China to Issue New Regulations on Tyre Industry
On 1 October the Chinese government will publish new rules on the management of the development of the tyre industry, according to the China Rubber Industry Association (CRIA).
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Goodway to Acquire Big Wheel
Product NewsRubber compound manufacturer and tyre retreader Goodway Integrated Industries Bhd expects revenue to grow by 40 per cent, or about 10 million euros, in two years, upon acquiring a 100 per cent equity interest in Sabah-based retreading company, Big Wheel Holdings Sdn Bhd for 5.3 million euros, according to Business Times (Malaysia). With Big Wheel’s acquisition, Goodway will start producing between 4,200 and 4,500 pieces of solid tyres next year.
Toyo Tires: First Quarter Results
Product NewsToyo Tire & Rubber Co. Ltd. announces its consolidated business results for the first quarter of FY2005 (from April 1 through June 30, 2005). Net sales were 523.9 million euros (an increase of 13.9% from the same period of the previous year); operating income was 23.3 million euros; ordinary income was 26.1 million euros; and net profit totaled 5.3 million euros.
Goodyear in Chicago Reviewing Creative, Media Accounts
Product News(Akron/Tire Review) Goodyear Tire & Rubber Co.’s Chicago location is evaluating its U.S. marketing strategy, which may include a review of creative and media assignments. Arnold in Boston and Media Planning Group in New York are the current firms retained by Goodyear. They were both invited to the discussions but have not decided if they will participate, according to reports.
Prompting the evaluation was the appointment of Joseph Viselli as marketing director for Goodyear, which occurred about six months ago. Along with the creative and media evaluation, Goodyear is likely to review other services, such as public relations and interactive chores, reports stated.
TIA Announces Hall of Fame Inductees
Product NewsThe Tire Industry Association (TIA) has announced the 2005 inductees into the Hall of Fame. These are Eugene Beck Jr., president of Beck Tire International and John Sieff, retired president of S&M Tire Company and Mr. Tire Service.
Bridgestone Australia – Turnover Down, Profits Up
Product NewsBridgestone Australia has released its financial results for the first half of 2005. Turnover is down 2.6 per cent to A$ 262.3 million (1H 04 A$ 269.2 m) but profits after tax and expenses rose by 20.8 per cent to A$6.6 m (1H 04 A& 5.4 m).
Dunlop Becomes National MotorWeek Series Sponsor
Product News(Akron/Tire Review) Goodyear Tire & Rubber Co.’s Dunlop brand has signed on as sponsor of the award-winning PBS automotive series MotorWeek, joining Stanley Works as the show’s second national sponsor.
Andy Traicoff, director of Dunlop, said the company added MotorWeek to its media mix to promote the 2005-2006 Dunlop Drivers Cup and to increase brand awareness for Dunlop Tires, already popular among performance car enthusiasts.
“Faced with increased competition for marketing dollars, we targeted MotorWeek to reach automotive enthusiasts who are likely to participate in racing, and to reach the ‘in-the-know’ driver,” said Andy Traicoff, director of the Dunlop brand. Traicoff said Dunlop added MotorWeek to help promote the 2005-06 Dunlop Drivers Cup and to increase brand awareness for Dunlop Tires.
MotorWeek is the original automotive TV “magazine series,” and has been on the air since 1982.
Bridgestone: Smaller OP Drop Than Expected
Product NewsTyre maker Bridgestone Corp. said on Tuesday first-half operating profit edged up despite higher raw materials prices, and it lifted its full-year forecasts citing robust sales of high-end products. The higher forecast was expected after Bridgestone said last month it would likely post a smaller drop in 2005 operating profit than first thought thanks to brisk demand for tyres that offer higher safety or help raise fuel economy.
Goodyear Sells Plantation to Bridgestone
Product NewsGoodyear Tire & Rubber has completed the sale of its 95 per cent stake in Goodyear Sumatra Plantations to Bridgestone Corporation. The price was around $62 million.
Sumitomo Rubber Raises Forecasts
Product NewsSumitomo Rubber Industries has revised upwards its forecasts for its half year financial results, which are due to be published this Friday. The reasons for the upbeat revision are better-than-expected tyre sales at home and overseas, plus benefits gained from price rises during the period.
Goodyear Looks For Bigger Launches
Product News(Akron/Tire Review) Goodyear Tire & Rubber Co. is looking to launch a number of new products by the end of this year that will be “more impactful” than its already popular Assurance and upgraded Fortera and Wrangler lines. So said Bob Keegan during a briefing with analysts after revealing the company’s first half results. While he would not elaborate, Keegan told analysts, “We have more impactful products that will be introduced later this year.” Goodyear said sales of its Assurance line are well ahead of last year’s, and its revised Fortera and Wrangle light truck/SUV tyres are selling faster than its Assurance tyres.
Titan CEO Says He’ll Buy Plant With or Without Union
Career Tracks(Akron/Tire Review – Freeport Journal-Standard) Following months of virtual silence about the future of Freeport’s Goodyear Tire & Rubber Co. plant, among the region’s last major source of good-paying industrial jobs, the CEO of Titan International Corporation Wednesday drew a rhetorical line in the sand, saying that while he wants to negotiate in good faith with the local United Steelworkers of America, Titan is in no mood for protracted talks or costly demands.
Goodyear Earnings Double
Product NewsGoodyear Tire & Rubber has reported second quarter results which show net income more than doubled to $69 million. The company explained that price increases and an improved product mix helped to offset raw material prices. In addition the favourable impact of currency translation is said to have added about $108 million to the sales total.
Cooper Opening New DC in Texas
Product News(Akron/Tire Review) Cooper Tire & Rubber Co. is set to open a new 400,000-square-foot distribution center in Grand Prairie, Texas. The new facility, said Cooper, will improve its service to customers in the Southwest, South and Midwest regions of the US.
Amerityre and Ace Products Agree Licensing Deal
Product NewsAmerityre Corporation. Richard Steinke, president and CEO of Amerityre Corporation, today announced that Amerityre has entered into a non-binding memorandum of understanding with Ace Products, LLC, for a proposed transaction involving the licensing of certain technology and the sale of certain manufacturing equipment and inventory.
