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Cooper Withdraws Third Quarter Guidance

Cooper Tire & Rubber Company today issued a statement advising that it has withdrawn its guidance for expected earnings in the third quarter of 2005. The company cited various market and company specific factors that changed materially from management’s assumptions at the original guidance was issued on 2 August 2005. These factors included softer industry demand in the North American replacement tire market, which led to lower than anticipated sales; changes in raw material costs; higher shipping and transportation costs; and higher energy costs. Cooper said it will provide additional detail on its operations and the impact of these factors when third quarter results are finalised and reported to the public on 8 November 2005.

18th October 2005/by Tyrepress Editors

Titan Buyout Deal Surprises USW

(Akron/Tire Review – Freeport Journal Standard) The $18 per share “cash merger” offer by an New York private equity firm for Titan International apparently caught the United Steelworkers (USW) well off guard, leaving the national union and its Freeport, Illinois, local scrambling for information.

17th October 2005/by Tyrepress Editors

Bridgestone Opens Guangzhou Urethane Foam Plant

Bridgestone Corporation has officially opened a plant that produces urethane foam for automobile seats in China. The operator of the plant is Guangzhou Bridgestone Chemical Products Co., Ltd., a joint venture company for the manufacture and sale of urethane foam for automobile seats located in Guangzhou City. Bridgestone set this facility up together with the automotive components arm of Guangzhou Automobile Industry Group Co, Ltd on 5 July 2004.

14th October 2005/by Tyrepress Editors

Advan Sport Approved for Porche 911 Carrera

The Yokohama Rubber Co., Ltd. has announced that its Advan Sport (V103S) tyre has been approved as original equipment tyres for the new 911 Carrera 4 by Porsche AG. The V103s is the latest addition to Yokohama’s ADVAN Sport flagship series. Yokohama will supply the tyres in 235/40ZR18 (91Y) for the front and 295/35ZR18 (99Y) for the rear. The new 911 Carrera 4 will be the eighth Porsche model since 1989 to run with factory-fitted Yokohama high-performance tyres.

14th October 2005/by Tyrepress Editors

Titan Gets Buyout Offer From Equity Group

(Akron/Tire Review) Titan International Inc says it has received a “cash merger offer” from a private equity group. The $18 per share offer was made, according to Titan, by One Equity Partners LLC, which is affiliated with JP Morgan Chase & Co. Based on the number of outstanding Titan shares available, the deal is likely worth about $350 million.

12th October 2005/by Tyrepress Editors

Fire at CLI

On Saturday 8th October, firefighters were called to a blaze at the Charles Lawrence International rubber recycling plant on the Brunel Industrial Estate in Newark. More than 80 firefighters and ambulance staff and 13 fire engines attended the incident.

According to BBC Radio Nottingham, a cloud of dense, black smoke was visible from five or six miles away and visibility was affected for drivers on the A1 and A46 major routes.

Despite this, no-one was injured and damage is believed to be minor, with CLI hoping that full production will be restored shortly.

11th October 2005/by Tyrepress Editors

Goodyear Opens Hose Plant in Brazil

(Akron/Tire Review) Goodyear Tire, & Rubber Co’s Engineered Products unit opened a new oil hose plant in Sao Paulo, Brazil. The $13 million plant, Goodyear’s fifth in Brazil, will have 150 employees. The plant will produce floating and submarine oil hose designed to transfer crude oil and derivatives. Goodyear announced just weeks ago that it was putting the Engineered Products unit on the sale block.

10th October 2005/by Tyrepress Editors

Cooper Debt Downgraded to Junk

Cooper Tire & Rubber’s debt rating was downgraded to junk yesterday by Standard & Poor, which cited “pressure” on the company’s earnings, reports an American news source.

The rating reflects “poor near-term earnings and cash-flow prospects,” said S&P in a statement. The downgrade to high-risk, high-yield junk affects about $720 million in debt.

7th October 2005/by Tyrepress Editors

Mixed Fortunes for US Tyre Market

There was mixed news concerning demand for tyres in the USA during September. Light vehicle tyre shipments during the month were up 2.6 per cent compared with September last year, which came as a surprise to some analysts, who were expecting sales to fall as a reaction to high fuel prices. The good news is tempered by the fact that these figures represent shipments to dealers, rather than sales to consumers.

7th October 2005/by Tyrepress Editors

Goodyear To Launch New Airship

The Goodyear Tire & Rubber Company has announced plans to launch a new airship in the spring of 2006 to be deployed to its Pompano Beach, Florida operation. The new airship has been in production for the past two years as a previously scheduled 2006 replacement for the Stars & Stripes, which has operated in Florida since 1992.

6th October 2005/by Tyrepress Editors

Goodyear, Michelin Top Magazine All-Season and Winter Tests

(Akron/Tire Review) Consumer Reports magazine has rated Goodyear Tire & Rubber Co.’s Assurance TripleTred as best overall in tests of 18 different all-season tyres. The testing was done for the magazine’s annual tyre roundup in its November issue.

5th October 2005/by Tyrepress Editors

No Deadline Extension for Titan-Goodyear Deal – Yet

(Akron/Tire Review) The deadline for Titan International to conclude its $100 million purchase of Goodyear Tire & Rubber Co.’s agricultural tyre unit has come and gone, with no word on the disposition of the deal.

Titan has twice extended the completion date for the deal, originally reached last February, because of slow moving negotiations between Titan and the United Steelworkers (USW) over a new contract for employees at Goodyear’s Freeport, Illinois, agricultural tyre plant.

4th October 2005/by Tyrepress Editors

Titan Takes Third Extension on Goodyear Deal

(Akron/Tire Review) Late yesterday morning, Titan International announced that it was extending the deadline for the completion of its planned purchase of Goodyear Tire & Rubber Co.’s agricultural tire business. The new deadline is 1 November. The previous deadline of 1 October came and went without a public announcement by the Des Moines, Iowa, tire and wheel maker. Titan said it filed for the extension on 30 September.

The extension is the third Titan has taken since it announced its plans to buy all of Goodyear’s agricultural tyre business – including its Freeport, Illinois, agricultural tyre plant – for some $100 million. As required by Goodyear’s contract with the United Steelworkers (USW) union, Titan must reach an agreement on a new contract for the plant’s 800 workers before the sale can be completed.

4th October 2005/by Tyrepress Editors

Cooper Sets Commercial Tire Sales and Marketing Posts

(Akron/Tire Review) Cooper Tire & Rubber Co. made changes to its commercial tyre group, naming Philip Boarts as director of commercial products marketing and Michael Linhart as director of commercial product sales. Boarts will be responsible for all aspects of the commercial products marketing effort including customer service, pricing, product development and retread field service. He joined Cooper from Oliver Rubber Co. in 1999 when Cooper bought the retread product supplier. Linhart, a 15-year Cooper veteran, will be responsible for all commercial product sales.

3rd October 2005/by Tyrepress Editors

Pirelli Wins In Japan

Marcus Gronholm’s Pirelli-equipped Peugeot 307 WRC, has won the all-gravel Rally Japan, round 13 of the World Rally Championship. The event came to a dramatic finish when the Subaru of Petter Solberg, which had led from the beginning, retired through a steering mechanism failure. Pirelli-shod cars dominated the action throughout all three days, setting 25 fastest times out of 26 stages with all three partner teams (Subaru, Peugeot and Mitsubishi). Gronholm, who took the lead when Solberg retired, notched up Pirelli’s 140th World Championship rally victory.

3rd October 2005/by Tyrepress Editors