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Nasdaq rejects ShengdaTech delisting appeal

A request for continued listing on the Nasdaq submitted by nano-precipitated calcium carbonate manufacturer ShengdaTech, Inc. has been turned down. According to the Nasdaq Listing Qualifications Panel determination, the Nasdaq trading of shares in the China-based company was suspended as of the opening of business on June 10, pending the formal delisting of the company's securities from the exchange. As a result the ShengdaTech’s common stock commenced trading on the over-the-counter market at the opening of trading on June 10, 2011. ShengdaTech says it intends to appeal the Panel's determination to the Nasdaq Listing and Hearing Review Council.

23rd June 2011/by Tyrepress Editors

Majority of Michelin dividend reinvested in new shares

Michelin reports that almost 60 per cent of its 2010 dividend will be reinvested in new shares. At the company’s Annual Meeting on May 13, shareholders approved the payment of a 2010 dividend of 1.78 euros per share, with a reinvestment option; between May 20 and June 7, more than 78 per cent of the company’s shareholders chose to exercise this option. The dividend reinvestment plan will result in the creation of 3.1 million new shares (representing 1.7 per cent of total capital), which will be delivered on June 20, 2011 and start trading on the NYSE Euronext Paris stock exchange the same day.

20th June 2011/by Tyrepress Editors

Mel facing court over Green Rubber shares

Mel Gibson, as we often read and hear, has struggled to keep his nose clean in recent years. From allegations of racism and homophobia to well-publicised rants, the US-born actor has become a magnet for negative media attention. But at least he’s managed to avoid the attention of Tyres & Accessories, right?

16th June 2011/by Tyrepress Editors

Maxxis investigates Team Japspeed Impreza theft

In a statement following up on the June 11 theft of the Team Japspeed 1JZ Subaru Impreza from Santa Pod Raceway, Maxxis shares it has begun an investigation into security issues arising from the incident. The tyre maker also took the opportunity to thank the many performance car fans who assisted in the search for the stolen vehicle.

16th June 2011/by Tyrepress Editors

Hankook recalls truck tyres in China

Recently Kumho announced the recall of more than 300,000 tyres in China; now it is Hankook Tire’s turn, albeit on a far smaller scale. The Korean manufacturer has recalled 246 Chinese manufactured tyres after national safety authority, the General Administration of Quality Supervision, discovered a fault on June 10. It was found that due to a design or manufacturing fault steel cord protruded through the seams of a number of inspected tyres – a defect that increases the risk of rupturing.

14th June 2011/by Tyrepress Editors

Bridgestone presents new commercial vehicle, passenger car TPMS

At this year’s eSafety Challenge, which begins in Vienna on May 30, Bridgestone will present and demonstrate two new tyre pressure monitoring systems. The patented commercial system that Bridgestone will demonstrate features a valve containing a built-in radio frequency unit that screws onto the valve stem; a passenger car version integrated to a snap-in valve will also be demonstrated.

25th May 2011/by Tyrepress Editors

DuPont acquisition of Danisco finalised

DuPont’s acquisition of Danisco has been finalised. On May 16 the chemical company reported that its wholly-owned subsidiary DuPont Denmark Holding ApS had taken on 92.2 per cent of Danisco’s outstanding shares, having paid 700 krone (£82) per share. Following the acquisition’s finalisation DuPont CEO and chair Ellen Kullman said “we are delighted that the tender has been successful and we can move on to the process of integrating Danisco into DuPont.” Danisco chairman Jorgen Tandrup added the Danish company is “very pleased that a vast majority of Danisco shareholders have accepted DuPont's offer” and commented on the two companies’ shared outlook on science and research capabilities.

18th May 2011/by Tyrepress Editors

Conti Tire Americas chief to take on non-tyre role

Matthias Schönberg, who has served as chief executive officer of Continental Tire the Americas since October 2006, is soon to leave the company’s American operation to assume management of the ContiTech Fluid Technology business unit on July 1. Schönberg will take over this Germany-based position from incumbent Hannes Friederichsen, who as of October 1 will take on management of the Air Spring Systems business unit; current manager Dr. Thomas Johannsen, who is credited for transforming the Air Spring Systems business unit from an air spring manufacturer located in Hanover, Germany into an international supplier of air spring systems with plants in six countries, has announced his impeding retirement. Mr. Schönberg's replacement has yet to be named.

10th May 2011/by Tyrepress Editors

New earthmover tyre shortage predicted

Just a few years since the last earthmover tyre shortage peaked industry sources are predicting another squeeze on the production of some of the biggest tyres there are. Last time the problem centred on simple supply and demand, but since then the likes of Michelin and Bridgestone have invested hundreds of millions investing in production. This time the root causes seem to be the delay between investment and construction of new capacity and continuing demand, complicated by the earthquake in Japan.

14th April 2011/by Tyrepress Editors

New private brand ‘inter-seasonal’ tyre launched?

Having witnessed the ascendency of private brands and exclusive budget labels in numerous European markets, the team at Tyres & Accessories has decided to pool its vast industry knowledge and release its own private tyre label. Known as ‘Tyrepress’, a subtle nod to the popular website the United Kingdom based company operates, this new range includes summer and winter sizes along with – in a European first – fitments specifically designed for spring and autumn use.

1st April 2011/by Tyrepress Editors

Goodyear offers mandatory convertible preferred stock

On March 28, Goodyear Tire & Rubber announced a public offering of 8.7 million shares of its mandatory convertible preferred stock, with a price of US$50 a share. In addition, the underwriters have an option to purchase up to an additional 1.3 million shares of mandatory convertible preferred stock. The offering is expected to close on March 31, 2011, subject to customary closing conditions.

30th March 2011/by Tyrepress Editors

Schaeffler reduces debts, increases direct Conti stake to 49.9%

Schaeffler Group has confirmed a series of measures re-financing the company by reducing detbs by around 2.8 billion euros and re-positioning itself in relationship to Continental AG. Following a string of news reports suggesting the moves were on the horizon, the company issued a statement on 28 March confirming it is selling approximately 29.7 million indirectly owned shares in Continental AG, increasing its directly owned stake from 42.2 to 49.9 per cent and is converting into a stock corporation (from Schaeffler GmbH to Schaeffler AG) this year. Continental shares reportedly rose 1.6 per cent during trading on Monday 28 March in response to the news.

28th March 2011/by Tyrepress Editors

Maxxis receives 2010 Ford Gold Award

At the Ford Motor Company’s annual World Excellence Awards, held on March 16, Cheng Shin Rubber was honoured by the vehicle manufacturer with a Gold Award, the highest recognition to Ford’s global suppliers. The Maxxis brand manufacturer was one of only 15 Gold Award recipients out of the 1,500 or so suppliers Ford obtains components from around the world and the only tyre maker amongst the 15. Wheel manufacturer Ronal also received a Gold Award, while Hayes Lemmerz was one of 26 Silver Award recipients.

25th March 2011/by Tyrepress Editors

Aeolus Tyre reports 50.8% drop in 2010 net profits

Aeolus Tyre posted a 50.77 per cent year-on-year drop in 2010 net profit to 153 million yuan, business news wires have reported citing a company filings. Earnings per share are said to have fallen 50.79 per cent to 0.41 yuan per share. The good news was that sales revenue rose 44.45 per cent year-on-year to 8.12 billion yuan, however this also means margins must have narrowed significantly.

14th March 2011/by Tyrepress Editors

Strike action may halt Hankook Hungary production

The Budapest Business Journal brings news of a potential wage related strike at Hankook’s plant in Hungary. Production apparently may come to a halt there “within days” following the establishment of a workers’ strike committee; the union representing employees at the South Korean manufacturer’s Rácalmás facility is reported as saying more than 1,700 Hankook workers there are now earning less than last year following the introduction of tax changes in January 2011. Talks with management over a potential pay increase have already begun, however the newspaper shares that Hankook Tire Magyarország Kft said a strike committee has been set up as an agreement over the size of the proposed pay rise “looked distant.”

3rd March 2011/by Tyrepress Editors