Tyres can’t function without this critical raw material. Whether its natural or synthetic rubber you are interested in, articles bearing this tag feature this indispensable polymer.
Dr. Yuefeng Xie, associate professor of environmental engineering at Penn State Harrisburg, has developed a method that uses crumb rubber to filter wastewater, the US university has reported. “My research has found that crumb rubber, derived from waste tyres, can be used as a filter media,” Xie explains. “The crumb rubber could be used for treating wastewater, ship ballast water, and storm water.”
Only weeks after it emerged that Continental was discussing a possible purchase of Slovakian tyremaker, Matador Rubber, reports have surfaced that Continental’s eastward movement could now include purchasing the majority stake of Amtel-Vredestein. According to Russia’s Kommersant newspaper, Amtel-Vredestein (AV) managing director Alexei Gurin recently initiated discussions with Continental AG and the company could sell a majority stake to the German company as soon as spring 2007. For its part AV confirmed it has held discussions with Continental “in relation to possible areas of cooperation in Russia.” A Continental spokesman at the company’s Hanover headquarters also confirmed that talks between the two companies had taken place.
The Goodyear Tire & Rubber Company said that it intends to commence an offering of approximately $1 billion aggregate principal amount of three-year and five-year senior notes subject to market and other customary conditions. The notes will be senior unsecured obligations of the company. Goodyear intends to use the net proceeds from this offering to repay at maturity $515 million principal amount of its existing notes due December 1, 2006, and March 1, 2007. The company will use the remaining cash for general corporate purposes, which may include addressing the continuing strike by the United Steelworkers union.
(Akron/Tire Review) According to the Army Times, Cooper Tire & Rubber Co. is recalling an unknown number of Cooper Lifeliner Touring SLE radials sold through Army & Air Force Exchange Service stores in Europe. The H- and T-rated tyres, according to the report, may have a nonconforming belt wire coat stock that could lead to belt wire corrosion. Cooper said it will replace the tyres for free, the Army Times reported.
Pirelli & C. SpA’s Pirelli Tire division achieved sales growth exceeding 10 per cent in the first nine months of 2006 and increased results from operations compared to the previous year. This performance was obtained despite the significant rise in raw material costs, which penalised the entire sector. Revenues were 2,990.6 million euros, up by 10.5 per cent compared to 2,706.9 million in the same period of 2005 (+7.3 per cent net of exchange rates).
Cooper Tires has been confirmed as the sole supplier of rubber for Western Power Distribution’s fleet of Ford Ranger 4×4 vehicles. The fleet of 80 vehicles will be fitted with Cooper Discoverer ST tyres, helping WPD to service its 2.5 million customers in South West England and Wales. The contract is Cooper’s first with a major UK utility company.
Michelin shares reached their highest price in 17 years following JPMorgan’s decision to rate the manufacturer as “Outperform.” Michelin stock in Paris rose 1.15 euros (£0.77, $1.47), or 1.8 per cent, to 65.50 euros (£44.31, $83.84). The shares are up 38 per cent this year, valuing the company at about 9.39 billion euros (£6.35 billion, $12 billion). Houchoise also commented that the company’s staffing level is currently “30 per cent too high.”
The Yokohama Rubber Co., Ltd., has announced that Yokohama Tyre Vietnam Inc., held the groundbreaking ceremony for its new industrial and mini-spare tyre plant at the planned construction site in the Vietnam/Singapore Industrial Park in Binh Duong Province, Vietnam, on 31 October 2006. A total of 90 people including those from Vietnam government offices, Japan-based manufacturers, banks and The Yokohama Rubber Co., Ltd. participated in the ceremony. In his remarks, Tooru Kobayashi, director and corporate officer of The Yokohama Rubber Co., Ltd., said:
(Akron/Tire Review) Despite rumours floating around the SEMA Show floor last week, Goodyear Tire & Rubber Co. says it remains fully committed to its Kelly-Springfield brand and Kelly dealers. Goodyear said any rumours to the contrary “are simply not true.” “Goodyear believes, as do its dealers, that the Kelly brand is a very strong and viable brand,” and that it “retains appeal with consumers, and is widely known in many regional markets and with our dealers.”
Cooper Tire & Rubber will pay out a quarterly dividend of 10.5 cents per share on common stock (payable 29 December 2006) to stockholders of record at the close of business 1 December 2006. This will mark the 139th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.
(Akron/Tire Review) Will they or won’t they? That’s the big question heading into the sixth week of the United Steelworkers strike against 16 Goodyear plants in North America. Goodyear stated 9 November that it was sending its negotiating team back to Cincinnati, and that the company was “willing and prepared to resume formal bargaining with the United Steelworkers at any time.” While the USW applauded Goodyear’s return to the Queen City, it did not commit to resuming contract negotiations. “We are pleased that the company has apparently come to its senses and will return to the table,” said Tom Conway, USW International vice president. “We stand ready to bargain a fair labour agreement, as we always have, and assume by this announcement that the company has abandoned its destructive position on closing plants and slashing health care.”
Bridgestone UK has donated a set of tyres for a charity auction in aid of Children in Need. The rubber contributed to a total of more than £12,000 towards this year’s appeal after they were sold under the hammer by BBC Worldwide Magazines Production department.
Export orders worth more than £1 million for a new range of vulcanised rubber granules specifically developed for sports surfaces and playgrounds have been announced by Rosehill Polymers of Sowerby Bridge, West Yorkshire. The US, Scandinavia and Spain are said to be booming markets for Rosehill’s TPV Inplay and TPV Infill products where sports clubs, schools and local authorities are using them to construct synthetic sporting surfaces and recreational playgrounds.
Immediately following the news that Goodyear would publish details of the progression of its negotiations with the United Steelworkers on a special website (www.goodyearnegotiations.com), the manufacturer published a copy of the letter it posted to the homes of all striking Goodyear Steelworkers in the US beginning on 8 November, along with a summary of the offer Goodyear made to the USW on 27 October.
Goodyear stock soared more than 16 per cent on 9 November after beating expectations with news about its quarterly earnings and sales. At the close of trading on the 9 November share traded on the New York Stock Exchange were valued at $17.67 per share.
Cooper Tire & Rubber Co. reported a $25 million net loss in the third quarter of 2006 despite quarterly sales improving 28 per cent to $716 million. Through the first nine months of 2006, Cooper posted a net loss of $51 million against sales of $1.9 billion, up 22 per cent versus the same period of 2005. Sales at Cooper Europe reached $80 million, up more than 14 per cent compared to the same period last year. The increase in European sales is said to have been the result of approximately 3 per cent higher unit volume, the impact of prices increases and favourable exchange rates.
Cooper said the quarterly loss was due to a number of factors, including costs associated with North American inventory adjustments; $5 million in severance paid to former chairman, president and CEO Tom Dattilo; expenses related to closing its Athens, Georgia, plant; and the restructuring of its European operations.
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