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Michelin Tops Up UK Pension Fund

A report in the Daily Telegraph revealed that Michelin is making two emergency payments, together worth nearly £60 million “to plug a £286 million black hole in its UK pension scheme.”

According to the report, Michelin employs 3,500 in the UK and its final salary pension scheme has 5,500 active members, 9,500 pensioners and 11,000 deferred members. The final salary scheme was closed to new members last September and employee contributions rose to 5.25 per cent (from 3.25 per cent) in April. Michelin’s contribution is 13 per cent of salary.

21st June 2005/by Tyrepress Editors

A Market of Opportunities

In many respects the UK’s geographical position, being part of continental Europe while separated and independent of the mainland, reflects the British Isles’ position in the wider European market place.

In the latest of our series of special reports on influential and emerging markets (which has covered China, India and Russia) Tyres & Accessories has looked a little closer to home. The latest supplement focuses on what drives the UK market, while reviewing the current state of UK tyre manufacturing. In addition, while rumours abound about the future of Kwik-Fit as an independent chain, the supplement also asks: “Is there a place for both chained and independent retailers in the UK?”

Subscribers can download the complete report as a PDF file in the subscribers' area.

16th June 2005/by Tyrepress Editors

Goodyear Names New Manufacturing VP

(Akron/Tire Review) Goodyear Tire & Rubber Co has named Christopher Werner as its new vice president of manufacturing for its North American Tire unit. Christopher Werner comes to Goodyear from GST AutoLeather Inc, a supplier of automotive leather for luxury vehicles from Toyota/Lexus, Acura, Ford, Chrysler and others, where he served as senior vice president of global operations. Mr Werner, 42, will report to Jon Rich, president of North American Tire, and Chris Clark, senior vice president of global sourcing.

8th June 2005/by Tyrepress Editors

Continental Expects $122.7 million Loss in US

Continental AG is expecting a loss of $122.7 million in its US passenger-car tyre business this year, Hannoversche Allgemeine Zeitung has reported. The business posted a loss of $98 million the year before. The newspaper did not name any sources but did report that up to 300 of the 1,400 jobs in its plant in Charlotte, North Carolina, plant would be cut in July and production would be reduced by a third to roughly 16,000 tyres per day.

7th June 2005/by Tyrepress Editors

Stapletons Joins Whistleblower Hotline

Security Risk Management Ltd (SRM), a UK provider of operational risk management services, has announced that it has added Stapletons Tyre Services to its client portfolio. From 1 June SRM will be offering a dedicated confidential phone service providing Stapletons employees with the opportunity to raise any concerns relating to illegal or improper behaviour in the workplace. The service will be open to all of Stapleton’s 800 employees.

2nd June 2005/by Tyrepress Editors

TVR Plotting MG Takeover?

The rumour mill is churning our speculation that sport car manufacturer, TVR’s, bosses are poised to launch a bid to buy what’s left of MG, Auto Express has reported. Not only that, but the report suggests that such a move would also see the company mothball its Blackpool, Lancashire, factory in favour of moving back to the currently idle Longbridge site in Birmingham. The idea is said to be backed an unnamed member of MG’s former management. Neither TVR or MG Rover administrator PriceWaterhouseCoopers gave any comment.

2nd June 2005/by Tyrepress Editors

Brityrex Review

This month sees the much-anticipated return of Brityrex. After an eight year absence the show is returning to Harrogate as Brityrex International and the organisers, ECI International, are determined to deliver exactly what they promised from the beginning – an exhibition dedicated to the tyre and related industries. As sponsor of the event Tyres & Accessories will provide an in depth report on the new show and assessment of the products on show.

2nd June 2005/by Tyrepress Editors

New Cars Come to India from US Producers

(India/Rubber Asia) There has been a flurry of new car launches in the Indian market thanks to the apparent growth of Indian consumer purchasing power. General Motors, the world’s largest car maker for example, has even come out with a new strategy specific to the Indian market, the main component of which is to launch two new cars every year in the country between 2006 and 2008, local media sources report.

30th May 2005/by Tyrepress Editors

New Cars to Roll Out of GM Stable

(India/Rubber Asia) There has been a flurry of new car launches in the Indian market thanks to the apparent growth in the Indian consumers purchasing power. General Motors, the world’s largest car maker, for example, has even come out with a new strategy specific to the Indian market, the main component of which to launch two new cars every year in the country, from 2006 to 2008, local media sources report.

Mr. Rajiv Chaba, president of GM India, has said it would be a “mix of local production/assembly for voulume cars and CBU imports in the case of some lifestyle products”.

25th May 2005/by Tyrepress Editors

Second Hand Tyre Waste

Second hand car dealers in Scotland may have to hold a license to handle waste tyres, under a new crackdown on fly-tipping reports The Herald.

A report will be presented to Glasgow council’s licensing committee next week, seeking approval to add a condition on tyres to the licences which second-hand dealers must hold to trade. The move coincides with 22,000 tyres being cleared from a mountain of waste rubber in the city. It cost the city council £39,500 to collect and dispose of the tyres, which weighed 156 tonnes.

The condition is aimed at cutting off the supply chain to fly-tippers who dispose of tyres illegally and will target second-hand car dealers in particular, with worn tyres often replaced to make vehicles more attractive to prospective buyers.

24th May 2005/by Tyrepress Editors

Reifen-Seher sold to Bridgestone’s First Stop

Reifen-Seher, an independent tyre company with 17 outlets and a turnover of about 25 Million euros has been sold to Bridgestone, report sources close to the company.

Reifen-Seher’s headquarters are based in Friedberg/Hessen. The company runs all of its outlets in the Frankfurt/am Main area.

It is thought that Seher ran into financial trouble two years ago, but at the time was strong enough to overcome the problems which might have eventually led to the decision to sell.

Peter Seher still stands as president of the German Tyre Dealer Association, his BRV term ends at the end of this month. Seher announced his departure as president some weeks ago.

24th May 2005/by Tyrepress Editors

Deaths Caused by Exploding Tyres

An unnamed 19-year-old man has died after a tyre exploded while he was inflating it at his workplace. The man was working at a tyre firm in Cleland, Lanarkshire when the tyre threw him backwards into a wall, the BBC has reported.

19th May 2005/by Tyrepress Editors

Copeland Named to Head Goodyear Australian JV

(Akron/Tire Review) Joseph Copeland, senior vice president of business development, strategy and restructuring, for Goodyear Tire & Rubber Co has been named CEO of Goodyear’s South Pacific Tyres subsidiary. Goodyear owns a 50 per cent share in the Australian joint venture. Mr Copeland will report to the South Pacific Tyres board of directors, as well as to Pierre Cohade, president of Goodyear’s Asia/Pacific tire business.

Darren Wells, Goodyear’s vice president and treasurer, was promoted to senior vice president of business development and treasurer, reporting to Richard Kramer, executive vice president and CFO. Mr Wells will assume Joseph Copeland’s business development responsibilities as well as additional oversight responsibilities for the investor relations and tax functions.

13th May 2005/by Tyrepress Editors

Large UK Tyre Manufacturers and Distributors are Bigger Not Better

Size and scale are no advantage when it comes to overall financial success, according to a new study by Tyre Manufacturers & Distributors industry analysts Plimsoll Publishing. It seems the industry’s smaller players are putting their larger counterparts to shame when it comes to overall financial performance.

The top 60 “major players” currently control almost 94 per cent of the market. Yet look beyond their size at their individual financial performance and their image appears somewhat staid, according to Plimsoll analysts.

13th May 2005/by Tyrepress Editors

Visteon Reviews Financial Results

Car parts maker Visteon Corp, is to delay publishing its first-quarter earnings report while it sifts through financial records that it suspects might be bogus. The Michigan based company identified errors in costs relating to freight and material surcharges, raising questions about possible “improper conduct by a former senior finance employee” charged with overseeing North American purchasing.

The company reports that up to $31 million in first quarter charges published in first quarter results may need to be restated. Visteon said that its ongoing discussions with former parent company, Ford, won’t be affected by the news.

13th May 2005/by Tyrepress Editors