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The Tyre Industry Association (TIA) has announced that Jon Rich, president of Goodyear’s North American tyre business, will be the keynote speaker at the 2005 TIA World Tyre Expo.
The North American exhibition of the commercial tyre, retreading, repairing and tyre and rubber recycling industries will be held in Kentucky 20 – 22 April 2005.
Chinese car manufacturers produced 30.5% more cars in May than they did 12 months ago. In May China produced 215,000 vehicles, 10.2% less than in April. Compared with previous growth rates, 30% looks relatively meager. In April 2003 production went up more than 42% and February 2003 saw a staggering 62% increase. To put number this into perspective, figures for March show that UK car production rose by only 7.4% to 163,123 units.
The 8th Moscow international specialised exhibition for the tyre and rubber industry will take place at the Expocentre, Moscow from the 1st to the 4th of February 2005. With analysts predicting an annual growth rate of between 15 and 20 percent over the next 4 years the Russian tyre market presents fertile ground for investment and commercial evelopment. This show serves as a shop window and offers a meeting forum for Russian and international companies.
For further information contact:
Alla Shevchenko
Maxima International Exhibitions
Office 219
3, Profsoyuznaya Street
Moscow 117036
Russia
Tel: +7 095 1247760
Fax: +7 095 1247060
Email: shevchenko@maxima-expo.ru
Web: www.maxima-expo.ru
On 10 June Continental announced that it had reached the 50% mark in its planned takeover of Phoenix. “With 50.02% we have already attained a majority interest and feel that our confidence in procuring over 75% of the shares as targeted has been affirmed,” said Manfred Wennemer, chairman of the Continental executive board.
The company believes that the proposed merger of the two companies is good “industrial logic” and that it has offered Phoenix shareholders a good price. Following sales of around 1.8 billion in 2003 Continental’s ContiTech division see the move as a step towards strengthening its position as one of the world’s leading rubber and plastic technology specialists.
Cooper Tire and Rubber Company has announced that Michael Cati will be the company’s new director of sales and marketing for Asian operations. This means that Mr Cati, who was European marketing manager until recently, will now be responsible for sales and marketing in China.
Mr Cati originally joined Avon Tyres shortly before Cooper Tire and Rubber Company acquired it in 1997 after graduating from the school of European Business studies at Swansea University. During this time he was a territory sales manager in Europe and was responsible for achieving operational improvements at Cooper-Avon, France.
Cooper Tire and Rubber Company and its subsidiary company, Oliver Rubber won a 10-year contract to retread US Postal Service tyres across the United States. Oliver Rubber produces and distributes tread rubber and retreading systems through a large network of licensed dealers. The company plans to use this network exclusively in order to service the 208,000 vehicles that the Postal Service maintains. 142,00 of these vehicles are considered long-life vehicles, which will undoubtedly provide additional retread opportunities for the company.
“The Postal Service speculates that they are currently using retreads on 20 percent of their fleet; however, they want to increase that number to 70 percent,” said Phil Boarts, Oliver director of retread sales and marketing.
“While the size of this whole project seems to be growing daily, we are making good progress in learning what we need to know about the current Postal Service operations,” continued Boarts.
The company plans to use precure and mold-cure technologies. Mold-cure technology will be employed on the majority of long-life vehicles and will, according to the company, “allow for improved ride characteristics.”
Following the news that Continental was going to sell its agricultural division to Czech Rubber Group (CSG), the company has issued a statement confirming that it will sell the agricultural wing. Continental would prefer the transaction to be seen as an exercise in cooperation between the two companies rather than a sale, but it is clear that this event is part of Continental’s ongoing strategy to focus on what is at the core of their business.
The CSG Group plan to integrate the ex-continental wing into its own tyre division.
Tyres and Accessories have been reliably informed by industry insiders that Continental has sold its agricultural tyre division to Czech Rubber Group. The Czech company has refused to give official confirmation but a Continental spokesperson is due to release a statement later today.
The Goodyear Tire & Rubber Company announced today that the lenders under its principal United States and European credit facilities have amended the terms of the facilities to extend until June 30 its deadline for filing its Form 10-Q for the first quarter of 2004 with the Securities and Exchange Commission. Accordingly, the delay in filing its first quarter financials will not prevent Goodyear from accessing the credit facilities or obtaining letters of credit.
Alcoa (NYSE:AA) announced that effective immediately Kevin B. Kramer, 44, has joined the company as president of Alcoa Cast Auto Wheels. He is responsible for the development and growth of Alcoa’s cast auto wheel business worldwide. Alcoa currently produces cast aluminium auto wheels at plants in the U.S., Canada, Venezuela and Italy. Alcoa’s cast auto wheels are found on numerous automobiles and light trucks worldwide. Kramer will be located at the Alcoa Automotive, Aerospace and Commercial Transportation office in Cleveland, Ohio.
The Yokohama Rubber Co., Ltd., announced that it reached an agreement to license ExxonMobil Chemical Company, a division of Exxon Mobil Corporation of the United States, technology in connection with the Yokohama Advanced Liner (YAL), a new patented inner liner for automotive tyres. In addition, Yokohama and ExxonMobil Chemical are combining their respective expertise in the field to improve and advance the performance of YAL. The agreement also grants ExxonMobil Chemical rights to commercialize and globally market YAL related materials in the future.
Richard J. Kramer, senior vice president, strategic planning & restructuring for The Goodyear Tire & Rubber Company, has been named executive vice president and chief financial officer effective June 1. Kramer (40) replaces Robert W. Tieken, who will retire on May 31. Tieken (65) has been Goodyear’s CFO since May 1994.
The Japanese tyre manufacturer has reported good 1st quarter figures. Demand was better than expected, exports are booming and price increases seem to have stuck. All reasons for Deutsche Bank to recommend the shares as a “buy”.
The Yokohama Rubber Co., Ltd., announced its consolidated results for fiscal 2004, ended March 31, 2004. Owing in part to favorable export sales, net sales increased 0.3%, to 401,718 million yen. However, operating income declined 9.1%, to 21,073 million yen, owing mainly to an increase in the volume of tire exports and higher prices for shipping and raw materials, such as natural rubber. Ordinary income decreased 8.2%, to 17,258 million yen. On the other hand, a tax reduction helped boost net income 1.8%, to 10,331 million yen.
The Yokohama Rubber Co., Ltd., at the Meeting of its Board of Directors, decided the following changes in directorships and the introduction of the position of Corporate Officers, to become effective upon approval at the General Meeting of Shareholders to be held on June 29, 2004.
Promoted Director and Corporate Officer (Current position):
Yasuo Tominaga, Chairman and Representative Director(President and Representative Director)
Tadanobu Nagumo, President and Representative Director (Executive Director)
Keigo Ueda, Director and Senior Managing Corporate Officer(Managing Director)
Takashi Sugimoto, Director and Senior Managing Corporate Officer (Managing Director)
Toshihiko Shiraki, Managing Corporate Officer (Director)
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