Report Archives - Page 37 of 59 - Tyrepress

Posts

Half-Year Results “Arm” Conti for Future

Following positive sales and EBIT during the first half of the year, Continental AG says its goals for 2007 are firmly in sight and feels “well-armed to tackle the tasks ahead.” The German tyremaker and automotive supplier achieved double-digit growth over the same period last year in these two key financial indicators, a result Conti is calling a “rock solid basis for yet another peak year.”

Consolidated sales for the first six months of 2007 rose by 10.8 per cent compared with the same period of 2006, to 8,013.9 million euros, and Continental report the Motorola automotive electronics business contributed 558.7 million euros to the company’s sales. Before changes in the scope of consolidation and exchange rate effects, consolidated sales were up 6.3 per cent.

Raw material prices, although still at a high level, remained stable during the first half of the year. EBIT rose by 26.2 per cent over the previous year’s 722 million euros to 911.5 million euros, and the return on sales to 11.4 per cent. The automotive electronics business acquired from Motorola contributed 7.4 million euros to EBIT. Before changes in the scope of consolidation and special effects, EBIT rose by 146.4 million euros – 19.2 per cent – to 909.8 million euros.

1st August 2007/by Tyrepress Editors

Recall Population Reduced, Tyremaker Claims No Impact on Business

(Akron/Tire Review) Even as the Chinese manufacturer continues to claim there are no quality problems with its tyres, certain light truck/SUV tyres produced by Hangzhou Zhongce Rubber Co. are still being recalled in the US, though apparently not in the same numbers as originally stated.

Foreign Tire Sales now says it is recalling only 250,000 Hangzhou Zhongce Rubber-produced tyres. Originally, FTS and NHTSA estimated that 450,000 tyres had to be recalled due to concerns over tread separations.

In a letter to NHTSA, FTA said its has narrowed the group of questioned tyres. The impacted tyres were produced in three phases, FTS said, but only those produced in the second phase were missing gum strips. Tyres produced without the gum strips layers between the steel belts, FTS claims, have a greater propensity to suffer tread separations.

26th July 2007/by Tyrepress Editors

“Secondary Tipping” Costs Dealers £2 million

Nearly a third of members responding to the recent NTDA fly tipping survey reported that tyres had been dumped on their premises in the past six months. Of those nearly half involved 20 tyres or more. The total cost of disposal is thought to be around £2 million. In February, Kwik-Fit’s David White spoke of how the retailer spent £250,000 a year secondary tipping disposal costs itself.

26th July 2007/by Tyrepress Editors

Goodyear Announces Q2 2007 Earnings Release, Conference Call

Goodyear Tire & Rubber plan to report their second quarter 2007 financial results before markets open on Thursday, July 26, and follow this up with an investor conference call at 10:30 am local time. Participating in the conference call will be chairman and CEO Robert J. Keegan, president, North American Tire and chief financial officer Richard J. Kramer and senior vice president, finance and strategy Darren R. Wells.

Prior to the commencement of the call, the company will post the financial and other statistical information that will be presented on its investor relations Website: investor.goodyear.com. Those interested may access the conference call on the Web site or via telephone by calling (706) 634-5954 before 10:25 a.m. July 26. A taped replay of the conference call will be available at 3 p.m. that day by calling (706) 634-4556. The call replay will also remain available on the Website.

24th July 2007/by Tyrepress Editors

New Hankook Plant Under Fire from Unions, Locals

Within a month of opening the Hankook factory in the Hungarian town of Dunaújváros has become the subject of labour law breach allegations. These complaints from union representatives, including accusations that plant management has not adhered to conventions established by the International Labour Organisation and the EU, have resulted in employment inspectors visiting the facility.

Amongst the union’s list of grievances are accusations of illegal dismissal of workers, late payments, no extra pay for overtime, company discouragement of union activity and unsanitary working conditions. Following investigation by Hungary’s Employment and Work Safety Authority a report on the matter is due to be released and the end of July.

Hungarian government plans to provide Hankook with 92.6 million euros worth of subsidies in order to eventually increase the number of employees at Dunaújváros to 1,500 have been approved by the European Commission. However, senior union representative Tamás Székely has said he intends to meet with Hungarian Prime Minister Ferenc Gyurcsány and insist the government withhold these subsidies until the union is satisfied all labour issues have been resolved.

24th July 2007/by Tyrepress Editors

Conti & TRW Inflate their Siemens VDO Bids

During the weekend of 21-22 July both Continental AG and TRW Automotive submitted bids in excess of 12 billion euros for Siemens’ VDO unit. This news was reported in the German financial newspaper Handelsblatt and draws upon unspecified sources within the financial industry. The companies involved have chosen to neither confirm nor deny the report.

As part of their offer TRW and Blackstone, the private equity company backing the TRW bid, have allegedly promised not to close any factories in Germany. The Siemens supervisory board is expected to meet on July 25, at which time it will discuss whether to sell the VDO unit to either Continental or TRW instead of floating it in an IPO.

23rd July 2007/by Tyrepress Editors

Recalled Tyres Met Standards – Hangzhou Zhongce

Hangzhou Zhongce Rubber Co. Ltd. has defended the quality of its tyres to the NHTSA. Through its lawyers the company told the transportation safety body on July 11 that “the light truck radial tyres referenced in the Foreign Tire Sales Inc. defect report met or exceeded all US safety and quality standards during [their] development.” The tyremaker is now in the process of collating tyre information for the NHTSA, and claim it “looks forward” to providing the information needed to independently confirm its belief that the almost half a million tyres sold to Foreign Tire Sales were not defective.

Regarding the tyres in question, Hangzhou Zhongce claims “the original design and each design enhancement were subjected to durability testing and were validated for compliance with the applicable US federal motor vehicle safety standards before being released for serial production.”

13th July 2007/by Tyrepress Editors

New Group Auditor for NTA

Damien Wightman has taken on the role of Group Auditor for National Tyres and Autocare. Wightman has been with National for four years, previously within Fleet and Retail Support. His remit will cover the North West Regions and report directly to the Group Auditor, Gary Pugh. The role will predominantly involve auditing clerical and administrative procedures within branches and warehouses whilst providing procedural guidance to managerial and branch staff. On taking up his new position, Damien commented: “I hope to be able to find practical solutions and make the auditing process as simple as possible for all staff, and to continue to maintain a high standard of audit practices throughout the company.”

10th July 2007/by Tyrepress Editors

Put the Brakes On

Which asks if faulty Vauxhall handbrakes are to blame for ‘roll-away’ accidents?

Drivers are blaming Vauxhall handbrakes for a series of ‘roll away’ accidents that have seen cars release themselves and crash. According to a Which?, report more than a dozen cases involving both Vauxhall Vectras and Signums that have careered into other cars, trees and houses have been reported.

The government’s car safety watchdog, the Vehicle and Operator Services Agency (Vosa), says it is investigating several cases but to date has found no problem with the design or construction of handbrakes. Vauxhall told Which? it was aware of a small number of incidents. The company is now planning to inform all Vectra and Signum owners about the correct way to put on the handbrake.

9th July 2007/by Tyrepress Editors

Gajah Tunggal to Pay Dividend in August

Indonesia’s PT Gajah Tunggal Tbk intends to pay cash dividends for the 2006 fiscal year on August 8, 2007, with a value of IDR5 (£0.00027) per share. According to a report Gajah Tunggal management submitted to Indonesia’s Central Securities Depository, the cash dividends will be paid out to shareholders who register by the recording date of July 25, 2007.

Gajah Tunggal and its subsidiaries recorded a net profit of IDR11.401 billion (£6.5 million) in 2006, a significant drop from the previous year’s IDR346.835 billion (£19.1 million). Company management claimed that net profit fell sharply because of a 10.72 per cent increase in operating expenses.

9th July 2007/by Tyrepress Editors

August 2007 – Delivering the Goods

The importance of the commercial vehicle sector is reflected by the level of activity in the truck tyre market. While vehicle manufacturers report that the demand for truck tyres currently outstrips supply, the move towards greater radialisation by Asian manufacturers is opening up a whole new range of options for the consumer. Don’t miss next month’s feature for the latest truck tyre news and products information.

5th July 2007/by Tyrepress Editors

Tracking System Receives CE Certification

Australian company Rojone Pty Ltd has announced that its EziTrak® Micro self-monitored vehicle tracking system has just received CE Certification. CE marking is a declaration by the manufacturer that the product meets all the appropriate provisions and health & safety requirements of the relevant legislation implementing certain European directives.

EziTrak® Micro is a monitoring, protection and GPS tracking system giving car and vehicle owners personalised, self-monitoring of their vehicle. This early warning anti-theft device is interactive and has no monthly or annual monitoring fees.

It is half the size of previous models, measuring only 80 mm (L) x 61 mm (W) x 35 mm (H). This makes it ideal for use in motorbikes plus plant machinery. The outer casing has a low sheen black finish, which makes it even harder for thieves to locate, and the unit comes complete with an internal vibration sensor.

5th July 2007/by Tyrepress Editors

Moscow Tyre Plant Elects New BOD

According to a company report, the shareholders of the MShZ (Moscow Tyre Plant) elected a new board of directors at the manufacturer’s annual meeting on June 28. The Moscow Tyre Plant, which is owned by Amtel-Vredestein, has a share capital of 343.2 million roubles (£6.6 million). Amtel-Vredestein announced its intention to acquire the Moscow Tyre Plant last July, and in September commenced the production of tyres under the Amtel brand name.

4th July 2007/by Tyrepress Editors

Tyre Recall Starts; FTS May Only be Able to Handle 10%

(Akron/Tire Review) Foreign Tire Sales, the New Jersey importer at the centre of a 450,000-tyre recall of China-made tyres, is scheduled to begin recalling those tyres on July 2, and said it will continue until it runs out of money.

According to a CNN report, FTS said it will replace as many of the tyres as it can, but will be forced to declare bankruptcy. Last week, NHTSA ordered FTS to recall the allegedly faulty light truck/SUV radials produced by China-based Hangzhou Zhongce Rubber Co. The tyres are allegedly missing or have an insufficient gun strip, a charge vehemently denied by the manufacturer.

According to a CNN report this morning, FTS officials said they have enough funds to recall and replace only 10 per cent of the 450,000 tyres supposedly impacted.

3rd July 2007/by Tyrepress Editors

Michelin Publishes Third Sustainable Development Report

(Akron/Tire Review) Groupe Michelin has published the third edition of its Michelin Performance and Responsibility report. The report details road mobility and tire industry challenges and analyses the tyremaker’s progress in 2005 and 2006 toward its “sustainable development approach.” The document is published every two years.

Launched in 2002, the Michelin Performance and Responsibility initiative is based on five areas that Michelin calls “corporate values:” respect for customers, people, shareholders, the environment and facts.

28th June 2007/by Tyrepress Editors