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Goodyear Reports $20 billion Sales, $358 million Net Loss in 2006

Goodyear’s net sales for 2006 were a record $20.3 billion, up 3 per cent despite a 5 per cent decline in tyre unit volume. However strike costs of $367 million meant the company recorded net losses of $330 million, compared to net income of $228 million in 2005. The company estimates that the strike reduced 2006 sales by $363 million, tyre volume by 2.8 million units and net income by $367 million. Tyre unit volume was 51.2 million units in the fourth quarter, compared to 55.7 million units in the 2005 period.

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NR Prices See Another Jump

(Akron/Tire Review) Natural rubber prices continue to rise and dive, wreaking havoc among tiremakers and other rubber-based manufacturers. Rubber prices on the Shanghai Futures Exchange increased 2% on Jan. 31 to an estimated $2,800 per ton, according to Bloomberg News, its highest price since August.

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Kwik-Fit Fleet and Leaseplan Sign New Five-Year Deal

Kwik-Fit Fleet has won a five-year multi-million pound tyre repair, replacement and management contract with LeasePlan UK. The deal with LeasePlan UK, one of the country’s largest contract hire and fleet management companies with almost 120,000 funded vehicles on its books, will run until the end of 2011. The new contract builds on a business relationship between the two companies, which dates back to 2004.

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Business Failures in Motor Trade at Record

The number of motor traders failing during 2006 reached its highest point at 303 for more than a decade, an increase of 7.1 per cent compared to 2005. The industry had seen a poor start to the year with the number of business failures in the automotive industry increasing by 67.9 per cent, according to Experian. This was the second largest increase in insolvencies experienced across the 34 industries reviewed by the global information solutions company.

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Record-breaking Touareg Tows Boeing 747 on Michelins

Be careful what you say – an off the cuff remark recently resulted in a VW Touareg towing a jumbo jet down a run-way. On Thursday this week, a Volkswagen crew did indeed hook up a new generation Touareg V10 TDI to a 747 and it pulled it off. However, there hasn’t been a rush on orders from airport operators wanting to replace their 70-ton pushbacks with Touaregs.

In order for the Touareg V10 TDI to be able to tow the big bird, the weight of the Volkswagen had to first be increased by 4250 kilos. This sounds paradoxical but is absolutely necessary so that the power of the engine can be converted into propelling force. For this purpose steel balls and steel plates were distributed in the SUV. Other modifications were kept to a minimum, but the crew did have to increase the air pressure in the standard Michelin tyres to 4.5 bar. The speed was also limited to protect the tyres, says VW.

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Cooper Announces Dividend

Cooper Tire & Rubber will pay out a quarterly dividend of 10.5 cents per share on common stock (payable 29 December 2006) to stockholders of record at the close of business 1 December 2006. This will mark the 139th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.

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1012 bhp Bristol Fighter-T Runs on Michelin Tyres

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Kensington-based luxury carmaker, Bristol, has announced that it has produced a record braking variation of its Bristol Fighter model. Seen as something of a Bugati (Veyron) beater, the Fighter T’s twin turbocharged and intercooled 8-litre V10 engine is capable of producing 1012 bhp and a top speed of 270 mph, which has been electronically limited to 225 mph.

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SmarTire Full-Year Revenue up 136 per cent

SmarTire reported record revenue in 2006 of $3.5 million, compared to $1.46 million in 2005. Net loss for the year totalled $29.4 million, compared with $16.1 million a year ago. Losses for the year increased significantly primarily due to non-cash interest charges of $23.2 million in 2006, compared to $3.6 million in 2005.

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Alonso Takes F1 Title As Schumacher Bows Out

The Formula 1 season came to an exciting end at the Brazilian Grand Prix with Fernando Alonso of Renault (Michelin) retaining his world title after finishing second. Ferrari’s (Bridgestone) Felipe Massa led from pole to flag to record a win in his home country – his second career win – and Honda’s (Michelin) Jenson Button finished third.

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Caterham Smashes Top Gear Record on Dunlop Tyres

A stunning power lap from a Dunlop test driver in a Caterham CSR260 has smashed the Stig’s Top Gear track record and ousted the Koenigsegg CCX from its place at the top. The 250-horsepower Caterham was pushed to the top with the help of Dunlop track-day tyres and beat supercars such as the Maserati MC12, Pagani Zonda F and Ferrari F60 Enzo in a triumphant day at Dunsfold.

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Brian Smith to Leave Continental

Brian Smith is to leave Continental Tyre Group Ltd at the end of December, after 13 years as managing director. Since he joined in 1993, Continental’s UK turnover has more than doubled to £250 million and profit has reportedly reached record levels. His successor as managing director of the Continental Tyre Group will be announced before the end of 2006.

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Sava Tires Moves Within Goodyear

Goodyear-owned tyre maker Sava Tires, one of Slovenia’ largest exporters, has become part of a new organisational structure of 11 Central and Eastern European countries. The move has reportedly been made to make the company more responsive and does not entail moving production away from Kranj, Sava Tires said in a press release on 2 October.

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Record Turnover For MRF India

MRF India has achieved a milestone turnover for the first time in the history of the Indian tyre industry. Ranked the 15th largest tyre company in the world, MRF has achieved a fiscal turnover, for the year ended 30th September 2006, of 42,000 million Indian Rupees (US$914 million). This record turnover, which has been achieved for the first time in the Indian tyre industry, represents a 22 per cent increase over the company’s 2005 turnover.

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TIC Supports Ridewell Event

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One of the largest motorcycling events to be held in the UK took place in Stockton on Tees last month. Ridewell, promoted by Cleveland Police and other police forces in the north east, this year attracted over 16,000 bikers and visitors, showing it has grown in popularity and importance since its inception in 2001.

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