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Strikes begin at two Kumho plants

Unionised workers at Kumho Tire’s Gwangju and Gokseong factories in South Korea have gone on strike, the Yonhap News Agency reports. According to Yonhap, the workers’ union said a general strike began on 16 August in order to secure higher wages; a walkout took place in the Gwangju plant at 6:30am and half an hour later in Gokseong. The news service shares that the strike follows the end of a union-led partial walkout by 3,100 workers that lasted a month and also centred on wage and “other outstanding differences.”

16th August 2012/by Tyrepress Editors

Goodyear supply to US sprint series winding up

Goodyear Tire & Rubber shares that its role as official tyre supplier to the US-based World of Outlaws Sprint Car Series will end after the 2012 season. Announcing the decision on 14 August, GoodyearRacing marketing manager Justin Fantozzi said “for three years, Goodyear’s high quality tyres have helped to maintain the World of Outlaws Sprint Car Series as the most exciting and competitive series on dirt. We wish the World of Outlaws continued success in the future.”

15th August 2012/by Tyrepress Editors

Terms agreed for Titan Europe share offer

News of Titan International’s moves to acquire Titan Europe PLC has been public for about a month now, but to fulfil Rule 2.7 of the Takeover Code, the company announced on 10 August its formal acquisition offer. In a statement, Titan International reports that agreement has been reached between the board of Titan International and the independent directors of Titan Europe on the terms of a recommended share offer for Titan Europe’s entire issued and to be issued share capital.

13th August 2012/by Tyrepress Editors

JK Tyre an “attractive bet”, says analyst

An analyst in India opines that JK Tyre & Industries is currently a very good investment, and he states that shares in the company may be capable of achieving gains as high as 40 per cent over the coming half year or so. Aashish Tater, head of research at Kolkata-based Fort Share Broking, told Indian business news broadcaster CNBC-TV18 that there is a “bullish call” on the tyre sector, and he named Goodyear India and JK Tyre & Industries as the broker’s “prime picks.” Tater particularly feels that the second of these offers opportunities for investors.

7th August 2012/by Tyrepress Editors

Analysts: Michelin results ‘impressive’

Michelin’s EBIT result of 1.3 billion euros beat market expectations by a huge 14 per cent, according to financial analysts. At the same time the company also announced a virtually unprecedented margin of 27 per cent in its Specialty Tyre division.

30th July 2012/by Tyrepress Editors

Titan International proposes £115 million all-share offer for Titan Europe

Titan International is proposing an all-share offer for Titan Europe valued at more than £115 million. The deal amounts to one Titan International common share per 11 Titan Europe ordinary shares. According to the convoluted language of the official statement disclosing the proposed offer, Titan International is after not less than 51 per cent of Titan Europe shares and 51 per cent of its voting rights. The company already holds 21.67 per cent.

26th July 2012/by Tyrepress Editors

Schrader produces 200 millionth TPMS sensor

Schrader shares that it has reached the milestone of producing its 200 millionth TPMS sensor. The sensor was produced at Schrader’s Antrim plant in Northern Ireland, and the company says it marked an “important date” in Schrader’s history.

25th July 2012/by Tyrepress Editors

Analysts on Pirelli results: ‘No warning in sight’

While seeking to allay fears that Pirelli will miss its targets when the Italian-based tyre manufacturer releases its second quarter figures on Thursday, financial analysts have suggested that Pirelli shares are overweight and that a price correction is “overdue.”

24th July 2012/by Tyrepress Editors

Titan makes European operation takeover approach

The odd ownership dance between Titan International and Titan Europe has kicked up again, with new reports that the US company has made an offer for some or all of the shares in the European operation.

In an official statement from the company, the board of Titan Europe acknowledged recent press speculation to this effect and confirmed that it has received an approach from Titan International Inc, which “may or may not lead to an offer being made for the whole of the issued share capital of the company.

17th July 2012/by Tyrepress Editors

Marangoni promises premium alternative with Black Line

This autumn Marangoni Retreading Systems will launch a new product range it says will be “a real alternative” to premium new tyres. The Ringtread Black Line line-up, the Italian manufacturer shares, is the result of “massive investments by Marangoni in the most modern mixing and ‘moulding’ technologies to ensure extremely efficient and automated production.”

13th July 2012/by Tyrepress Editors

Pirelli Egypt workers gain presidential ear

A sit-in involving some three hundred workers from Pirelli’s factory in Alexandria, Egypt, ended after assurances were made that their grievances would be presented to Egypt’s newly sworn in President, Mohamed Morsi. The Egypt Independent shares that the workers staged the sit-in in front of the presidential palace in Cairo on 5 July to protest against alleged violations of labour laws.

6th July 2012/by Tyrepress Editors

TPMS rendered useless by apathetic component

Kwik Fit has identified a weak link in the tyre pressure monitoring systems fitted to modern vehicles – and that weak link is, it appears, you and I. The retail network commissioned a study to investigate motorist responses to vehicle warning lights – and discovered that almost a half of all drivers don’t know what a tyre pressure warning light means.

4th July 2012/by Tyrepress Editors

Bridgestone Americas receives WHC award

US-based organisation the Wildlife Habitat Council (WHC) has awarded Bridgestone Americas’ director of environmental affairs, Tim Bent, its President’s Award. This is only the eighth time the award has been presented during the WHC’s 24-year history, and Bridgestone shares that it was given in honour of Bent’s “outstanding contribution to preserving and protecting the environment for future generations, while leading the commitment of Bridgestone Americas, Inc. and its employees worldwide on projects demonstrating contemporary approaches to environmental stewardship and conservation education at corporate sites worldwide.”

3rd July 2012/by Tyrepress Editors

RMA survey – the US is an underflation nation

Much is said about the so-called ‘special relationship’ Britain shares with the United States, and surveys carried out by the US-based Rubber Manufacturers Association shows that our affinity extends to mutual apathy when it comes to tyre care. The RMA surveys produced similar results to studies conducted by TyreSafe and other organisations on this side of the pond; the industry association found that only about one in six vehicles boast four correctly inflated tyres and only 15 per cent of drivers actually know how to properly check tyre pressure.

21st June 2012/by Tyrepress Editors

Transense signs Saudi Arabia deal

Shares in Transense Technologies rose on Friday 15 June after the sensor systems maker announced its trading division secured a strategic distribution deal with a Saudi group. The group told investors that its IntelliSAW business, a provider of wireless sensor systems for smart grid applications, has entered into a strategic distribution agreement with the energy projects and services division of Saudi Arabia’s Al Mashariq Trading and Contracting Co. The company also makes systems and tools for use in tyre TPMS and RFID applications.

18th June 2012/by Tyrepress Editors