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A Third of Pirelli’s 1500 Tyre Job Cuts Already Actioned

Approximately 500 of the 1500 job losses Pirelli Tyre chief executive Dr Francesco Gori announced last week have already taken place in various parts of Europe. According to a Pirelli Tyre spokesperson, this means the remaining 1000 will be spread across the company’s Western European operations. Pirelli has not released any further details of which particular sites or positions are to be affected.

Presenting the company’s financial results to an investor’s day last week, Dr Gori was clear that Pirelli (like the market as a whole) is facing a challenging environment this year. “How do we see the 2009 market? Difficult,” he said at one point. As a result Pirelli Tyre is reshaping its industrial footprint to the tune of “the equivalent” of one production plant. This means each of the remaining factories will focus on high value items – namely SUV tyres in the UK and UHP, Winter, run-flats in Germany.

18th February 2009/by Tyrepress Editors

Bridgestone Stock Up After Credit Suisse Upgrading

Bridgestone’s stock jumped 3.9 per cent to 1,332 yen (10.17 pounds sterling – 1 GBP: 131 JPY), when Credit Suisse reported that its new stock rating was “outperform”, from a previous ranking of “neutral.” The bank also raised its target price to 1,700 from 1,400, reasoning that the manufacturer has shown resistance to generally negative market trends.

The upgrading could be taken positively in the wider tyre business too. In his report, Credit Suisse analyst Toru Iwai wrote that, “We believe the tyre subsector is the only auto parts subsector capable of generating profits in FY09. We believe top-line growth, a major factor in assessing the company, will likely recover faster than auto production.”

17th February 2009/by Tyrepress Editors

China Expresses Concern Over India Investigations

The Chinese Ministry of Commerce has voiced “deep concern” over the Indian government’s trade investigations into and import restrictions upon Chinese products. On February 9 Ministry spokesman Yao Jian stated that vice commerce minister Zhong Shan had expressed China’s concern to India’s Ambassador to China, Nirupama Rao, during a recent meeting held at China’s request. Mr. Zhong told Ms Rao that China hopes to bring the trade disputes to an end through government and industry level communication and exchange between the two countries.

9th February 2009/by Tyrepress Editors

Pack a Sub-Zero Survival Kit, Warns Kwik-Fit

The Met Office reports that the snow experienced across parts of the UK yesterday was the heaviest to have fallen in 18 years. With perhaps a whole generation of motorists therefore unaccustomed to conditions of this type, Kwik-Fit has issued timely advice to motorists, telling those who must continue using the roads in times of heavy snow to pack a ‘sub-zero survival kit’, in case they are stranded or face lengthy delays.

This warning comes in light of research from the automotive retailer, which found that motorists fail to carry the most basic of survival items, even in the most treacherous conditions. Indeed, even though a survey has indicated that more than a quarter of British motorists have been stranded by the roadside in wintry conditions, the majority lacked basic sub-zero survival items in their car.

3rd February 2009/by Tyrepress Editors

PYReco to Build Heat Degradation Tyre Recycler

Tyre recycling firm PYReco plans to build a pioneering £80 million tyre recycling plant in North East England, the first of its kind in Europe. The scheme is underway thanks, in part, to the support of Renew, an organisation tasked with driving a low carbon and sustainability agenda with industry in the region.

The plant will be built at the South Tees Eco Park (STEP) in Tees Valley by 2010. It will use the relatively novel process of pyrolysis, a method of degrading material through heat, to recycle 60,000 tonnes of used tyres a year, the equivalent of 7.5 million tyres, without waste or harmful emissions. It is estimated that plant will create 90 jobs for the region.

Traditionally the uncompromising properties of the material have meant that tyres have been difficult to re-cycle, most often burnt in cement kilns. PYReco’s plant will provide a closed loop recycling route, breaking down used tyres into their component parts capable of being used in the production of brand new units.

30th January 2009/by Tyrepress Editors

Mandelson Announces £2 billion Automotive Industry Loan Scheme

Yesterday the government announced a package of measures designed to defrost more than £2 billion automotive industry credit that has frozen as a result of the global economic downturn. The measures include guarantees to unlock loans of up to £1.3 billion European Investment Bank (EIB) guarantees for investment in lower carbon initiatives and loans or loan guarantees to support of up to £1 billion of lending for lower carbon initiatives for non-EIB backed projects. Shadow Secretary of State for Business, Enterprise and Regulatory Reform, Ken Clarke, criticised the measures for being “small beer.”

But will the funding offer assistance to UK tyre manufacturers? Here’s what the small print has to say: The measures will “apply to projects over £5 million.” Crucially the announcement specified that UK-based automotive parts suppliers with an annual turnover of £25 million or more could also be considered. UK-based manufacturers of construction equipment (such as diggers and bulldozers) and suppliers that meet the criteria of the framework will also be eligible to apply. The catch is that loan guarantees will only apply to “low carbon” projects. No date for the commencement of loans and loan guarantees under the framework has yet been set since it is dependent on European Commission clearance.

28th January 2009/by Tyrepress Editors

New Australian Pirelli Motorcycle Tyre Distributor Named

Australian based motorcycle parts and accessories importer and distributor Link International has been granted Australian distribution rights to the Pirelli motorcycle tyre range. Pirelli thus joins a product portfolio that includes Thailand’s Vee Rubber plus a number of motorcycle component brands including Motul Oils, RK Chains, Ferodo Brake Pads, JT Sprockets, Excel Rims and Polisport Plastics. Distribution of the Pirelli motorcycle range begins on February 2, 2009.

26th January 2009/by Tyrepress Editors

Firestone Complete Auto Care Opens 1,500th US Outlet

On January 23 Bridgestone’s US retail operation, Bridgestone Retail Operations, LLC (BSRO), celebrates the opening of its 1,500th Firestone Complete Auto Care location. Outlet number 1500 is located in the Illinois town of McHenry, and upon opening the centre joins the largest network of company-owned automotive service providers in the world.

“We are so proud to have achieved this great milestone,” said Larry Magee, chairman, CEO & president of BSRO. “When Harvey S. Firestone opened the first Firestone Service Center in the early 1900s, opening 1,500 stores was only a dream. We’re proud to have turned that dream into a reality

21st January 2009/by Tyrepress Editors

Car Crime Sparks Fear on Britain’s Roads

British drivers no longer feel safe on the roads, according to a new survey by car hire comparison site Carrentals.co.uk, which found that over 40 per cent of drivers have been a victim of car crime. The research questioned over 1,000 people across the UK and found that more than one in five of us don’t feel safe on Britain’s roads, with nearly 50 per cent believing that drivers are getting more aggressive and one in three believing people drive too fast.

Respondents told of incidents ranging from car jacking and physical violence, to verbal abuse and even a report of rape, underlining the growing issue of car crime on the roads.

16th January 2009/by Tyrepress Editors

Bridgestone Share Rating Cut to “Sell”

Bloomberg is reporting that the slump in the car market and subsequent deflation in demand for car parts has led to shares in tyre manufacturers on the Tokyo Stock Exchange entering a slump. The decrease in prices has led to Goldman Sachs analysts to downgrade its rating of shares in the world’s largest tyre maker by sales, Bridgestone, from “buy” to “sell.”

Close of play on 15 January saw Bridgestone decline 4.2 per cent to 1,279 yen, while other large manufacturers Yokohama and Sumitomo decreased 7.9 and 6.6 per cent, to finish at 375 and 652 yen respectively. Both companies are also rated as “sell” by Goldman Sachs. Yuki Kimura, writing in his analyst report, said that manufacturers “will likely face increasing pressure to cut costs from carmakers, which are looking at deteriorating results.”

15th January 2009/by Tyrepress Editors

Stolen Tyres Fund Roguish Romeos’ Lavish Lifestyle

Who can resist a tale of romance, even – or, indeed, especially – when it is horribly misguided and involves stolen tyres? With the noblest of intentions in mind, namely to impress their girlfriends, six young men from well to do families in India recently embarked on a life of crime, stealing motorcycles from wealthy relatives and then selling the tyres and other spare parts.

14th January 2009/by Tyrepress Editors

Sainsbury’s Warn Of “Frosting” Crime

With temperatures in many parts of the UK consistently below freezing this week, Sainsbury’s Car Insurance is warning motorists to be on their guard against ‘frosting’ car crime, where opportunist thieves take advantage of drivers who leave their cars unattended whilst warming up the engine. The bank’s research suggests that up to 15,000 households could fall victim to ‘frosting’ this year.

While it is not clear if she was a victim ‘frosting’ Princess Beatrice will be kicking herself after leaving the key to her £17,000 1 Series BMW in the ignition. According to the RAC website Westminster Police are investigating reports the princess’s car was stolen after she left it unlocked with the keys in the ignition.

8th January 2009/by Tyrepress Editors

PAX System Class Action Suit Settled

Michelin North America Inc. and American Honda Motor Co. have settled a class action lawsuit with consumer claiming they were misled about Michelin-produced run-flat tyres. Terms of the agreement were not released, and final court certification is expected on 14 January.

The federal consumer class action suit claimed Michelin, which made the tyres, and Honda, which outfitted certain cars and minivans with Michelin’s PAX Tire and Wheel Assembly System, failed to disclose that the tyres last half as long as standard tyres, that the tyres were “prohibitively expensive to repair and replace” and that sufficient repair facilities and stock of the tyres and other parts of the PAX system do not exist in the U.S. (Tire Review/Akron)

6th January 2009/by Tyrepress Editors

Amtel-Vredestein Announces Submission of FY2007 Annual Report

Amtel-Vredestein N.V. has announced the submission of its unaudited annual accounts and annual report for the 2007 financial year to the Netherlands Chamber of Commerce in accordance with article 2:394 of the Dutch Civil Code. The annual accounts have not been adopted by the company’s general meeting and have not been audited by Amtel-Vredestein’s auditor. The financial year 2007 unaudited annual accounts and annual report, says the company, have been merely made public to fulfil the obligations of article 2:394 of the Dutch Civil Code. Amtel-Vredestein adds in a statement that, in this respect, it should also be noted that the Dutch Ministry of Economics has denied the company’s request for an exemption from the obligation to draw up, present and adopt its audited financial statements for the financial year that ended on 31 December 2007.

5th January 2009/by Tyrepress Editors

Formula One Releases Cost-Cutting Details

Today’s meeting of the FIA World Motorsport Council in Monaco has resulted in the agreement of several new measures, though Max Mosley’s controversial standardised engine policy did not make the final cut. 2009 will see lower cost engines, lasting twice as long, while in 2010 there will be a ban on refuelling and Grand Prix could be made shorter, “subject to market research”. Overall, the FIA believes that the new measures should save teams around 30 per cent of their 2008 budgets.

In terms of tyres, race weekends will now see the teams sharing information, “eliminating the need for ‘spotters’,” says the FIA press release. There will also be the ban on tyre warmers – a measure that was already in place before the meeting – and the mechanical purging of tyres. From 2010, there will also be a ban on “tyre force rigs (other than vertical force rigs).”

12th December 2008/by Tyrepress Editors