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Goodyear Headquarters Moving Forward

Moving forward on plans for its new world headquarters, Goodyear has sold some of its Akron properties to Industrial Realty Group (IRG).

In turn, Goodyear signed a multi-year lease agreement with IRG and, as part of that agreement, will remain in its existing buildings until its new headquarters located adjacent to the company’s Akron Technical Center is completed. In connection with the sales, Goodyear will record a non-cash, after-tax charge of between $40 million and $45 million in the second quarter of 2009. (Tire Review/Akron)

1st June 2009/by Tyrepress Editors

GM, Goodyear Shares on Rise

Following significant developments today for both companies, General Motors and Goodyear have both seen shares jump in value in US trading. Bloomberg says that GM moved up 19 per cent to 89 cents until trading was halted. Goodyear meanwhile rose 8.6 per cent, reaching $12.44. The company has announced following its sale of property in Akron, Ohio to Industrial Realty that it will “record a non-cash, after-tax charge of as much as $45 million in the second quarter in connection with the property sales.”

1st June 2009/by Tyrepress Editors

Pirelli Introduces Specialist Superbike Qualifying Tyre

Pirelli has developed a new “qualifying tyre” for the Italian track, with the specific aim of reducing lap times and enhancing the spectacle of Superpole action. The tyre will be given non-permanent white “long P” markings and yellow lines have been imprinted on the tyre’s surface, which will reveal the strategy of teams and riders to motor-racing fans looking on.

Pirelli presented the new 200mm tyre at the first Italian round of the Superbike World Championship. It is unique to Monza, being equal in measurement, profile and structure to Pirelli’s race tyres for this circuit. Giorgio Barbier commented, “We continue to put forth significant efforts in developing additional tyre options available to every rider of the Superbike and Supersport grid, and we are satisfied with all the results, including this new qualifying tyre which guarantees more excitement and visibility into the strategies of each team during Superpole for all spectators, both live and on television.”

11th May 2009/by Tyrepress Editors

Cooper Announces Quarterly Dividend

Cooper Tire & Rubber announced on May 5 its intention to pay shareholders of record at the close of business on June 2, 2009 a quarterly dividend of 10.5 cents per share on common stock. This dividend, payable June 30, 2009, will become the 149th consecutive quarterly dividend paid by the company.

6th May 2009/by Tyrepress Editors

Goodyear Losses Ahead of Analysts’ Predictions

Goodyear Tire & Rubber Company has reported first quarter 2009 sales of $3.5 billion, down from record sales of $4.9 billion in first quarter of 2008. However, Goodyear only reported net losses of $333 million, compared with Goodyear net income of $147 million (60 cents per share) in the 2008 quarter. While obvious significant the losses certainly weren’t as bad as they could have been for two reasons. Firstly, they were, according to financial news sources, ahead of mainstream analysts’ opinions; and secondly because the total losses are roughly equal to the increases in raw material costs the company experienced in the first quarter ($332 million, up 31 per cent). The explanation for greatly reduced turnover was said to be the tyre market’s sharply reduced demand in at the start of 2009, however as various sources are predicting that the US market has bottomed-out and raw material prices are believed to have stabilised, Goodyear could be in for a better second quarter.

29th April 2009/by Tyrepress Editors

Yokohama Reports Loss on Revaluation of Investment Securities

Yokohama Rubber has announced it will record a 2.9 billion yen (£20.4 million) loss on the revaluation of investment securities during the fiscal year ended March 31, 2009. Company management is analysing the loss in the context of Yokohama’s overall financial performance and will determine whether the loss mandates a revision of the company’s fiscal projections.

2nd April 2009/by Tyrepress Editors

Pirelli’s Angel ST Achieves New World Duration Record

Pirelli has snagged itself a new 24-hour world record for the duration of its recently launched Angel ST motorcycle tyre. The record was set at the Nardò Technical Centre in southern Italy by Pirelli testers and international journalists riding a 2009 Suzuki Hayabusa 3,190.8 miles at an average speed of 132.9 mph. The test was designed to simulate a road distance of 7,500 miles at speeds of 50-65 mph.

A second bike, a 2009 Kawasaki GTR 1400 also shod with Angel STs also claimed six other records, including the 12-hour world record of 1,555.2 miles at 129.6 mph on average.

18th March 2009/by Tyrepress Editors

Polk: U.S. Vehicle Median Age Increased in 2008

The median age of passenger cars in operation increased to 9.4 years in 2008, breaking the previous two-year record high of 9.2 years, according to a new report by R. L. Polk & Co. In its annual report, Polk said that the median age for all trucks in 2008 increased to 7.6 years from 7.3 years in 2007. Light truck age increased from 7.1 years in 2007 to 7.5 years in 2008.

“As the fleet of pick-up trucks, SUVs and minivans purchased in the late 1980s and through the 1990s ages, their scrappage rates accelerate,” said Polk’s Dave Goebel. The percentage of total passenger cars and trucks scrapped in 2008 increased to 5.6 per cent compared to 5.2 per cent in 2007. The passenger car scrappage rate was 5.1 per cent. For all trucks, the scrappage rate was 6.3 per cent and light truck scrappage was 6.4 per cent, both up notably from 2007.

“The current economic environment, coupled with high gas prices last spring and summer, have resulted in consumers delaying purchases of vehicles because their discretionary income has fallen,” said Goebel. “Based on the uncertainty of what the future holds, consumers are trying to keep their current vehicles running longer, until their confidence improves.” (Tire Review/Akron)

3rd March 2009/by Tyrepress Editors

Cooper to Issue Quarterly Dividend

Cooper has announced that it will once again be issuing its shareholders with a quarterly dividend of 10.5 cents. This will be the 148th consecutive quarter in which the company will be making this openhanded display to its shareholders. Considering current market conditions the continuation of the 10.5 cents payment – a figure first reported on Tyrepress.com in June 2002 – shows Cooper’s determination to project an image of business proceeding as normal throughout the downturn.

The dividend will become payable on common stock at close of business on 31 March, 2009, while stockholders of record will receive their payment at stumps on 9 March.

25th February 2009/by Tyrepress Editors

Bridgestone Expands “Dreams at heArt” Programme

Following record results in 2008, with more than 40,000 entries from 20 European countries received, Bridgestone plans in 2009 to expand its “dreams at heArt” competition to the Baltic States and Romania. In addition to prizes, says the tyre major, this year winners will again receive school visits from Bridgestone staff, who will arrive armed with a playful educational programme on road safety and ecology that includes an authentic GP2 racing car.

The “dreams at heArt” children’s drawing contest aims to encourage children to start thinking about road safety, and invites them to express their creativity in drawings or paintings. The competition is open to all primary school children in Europe up to the age of 11 years (split into 3 age groups, 0-7 years, 8-9 years and 10-11 years) and features a different theme for each annual edition.

28th January 2009/by Tyrepress Editors

Titan International Announces Q4 Cash Dividend

The Board of Directors of Titan International has approved a quarterly cash dividend of US$.005 per common share for the fourth quarter of 2008. The cash dividend is payable January 15, 2009, to stockholders of record on December 31, 2008

11th December 2008/by Tyrepress Editors

Two Milestones Reached at Michelin’s Spartanburg Truck Tyre Plant

To mark the passing of two million work hours without a single serious injury amongst employees, Michelin North America’s truck tyre factory in Spartanburg, South Carolina was recently presented with a Michelin Global Safety Award. The facility thus becomes one of only four Michelin plants worldwide to earn this distinction. In a ceremony at the factory, Pete Selleck, president of Michelin’s worldwide truck tyre business and member of Michelin Group Executive Council, presented the award to plant manager, Tom Whalen.

10th December 2008/by Tyrepress Editors

Bridgestone Australia Pays Tribute to Mark Skaife

The management of Bridgestone Australia Ltd Group has paid tribute to Mark Skaife, who took the wheel for his final V8 Supercar race on the weekend of December 6–7 after announcing his retirement from the sport earlier in 2008. Skaife’s achievements, comment Bridgestone, make him one of the sport’s greatest champions.

During his racing career Skaife gained a record-equalling five Australian Touring Car/V8 Supercar Championships, a number only equalled by Ian Geoghegan and Dick Johnson. He also won five Bathurst 1000 titles and a record 40 Australian Touring Car/V8 Supercar Championship round victories. Skaife also won three consecutive Australian Drivers’ Championships (1991-93).

8th December 2008/by Tyrepress Editors

Sevalco’s Bristol Carbon Black Plant to Close

Columbian Chemicals is to close its Sevalco carbon black facility in Avonmouth, Bristol, with the loss of some 88 jobs anticipated. The company says that the demand for carbon black has reduced significantly in recent months, and the decision to close the factory came only a day after it was announced that manufacturing activity in the UK had shrunk at a record pace during the last month.

8th December 2008/by Tyrepress Editors

Goodyear Appoints New Asia VP

Goodyear has appointed a new vice president for the company’s Asia Pacific Consumer Product Business Unit. Daniel Smytka will be responsible for heading up all Goodyear consumer tyre products and services throughout the region, from the company’s Shanghai office.

Before joining the company, Smytka was the president of the Building Systems & Services division of Carrier Corp. in the United States. He also worked as a company officer and vice president at General Electric Co., where he served as CEO and president of the Engineered Systems Division. He was also CEO and president of GE’s Consumer and Industrial Group in the Asia Pacific region.

4th December 2008/by Tyrepress Editors