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Michelin Shares Fall Nearly 5% Due to Earnings Worries

Michelin & Cie shares fell 4.8 per cent on July 28 following a published report that the tyremaker’s first-half earnings have failed to meet management targets. Shares fell 2.31 euros to 45.49 euros, furthering the stock’s decline this year to 42 per cent and valuing the company at 6.6 billion euros.

According to a French financial newsletter, Michelin will announce cost-cutting measures at its July 30 earnings presentation, and jobs cuts will also possibly be tabled. Profits have been whittled away by weakening demand for cars in mature markets, which has made it harder to pass on raw material price increases to customers, Some analysts, including London based Adam Jonas from Morgan Stanley, have cautioned that Michelin may find it difficult to implement recently announced price increases.

29th July 2008/by Tyrepress Editors

Workers at Iran’s Kiyan Tire Resume Strike Action

Employees at Iran’s Kiyan Tire have gone on strike for a second time this year due to pay related disputes with the factory’s management. The striking workers have threatened not to return to work until management meets their demands. This latest action echoes strike action on April 13, in which workers that had not been paid for several months burned used tyres to block the highway between Tehran and the city’s western suburbs.

29th July 2008/by Tyrepress Editors

CSEasy Wins Another Innovation Award

The CSEasy industrial tyre system developed by Continental has won the silver ‘IQ Innovation Prize Central Germany 2008’. Judges met three times to establish the winner of the Chemicals/Plastics sector.

Hans-Jürgen Sauerwald, inventor of the CSEasy, said: “We were confident and optimistic about our chances when we took part in this competition and we are also in the running for the next contest, the ‘Innovation Prize Thuringia’. It is great for the CSEasy to be so widely recognised”.

29th July 2008/by Tyrepress Editors

Mytyres.co.uk Updates Site Design

Leading online tyre retailer, mytyres.co.uk, has refreshed the design and layout of its UK site. Describing the redesign as “putting customer service at the forefront” mytyres’ newsletter explained that the redesign focuses on a brand new shop layout, which is “even easier to use – and much more customer-friendly.” The mytyres e-tail portal is the UK branch German online tyre retail and wholesale company Delticom AG.

29th July 2008/by Tyrepress Editors

British Drifter Says Marangoni Mythos Tyres are ‘Truly Awesome’

British Drift Championship driver, Chris Bradbury is now sponsored by Marangoni for 2008. Recently the driver lauded the Italian manufacturer’s Mythos line of high performance tyres. “The Mythos is an unbelievably good drift/grip tyre and in five years of drifting it’s the only tyre I have ever run on that gives consistent, high levels of linear grip at any temperature, without delamination, chunking or any other malfunction to the tyre. They will run evenly, right down to the core. Truly awesome.”

“We have been extremely pleased, not only with the performance of the tyres, but with the opportunity to show our brand to a new and enthusiastic audience. Brand recognition and consumer awareness can only be enhanced by our participation in this fast growing field of motorsport,” said Derek Carruthers, Marangoni (Car Tyre Division) Global Sales & Marketing Director.

29th July 2008/by Tyrepress Editors

Car Makers Back Schaeffer’s Conti Bid

This week Porsche and GM executives have added their names to the list of car makers calling for a swift conclusion to merger talks between Continental AG and takeover bidder, Schaeffler Group.

Porsche AG chief financial officer Holger Haerter was the first to come out and join Volkswagen in favour the deal, telling Frankfurter Allgemeine Zeitung he would back Schaeffler Group’s takeover bid. Haerter said the product portfolio of both companies complement each other and set out to allay fears that employees of Continental would face jobs risks as a result of the deal.

29th July 2008/by Tyrepress Editors

Kwik-Fit Reports Booming Business

Kwik-Fit Fleet reports that corporate demand for its range of non-core services – vehicle servicing, MoTs and brake inspection and replacement – has soared in the first six months of 2008. In addition an increasing number of businesses and company car and van drivers are reported to be turning to Kwik-Fit Mobile for tyre repair and replacement and tyre safety checks taking demand to unprecedented levels. Kwik-Fit Fleet anticipates this demand will continue to rise as companies review their fleet operating policies in light of the continuing credit crunch.

Kwik-Fit Fleet introduced vehicle servicing and MoTs to fleet cars and vans two years ago, following a retail pilot. Earlier this year, growing corporate demand for the company to regularly service company cars and vans led to it improve its offering to businesses with the launch of its ‘While U Wait’ manufacturers’ service initiative. The 275,000 strong vehicle fleet belonging to Lex, the UK’s largest contract hire and leasing company, was the first to benefit from this new initiative.

28th July 2008/by Tyrepress Editors

Accura Mobile Delivers Easy Nitrogen Option

Having launched the new Accura Mobile – a Nitrogen tyre inflation cart – at Reifen this year, PCL has noted the increasing popularity of the machine, which is now available on the British market. The firm states that demand for nitrogen tyre inflation is rising fast in the UK, and PCL has pre-empted its popularity with the affordable yet high performance machine.

The compact N2 cart is designed for tyre shops, workshops, car dealerships, and transport depots, boasting ease of use, operated with an industry standard bottle or direct from a nitrogen generator and can be preset for a standard inflation top up, or operated with an N2 function for a purge and fill cycle. The Accura can inflate six tyres simultaneously, running off a sealed lead acid battery or a direct mains line.

28th July 2008/by Tyrepress Editors

Brands Hatch Sees Müller, Menu Record WTCC Victories

The British stage of the FIA World Touring Car Championship – staged this weekend in front of 35,000 at a humid Brands Hatch, Kent – saw Jörg Müller of BMW Team Germany and Chevrolet’s Alain Menu claiming 13th and 14th round victories.

The reigning world champion, the UK’s Andy Priaulx, racing for BMW Team UK, found things tougher going in both races; he was first held at arm’s length for all 14 laps by Yvan Muller in the SEAT – who remains the championship leader thanks to that determined display – and then suffered a puncture-enforced retirement in the second outing. In spite of this setback, Priaulx leapfrogs Rickard Rydell of Sweden into third place overall. Priaulx stated afterwards that he was relatively happy with the performance.

28th July 2008/by Tyrepress Editors

Bridgestone to Supply Potenza OE for Cadillac STS

Bridgestone Firestone North American Tire (BFNT) has announced the OE supply of its Potenza RE050A tyres for the 2009 Cadillac STS touring saloon, Bridgestone’s first fitment deal for this vehicle. The tyres in size 255/45R18 99Y will be available for both V6 and V8 versions of the STS, and the car becomes the third Cadillac, after the DTS and Escalade, to be fitted with Bridgestone tyres as original equipment. BFNT has not confirmed whether versions of the STS sold in the UK and Europe will be similarly equipped.

“Cadillac says of its luxury touring sedan, ‘it’s all about driving confidence on the road,’ and the same is true of Bridgestone-brand Potenza tyres,” said Michael Martini, President, Consumer OE Tire Sales, BFNT. “The Potenza RE050A is loaded with race-inspired technologies and is built for the pleasure of driving. Like the STS, our tyre blends performance, style and comfort in perfect harmony.”

28th July 2008/by Tyrepress Editors

Deutsche Bank Walks Away from Schaeffler

Deutsche Bank has severed ties with the Schaeffler Group following the company’s controversial takeover bid for Continental. The bank will provide financial consultation to the German tyre manufacturer, with the vacant position at Schaeffler filled by the Royal Bank of Scotland.

28th July 2008/by Tyrepress Editors

Dunlop Zimbabwe Voices its Commitment to the Home Market

Zimbabwe’s sole domestic tyre manufacturer, Dunlop Zimbabwe, states it remains committed to continuing local operations. The company, now 100 per cent owned by Apollo Tyres, has maintained a presence in the country for 45 years, and its CEO, Mr. Kennedy Mandevani, states it will be guided by “business rationale” and won’t close up shop in Zimbabwe for political reasons.

The Zimbabwe government owned Herald newspaper quotes Dunlop Zimbabwe as saying it will “not join the multinational companies’ crusade against doing business in Zimbabwe.” An article published on July 28 specifically points to UK and US influenced multinational companies, including Tesco and Barclays, as pressuring local subsidiaries to cease operating.

28th July 2008/by Tyrepress Editors

Calls for Winter Tyre Restrictions in New Zealand Renewed

Pressure is mounting in New Zealand for the government to legislate against the importation of used cold weather tyres. These tyres, known as snow tyres in New Zealand, are regularly entering the country fitted to used vehicles imported from Japan – the most common source of second hand cars in this country – or loose in containers. While the tread depth on these tyres exceeds the 1.5mm minimum required in New Zealand, they are often fitted to vehicles also fitted with summer tyres and used in conditions they were not intended for. The inappropriate use of these tyres has been linked to several fatal accidents.

28th July 2008/by Tyrepress Editors

The Right Alignment Equipment is Essential – Supertracker

Offering a wheel alignment service is arguably essential for any garage workshop or fast fit operation wishing to remain competitive. When customers request this service it is important to make sure the correct equipment to carry it out is at hand, and, says Supertracker Limited, if they’re not asking for wheel alignment, it should be a service that is on offer and actively promoted.

The wheel alignment system manufacturer recommends that garage and fast fit operators make this a part of every customer visit. Tyres should be visually checked for uneven wear and customers asked if they have noticed any handling problems, such as whether the steering wheel is straight when the car is driven. Offering such a free inspection service will generate income, Supertracker adds.

28th July 2008/by Tyrepress Editors

ATC Plans to Start – Or Not Start – Operating in August

American Tire Corporation (ATC), a company reporting to have “established dozens of operations in different states and countries,” states it is gearing up to begin production in its Washington, USA plant, a facility it says will be developed into the “largest giant OTR tyre manufacturing base in the world.” In a July 28 statement the company said it would begin operations in Washington in August 2008 – maybe.

“American Tire Corporation (ATC) is pleased to announce that its Washington operations will start in August 2008,” read the press statement. “ATC’s staff recruiting is undergoing in Washington. A 500,000 square feet facility for the 1st phase is almost done. Manufacturing equipments will be moved to its new facilities step by step. Production will begin as soon as everything is ready but not in August.” The company has not made clear how long the Washington site will operate before it produces its first tyre.

28th July 2008/by Tyrepress Editors