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Titan International shareholders returned CEO Morry Taylor for another year as company chairman. At the annual meeting on May 14, shareholders also returned Erwin Billig and Anthony Soave to the board of directors with three-year terms. Billig was also elected vice chairman of the board, and Kent Hackamack was returned as vice president of finance and treasurer and Cheri Holley will remain as vice president and secretary. (Tire Review/Akron)
After spearheading the turnaround of Continental Tire North America’s consumer tyre business, Andreas Gerstenberger will now turn his attention to Continental AG’s retail store business. Gerstenberger was named executive vice president of ContiTrade, which operates company-owned and franchised retail tire stores in 12 European countries. He will relocate to Hannover, Germany, later this year. Bill Caldwell, head of CTNA’s passenger and light truck tire OE business, was named to replace Gerstenberger. He will serve as vice president of sales and marketing.
“Andreas has played a pivotal role in building an excellent marketing and sales team that contributed significantly to the turn around of CTNA’s operations,” said Matthias Schoenberg, CTNA CEO. “He developed an outstanding team, and together they delivered for us a consistent marketing strategy, which included the revamping of the Continental and General tire brands, developing innovative consumer promotions as well as growing our retail footprint to ensure profitable growth for CTNA.
In the US Tennessee state Attorney General, Bob Cooper, yesterday announced a multi-state settlement with Michelin North America “regarding alleged misrepresentations Michelin made in its advertising of Michelin fuel efficient tyres.” The manufacturer agreed to make minor changes in the copy of print advertisements it has run concerning the purported fuel efficiency of its tyres, and is paying $375,000 to cover the alleged cost of the investigation, Tire Review reports. The attorney general, though, “acknowledges that Michelin fully cooperated with the multi-state investigation and the investigation did not question the safety or quality of Michelin’s tyres.” Michelin, which said it followed prevailing Federal Trade Commission advertising guidelines, denied any wrongdoing.
The Tennessee attorney general reacted to a complaint filed by Bridgestone Americas, which Michelin claimed was the only complaint filed. However, attorney general spokesperson Sharon Curtis-Flair told Boston media that “the investigation started based on a consumer complaint, not a complaint by Bridgestone.” Other states joining the agreement include Alaska, Arizona, Delaware, Iowa, Kentucky, Massachusetts, Montana, Nevada, New Hampshire, New Mexico, North Carolina, Ohio, Pennsylvania, Rhode Island, Texas and Vermont. Each will receive a share of Michelin’s settlement payment.
The Department of Environment, Heritage and Local Government has blasted the tyre industry for its failure to comply to the Waste Management (Tyres and Waste Tyres) Regulations 2007. According to the Irish Trucker website, Department officials met with members of the Irish Tyre Industry Association (ITIA) to discuss complying with the regulations amid growing fears over how tyres are disposed of. Furthermore, the legal requirements have reportedly been sent to all members of the ITIA in the hope that the regulations will be adhered to on a more regular basis from now on.
Schaeffler Group has announced that is to implement further cost adjustments, while trying to prevent layoffs. In the first quarter of 2009, the company’s Automotive division recorded a downturn of 33 per cent compared to the previous year, which has now stabilized at a level 25 per cent below last year’s. The Schaeffler Group’s Industrial division, which accounts for 40 percent of total sales, sustained losses of 12 per cent in the first quarter. At 7.5 billion euros, current sales expectations for 2009 are significantly below 2008 levels. In a statement the company said it does not expect the markets to return to 2008 levels until 2012 or 2013.
Alliance Tire has announced the release onto the US market of its 800/70R 38 tyre as the newest addition to the 370 series for high-powered agricultural tractors and combines.
The heightened performance values are joined by a wide base to provide an additional 10 per cent on top of the load capacity as the normal section size (at the same pressure) it is designed to replace. The larger footprint should also help to reduce soil compaction and improve flotation, says Alliance. The company adds that the tyre possesses aggressive lugs with a non-skid depth of 78/32nds, rigid radial belts and a rugged nylon casing, and unique shoulder and mudguard design. The tyre is suitable for any soil conditions.
A new Consumer Reports’ survey shows US consumers prefer using independent vehicle repair shops over car dealerships for vehicle maintenance. “The magazine’s survey points up something independent shops have known for a long time: independent service is more satisfying,” said Ron Pyle, president and CEO of ASA. “The magazine is to be commended for its work in coming up with good, solid data that verifies that claim. That’s a real service to its readers and today’s motorists.”
According to Consumer Reports, in a story in its June 2009, issue: “Eighty-four per cent of owners reported being satisfied with maintenance performed at independent shops compared with 77 per cent at (car) dealerships.” The magazine based that finding on a survey involving 349,000 vehicles. (Tire Review/Akron)
In the US, Colony Tire Corp. has signed on as a Michelin retreading franchisee, and bought three of Michelin North America’s Tire Centers Inc. commercial truck tire centres.
The Edenton, North Carolina, dealer and retreader has 45 locations – 20 of them commercial centres – and acquired TCI locations in Newport News, Belle Haven and Norfolk, Virginia. It will convert over to the Michelin Retread Technologies retreading system by the end of this month, Michelin said.
“At Colony Tire, our primary objective is to exceed our customer’s expectations for products and service,” said Charlie Creighton, CEO of Colony Tire. “Michelin’s process and product offering are a perfect match for that objective. Our customers demand high-quality retreads, and MRT enables us to provide those products, which support our customers’ long-term growth and prosperity.” (Tire Review/Akron)
Apollo’s vice chairman Neeraj Kanwar was quoted today as saying “We are looking at closing this deal [to acquire Vredestein Banden] in the next few days,” a new press release indicates. Indian manufacturer Apollo Tyres expects to acquire Dutch sector player Vredestein Banden for an undisclosed sum soon, according to Dow Jones. The company’s board gave the green light to the buyout, which is part of Apollo’s strategy to expand its presence in Europe, on 30 April.
Vredestein Banden is fully owned by tyre producer Amtel-Vredestein NV. The company went into bankruptcy last month, but its unit Vredestein Banden and its European subsidiaries, which have separate financing arrangements, remained unaffected.
Alcoa Dura-Flange wheels are available as option choice for Scania Trucks from May. According to the company, they will be offered in sizes 22.5 x 8.25, 22.5 x 9.00 and 22.5 x 11.75 (135 mm offset). Dura-Flange wheels have a patented treatment that provides a protective shield to prevent rim wear. Alcoa Dura-Flange wheels, says the manufacturer are the only wheels on the market that are protected from this type of wear, giving them at least double the life time of other aluminium wheels and four times the life time of steel wheels under the same conditions. Dura-Flange wheels are said to be most suitable for Scania trucks in applications such as liquid food transport, local fuel distribution, heavy hauling such as logging and operations under extreme conditions like mining where shifting loads cause the tyre to rub against the wheel.
Yokohama Rubber Co., Ltd., has executed an internal reorganization process that will take effect as of 26 June 2009. According to the manufacturer, the company’s Tire Group aims to improve its business efficiency and speed by shaping itself around six functional organizations: sales & marketing, production, technical, quality assurance, product planning, and logistics. The group says it also aims to form “an organization capable of developing and executing a global business strategy with the establishment of an integrated sales setup to cover both domestic and overseas markets and the enhancement of global functions in technical and production divisions.”
Kumho Tires won two “Best Buy” awards in a recent tyre test run by Consumers Digest magazine in the US. Kumho’s Solus KR21 and Ecsta STX were honoured in the Touring Cars and Performance SUV categories respectively. The Consumers Digest evaluation ranged from all-season passenger and performance tyres to those for light trucks and SUVs.
“The Solus KR21 is an outstanding touring tyre and the Ecsta STX is an exceptional performance SUV tyre and all of us at Kumho are excited about the recognition these tyres have received,” said Rick Brennan, Kumho’s vice president, sales and marketing. “Earning Consumers Digest’s ‘Best Buy’ award is a key indicator of Kumho’s pledge to value and performance.”
JK Tyre has topped the J.D. Power Asia Pacific 2009 India Original Equipment Tire Customer Satisfaction Index. Now in its ninth year, the study analyzes new-vehicle buyer satisfaction with original equipment tyres by examining five key factors – durability, ride, traction and handling. With an overall score of 811 on a 1,000-point scale, JK Tyre performed particularly well in all factors that drive overall satisfaction. MRF came second with 804, followed by Bridgestone (797), Apollo (784) and Goodyear (767). Overall satisfaction has declined by 10 points from 2008 to an average of 798 in 2009. Furthermore, the percentage of customers reporting a problem with their original tyres increased from 19 per cent in 2008 to 22 per cent in 2009.
“The occurrence of even a single problem leads to a strong negative impact on tyre satisfaction, with satisfaction averaging 70 points lower among customers who experience a tyre-related problem, compared with customers who do not,” said Mohit Arora, senior director at J.D. Power Asia Pacific, Singapore. “Problems like excessive tyre noise while driving, poor traction on wet roads and recurring flat tyres not only cause driving inconvenience, but also can be safety hazards, which intensifies the negative impact on customer satisfaction.”
Yesterday afternoon Hayes Lemmerz, the world’s largest wheel manufacturer, filed for so-called Chapter 11 bankruptcy protection for the second time this decade. The company was last in this position between November 2001 to June 2003 when it formulated a strategy of focusing on core business, namely steel and aluminium car wheels and truck steels wheels. Now having sold virtually all the areas that don’t fit into these categories, Hayes Lemmerz has collapsed under the heavy burden of debts. The news follows an earlier announcement that Hayes had received a written warning that it faces listing compliance issues for filling full-year 2008 results too late.
In a statement Hayes Lemmerz International, Inc. said the majority of lenders holding the company’s secured debt have reached an agreement regarding restructuring. Some will provide a debtor-in-possession loan to the company, which will make available up to $100 million of additional liquidity, to enable it to continue operating during the restructuring period.
On 4 May 2009 Hayes Lemmerz International, Inc. received an exchange listing non-compliance letter from the Nasdaq stock exchange notifying the company that it was “no longer in compliance with the rules for continued listing according to Listing Rule 5250(c)(1),” which refers to the prompt publication of financial results. According to a statement issued by Hayes Lemmerz, the letter comes as a result of its failure to file its annual report on Form 10-K for the fiscal year ended 31 January 2009 with the US Securities and Exchange Commission. Hayes has until 3 July 2009, to submit a plan to regain compliance with Nasdaq’s continuing listing standards. The company says it expects to file its Form 10-K on or before 15 May 2009. The notification has no effect on the listing of the common stock of Hayes at the moment.
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