Report Archives - Page 21 of 59 - Tyrepress

Posts

New Chief of North American Retail Business for Goodyear

(Tire Review) Goodyear has promoted John Peer to vice president and general manager of its North American retail operations. Peer had served as director of dealer sales and retail operations for Goodyear’s North American Tire unit. He replaces Scott Vogel who has left the company, according to Goodyear. Paul Wanstreet has been moved from vice president of Goodyear’s Wingfoot commercial centres to director of retail operations. He will report to Peer, who, in turn, will report to Steve McClellan, president of consumer tyres.

22nd October 2009/by Tyrepress Editors

Blaze Destroys Stockport Tyre Storage Facility

Various news sources report a large tyre storage building in Stockport has been destroyed by fire. At the height of the October 12 blaze as many as 65 firefighters were at the scene in Heaton Norris. A spokesman for Greater Manchester Fire and Rescue Service said the fire is believed to have been started deliberately.

13th October 2009/by Tyrepress Editors

US Tyre Demand 'Improving'

US replacement tyre demand increased 4 per cent year-on-year in September, according to RMA data. Analysts equated this to a 1 per cent growth in the third quarter 2009. Nevertheless sources report that 2009 demand (at 174 million consumer tyres) is still down 14.4 per cent in the year September. During the same period US truck tyre volumes fell 23.6 per cent to 10.8 million units.

Based on last year’s figures, Deutsche Bank analysts predicted that this trend would increase towards the end of the year: “Two of the past three months have posted positive year-on-year results and year-on-year comparisons also become much easier in the months ahead.” Replacement demand fell -15.8, -17.1 and -15.5 per cent in October to December 2008.

12th October 2009/by Tyrepress Editors

Goodyear to Gain Compensation from Jamaica Subsidiary Liquidation

International News

Goodyear Jamaica Ltd’s liquidator, Deloitte Touche Tohmatsu in Jamaica, is to offer “interim distribution” compensation of $3.75 per share to existing shareholders “by the end of October or early November.” Goodyear Tire & Rubber Company is a leading shareholder and will reportedly receive over J$131 million (US$1.48 million) of the first payout. The liquidation process is expected to be completed by 2010.

9th October 2009/by Tyrepress Editors

Dunlop to Recommence Production in Nigeria

Following the importation of 500 million naira (£2.1 million) worth of raw materials, Dunlop Nigeria looks set to re-open its Ikeja facility, which ceased production in April. A report in Nigeria’s Business Day newspaper indicates that the paperwork needed to clear the imported materials through customers is currently being dealt with by the country’s minister of state for commerce and industry, Humphrey Enemakwu Abah, who is apparently enthusiastic about the prospects of local manufacture recommencing.

9th October 2009/by Tyrepress Editors

50,000 Tyres On Fire In County Londonderry

Up to 50,000 tyres reportedly caught fire at the Campsie Industrial Estate in Eglinton, County Londonderry, Northern Ireland at 22:00 on Sunday 5 October. News sources say more than 70 fire-fighters are attending at the scene and residents have been told to keep their windows closed. Local resident John Lamberton sent tyrepress.com the video and photo images alongside this story, having become aware of what he thought were fireworks late on Sunday night.

Meanwhile, Cambridgeshire fire-fighters report that another fire, which has been burning at Murfitt Industries, near Littleport since August is likely to burn out this week. This fire began on 21 August. Customers told Tyres & Accessories that despite the fire they haven’t noticed any interruption of service.

5th October 2009/by Tyrepress Editors

Blackcircles.com to Launch New Service This Month

Online tyre retailer Blackcircles is set to launch a new service that will see the company foray deeper into the aftermarket. (For full report see November’s Tyres & Accessories magazine) Earlier this summer the company announced that it would expand its network of independent garages by 30 per cent by the end of the year in preparation for the move. Blackcircles currently counts 1,200 independent garages in its network. The South East and North West are said to be prime regions for new garages to meet demand.

In recent years Blackcircles.com has grown to a turnover of in excess of £10, after having only launched in 2001. In an earlier report, the Financial Times quoted Welch as saying sales were as much as 80 per cent up year-on-year. While year-on-year sales growth is currently quoted at 60 per cent it remains nonetheless impressive. 2008 turnover was £11 million, but in 2009, it is predicted to be £15 million.

2nd October 2009/by Tyrepress Editors

Conti Expresses Concerns over MAG Group Clairoix Acquisition

Continental has voiced concerns over MAG Group’s proposed acquisition of the German manufacturer’s beleaguered Clairoix facility following its receipt of the Syrian company’s letter of intent, reports Reuters. Mail-based discussions are ongoing, says the report, with MAG vice-chairman for strategy and finance Fawaz Sabri quoted as saying, “We sent… an amended version of the letter of intent and are awaiting their response. We have put everything down and all our concerns,” he told Reuters. Conti spokesman, Alexander Luehrs said that the main points of contention were the price and the transference of technology. The German manufacturer clearly wishes to protect its technology against producing a potential competitor.

2nd October 2009/by Tyrepress Editors

Hillhead 2010 ‘Filling up Fast’

Nine months before it opens its gates, the organizers of Hillhead 2010 report that the show is filling up quickly. Almost 90 per cent of stand space is said to be booked by some 300 companies, including most of the major suppliers to the extractive and heavy construction industries.

Event director Jack Berridge commented: “Since the summer, a steady stream of bookings has been received from new exhibitors and, despite some understandable scaling back in certain areas, the continuing enthusiasm and support for the event is very encouraging.

30th September 2009/by Tyrepress Editors

House Waste Tyres at Your Peril, Says BBC Report

A report produced by the BBC has highlighted the increase of tyre dumping scams following the implementation of recycling laws and the financial risks unwitting property owners are exposed to should tyres be left on their land. The article, screened on Welsh channel S4C on Tuesday, highlighted the plight of Maria Burt and others who have been left with hefty bills for removing tyres left on their property by tenants operating tyre collection operations.

23rd September 2009/by Tyrepress Editors

Renault Handed F1 Suspended Expulsion

Renault’s Formula One team has been given a suspended ban from the sport for its role in the race-fixing scandal at the Singapore Grand Prix in 2008. The team’s former head, Flavio Briatore has been banned from all FIA-sanctioned events indefinitely, while Pat Symonds, the former engineering director also implicated by ex-driver Nelson Piquet Jr., was handed a five-year exclusion. Piquet has avoided censure as a result of his whistle-blowing activity, while Fernando Alonso, Renault’s lead driver who won the race in question largely thanks to the ersatz accident, was cleared of any involvement and thanked by the FIA for “cooperating with enquiries”.

22nd September 2009/by Tyrepress Editors

Michelin Romania Considering £109 million Capital Injection

The Romanian Mediafax business publication is reporting that Michelin Romania’s majority shareholder, Michelin Group subsidiary Compagnie Financiere Michelin, is considering injecting 510 million Romanian lei (£109 million; 120 million euros) into the company by cash contribution. According to the report, the shareholders will discuss the issue on 16 October. Michelin Romania currently has a share capital of 439 million lei, which would mean the reported cash injection would more than double share capital.

Michelin has been operating in Romania since 2001, and currently owns three factories, namely Victoria Floresti, which produces tyres for cars and vans, Silvania Zalau, which produces truck and industrial tyres, and RomSteel Cord, which produces metallic cord. Michelin Romania is 99.6 per cent owned by Compagnie Financiere Michelin.

21st September 2009/by Tyrepress Editors

Revie Bought National Tyre Sites in £49 million Deal

Alan Revie, executive chairman and majority shareholder in the National Tyres & Autocare retail chain, has reportedly bought most of the group's properties in a £49.2 million deal. Citing Axle Group Holdings’ accounts for the year to 31 December 2008, Crain’s Manchester Business suggests the move shows that Revie is about to exit the business.

According to the report, parent company Axle Group Holdings Ltd made a profit of £3.87 million from the sale of the properties to Axle Investments Ltd, which is described as a partnership controlled by Revie. It said the sale was “on normal commercial terms amounting to £49.2 million” but added that Axle Investments still owed the group £49.2 million at the year end. During 2008, the net book value of the group's freehold land and buildings fell from £3.8 million to £107,000. The statement of recognised gains and losses includes a £37.3 million surplus from property revaluations.

15th September 2009/by Tyrepress Editors

Kingpin Tyre Fire Expected To Burn All Week

Fire crews have been tackling flames, thick smoke and fumes and piles of burning material at the premises of Kingpin Tyre in Wem, Shropshire, since Tuesday. Firefighters said several mounds of “waste rubber,” covering an area of around 60 metres had caught fire. A report in the Whitchurch Herald said that plumes of black smoke could be seen up to 20 miles away as 200 tonnes of rubber went up in smoke and that firefighters expect to battle the blaze and control smouldering material for the best part of a week.

10th September 2009/by Tyrepress Editors

CITEXPO 2009 Officially Opened

This morning the 7th China International Tire Expo (CITEXPO) opened in Shanghai. This year’s event has played host to more than 300 companies in the domestic and international tyre trade. The organisers, Reliable International Exhibition Services, don’t anticipate this year’s event will set a new attendance record, with visitors from the US particularly lacking as a result of the threat of punitive tariffs market for importing Chinese products into the American market. Nevertheless, they are confident the show, running through till Friday, will be a success. Tyres & Accessories/tyrepress.com (along with sister publication Neue Reifenzeitung) is represented with a stand at the exhibition. A detailed report on this leading Chinese tyre trade fair and its exhibitors will follow shortly.

9th September 2009/by Tyrepress Editors