MazdaSpeed6

Bridgestone brand Potenza RE050A tyres will be original equipment on all of Mazda’s new MazdaSpeed6 vehicles. Bridgestone Corporation will supply the tyres to Mazda’s Hofu, Japan manufacturing facility in a 215/45R18XL 93Y size. The Bridgestone Potenza RE050A carries a UTQG rating of 140 for treadwear, A for traction and A for temperature.

29th June 2005/by Tyrepress Editors

Toyo to Spin Off Nitto Tire

Toyo Tire & Rubber Co. Ltd is to “spin off” the Nitto brand division of Toyo Tire (USA) Corp, incorporating it as a separate company. The new business will be called Nitto Tire North America Incorporated, from 1 July 2005.

27th June 2005/by Tyrepress Editors

Michelin Sues Dynamic Over Look-Alike Tyre

(Akron/Tire Review) Michelin North America (MNA) has filed a suit in the federal court of Birmingham, Alabama, against Canadian distributor Dynamic Tire and Chinese manufacturer, Aeolus Tyre, claiming tyre design patent infringement. Robert Sherkin, president of both Dynamic Tire Corp and Aeolus Tire in North America was also named in the action.

“We will not tolerate look-alike tyres trading on Michelin expertise and will bring the full resources of Michelin North America to bear on those seeking to profit from our innovations,” said Luc Minguet, COO of MNA’s Michelin Americas Truck Tyres unit. MNA claims that the tread design of the Aeolus HN-308 medium truck tyre is identical to its patented design for the Michelin XDA-HT.

24th June 2005/by Tyrepress Editors

Alcoa Restructures Passenger Car Rim Business

Alcoa is planning to develop a range of forged aluminium passenger car rims, which will be produced alongside the company’s forged truck products. The wheels will be produced at Alcoa’s Samara, Russia, plant and will also be made available for sale in the European market. At the same time the company is set to embark on a restructuring programme designed to improve efficiency, shedding five per cent of its total international workforce. This means up to 800 jobs in the company’s wheel business could be lost. The wheel restructuring programme is expected to cost the company between $65 and $70 million – roughly half of this will be down to severance costs.

Alcoa acquired the casted wheel business as part of the large purchase of competitor Reynolds in 1999. This acquisition saw the company take over factories in Italy (Ferrara), Venezuela and North America. However, Alcoa never really seemed happy with its casted aluminium passenger car rim strategy.

24th June 2005/by Tyrepress Editors

Schedule Outlined For A1 Grand Prix

(Akron/Tire Review) The new A1 Grand Prix has released a 12-race schedule that features races in Europe, Southeast Asia, Africa and South and North America. All cars running in the A1 Grand Prix series will race on Cooper tyres produced by Avon racing. The series kicks off at Brands Hatch on the 25 September and then will continue with races at Lausitzring in Germany on 9 October and at Estoril in Portugal on 23 October.

23rd June 2005/by Tyrepress Editors