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Goodyear Announces Finance Leadership Changes

Several changes have been made to the senior corporate finance staff at Goodyear Tire & Rubber. The company reports that Damon Audia, formerly vice president and treasurer, has been appointed senior vice president of finance and treasurer. His expanded role includes Goodyear’s investor relations and tax functions.

“Damon has been a key member of Goodyear’s finance organisation over the past four years, and he was particularly instrumental in the execution of the plans to refinance the company over the last several years,” said Goodyear executive vice president and chief financial officer Darren R. Wells. “He has demonstrated the type of leadership we need in this role as we address the challenges of today’s economy.”

15th December 2008/by Tyrepress Editors

Vredestein Banden B.V. to be Sold

Amtel Vredestein N.V. (AVNV) has announced that its subsidiary company OJSC Amtel-Vredestein (OJSC AV), the holding company of the group’s Russian business, is no longer able to satisfy its creditors’ demands. The AVNV executive board has determined that, due to the financial difficulties AVNV faces, it will not be able to provide any additional finance to OJSC AV. This development, says the company, may have “consequences for the going concern status of AVNV”, given a number of guarantees provided by AVNV in favour of the creditors of OJSC AV.

15th December 2008/by Tyrepress Editors

‘Take a Longer Holiday’, says Michelin Canada

Around 3,500 workers at Michelin Canada’s factories in Nova Scotia have been asked to take extra holiday time to hep the company reduce production output. According to spokeswoman Lynn Mann, Michelin has already prolonged its normal holiday shutdown period by four days and has reassigned workers on some shifts to perform maintenance tasks. She added, however, that the changes being implemented in Nova Scotia have nothing to do with the problems facing the ‘Big Three’ vehicle manufacturers in the US – according to Mann, sales to General Motors, Ford and Chrysler account for less than five per cent of sales.

15th December 2008/by Tyrepress Editors

Hans-Rudolf Hein Leaving BMW to join Bridgestone

According to his own words, Hans-Rudolf Hein – in charge of tyre and wheel development at BMW – will after 32 years turn his back on the automobile industry to join Bridgestone Europe at the start of next year. While he cites private reasons for the change, he also states that he’s always wanted to know what it’s like to work for a tyre manufacturer. Among other things, Hein will in his new position be responsible for representing Bridgestone’s point of view in various committees and organisations.

15th December 2008/by Tyrepress Editors

Gould Wins Pirelli Star Driver Award

Following two days of hard-fought competition in Cumbria, 21-year old Bristol driver Adam Gould has become the recipient of the Pirelli Star Driver Award. This honour was gained through winning the Pirelli Star Driver Shootout competition, held on December 11 and 12. In order to win, Gould participated in a range of tests that extended beyond his driving prowess; the judging panel also examined the contenders’ fitness, interview presentation skills and knowledge of the sport. Gould finished the weekend ahead of seven other hopefuls, and in addition to the kudos attached to the distinction of winning, Gould’s prize covers a full funding in the 2009 British Rally Championship.

15th December 2008/by Tyrepress Editors

Conti Gets Two M-B Fitments

Continental AG has earned two fitments on 2009 Mercedes-Benz models. The new 2009 Mercedes-Benz S-Class sedan will carry Continental ContiProContact radials in the U.S. market. The tyres will be fitted in size 255/45R18 99H or 255/40R19 100V XL all around, or in staggered combinations 255/45R18 99H (front) and 275/45R18 103H (rear) or 255/40R19 100V XL (front) and 275/40R19 101V (rear). The Mercedes-Benz ML63 AMG will feature Continental CrossContact UHP in size 295/35R21 107Y XL. (Tire Review/Akron)

15th December 2008/by Tyrepress Editors

Suzuki Withdraws WRC Team

Japanese manufacturer Suzuki has announced that it will not take part in next year’s World Rally Championship including its Junior counterpart, having competed in each of the last seven series. The company says that business concerns “caused by recent global economic turmoil” have caused it to review its financial commitment to the tournament.

A company statement said that “the organisation reviews every aspect of the operations and decided to focus on the core business functions such as the manufacturing system, environment technologies, and development of new-generation powertrains for cars. As a result, Suzuki concluded to suspend the WRC activities from 2009.” The team’s sponsors, which include Italian tyre giant Pirelli among their number, have agreed to end their current deals with the team.

15th December 2008/by Tyrepress Editors

Is Schaeffler Walking Out on Continental Investment Agreement?

Schaeffler Group has signalled that it is willing to consider abandoning the investment restrictions it agreed earlier this year to pacify its hostile takeover of Continental – much to the annoyance of Conti executives. Schaeffler sources told Financial Times that the investment agreement had become obsolete “as it was constructed at a time when the world was very different.” The agreement limits the ball-bearing maker to a 49.99 per cent stockholding in Continental and upholds the tyre and automotive supplier’s independence as a legally separate entity.

Schaeffler initially said it was only interested in holding a minority stake in Conti, however, as it stands the company holds the rights to more than 90 per cent of the shares. In addition, on 14 December Frankfurter Allgemeine Zeitung’s Sunday edition printed an interview with Maria-Elisabeth Schaeffler and company chief executive officer Juergen Geissinger, in which the executives revealed they are seeking four seats on Continental’s supervisory board. According to Reuters, Schaeffler would like the four seats it is seeking to be occupied by company CEO Juergen Geissinger, CFO Thomas Hetmann, Maria-Elisabeth Schaeffler and her son Georg.

15th December 2008/by Tyrepress Editors

Ingersoll Rand Makes Its Mark At Dakar 2009

Ingersoll Rand, which has been involved in the Dakar rally race for the last three years, will team up with the Euromaster, Mitsubishi and Toyota teams in 2009. It will offer them portable tools, including the new IQv range of impact wrenches. These wrenches can release torques up to 500Nm and will last three times longer than similar products on the market. IQv tools are also lighter and more compact than rival products, says Ingersoll Rand, characteristics particularly appreciated by race competitors.

Ingersoll Rand’s main partner is the Euromaster Team and has provided official team support at Dakar since 2006.

15th December 2008/by Tyrepress Editors

Toyo Tire USA Unveils First DOT Approved Drag Radial

Toyo Tire USA has introduced its first Department of Transport approved drag radial. Known as the Proxes TQ, the new tyre is specifically designed for high-horsepower muscle cars and street machines. The tyre was unveiled before a crowd of racing enthusiasts at the Performance Racing Industry Trade Show in Orlando, Florida.

12th December 2008/by Tyrepress Editors

Cooper Tire Announces Tentative Agreement for Texarkana Factory

Cooper Tire’s four factories are still awaiting the company’s decision regarding its review of US operations, and each is naturally eager to place itself in the best position in terms of its long-term viability. Hot on the heels of the ratification of an agreement between Cooper and the USW regarding the Findlay, Ohio facility comes one for the factory in Texarkana, Arkansas. Cooper Tire announced on December 11 that it had reached a new tentative agreement with the USW Local 752L, which represents workers at the facility. Union members will cast their votes on the agreement on December 13. The USW chapter is currently working under an agreement that would not have expired until 2010.

12th December 2008/by Tyrepress Editors

Goodyear Turkey Halting Production for 10 Days, Says Union Leader

Production at two factories operated by Goodyear in Turkey will be halted for ten days in December and January, says the president of the country’s petroleum, chemical and tyre union. The factories in Adapazari and Kocaeli will be closed between December 12 and 17 and then from January 2 – 7 due to reduced demand. Union president Abdullah Karacan added that production at the factories had decreased between 30 per cent and 60 per cent.

12th December 2008/by Tyrepress Editors

Nexen Unveils 15 Series Tyre

Nexen Tire has released details of its new 15 series UHP N3000 tyre following the company’s development of Nano technology and 20 series tyres in previous years. The company believes that its new technology will provide an ideal tyre option for current sports cars. The tyre equals the record for the lowest profile tyre on the market, a feat set by Kumho with its Ecsta SPT.

12th December 2008/by Tyrepress Editors

Motorcycle registrations decline 16% in November

A recurring theme towards the end of 2008 has been that of difficult times. Barely a day passes in the automotive industry where news of a factory pausing production or ceasing operations altogether is not reported, and sales of new cars in the UK took a hammering in November. For this month the Society of Motor Manufacturers and Traders recorded 100,333 sales, a staggering drop of 36.8 per cent compared with November 2007. And while comparing favourably to this sobering statistic, November registration figures for two wheeled vehicles show this sector of the market is also not immune to the economic downturn.

12th December 2008/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