November Archives - Page 32 of 34

Western European Car Sales Fall In November

Ahead of the official figures, analysts are predicting a fall of 6 per cent in November for sales of cars in Western Europe. All of the five major markets showed a drop in sales. France was down 10 per cent, the UK down 6.8 per cent, German sales fell 6 per cent, Spain was down 8.7 per cent and Italy showed a small fall of 1.3 per cent. Among the car manufacturers, the only positive growth (+10 per cent) was for the Japanese companies, notably Mazda, Mitsubishi and Subaru. Ford was next best, showing a decline in sales of only 1.9 per cent. The worst performers were Fiat and BMW (both down around 20 per cent).

11th December 2002/by Tyrepress Editors

Tyre World To Be Held At ExCeL Next November

Product News

Idex Media, the organisers of the new tyre exhibition Tyre World, have revealed that the show will be held at London’s newest venue, ExCeL, situated in the heart of the capital’s Docklands. Tyre World will be held on November 23rd and 24th 2003 and, because the 23rd is a Sunday, this should make the show more accessible to the smaller, independent tyre retailer. Buzz Carter, of Idex, described ExCeL as “a superb venue with cutting edge facilities and easily accessible by road, air and rail.”

7th December 2002/by Tyrepress Editors

Kumho Talks Come To Nothing

Product News

The talks between the Kumho Group and the US consortium of JP Morgan Chase and the Carlyle Group, aimed at selling Kumho’s tyre division, have broken down. The disagreement was over prices, with a Kumho spokesman quoted as saying that the consortium’s offer price was “really cheap” and unacceptable. Earlier in the year, the two sides signed a memorandum of understanding to sell 80 per cent of the Kumho Tyre, but this expired in November with no deal finalised. Kumho says it is talking to another – as yet unnamed – buyer.

2nd December 2002/by Tyrepress Editors

Martha Mills Assets Sold

Product News

WesTek Inc., also known as Martha Mills, is a privately held Georgia company engaged in the manufacture and distribution of tyre cord and chafer fabric. WesTek Inc. also produces yarns for use as reinforcement fibre for tyres. Cornerstone Investment Group, a private equity investment firm specialising in turnarounds of undercapitalized or distressed small to medium size companies, announced that it has entered into definitive written agreements to purchase the assets of WesTek Inc. Both companies expect the financial arrangements to be completed on or before November 15, 2002.

5th November 2002/by Tyrepress Editors

Scotland Gears Up For Tyre Safety Week

Product News

The annual Scottish tyre safety week will be held between 18th – 22nd November. Motorists are being offered free tyre checks at leading supermarket sites prior to the campaign. Scottish tyre safety week is organised by the Tyre Industry Council and supported by the police, tyre manufacturers and the tyre trade. Over ten years, the campaign has been instrumental in reducing the percentage of illegal tyres in Scotland from 18 to 10 per cent.

30th October 2002/by Tyrepress Editors

Difficult Year For SmarTire

Product News

The Company reported a net loss of $6.8 million ($0.41 per share) 2002 compared with a net loss of $5.5 million ($0.39 per share) in 2001. Gross revenue for 2002 totalled $1.0 million, up from $0.8 million for 2001.

28th October 2002/by Tyrepress Editors

Goodyear Declares Dividend of 12 Cents per Share

Product News

Directors of The Goodyear Tire & Rubber Company declared a quarterly dividend of 12 cents a share. The dividend is payable December 16, to shareholders of record November 15. The payout represents an annual rate of 48 cents per share.

2nd October 2002/by Tyrepress Editors

Michelin PAX System For New Audi A8

Premium, Product News

At the beginning of November 2002 the Michelin Pax System will be offered as an option on the new Audi A8. This underlines the great potential of Pax technology in the areas of security and mobility. Two concept-cars at the Paris Motor Show also featured the Pax System: the Renault Ellipse and the Citroen C Airdream.

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30th September 2002/by Tyrepress Editors

Buy-Out At Just Tyres

Product News

On 10th November it was announced that 38 Just Tyre outlets had been sold to a team which includes three Just Tyres managers. Major shareholder in the buy-out is Ian Grant, who was Chief Executive of the Just Tyres Holdings group. The purchase price was not revealed, but it is understood that around 100 jobs have been secured by the deal. The group called in the Administrative Receiver in mid-October and 40 Just Tyres outlets were closed immediately. A further 12 were closed last week, leaving the most profitable 38 depots in the chain. Ian Grant said he was “encouraged” by discussions with suppliers.

28th December 2001/by Tyrepress Editors

Investor Update From Goodyear

Product News

Goodyear has published its monthly investor update, giving brief details of the company’s performance in various world markets. In North America in October, industry shipments of OE and replacement tyres fell. Goodyear made production cutbacks, which continued during November. European industry-wide replacement tyre shipments fell for both passenger and commercial and Goodyear’s sales followed this trend. For OE, Goodyear shipments of consumer tyres were up on last year while those of commercial tyres fell. In Eastern Europe, Goodyear’s shipments of OE and replacement tyres fell from October 2000 levels. Replacement shipments in Latin America fell and OE shipments rose, while in Asia, OE and replacement shipments both rose.

28th December 2001/by Tyrepress Editors

Smithfield Show 2000

Product News

The most important UK exhibition for agriculture, and thus for those supplying tyres in this sector, is the biennial Smithfield Show, held in November last year. TYRES & ACCESSORIES talked to the tyre companies at the show and their views are given in our review of the event. What can the tyre producer do to help the farming community? Are things as bad as they seem, or are there grounds for optimism?

30th November 2001/by Tyrepress Editors

Cost-Cutting Proposals Rejected By Michelin Workers?

Product News

A report in the local paper, the Burnley Express, quoting an anonymous worker, says that workers at the Michelin tyre plant in the town have rejected cost-cutting proposals put forward by management. These proposals are said to include a 25 per cent reduction in shift allowance and some workers moving from a four day week to three days. However, a union spokesman said that proposals have been neither accepted nor rejected and unions and management will meet on 29 January to discuss the situation. Around 450 workers would be affected at Burnley, where truck and bus tyres are made.

30th November 2001/by Tyrepress Editors

US Survey Shows Under-inflation Problem

Product News

Despite reports suggesting that under-inflation of Firestone tyres was a contributory factor in Explorer rollovers, a survey by the National Highway Traffic Safety Administration reveals that US drivers are not taking the message on board. The pressure of over 11,500 tyres was measured over a two week period and 27 per cent of cars and 32 per cent of vans, SUVs etc. had at least one under-inflated tyre (8 p.s.i. or more below the manufacturer’s recommended pressure). Vehicles made after November 2003 will have to incorporate a tyre pressure monitoring system as standard, according to NHTSA rules being drafted at the moment. The survey shows how badly such a system is needed, says the agency.

30th November 2001/by Tyrepress Editors

15 Day Closures For Stomil Olsztyn

Product News

Michelin controlled Stomil Olsztyn is to curtail production for 15 days during November and December. The shutdown has been brought about by the reduction in sales of the Kormoran marque in Poland. The company will use the break in production to reduce stocks.

30th November 2001/by Tyrepress Editors

Sharp Decline In Continental’s North American Business

Product News

Continental Tire and Continental Teves North America are expecting a massive decline in original equipment business in the fourth quarter. The shortfall will probably be as much as 500,000 car and light truck tyres, or 15 percent of Continental’s oe volume. In November it is planned to cut production. The oe business of Continental Teves will be reduced by 20 percent.

30th November 2001/by Tyrepress Editors

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