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“Tentative Agreement” Reached Between Goodyear And Unions

The long-running saga of discussions between Goodyear and the United Steel Workers of America took another turn when it was announced that the two sides had reached “a tentative agreement” on a new, three-year labour contract. The next step is for USWA’s 19,000 workers to vote to approve the deal. No details were given, but one unconfirmed press report said that the factory at Huntsville, Alabama, which produces Dunlop tyres, would close as part of the agreement, resulting in the loss of 1,000 jobs.

21st August 2003/by Tyrepress Editors

Continental Banks On Winter

Business analysts report that Continental is running its winter tyre production at full capacity (70,000 tyres/day), having started production earlier in the year than usual. The estimate is that around 12 million winter tyres will be produced for the coming season. Conti has also introduced an enhanced order and logistics system, which should ensure that fill rates are well over 80 per cent.

19th August 2003/by Tyrepress Editors

Car-makers’ Productivity Gap Narrows

European and US car manufacturers are catching up with their Japanese counterparts in Europe in terms of productivity. Toyota, Honda and Nissan averaged 87.5 cars per worker, in a report issued by the World Markets Research Centre – the European average is 58.6 cars/worker. But the gap is narrowing; Europe-based Japanese companies improved productivity by 5.4 per cent last year, while the improvement average for non-Japanese European manufacturers was 7 per cent.

8th July 2003/by Tyrepress Editors

National Fleet Mobile Commercial Director

National Fleet has appointed Martin Towers as Commercial Director for its recently expanded mobile tyre fitting division. He will report directly to National Fleet’s Managing Director, Kevin Parker. Martin Towers is a familiar name to the fleet industry and joins National Fleet with many years of industry experience gained with Kwik-Fit Fleet, Tyreserve and latterly the AA.

11th June 2003/by Tyrepress Editors

Time Running Out For Goodyear

Yesterday was the final day for Goodyear to report its 2002 financial results or apply for a two-week extension. The company has said that it will not release financial details until it has finalised discussions with banks concerning restructuring, refinancing and securing loans, as “both subjects are related” said a spokesman. Goodyear denies it is facing a liquidity crisis, as some analysts have said, and the company has secured a new credit line of $1.3 billion.

1st April 2003/by Tyrepress Editors

Fiat Auto Predicts Larger-Than-Expected Loss For 4Q

Fiat has warned that its auto division will report a loss of around 187 million Euros for the fourth quarter. Previously the company had predicted a break-even for 4Q, while analysts were forecasting a loss of 35 million Euros. If the estimate is correct, Fiat Auto’s loss for the year 2002 will be 1.4 billion Euros. The company has sold assets in an attempt to improve its financial position, including its 5 per cent stake in General Motors, bought by Merrill Lynch for US$ 1.16 billion.

21st January 2003/by Tyrepress Editors

Lampe Named “Rubber Industry Executive Of The Year”

Rubber & Plastics News, a sister magazine of Tire Business, has named Bridgestone/Firestone Chairman and CEO John Lampe (53) as the “Rubber Industry Executive of the Year”. The award is in recognition of Lampe’s leadership in the company’s rebound from the Firestone tyre recall, which was at its height when Lampe assumed the top job. He was reluctant to accept the award at first, fearing that it would overshadow the part played by employees, dealers and customers. The company’s recovery is such that it expects to report a net income of $70 million for 2002, compared to a net loss of $1.67 billion in 2001.

18th December 2002/by Tyrepress Editors

Kumho In Talks With Pension Fund?

Following the breakdown of talks between Kumho and the consortium led by JP Morgan Chase and Carlyle Group, concerning the sale of 80 per cent of Kumho’s Tyre Division, a media report from Korea says that talks are on-going with the South Korea Military Pension Fund to buy the company. Neither the fund, nor Kumho, nor the state-run Korea Development Bank, which the report says would provide funding for any deal, would comment on the report.

3rd December 2002/by Tyrepress Editors

Hot Rumours About Goodyear And Gibara

Now that Goodyear’s stock has fallen to its lowest value in the last 10 years, questions are being asked about the consequences for the management. At the moment Goodyear shares costs less than 10 US-$, and American newspapers report that, since 1996, when Sam Gibara took over, Goodyear’s stock-value has fallen by about 80 percent. Last year the company lost more than 200 million US-$, and this year there is no turnaround in sight.Goodyear is not in a position go on the offensive; on the contrary it has its back to the wall. Bad enough that the bond issues are rated as “junk-bonds” and that obtaining credit will be more expensive, but the scenarios and rumours that are being discussed inside the company would have been unthinkable some time ago. Despite these difficulties, analysts agree that Goodyear can resolve its problems without outside help, assuming it chooses the right measures. On Tuesday this week a routine chairman’s board meeting will take place. It is not known whether there will be any discussions about the management.

30th September 2002/by Tyrepress Editors

Predictions For 2050:The Car Market Is Changing

The altering demographics of the population in the next 50 years will possibly see a decrease in the demand for cars. The changes will not necessarily be in parallel because of the way in which the changes in the population will occur. The population over 60 years of age will become increasingly important as their representation as new car buyers increases from 25 per cent to 35 percent of the car buying market. The sector under 50 years of age will drop from 55 per cent to 43 per cent. This means that the manufacturers will have to re-orientate their products and their marketing according to a report by Marketing Systems GmbH (Essen/Germany).

12th September 2002/by Tyrepress Editors

Now Rugby Gets Go-Ahead To Burn Tyres

The Rugby Primary Care Trust has given the go-ahead for tyre burning trials at the town’s cement works, provided emissions are “rigorously and independently monitored”. A Health Impact Assessment report said that the only pollutant to increase was likely to be zinc and levels of arsenic, cadmium, cobalt, nickel and lead would be less, compared with burning only coal. The decision was greeted angrily by protestors, some of who turned up at the meeting carrying a coffin.

30th August 2002/by Tyrepress Editors

Toyota Plans Assault On China

Toyota is launching a joint venture with First Automotive Works, China’s biggest car manufacturer, to make luxury sedans, SUVs and cheaper, smaller cars in China for the local market. The target is to sell up to 400,000 vehicles a year by 2010 and an unconfirmed report suggests that the investment will total 1.29 billion Euros.

30th August 2002/by Tyrepress Editors

Investor Relations Director For Goodyear

Goodyear Tire & Rubber has appointed Barbara B. Gould (52) as director of investor relations from September 1st, succeeding Laura K. Thompson, who will become director, finance – consumer tyres for the North American business unit. Gould has a history of investor relations and as a financial analyst; in her new role she will report to Robert W. Tieken, executive vice president and chief financial officer.

1st August 2002/by Tyrepress Editors

New Appointments At Hayes Lemmerz

Hayes Lemmerz International, Inc has announced several key appointments to its Global Leadership Team. The following individuals will report directly to Curtis J. Clawson, Chairman of the Board and Chief Executive Officer: James A. Yost has been appointed as Chief Financial Officer (CFO). Mr. Yost retired from Ford Motor Company in 2001 after serving as Vice President of Corporate Strategy. Kenneth A. Hiltz will continue in his role as Chief Restructuring Officer (CRO). He will continue to play a key role in the development and implementation of the Company’s restructuring plan. Brian O’Loughlin has been appointed as Chief Information Officer (CIO). Mr. O’Loughlin joins the Company from Revlon, Inc., where he served as CIO. Edward W. Kopkowski has been appointed to the newly created position of Vice President of Operational Excellence. Mr. Kopkowski previously served as Founder and President of Kopko Associates, Ltd., a consulting firm. “These talented professionals will bring tremendous strength to our organisation and have a major, positive impact on our global business,” said Mr. Clawson.

23rd July 2002/by Tyrepress Editors

Auto Industry To Recover After Next Year – Report

Auto industry consultants Autopolis have released their latest report on the global automobile industry. It predicts a decline this year, with vehicle sales falling in the three largest markets (North America, Europe and Japan). A global 5 per cent decline (2.6 million vehicles) is predicted this year and a further 2.5 per cent decline the year after. However, Autopolis predicts that the global car and truck market will return to year 2000 record levels (54.9 million vehicles) by 2005 and, by 2010, demand will exceed 61 million vehicles.

8th May 2002/by Tyrepress Editors