Titan has released their fourth quarter 2006 results, and these show a US$69 million, or 71 per cent, increase in net sales for the quarter. Total net sales in this period reached $165.6 million. And during the quarter, in December, Titan completed a $200 million senior unsecured five-year bond offering due January 2012.
In the US the Center for Auto Safety (CAS) has called on the nation’s governmental motoring safety body, the NHTSA, to open an investigation into tyre failures and front suspension problems that have occurred on the 2004-2006 Pontiac GTO. The agency has received 65 complaints involving tyres on the 2004-2005 GTO, involving 8 blowouts and one crash. Many of these complaints cite tyre wear caused by contact with struts as the source of the failures. The problem seems to occur early in the lifespan of the vehicle, as a number of complaints cite mileages of less than 10,000 at the time of the failure.
Toyo Tire & Rubber Co., Ltd. has presented details of its consolidated business results for the first three quarters of fiscal year 2006 (from April 1, 2006 to December 31, 2006). Compared with the same period during the 2005 fiscal year, net sales increased to 240,807 million yen (£1.022 billion), up 5.9 per cent. Operating income decreased 36,5 per cent to 8,322 million yen (£35 million), ordinary income decreased to 5,767 million yen (£24.4 million), down 53 per cent, and net income rose to 8,570 million yen (£36.4 million), an increase of 31.8 per cent.
A Dutch scientist claims that the fuel consumption in many of today’s cars could be reduced by 2.6 per cent through the addition of new software to the engine’s computer. John Kessels from the University of Eindhoven worked in conjunction with Ford to develop software that would improve engine performance, and the initial results of this collaboration look promising.
Rema Tip Top has introduced a new hand-held digital tyre inflator that the company believes is one of the most accurate and easiest to use tyre inflation devices in the marketplace. Augmented by its streamlined aluminium handle and simple lever pressure control, the device gives the operator complete control during the inflation process. Additionally the clear digital display makes reading the measurement a piece of cake – no more eye strain then trying to line up the needle against small digits.
Goodyear’s net sales for 2006 were a record $20.3 billion, up 3 per cent despite a 5 per cent decline in tyre unit volume. However strike costs of $367 million meant the company recorded net losses of $330 million, compared to net income of $228 million in 2005. The company estimates that the strike reduced 2006 sales by $363 million, tyre volume by 2.8 million units and net income by $367 million. Tyre unit volume was 51.2 million units in the fourth quarter, compared to 55.7 million units in the 2005 period.
Bandag Incorporated has reported consolidated net sales for the fourth quarter 2006 of US$253.7 million compared to consolidated net sales of US$252.3 million in the fourth quarter 2005, an increase of 1 percent. Consolidated net sales were positively impacted by approximately US$2.6 million due to the effect of converting foreign currency net sales into U.S. dollars.
The Environment Agency has given cement producer Cemex permission to use as a substitute fuel at its Rugby plant. This decision comes following a trial rigorously controlled and monitored by the Environment Agency.
According to the Environment Agency’s area environment manager, Ian Withers, the agency is satisfied with the trial’s results. “We have studied the report and the results of the tyre trial in great detail before coming to this decision,” he said. “We are satisfied that Cemex has met the requirements of its Permit and can now burn tyres in accordance with the conditions in the Permit.
Michelin has joined forces with world-renowned football brand Umbro for the development of football related products. The first such product to come out of this union is a new type of football boot, the X Boot III. Featuring what has been dubbed ‘touch control’ technology, the X Boot III is made from a unique material that, when combined with the suede strike area of the boot, results – according to tests conducted in lightly wet conditions at Liverpool John Moore’s University – in up to a 90 per cent improvement in control, touch and striking accuracy.
(Akron/Tire Review) Snap-on won seven 2006 Technicians’ Choice Awards from global consulting company Frost & Sullivan. The awards, which measure the tool preferences of automotive technicians in the U.S. and the U.K., will be formally presented at Frost & Sullivan’s annual 2007 Best Practices Awards Banquet on Feb. 7 in Anaheim, Calif.
Introduced last year to meet growing demand from users of articulated dump trucks (ADTs), the OTR 750/65 R25 remould is reportedly returning excellent ‘hours per mm’ and ‘cost per hour’ figures.
(Akron/Tire Review) SEMA announced that it’s upcoming Spring Expo and Off-Road Show will be enhanced with the addition of several educational seminars geared to installers and retailers. Set for Mar. 23-24, 2007 at the Cobb Galleria Centre in Atlanta, Georgia, the Spring Expo and Off-Road Show is open to all automotive retailers.
BEN, the automotive industry charity, is facing a deficit of up to £750,000 in its financial year to 31 March after tough market conditions, a drop off in legacy donations and plant closures like Longbridge and Ryton hit its fundraising income. Already BEN has been forced to close its Palliative Care Unit at its Alexandra House care centre in Southport, a move that will cut costs by £150,000 per year through staff redundancies and internal changes.
Forbes magazine has ranked Michelin as the world’s fifth most reputable company. The American business magazine has published the results of a survey conducted by the New York based consulting firm Reputation Institute. Thirty thousand people worldwide were interviewed as part of the survey, with each company being assessed by participants from the company’s home country.
Of the 600 companies from 25 countries included in the survey, Michelin received a score of 83.79 out of a possible 100, coming in behind Barilla Holding (87.79), Lego (86.58), Lufthansa (84.09) and IKEA (84.09). The next major tyremaker to appear on the list was Bridgestone Corporation, ranked at number 56
Amtel-Vredestein N.V., Europe’s fourth largest producer of tyres, has announced it has sold its Amtel-Kuzbass chemical fibre plant in Kemerovo. The company had disclosed its intention to sell the loss producing Russian plant, its last remaining non-core asset, during 2006.
While the implications of this sale are still being analysed, it is thought that it will contribute a loss to company’s 2006 full year results, which Amtel-Vredestein believe will be offset by their acquisition of the Moscow Tyre Plant.
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