(Akron/Tire Review) Unconfirmed news reports out of Venezuela indicate that operations at Bridgestone/Firestone’s tyre plant in Valencia have been suspended since last Friday due to a disturbance that apparently involve trade unions seeking to represent workers at the plant.
(Akron/Tire Review) Fred Heigold has been named vice president of business operations and integration for Goodyear Tire & Rubber Co.’s North American Consumer Tire Business unit. Heigold will report to Larry Mason, president of the unit. Most recently, Heigold was CEO of Phogenix Imaging, a joint venture of Eastman Kodak and Hewlett Packard. He began his career with Eastman Kodak in 1971, and served in various research and development, manufacturing and general management positions, including several international assignments.
During the year 2006, Nokian Tyres plc will publish Financial Statement Bulletin and 3 Interim Reports as follows:
The 2005 Financial Statement Bulletin, Tuesday, February 14, 2006
Interim Report, 1st quarter 2006, Wednesday May 10, 2006
Interim Report, 2nd quarter 2006, Tuesday August 8, 2006
Interim Report, 3rd quarter 2006, Thursday November 2, 2006
The Annual General Meeting of Nokian Tyres plc is tentatively scheduled for Thursday April 6, 2006.
The 2005 Annual Report with Financial Statements will be available on Nokian Tyres home pages, www.nokiantyres.com on Thursday 30th of March 2006 at the latest. The mailing of the printed Annual Report to the largest shareholders will start the same day.
Varta has warned that recent mild winters could lead to an air of complacency in the trade and that severe weather conditions could have a marked effect on aftermarket battery stocks.
The warning comes as the Meteorological Office is predicting the coldest UK winter for at least a decade and Varta’s managing director Paul Matarewicz believes that many independent and franchised workshops may not have sufficient stocks to meet increased demand, saying: “Even though improved battery technology and a succession of mild winters have had the effect of lessening peaks and troughs in battery sales across the year, there can be no doubt that the return of a hard winter would lead to a substantial surge in battery failure, especially in older cars.”
(Akron/Tire Review) WSOC TV in South Carolina is reporting that Michelin North America plans to invest some $80 million on upgrades to its rubber mixing and tyre plants in Anderson County, South Carolina. According to the report, MNA submitted plans to the Anderson County Council earlier this week. The station said that MNA plans a formal announcement later this month.
Sumitomo Rubber Industries has published sales of 120 billion yen (£581 million, up 8 per cent year-on-year) and operating profit of 9.3 billion yen (£45 million up 18.6 per cent year-on-year). Analysts report that results were ahead of plan and tyre sales particularly “outperformed forecasts.” Exports are reported to have been particularly strong and high performance tyres are said to have sold well domestically.
As a result of the strong quarter Sumitomo has raised its full year forecast to sales of 500 billion yen (up 6.3 per cent) and operating profit of 46 billion yen (up 1 per cent). However, Deutsche Bank analysts said: “We feel that the company is somewhat conservative about our fourth quarter. Our current forecasts are sales of 496.0 billion yen [and] operating profit of 50.0 billion.”
Russian-Dutch tyre maker Amtel-Vredestein has admitted to using tax optimisation schemes up to 2002, according to Russian newspaper Vedomosti. The report refers to a period before Amtel bought Vredestein and comes after Amtel-Vredestein set an indicative range of $13 to $16 per Global Depositary Receipt in its London IPO, which is expected to raise around $300 million and value the company at $1.2 billion.
While the TRA has done great things developing the tyre collection market in the UK, in the Philippines companies are taking steps to develop their own system. Tyre recycling is said to be “in its infancy” in the Phillipines, according to a Sun-Star newspaper report. And all parties involved, including the Board of Investments Office that recently received a grant from the Japanese International Cooperation Agency (JICA), agree that more research is needed in this area. Currently old tyres are used in pot making, sandal production and as fuel for cement kilns.
Pneumatic impact wrenches such as those typically used for commercial wheel bolting could prove to be a health hazard if used for more than a few minutes a day, says a new assessment.
After several years of working in close association with engineers from one of the world’s largest tyre manufacturing factories, Chronos Richardson has secured a major order from the CIS. Valued at more than 2.5 million euros, the contract is for silica-based tyre compounding systems for the Nizhnekamskshina factory in Tartarstan.
Hankook Tire’s board of directors has approved the selection of Hungary as a preferred site for its proposed 500 million euro plant, the AFX news agency has reported. According to the report, Hankook has formed a local unit — tentatively named Hankook Tire Hungary Ltd — to conduct talks with the Hungarian government.
The unit is said to have a capital base of 14.9 million won. “If the talks are going well, then we can expect to announce the result in early November,” a Hankook Tire spokesman said. The news follows Slovakia’s refusal of incentives worth 110 million euros.
Michelin is to report a sales increase of 4.5 per cent when the French manufacturer hosts a quarterly conference call this evening. Deutsche Bank analysts said the increase was entirely attributable to an improved price/mix effect. The analysts also pointed out that, with regards to EBIT, the improved price/mix effect should more than offset the “raw material price headwind” which is estimated at 80 – 90 million euros. The company is also effected to benefit from its policy of high-cost workforce reduction.
(Akron/Tire Review) Hankook has reportedly conducted talks with Hungarian Economic Minister János Kóka on potentially locating its new Eastern European plant there. The report is according to a daily newspaper in Hungary. Earlier this year, Hankook announced its plans to spend $650 million on an Eastern European plant capable of producing five million tires annually. The tyremaker had picked Slovakia as the site, but negotiations have since been hampered due to disagreements over the government’s incentive package. Korean news reports have stated that Hankook will announce the intended location of its new plant by November. Production is slated to begin in 2007.
Varta Automotive Batteries is offering a workshop battery check to the trade in order to assist them to maximise user sales as the winter battery replacement season begins.
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Automotive supplier Delphi has filed for chapter 11 bankruptcy protection. General Motors, Delphi’s former parent company will bear the brunt of the collapse because it could be liable for up to $11 billion (£6 billion) worth of pension and retirement benefits for about 25,000 Delphi employees.
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