North America
Amtel Holdings Holland NV has completed its acquisition of Vredestein Banden BV from Vredestein Investment Consortium (VICO) for 195.6 million euros in cash. Amtel says it plans to use the opportunity to expand its global operations in Europe, Asia, the former Soviet Union and North America. Combined production capacity will now amount to around 22 million tyres a year.
(Akron/Tire Review) Continental Tire North America (CTNA) announced that it will showcase Continental and General-brand tyres from 3-5 May at the 2005 WasteExpo in Las Vegas. The tyres, to be featured at CTNA’s booth #4044, are built “specifically for the heavy service demands of the waste industry,” CTNA said.
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(Akron/Tire Review) Michelin North America (MNA) has announced price increases affecting passenger and light truck tyres. OE and replacement tyre prices for Michelin, BFGoodrich, Uniroyal and private and associate brands sold in Canada, Mexico and the US will increase by up to 8 per cent, the tyre maker said. The increases are effective in July and result from “continuing increases in raw material costs,” according to MNA.
(Akron/Tire Review) Carl Casalbore, vice president of marketing and retail sales at the Cooper Tire & Rubber Co., has announced his departure from the company, and Robyn N. Dashnaw has been appointed territory sales manager by the Findlay, Ohio-based tyre manufacturer.
(Akron/Tire Review) Bandag Inc. has reported consolidated net earnings of $6.0 million, or $0.30 per diluted share, for the first quarter of 2005. Consolidated net sales were $186.6 million, an increase of 8 per cent, compared to consolidated net sales of $173.5 million in first quarter 2004. For the first quarter of 2004, Bandag reported consolidated net earnings of $4.0 million, or $0.20 per diluted share.
Michelin is likely to embark on a major restructuring programme in the coming years. The news follows a meeting between Deutsche Bank analysts and Michelin. The fact that 24,000 people will be retired in the next five years (17,000 in Western Europe or 31 per cent of the workforce and 7,000 in North America or 33 per cent of the workforce) is said to allow for higher productivity gains and transfer of production to low cost countries.
(Akron/Tire Review) Marangoni Tread North America has named retreading industry veteran Donald Rizzi as its new national sales manager.
Prior to joining Marangoni, Rizzi was regional manager for Goodyear’s retread systems business, regional manager for Goodyear Commercial Tire Systems, and a Six Sigma project manager for Goodyear. Through his career, Rizzi held sales management positions with Long Mile Rubber Co., Oliver Rubber Co. and Ultima Rubber Products.
“We are very pleased that Don has joined us,” said Bill Sweatman, Marangoni Tread North America president. “Our business continues to grow at a rapid rate and Don will not only help us to keep that momentum going but will improve our representation and service to our valued customers, our independent dealer network.”
Following a $6 million investment Alcoa’s Subassembly and Logistics business will open a new manufacturing plant in North Carolina.
The company, a part of Alcoa Wheel and Forged Products, provides wheel and tyre assemblies to the Freightliner Group, the largest heavy-duty truck manufacturer in North America and a leading manufacturer of medium-duty and specialised commercial vehicles.
The new facility is scheduled to begin production in mid-April. It will add to Alcoa’s presence in North Carolina, where it already has four other operating locations.
(Akron/Tire Review) Members of the United Steelworkers of America (USWA) and the Paper, Allied-Industrial, Chemical and Energy Workers (PACE) have voted overwhelmingly to merge. The votes were held yesterday at concurrent national conventions of the two unions, both being held in Las Vegas.
The new union will be called the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International or USW for short, according to the USWA. The merger creates North America’s largest labor union, with a combined total of 850,000 members.
(Tire Review/Akron) Delegates from the United Steelworkers of America (USWA) and the Paper, Allied-Industrial, Chemical and Energy Workers (PACE) International Union will vote on a proposed merger between the two at each of their annual conventions being held this week in Las Vegas.
The USWA convention is being held 11-14 April at the Las Vegas Hilton Conference Center, and the PACE International convention is being held at the Las Vegas Riviera Hotel 12-14 April.
A combined convention of 5,000 delegates from both unions will meet on 14 April at the Hilton, subject to approval of the merger. The merger will reportedly create the largest industrial union in North America.
(Akron/Tire Review) Marangoni Tread North America Inc. has added four new Ringtread plants in the Northeast, Sourtheast, North Central and Northwest regions of the US
Two of the new plants were converted from competitive precure systems, said Marangoni, while the other two are additional facilities opened by existing Ringtread dealers.
By Alex Law
MacLeans magazine
“Nunc est bibendum.”
Horace originally meant that to be a call to merriment, or, in a more literal translation, “Now is the time to drink.”
When Michelin first used the phrase decades ago on an advertising poster, it was the tagline to a sketch of a man made out of tyres (now known as Bibendum) who was looking down a stretch of pavement filled with the kind of debris normally found on the world’s roads at the time. The message then meant, “I can handle all that.”
Alcoa has announced first quarter revenues of $6.3 billion, a four per cent increase from the sequential quarter. Income from operations was given as $273 million, or $.31 a share.
According to the company its income measures include negative impacts totaling $0.09 per share for the tax impact on Alcoa’s sale of its Elkem investment ($39 million after tax); restructuring charges ($25 million after tax); and costs of integrating the recently acquired Russian business ($12 million after tax). The fourth quarter of 2004 included a gain of $37 million, or $0.04, on the Juruti transfer, while the first quarter of 2004 include a gain of $58 million, or $0.07, on the sale of specialty chemicals.
The Governance and Nomination Committee of international mobile phone giant Nokia has proposed Edouard Michelin, managing partner and CEO of Michelin Group, to be elected to the Nokia Board for a one-year term.
Edouard Michelin joined Michelin 1985 and has since held different managerial positions within research, manufacturing, marketing and sales. Between 1990 and 1993 he headed the Michelin manufacturing facilities in North America and the truck tyre product line. He is a Michelin managing partner and has been CEO of Michelin Group since 1999.
(Akron/Tire Review) Michelin North America (MNA) has added the Michelin X One XDA-HT Plus drive tyre to its X One line of wide singles.
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