Product News Archives - Page 220 of 260

Abu Dhabi Police Campaign to Reduce Tyre Related Accidents

The Abu Dhabi Police’s traffic and patrol department has recorded 1,056 offences relating to faulty tyres since the launch of a safe travel campaign on June 1. Citing burst tyres as one of the main reasons for fatal accidents, Lieutenant Colonel Ahmad Al Shehi, director of the Capital Traffic Department, told Dubai based newspaper Gulf News that three people were killed and 72 people were injured, eight seriously, in tyre-related accidents between January 1 to June 30 this year. In 2007, such accidents claimed the lives of 24 people, while 152 people were injured – 29 seriously.

22nd July 2008/by Tyrepress Editors

Conti to Acquire 89.66% Stake in its Turkish Tyre Distributor

Product News

Continental AG reports it has agreed to acquire 89.66 per cent of Turkey based tyre distributor Oltas Spa. The purchase value of this shareholding, previously held by Turkish Fortune Global 500 corporation Koç Holding and other Koç Group shareholders, has not been disclosed. Approval of the deal by Turkish anti-trust authorities is pending and further approvals from the European authorities are not required in the case of this majority holding.

Oltas exclusively distributes Continental, Uniroyal and Barum branded passenger car and commercial vehicle tyres in Turkey, and has built up a franchise dealer network of 200 outlets. According to Conti, Oltas achieved sales of 39 million in 2007.

22nd July 2008/by Tyrepress Editors

Redundancies Could Be Voluntary: Pirelli Carlisle

Product News

Hopes are high that the 60 redundancies announced last week for Pirelli’s Carlisle plant could be filled by volunteers. The MP for Carlisle, Eric Martlew praised Pirelli for their continued investment in the factory despite the job cuts, revealing to local news sources that he was confident that the redundancies could be filled without forcing anyone to leave their job.

The move to cut the jobs comes as a response to decreased demand for products produced at the plant and the ability to manufacture identical items elsewhere. Pirelli released a statement promising to “strive to minimise the impact on our workforce” and that the action – alongside the company’s investment in new technology at the plant – would “help safeguard” its future.

22nd July 2008/by Tyrepress Editors

Vredestein Aims for Icy Markets with New Arctrac

Premium, Product News

Last year’s Winter Tyre Review (T&A, September 2007) featured three Vredestein tyres designed to withstand cold weather. The Wintrac Xtreme and its SUV cousin, the Wintrac 4 Xtreme courted the difficult market of the safety and style-conscious, being winter tyres designed in aesthetic partnership with Giugiaro Design – the Italian design engineering firm. The Quatrac 3, on the other hand, had designs on those wishing for the safety features of a cold tyre, but didn’t want the hassle of changing tyres come the chilly season.

This year’s launch is a different animal: leaving aside the convenience and aesthetic concerns of other ranges, the Arctrac is for the committed winter tyre user in truly hostile conditions; a studded tyre with sturdy angular shoulders, whose natural territory is upon the very heavy frosts of countries surrounding the Arctic Circle, such as Canada, Russia and the Scandinavian nations.

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22nd July 2008/by Tyrepress Editors

Hankook and Kumho Resume Tyre Supply to GM Daewoo

Product News

South Korean vehicle manufacturer GM Daewoo Automotive and Technology recommenced production at is Bupyeong facility on July 22 following the resumption of its tyre supply. According to a GM official, “Hankook Tire and Kumho Tire resumed their supplies from this afternoon. Both tyre makers told GM Daewoo that they accepted an order by the court to not suspend tyre supply.”

22nd July 2008/by Tyrepress Editors

Schaeffler Offers Continental Olive Branch

Product News

As temperatures in the largest takeover in Europe this year rise, Schaeffer Group has welcomed comments from Continental AG’s works committee. Writing to Schaeffler Group owner, Maria-Elisabeth Schaeffler, the committee said staff did not like the methods used by Schaeffler to gain a strategic stake in their company: “We have the impression that an investor has slipped in the back door to make a hostile takeover and dismantle the Continental group.”

Schaeffler offered an olive branch inviting the representatives to enter talks in return following earlier withering remarks about the ball-bearing maker’s trustworthiness from Conti supervisory board member, Thorsten Reese. “We simply have no trust [in them],” Reese, who speaks for the company’s middle managers told the DPA agency, adding: “They can promise us heaven and earth.”

“We stand by our commitments,” Schaeffler responded in a statement. “Continental should remain as a whole, including…the tyre business, as an independent, listed company with headquarters in Hanover,” said Dr. Juergen M. Geißinger, CEO of the Schaeffler Group. Schaeffler’s statement comes 12 hours before supervisory board members will meet in Hannover.

22nd July 2008/by Tyrepress Editors

USW Members Approve Early Closure of Goodyear’s Tyler Facility

Product News

The Goodyear factory in Tyler, Texas, will close earlier than originally anticipated following a union vote on July 18. United Steelworkers union members have chosen to waive the clause that required the facility, which has been used as a rubber-mixing centre following the end of tyre production in 2007, to remain in operation until after the closure of the company’s plant in Valleyfield, Canada.

22nd July 2008/by Tyrepress Editors

Russian 6-Month Tyre Production Stable

Product News

Russian passenger car tyre production has remained flat in the first half of 2008. Compared with January to June 2007, production fell 0.1 per cent to 13.8 million tyres, according to details of a Federal State Statistics Service report published by the Prime-Tass news agency. The same survey found that truck and bus tyre output fell 0.6 per cent to 5.56 million units in the same period. During 2007 as a whole car tyre output in Russia reportedly rose 6 per cent to 29.3 million units.

22nd July 2008/by Tyrepress Editors

Avon Tyres British GT Champions Crowned at Brands Hatch

Product News

Dodge Viper pilots, James Gornall and Jon Barnes, were crowned 2008 Avon Tyres British GT Champions at Brands Hatch (13th July). Gornall and Barnes needed to score only five points more than their rivals at the Kent circuit in order to secure the prestigious sportscar title. In the weekend’s two 60-minute races around the famous 2.3-mile Grand Prix loop, the Viper scored a win and a seventh place, more than enough to take the crown.

The Team Trimite Brookspeed duo’s victory was their fourth of the season, with the potential to increase that tally at the remaining rounds in Silverstone (August 17) and Donington Park (October 12).

22nd July 2008/by Tyrepress Editors

More Than Launches ‘Green Driving Technology’

Product News

More Than Car Insurance has launched a pioneering new insurance scheme that uses Formula 1-style, in-car telemetry to help British motorists drive in a greener, more efficient and economical way. The innovative service, called Green Wheels, helps drivers understand how their driving style affects the environment by giving them access to information such as their rate of acceleration, braking and the number of short journeys they make. By doing this, More Than hopes to help change the way drivers behave behind the wheel and lower the carbon footprint of the 31 million cars on Britain’ roads.

Dowshan Humzah, Product Director at More Than, commented: “Green Wheels is great news for anyone interested in taking more responsibility for their own carbon ‘tyre-print.’ Furthermore, by helping motorists drive more efficiently the ‘Green Box’ can also help cut the cost of motoring which, with fuel prices rising, is top of many motorists’ agendas.”

22nd July 2008/by Tyrepress Editors

Goodyear Dunlop Names New Market Supply Chain Director

Product News

Goodyear Dunlop has promoted Market Planning Manager, Steve Carless, to Market Supply Chain Director – UK and Ireland. Market Supply Chain Director is a new role that has reportedly been created to improve effectiveness, reduce costs and give superior customer satisfaction. The new role’s main responsibilities will include order management, forecasting, warehousing and the Sales and Operating Plan process.

Steve Carless started with the company as an Undergraduate Trainee in Marketing in 1993. After graduating in Mathematical Business Analysis from Wolverhampton University, a year later, he rejoined the company. Carless began his career after graduation as a Market Analyst, moving into Sales for the Truck Tyre department as well as experiencing roles in the company’s Luxembourg offices covering Marketing and Sales Forecasting.

22nd July 2008/by Tyrepress Editors

Schaeffler Raises Conti Bid to 11.3 billion euros

Product News

Schaeffler Group has increased its bid for Continental AG to 11.3 billion (70.12 euros per share), compared with its previous bid of 11.2 billion euros (69.37 euros per share). The move brings the company’s offer in line with Continental’s average three-month share price as determined by German market regulator, Bafin. Following its investigation into Schaeffler’s so-called “creeping bid,” Bafin has reportedly decided against holding up the takeover.

Meanwhile, Conti’s defensive strategy has begun to play out, with chief executive Manfred Wennemer receiving the backing of some of the company’s largest shareholders. One German institutional investor with more than 1 per cent of the Conti told the Financial Times: “An offer must note Conti’s long-term value and include a control premium,” adding that the bidder would have to offer 100 euros a share.

22nd July 2008/by Tyrepress Editors

Morgan Stanley ‘Double Downgrades’ Michelin

Product News

Financial analysts at Morgan Stanley have downgraded Michelin stock to “underweight” and predicted Michelin will make a profit warning when it announces its first half 2008 results on 30 July. “We are double-downgrading Michelin…This year’s sharp rise in raw material costs may be the immediate source of pressure on earnings, but we think the bigger risk going forward is slowing OE and replacement demand,” the analysts explained. Describing the premium tyre manufacturers’ pricing discipline as “remarkable,” the bank predicted pre-tax (EBIT) profit margins would still fall to 7.3 per cent, near the company’s historical average, in 2008.

Explaining the reason for their rating downgrade, the Morgan Stanley analysts suggested Michelin’s truck and speciality tyre segment strengths could be weakness in a tough market for vehicle makers: “With 50 per cent of [Michelin’s] revenues coming from truck and speciality tyres, Michelin’s fortunes are tied to the industrial cycle more than any other tyre company we cover globally.” In addition, according to the report, around 30 per cent of revenue and 20 per cent of Michelin’s profits are said to be generated in North America where recent tyre demand has been particularly weak.

22nd July 2008/by Tyrepress Editors

Toyota Becomes Canadian Retailer of Conti Products

Product News

Continental has expanded its retail presence in Canada following the signing of an agreement with Toyota. Both Continental and General branded passenger car and light commercial tyres will be sold through 239 Toyota and 30 Lexus dealerships across Canada.

“This agreement gives Toyota and Lexus customers access to our catalogue of passenger and light truck tyres and helps to increase our retail presence without compromising our existing tyre dealer network,” said Guy Hardiman, General Manager of Continental Tire Canada.

21st July 2008/by Tyrepress Editors

Hamilton Storms German GP Despite Team Error

Product News

Lewis Hamilton took his McLaren to the top of the Formula One Drivers Championship this weekend, winning the German Grand Prix at Hockenheim. The British frontrunner seemed to be in trouble following a strategy error that saw him drop to fifth place, having started on Pole.

After the race, McLaren boss Ron Dennis apologised for the team’s mistake of not calling Hamilton to the pits when the use of a safety car saw the evaporation of Hamilton’s 11-second lead. Hamilton eventually reached the pits for refuelling on lap 50, rendered a mere spectator as four drivers passed him. However, one suspiciously easy passing manoeuvre on team-mate Heikki Kovalainen later, only a further eight laps were necessary to pass Filipe Massa’s Ferrari and Nelson Piquet’s Renault, as Hamilton made a mockery of suggestions that he may be slowed through the use of softer tyres in the final third, regaining the lead seven laps from the end.

21st July 2008/by Tyrepress Editors

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