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The Hindu Business Line newspaper has given Apollo Tyres its ‘buy’ rating. Though the performance of the Indian tyre companies have not been overly impressive in recent quarters, the situation is likely to improve, the report added, suggesting that Budget proposals along with the price hikes effected in the past would have a positive impact on tyre companies’ earnings.
(Texarkana/Tire Review) Talks between Cooper Tire & Rubber Co and members of USWA Local 752 at Cooper’s Texarkana, Arkansas, tyre plant reportedly broke off 14 March, leaving the passenger and light truck/SUV tyre plant operating on a skeleton crew as union workers picket outside.
Watts Industrial Tyres has won two of the Fork Lift Truck Association’s (FLTA) Annual Awards for Excellence. Watts Industrial Tyres received the ‘Environment’ award, which recognises the progress Watts has made in the difficult field of ‘Solid’ tyre recycling. Watts now has a number of programmes in place that enable its tyres to be either ‘Remoulded’ or processed into ‘rubber mulch’ for equestrian and playground use and also into rubber crumb to be re-manufactured into a variety of rubber products.
In 2004, Sumitomo Rubber Industries reported an operating income of 45,526 million yen (£227 million) compared with 37,765 million yen in 2003, up roughly 20 per cent. The company’s net sales rose 4.5 per cent to 470, 562 million yen (£2.34 billion) in 2004 from the 450,490 million yen the company raised the previous year. The company’s tyre segment contributed to 76 per cent of the company’s total turnover. This section reported that it had an operating income of 32,899 million yen (£164 million), an improvement on the previous year’s figure of 31,207 million.
(Akron/Tire Review) The Goodyear Tire & Rubber Co announced that its net sales for 2004 were a record $18.4 billion, an increase of 21 per cent over 2003. Tyre volume in 2004 was 223 million units, which was up 5 per cent from 2003. Goodyear’s net income in 2004 was $115 million, compared to a net loss of $807 million in 2003. The company estimated that raw material cost increases negatively impacted 2004 earnings by $280 million but that currency translation had a positive impact of approximately $30 million.
(Akron/Tire Review) Workers at Cooper Tire & Rubber’s Texarkana, Arkansas, tyre plant remained on strike today, as talks between the tyre maker and United Steelworkers of America (USWA) negotiators are said to be continuing. USWA represented employees walked off the job 12 March when their contract with Cooper, which had been extended from an earlier 6 March deadline, finally expired.
Euro Car Parts has announced a new addition to its XTR alloy wheel family. The Sabre, complete with Hyper Silver Finish, is available in 15 inch to 18 inch sizes and joins the Jagged, Revolve, Phaze and Coast in the XTR alloy range (prices start from £233.95 for a 15 inch set to and £304.95 for 17 inch models). All XTR wheels are available as wheel and tyre packages, with a choice of rubber to suit all pockets. The price includes chrome valve caps, balancing and tyre fitting.
Tyres & Accessories is pleased to announce that it has extended its editorial cooperation agreement to include magazines from South Africa (Southern Africa Treads), Asia (Rubber Asia) and Australia (Australian Tyre Dealer). The enhanced group, together with existing partners, Tire Review, NeueReifenZeitung and Tyres & Accessories now have a unique partnership designed to further enhance each magazine’s ability to provide its readers with high quality global information.
(Akron/TR) Union workers at Cooper Tire & Rubber Co’s Texarkana, Arkansas, plant walked off the job on Saturday night after failing to gain a new contract covering the passenger and light truck/SUV tyre plant. Texarkana workers, represented by the United Steelworkers of America (USWA) Local 752, went out on strike at midnight when their previous contract expired. The USWA had apparently received a proposed contract offer from Cooper, but did not put the offer to a vote before walking out. Cooper officials said they are hopeful that “talks will continue toward resuming production as quickly as possible.”
(Akron/TR) Goodyear Tire & Rubber has sold its closed tyre mould plant in Stow, Ohio, to an Akron area developer. Albrecht Inc, a commercial real estate developer that owns and operates a number of shopping centres in the Greater Akron area, bought the 106-acre site for $4.5 million, said Goodyear. The purchase includes land and a 131,500 square foot factory building, at which Goodyear produced tyre moulds from its opening in 1969 until it was closed in 2002.
Penske Truck Leasing has named The Goodyear Tire & Rubber Company as 2004 Tire Supplier of the Year. Goodyear supplies Penske with a variety of truck tyres, including replacement and retreaded. In 2004, Penske extended a primary supplier agreement with Goodyear until at least 2008.
Bowing to investor pressure, Goodyear Tire & Rubber Co will allow shareholders to decide whether its board of directors should stand for election every year, rather than in staggered, three-year terms, the Akron Beacon Journal has reported. That move would give shareholders the power to vote out the whole board in one go, rather than decide the fate of a minority of directors each year.
The new year, or at least the new financial year, will give the Indian Tyre industry something to cheer about. That is since the government published its Central Budget for 2005/2006 financial year and the and excise and customs relief that came with it, Rubber Asia reports.
(Akron/TR) Finalists have been selected for Goodyear Tire & Rubber’s Highway Hero Award, given to a professional truck driver who shows heroism in his or her work. Journalists from the trucking industry are voting for the one driver who will be selected as the 2004 Goodyear North America Highway Hero and presented the award at the Truck Writers of North America annual banquet, Goodyear said.
This year the General brand is celebrating its 90th anniversary, while Toyo Tire & Rubber Co will enjoy its 60th birthday this summer. At the same time Yokohama Tire Corp is celebrating its 35th year of doing business in North America. 2005 must be the Year of the Tyre Company, writes Tire Review.
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