Diversified Century Textiles & Industries Ltd has reportedly suspended production of tyre yarn at its Century Rayon plant in Kalyan, a Mumbai suburb. According to a Reuters report, the firm is halting production of viscose filament yarn and tyre yarn “due to adverse market scenario and demand slowdown.” Century Rayon, which makes rayon, tyre cord and chemicals, has an annual production of 25,000 tonnes of textile and tyre yarn.
BorgWarner has been selected by JCB Power Systems to supply both wastegate and variable turbine geometry (VTG) turbochargers for the new versions of its Dieselmax 4.4-Liter engines starting in 2012. Designated the JCB ‘Ecomax T4’, it is a four-cylinder inline mid-range diesel offering power ratings from 55 kW to 130 kW in numerous applications like agricultural, construction, and materials handling machinery. According to the company, BorgWarner's turbocharger technology will help this new engine meet stringent Interim Tier 4/Stage III B regulations without the need for exhaust aftertreatment or (DPF) Diesel Particulate Filters. These regulations require up to a 50 per cent reduction in nitrogen oxide (NOx) emissions compared with previous standards.
Micheldever Tyres Services could be for sale for around £115 million, according to a report in Crain’s Manchester Business. This is nearly half the £200 million figure initially associated with the company when press reports about such a move surfaced in the national press in mid-April.
As of 31 December 2009 Micheldever owners Graphite Enterprise Trust (through investment managers Graphite Capital Management) held total assets of £344.6 million of which its investment portfolio accounted for 67.1 per cent (£231.2 million) and cash and near cash accounted for the balance of £113.4 million. According to company documents, Graphite Enterprise’s Micheldever investment is its number one holding, representing the largest single chunk of its investment portfolio in 2009 (5.3 per cent).
The Society of Motor Manufacturers and Traders anticipates a rise in vehicle production volumes this year, the start of a recovery that will accelerate over the next two years. “Looking at the production picture in Europe at the moment, we think the recovery is actually beginning now and despite the threat of the financial crisis hitting Europe we think there is a good chance that 2010 will be much better than had been hitherto thought,” stated Ian Henry, director of AutoAnalysis and author of the May 2010 SMMT report on production outlook. “We actually now think that in 2010 the volumes will actually be up over 2009 and we think there’ll be a further recovery in 2011. But the real climb back will come from 2012, once the financial crisis has completely been erased and a range of new models come on-stream.”
Giti Tire’s decision to postpone its Hong Kong initial public offering, was prompted by market jitters following on from the Greek debt crisis, news agency AFP has reported. Giti, the largest tyre manufacturer in China, decided to hold-off on its $500-million dollar offering on 4 May in what was its second attempt to get such an IPO off the ground.
In addition to the macro-economic concerns that the Greek crisis is symptomatic of, in Hong Kong and China concerns also stem form Beijing’s perceived “appetite for bubble-bursting.”
South Korean manufacturer Hankook is to construct accommodation for its workers in Dunaújváros, Hungary. According to Hungarian news sources, construction on the 2 billion forint (£6 million) project will begin in early summer to be completed in 2011. It will house 500 workers. Hankook also plans to raise the employee numbers at its Hungarian facility from 1,200 to 1,900 claims the report.
During the three months to March 31, Continental AG achieved sales of almost six billion euros, a 1.7 billion euro year-on-year increase. At 494 million euros, the company’s reported EBIT was more than 650 million euros higher than the comparative figure for the previous year’s quarter. From this total, sales from Conti’s Rubber Group accounted for 2.2 billion of the total, and reported group EBIT was 313 million euros.
Robert Keegan has made his first public appearance since Richard J Kramer took over the role as chief executive officer at the Goodyear Tire & Rubber Company, speaking to 600 at the Greater Akron Speaks Out for Values breakfast in the tyre manufacturer’s home town on 26 April. The Akron Beacon Journal reports that Keegan told those attending the Christian business fundraiser that when he took on the role in 2003, the company “needed core change” and that installing new “inspirational, aspirational leaders” had been the “catalyst for corporate transformation”.
Goodyear has announced it will report its first quarter 2010 financial results before markets open on Wednesday 28 April, following the announcement up with an investor conference call at 10:00 that morning (Eastern US time). The newly appointed president and chief executive officer Richard J Kramer will participate, alongside Darren R Wells, executive vice president and chief financial officer, and Damon J. Audia, senior vice president, finance and treasurer.
The Southern Rubber Industry Joint Stock Company, better known by its trading name Casumina, reports attaining sales of 2,496,309 million dong (£84.0 million) during 2009, up 116.17 per cent on the previous year’s sales and 146.37 per cent more than expected sales for the year. The Vietnamese tyre maker’s after tax profit totaled 290,642 million dong (£9.8 million), a whopping 3,240.5 per cent higher than in 2008 and 664.33 per cent greater than the year’s expected after tax profit.
Kenya’s Business Daily newspaper reports Kingsway Tyres intends to open its own retreading factory by May 2010. The facility is anticipated to produce 1,000 truck and bus retreads per month, giving it’s the largest capacity of any retreading plant in the country. The tyre importer currently controls 25 per cent of the local market, the Business Daily comments. “With the new retread factory, we are planning to increase the market share to 35 per cent in the next five years,” stated Kingsway managing director Manoj Shah. The company has invested Sh50 million (£404,000) in the new factory.” Shah added that in the new plant Kinsgway is “introducing a new technology that could prolong the mileage span of a retread to almost 90 per cent."
Pierre Jambon has been appointed vice president of Goodyear Tire & Rubber’s off-highway business. In his new role, Jambon will run Goodyear's global aviation and off-the-road businesses as well as its North American racing and motorcycle/ATV businesses. He will report to Curt Andersson, president of the company’s North American Tire operation. Jambon takes the place of John Cavanaugh, who has now stepped into the role of vice president of finance for global procurement. In that role, he will report to vice president and chief procurement officer Mark Purtilar and executive vice president and chief financial officer Darren Wells. Cavanaugh had been vice president, off highway, since September 2008.
Continental AG has reportedly revived plans to sell bonds to help it repay large debts. Citing “two people familiar with the matter,” Business Week reported that the planned sale of about 1.5 billion euros ($2 billion) in notes may take place as early as May.
Toyo Tire USA has announced the hiring of Anne Holland as the company’s sales operations manager. Holland will report to John Hagan, senior director of sales operations. “We would like to welcome Ms Holland to the Toyo Tires team,” said Yasushi Takagi, president & CEO, Toyo Tire USA. “She brings valuable experience to her department and will be a great asset to the company.”
Cam Systems has said that it wants to increase training and personal development in the tyre and fast fit industry. The IT applications provider, whose Cameo suite is used by over 2,000 tyre business employees is responding to a report by Profit From Training, an organisation set up in 1996 to provide training to the tyre and fast fit industry, which has observed a decrease in industry training over the past two years – at approximately 12 per cent in year one and a further 16 per cent in year two. In previous years, training had gone up on average by 6-8 per cent each year.
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