Goodyear Closes Offering
Following its offering of $350 million aggregate principal amount of 4 per cent convertible senior notes, Goodyear Tire & Rubber Company has announced that is has closed the sale.
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Phoenix Share Deadline Looms
Product NewsPhoenix AG shareholders have a last chance to accept the offer submitted by Continental AG for the takeover of Phoenix AG shares. The statutory mandated deadline for acceptance of Continental’s 15 euros per share offer is 19 July.
Bridgestone Profit to Rise
Product NewsBridgestone Corporation is set to make a nine per cent gain in net profit to $891.6 million (£490.3 million) by the end of this fiscal year, according to a Japanese newspaper report.
Sumitomo Boost Falken Production
Product NewsSumitomo Rubber Industries Ltd., will increase production of Falken Tyres, Mordern Tire Dealer has reported. The company is “increasing capacity in all of our key areas,” said Richard Smallwood, Falken’s vice president of sales and marketing. Mr Smallwood continued by describing the scale of the increase in terms of units shipped, “this year we’ll be triple what we were in 1999. We have a number of large dealers who 100 per cent over last year.”
In the same interview Mr Smallwood also revealed that Sears Roebuck & Co., is again carrying Falken tyres. “Sears is a good representative of the brand,” said Mr Smallwood. “They do a good job selling our tyres and don’t create any conflict with our dealers.”
Goodyear Re-elects Directors
Product NewsGoodyear Tire & Rubber Company’s shareholders have re-elected Robert J Keegan, Rodney O’Neal and Shirley D Peterson to serve as company directors for a further three years. John G Breen was elected to serve for the final year of a three-year term on the board.
Goodyear Offers Convertible Notes
Product NewsIn an attempt to liquidate some cash Goodyear Tire & Rubber Co. has said that it will “commence an offering of approximately $150 million aggregate principal amount of convertible notes, subject to market and other customary conditions.” The company intends to use the proceeds of the sale for what it calls “general corporate purposes”, which includes “the repayment of one of the company’s revolving credit facilities.”
Goodyear Completes Purchase of Slovenia’s Sava Tires
Product NewsGoodyear Tire & Rubber Company has completed its previously announced acquisition of the remainder of Sava Tires, a tyre manufacturing company in Kranj, Slovenia.
New Michelin Pilot Activ
Product NewsMichelin has launched the new Pilot Activ as a replacement to part of its existing Macadam 50 range of motorcycle tyres.
According to Michelin the new belted crossply tyre with sports-orientated tread pattern, “offers improved manoeuvrability, better dry and wet grip, higher mileage, and improved rider comfort,” compared with the Macadam 50.
The new tyre’s tread pattern features an optimised void ratio which puts four per cent more rubber on the road compared with a Macadam 50 of the same size. Which in turn improves grip, tyre life and contributes to better stability.
To achieve the improvements Michelin revised the recently developed casing construction to improve grip in all weather conditions.
The tyre is available in seven front sizes and six rears and in H and V speed ratings.
Bridgestone supplies Runflat Tyres for Ferrari 612 Scaglietti
Product NewsBridgestone has announced that it has begun supplying Potenza RE050 RFT runflat tyres to Ferrari, for installation on the 612 Scaglietti. This will be the first model that Ferrari has equipped with Bridgestone runflats.
ECI International Updates Exhibition Statistics
Product NewsIn keeping with the current atmosphere of tyre industry trade events, exhibition organiser, ECI International, has released further statistics in response to both its Tyrexpo Asia and Brityrex International events.
Goodyear Reports Losses
Product NewsGoodyear Tire and Rubber Co., has released its delayed first quarter results, reporting record sales figures but a loss of nearly $77 million US.
Goodyear Face Price Rigging Commission
Product NewsIn what is proving to be a bad year for Goodyear Tire and Rubber Co., the company has announced that it is one of several tyre producers that are under investigation from Japan’s Fair Trade Commission for alleged price rigging.
Round Seven of the British Superbike Championship.
Product NewsAt the halfway stage of the 2004 series, Dunlop shod machines continue their success as they lead the British Championship class on the BSB calendar.
Once again Dunlop will endeavour to maintain this racing success rate at Brands Hatch Grand Prix circuit this coming weekend.
Goodyear Delay Results
Product NewsGoodyear Tire and Rubber Company, has surprised the financial community by delaying the release of its first quarter results. The results were due for release yesterday but, along with the planned investor conference, they have been rescheduled. The company is confident that it will release its financial details well before the 30 June deadline required by its creditors. In light of last year’s late release, Goodyear will also want to avoid any speculation about the reason for the delay.
Goodyear Win Innovation Award
Product NewsGoodyear’s Two-Piece Assembly was has won a Nortech Innovation Award at the 2004 award. The ceremony, held 8 June was sponsored by the Northeast Ohio Technology Coalition. Nortech’s annual innovation awards recognise companies, non-profit organisations and individuals that have been responsible for creating, developing or implementing new ideas.
