North America
Cooper Tire & Rubber Company returned to profit, reporting net income of $52 million (£34.895 million; 38.439 million euros) for the year compared with losses of $219 million (£147 million; 161.890 million euros) in 2008. Annual sales of $2.8 billion (£1.878 billion; 2.086 billion euros) for 2009, were down 4 per cent from 2008.
German specialty chemicals manufacturer Lanxess AG has adjusted its earnings forecast for the 2009 business year after preliminary unaudited results revealed what it calls a “significantly better than expected” fourth quarter. The company now expects to achieve pre-exceptional EBITA of 450-470 million euros for full year 2009 after previously forecasting 400-420 million euros upon the publication of the third quarter results in November 2009. LANXESS posted EBITDA pre-exceptionals of 721 million euros in 2008.
On April 13 Richard J. Kramer will slide into the pilot’s seat at Goodyear and take the controls from Robert J. Keegan. The company’s Board of Directors announced Kramer’s upcoming appointment as Goodyear Tire & Rubber chief executive officer and president on February 24, and further stated his election to the board. Keegan, who has served as CEO and president since 2003, will remain executive chairman of the board.
Two years after a school-owned van travelling without winter tyres fitted on all wheels collided with a truck in the snow, the New Brunswick government in Canada has made the fitment of these cold weather tyres upon its fleet of multi-function activity buses mandatory. Seven members of the Bathurst High School boys basketball team died in the January 2008 collision, and in the absence of official tests being conducted by the province into the safety of summer tyres in winter, the parents of three of the boys had arranged to have the tyre configurations currently used on activity buses in the province's schools privately tested in Michigan. The tests were scheduled to take place on February 24, the day after New Brunswick announced its new tyre rule.
As was first reported by Tire Review, Bridgestone Americas will announce today that it has signed a naming right deal for Nashville’s downtown arena. The tyre-maker and the Nashville Predators will hold a press conference this morning to announce the multi-year deal, which will create the “Bridgestone Arena.” The facility, currently named the Sommet Center, after a local firm, serves as the NHL team’s home, and hosts a wide variety of events and concerts.
Despite an overall upbeat tone, the word “crisis” has featured strongly during Continental AG’s reportage of its 2009 financial performance on February 23, a likely indication of the extent to which the German automotive supplier was affected by last year’s market downturn.
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Local media are reporting that USW workers at Denman Tire Corporation’s lone plant in Leavittsburg, Ohio have been told that the troubled tyre-maker is out of money and its banks are not extending credit. 200 union workers met late last week for an explanation of why they were sent home earlier this month and instructed to not return until further notice.
Bridgestone Corporation reports that 2009 presented the company with a “challenging” operating environment due to weakened consumer spending and declines in private sector capital investment which counteracted signs of recovery among some exports. However, the Japanese manufacturer states that although the economic recession in Europe and the US continued, some sectors showed signs of stabilisation. A recovery in business climate was observed in China and despite challenging conditions, the business climate in other regions began to show slight signs of recovery. Against such a backdrop, the tyre major achieved net sales of 2,597.0 billion yen (₤18.3 billion), a 20 per cent decrease on the 2008 fiscal year. Operating income, at 75.7 billion yen (₤532.2 million) was 42 per cent down on the previous year and net income, at 1.0 billion yen (₤7.0 million), dropped 90 per cent from 2008. Additionally, during the year Bridgestone recognised as an extraordinary loss 10.6 billion yen (₤74.5 million) in costs linked to its plant closures in Oceania.
Michelin North America sent its Michelin Disaster Response Unit trailer to a Tire Centers L.L.C. (TCI) warehouse in Dallas last week after heavy snow caused part of the roof to collapse. TCI, a wholly-owned subsidiary of MNA, said the 16,000-square foot Dallas warehouse is roughly 30 years old. A section of the roof caved in 12 February after record snowfall in the Dallas area. In addition to the roof, about 7,000 tyres were damaged.
Alliance Tire appointed three veteran tyre executives to its management team, reports Tire Review: Bob Arnold is vice president of aftermarket sales; Randy Gaetz is vice president of OE sales; and Todd Richardson is chief financial officer. “We’re building an outstanding team to serve our customers in the field,” said Manny Cicero, president of Alliance Tire USA.
Describing the company’s fourth quarter 2009 results as “solid”, Goodyear Tire & Rubber chairman and CEO Robert J. Keegan described the improved gross margins, segment operating income and net income achieved as a “reflection of the success we had in strengthening our business despite a challenging economy and operating environment.” However this chirpy final quarter was not enough to deliver sales above those achieved in 2008, and an annual net loss of $375 million was recorded, as opposed to a loss of $75 million a year earlier.
Bridgestone Americas will hold a ceremonial groundbreaking tomorrow for its new $100 million technical centre in Akron, Ohio reports Tire Review. Company chairman, CEO and president Mark Emkes, as well as state and local officials, will be present. Bridgestone had debated moving near its national headquarters in Tennessee, but announced in 2008 that it had a preliminary deal to stay in Akron. That deal includes a $68 million public financing package offered by the state, county and city. The overall project, which includes a new 260,000-square-foot technical center at South Main Street and Firestone Boulevard, and neighborhood improvements, has been estimated at $102 million. The company expects workers to move into the building by late 2011 or early 2012, according to a report by the Akron Beacon Journal.
Goodyear Dunlop Tires North America has appointed Christine Moore its new director of Marketing. In her new position, Moore will be responsible for managing all marketing related business for the Dunlop motorcycle and ATV tyre business unit, including brand strategy, advertising, product marketing consumer services and public relations. Moore will report to Joe Rosen, chairman and president of Goodyear Dunlop Tires North America.
Following the announced retirement of Bridgestone Americas, Inc. (BSAM) chairman, CEO and president Mark Emkes, company vice president, general counsel, chief compliance officer and secretary Gary Garfield stepped up to the plate to take on the positions of CEO and president. Filling Garfield’s shoes in his former roles is Chris Nicastro, who is currently general counsel, Bridgestone Americas Latin American Operations, and corporate compliance officer, BSAM. Nicastro’s appointment in this new portfolio of positions takes effect March 1, 2010, and will involve him taking over responsibility for overseeing the company’s legal and compliance functions.
Four more North American market Yokohama commercial vehicle tyres have been added to the US Environmental Protection Agency's SmartWay list of verified fuel-saving technologies for tyres. This brings the number to seven of Yokohama products that are recognised as SmartWay "low rolling resistance tyres." SmartWay Transport, a collaboration between the EPA and the freight sector, is designed to improve energy efficiency and energy scrutiny, and reduce greenhouse gas and air pollutant emissions.
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