rubber Archives - Page 334 of 347 - Tyrepress

Tyres can’t function without this critical raw material. Whether its natural or synthetic rubber you are interested in, articles bearing this tag feature this indispensable polymer.

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First Quarter Loss For Goodyear

Goodyear Tire & Rubber has posted a first quarter 2003 net loss of $163.3 million, compared to a 1Q loss last year of $63.2 million. Turnover for the period was up 7.1 per cent to $3.5 billion ($3.3 bn 1Q 2002), due largely to currency translation and the loss before taxes was $135 million ($85.6 m). International tyre sales were generally good, but the tyre business in North America continued to struggle. President and CEO Robert Keegan was optimistic, however, saying that Goodyear was “aggressively cutting costs to make the business competitive.” He added: “We have much work left to do, but our turnaround is on track”.

2nd May 2003/by Tyrepress Editors

Yokohama To Boost Philippines Production Capacity

Yokohama Tire Philippines Inc. (YTP), a car tyre manufacturing and marketing subsidiary of Yokohama Rubber, is to upgrade its facilities to boost production by 25 per cent by the end of the year. The upgrade, which will cost around two billion Yen (15.1 million Euros), will boost annual capacity from two million tyres to 2.5 million. Most of the increase will be in 16 inch and larger sizes and, by the year end, it is anticipated that these sizes will account for 30 per cent of production. YTP began produc tion in 1998 and has been profitable since year one. 90 per cent of production is exported to Europe, the Middle East and ASEAN countries.

2nd May 2003/by Tyrepress Editors

Ohtsu And Sumitomo Confirm Merger

Ohtsu Tire & Rubber is to merge with its parent company, Sumitomo Rubber Industries, from 1st July. Falken brand products will be marketed independently in competition with other SRI group brands. The company ex pects growth in Falken sales and improved product supply due to synergies in all areas from production planning through to logistics.

15th April 2003/by Tyrepress Editors

Hercules director

Hercules Tire & Rubber Company has appointed Bruce Campbell to the newly created position of Director of Commercial Sales. His task will be to develop new business and increase current commercial business with Hercules stockholders, distributors and commercial tyre dealers. Mr. Campbell has an extensive background in the commercial tire business, most recently with TCI/Michelin.

11th April 2003/by Tyrepress Editors

Cooper Lowers Estimate

Cooper Tire & Rubber has reduced its first quarter earnings estimate in response to falling US demand and rising costs – industry-wide, tyre shipments in the US fell 8 per cent during the first two months of this year. The new forecast from Cooper is for net income to be between 17 cents and 21 cents a share, compared with the figure given by CEO Thomas Dattilo in early February of 26 to 31 cents a share.

1st April 2003/by Tyrepress Editors

Apollo And Modi End Production Agreement

The agreement signed last August between Indian companies Apollo Tyres and Modi Rubber, whereby the Modi factory would produce for Apollo, is off. Apollo says that its requirements for increased capacity are “being satisfied through our own expansion and through other sources.” An Apollo spokesman also said that the company “was not averse to buying into the tyre business of Modi Rubber”, providing the right deal can be struck. The Modi factory has been closed for over 18 months.

1st April 2003/by Tyrepress Editors

Goodyear Misses Deadline (Update)

Goodyear Tire & Rubber Co. has missed its Monday deadline for reporting its end of year results for 2002. The company is still in negotiations with banks over restructuring of its loans. It is currently seeking an extension with the Securities and Exchange Commission (SEC) that would give it until April 15 to file the information. However, Friday is a more impending deadline when the banks wish to complete discussions regarding the loans.Goodyear lost $203 million in 2001 and is expected to post a loss for a second year in a row.The filing with the SEC also requires companies to disclose a wide range of other audited financial data, including available cash, sales, assets, debts and capital resources. Failure to meet the extended deadline could see Goodyear facing a court order to disclose the information, along with civil fines.Goodyear said the only reason it needs an extension is because it is continuing to discuss its loan restructuring with a group of banks.

1st April 2003/by Tyrepress Editors

On-Line Auction For Goodyear Plant

DoveBid Inc., a provider of capital asset auction and valuation services, has announced it will conduct a Webcast auction for The Goodyear Tire & Rubber Company on March 19, 2003 at 9:00 a.m. Eastern Standard Time in Stow, Ohio.The auction will include the a complete tyre mould building facility including CNC machining and engraving machinery, aluminium foundry, heat treatment plant, finishing and tool room equipment. To participate in this auction, buyers may bid live via the Internet at www.dovebid.com or attend in person.

13th March 2003/by Tyrepress Editors

Steelworkers Begin Talks With Goodyear

The United Steelworkers of America (USWA) has announced that it is beginning master contract negotiations with Goodyear in Cincinnati. The talks will address contracts covering 20,000 members and 22,000 retirees across the U.S.USWA International Vice President Andrew V. Palm will lead the USWA Goodyear/Kelly-Springfield/Dunlop bargaining team. “The security of our members’ jobs, wages, benefits and retirement earnings are our paramount concern,” he stated. “We are convinced that Goodyear can return to profitability while also ensuring these basic protections. We do not intend to allow the company to restructure itself on the backs of its workers. If they don’t see us as part of the solution, it will only compound problems.”

13th March 2003/by Tyrepress Editors

Cooper Tire Buys Mickey Thompson

Cooper Tire & Rubber has purchased Max Trac Tire Co, which is better known as Mickey Thompson. Max Trac leased locations in Stow (Ohio) and Temecula (California) where it distribues tyres for specialist racing applications and off road use. Cooper acquires two tyre brands with the purchase – Mickey Thompson and Dick Cepek.Cooper Tire has supplied Mickey Thompson for a number of years, providing tyres under the Mickey Thompson and Dick Cepek names. In addition, Mickey Thompson has distributed and provided trackside assistance for Cooper’s Avon racing tyres, which are produced in Melksham, England. There are no anticipated changes in Mickey Thompson’s current relationship with suppliers of tyres, wheels or other accessories.

12th March 2003/by Tyrepress Editors

China To Deflate Rubber

Chinese government departments plan to curb the rising price of rubber on the domestic market in an effort to ease the pressure on manufacturing enterprises. The measures include proposed include; directly selling large quantities of the country’s natural rubber reserve to tyre producers, seeking possible increase of the import quota of natural rubber and avoiding the possibility of an increased import quota entering the futures market for speculation.

12th March 2003/by Tyrepress Editors

Safety Award For Pirelli

In the USA, Pirelli has received a prestigious award from the Rubber Manufacturers Association (RMA) for its “excellent” worker health and safety record over the past year. The Safety and Health Improvement Program (SHIP) award was presented to Pirelli at the RMA’s annual meeting. The award was created in 1981 to recognise advances in workplace health and safety and this year 174 plants from 29 member companies supplied data for the annual survey. Pirelli’s MIRS plant in Georgia was the clear winner with a remarkable “zero incidents” record.

5th March 2003/by Tyrepress Editors

Goodyear Gets Loan Extension

Goodyear Tire & Rubber has announced that the company has been granted an extension on its loan agreements. The waivers were due to expire on March 7, but the extension is until April 4. Goodyear has secured agreement from JPMorgan and Citigroup to underwrite a new, three-year, $1.3 billion asset-based credit facility and this, says Robert W. Tieken, Goodyear’s executive vice president and chief financial officer, “provides additional liquidity that offers financial and operational flexibility for our businesses.”

5th March 2003/by Tyrepress Editors

Goodyear’s New Global Aviation Tire Marketing Manager

Don Roulett has joined The Goodyear Tire & Rubber Company as global marketing manager for aviation tires. He replaces Jim Pickering, who has retired. Roulett joins Goodyear after 13 years with Honeywell/Allied Signal Aircraft Landing Systems, where he was program/business manager for Boeing and Airbus OEM projects and deputy general director of a Honeywell joint venture within the Russian Federation. He worked for Goodyear Aerospace in Akron from 1979 to 1982 as a development engineer. “Don’s considerable experience in global aircraft development will be a considerable asset as we continue our penetration of this market, especially overseas,” said Alex Dumm, general manager Goodyear’s global aviation tires.

26th February 2003/by Tyrepress Editors

Rubber Triumvirate Creaking

Speaking in Malaysia, on recent news that Thailand may not cut rubber supply by four per cent as previously agreed by the three key producers, Primary Industries Minister Datuk Seri Dr Lim Keng Yaik said “I hope that is a misquote. However, should it be true, there was an urgency to have a discussion with Indonesia and Thailand. After all, being the biggest producer, Thailand is benefiting more with the present high level of prices.” The three countries, which account for about 60% of world rubber production, agreed in Bali in 2001 to cut exports and output by 10% and 4%, respectively, aiming to support rubber prices.

12th February 2003/by Tyrepress Editors