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Bekaert Grows In Central Europe

NV Bekaert SA (Kortrijk/Belgium) has announced that it has made an agreement with Penta Investments Limited and Majetkovy Holding a.s. to acquire 100 % of the shares of Drotovna Droty a.s. and Drotovna Kordy a.s. in the Slovak Republic. Both Drotovna Droty a.s. and Drotovna Kordy a.s. were incorporated in 1999 as a result of a restructuring of Drotovna at Hlohovec, 75 km North East of Bratislava. The present owners have been going through a rationalisation process which will give Drotovna Droty a.s. a capacity of approx. 60,000 tonnes of various steel wires for the Central European market and Drotovna Kordy a.s. a capacity of approx. 9,000 tonnes of tire cord and approx. 8,000 tonnes of bead wire. The acquisition of both companies will increase Bekaert’s market share and strengthen its competitive position in the fast growing Central European market. The completion of the purchase is subject to the approval of the Antimonopoly Office of the Slovak Republic and the full implementation of the rationalisation programme.

10th January 2003/by Tyrepress Editors

AXA Financial Cut Holdings In Goodyear

AXA Financial Inc. has cut its shareholding in Goodyear from 20,333,870 common shares at December 31st, 2001 to 10,845,483 common shares on December 10th 2002. This represents a drop from 12.5 per cent to 6.5 per cent.

11th December 2002/by Tyrepress Editors

SmarTire Plans London Listing

Canadian company SmarTire, which makes tyre pressure monitoring systems, is said to be considering moving its stock exchange listing from Nasdaq to London. The reason, according to chief executive Robert Rudman, is a lack of understanding of its business among US investors. SmarTire is bidding for potentially lucrative contracts and Rudman believes the company is undervalued, with shares having fallen to 60 cents.

3rd December 2002/by Tyrepress Editors

Analysts Cautious Over US Car Sales

Car industry analysts have reacted cautiously to news that November sales in the USA were ahead of predictions. Continuing high incentives to buy is helping sales volumes, but keeping profits down, leading to a situation dubbed “profitless prosperity” by one analyst. Even more ironic is the fact that it is the Big 3 of Ford, GM and Chrysler that are offering the greatest incentives, yet all three experienced double-digit sales falls last month and their market share is down 3 per cent to 61 per cent, with shares of imported vehicles rising. Analysts predict more of the same for early 2003, with prices falling because of over-supply of vehicles and the main question being “how much longer can the situation continue?”

3rd December 2002/by Tyrepress Editors

Asbestos Claims Fears Hurt US Auto Stocks

The shares of US auto parts retailers fell sharply this week on the news that hundreds of companies, including the Big 3 car manufacturers, are facing lawsuits from plaintiffs who have been exposed to asbestos, which was once widely used in brake manufacturing. An argument is on-going whether those outlets that performed repairs should face greater liability than the manufacturers of the products.

27th November 2002/by Tyrepress Editors

EU Raids Carbon Black Makers (Update)

European anti-trust inspectors have launched raids on six chemicals companies suspected of fixing prices in carbon black, a product used in the tyre industry. The surprise inspections were carried out on Tuesday at premises of the six firms in France, Germany, Italy and Spain, the European Commission said. The European Union’s executive arm said it was looking for “evidence of a cartel agreement and related illegal practices concerning in particular price-fixing for carbon black”. Degussa has admitted it is being investigated, in addition to Phelps Dodge and Cabot Corp whose shares fell at the news. “Entirely in line with our corporate compliance rules, we are fully cooperating with the investigation,” Degussa said in a statement. “We are confident that the investigation will prove soon that price fixing within the carbon black industry did not happen,” it added.

22nd November 2002/by Tyrepress Editors

Shares Drop On Carbon Black Probe

Share values at Cabot Corp and Phelps Dodge fell dramatically after the world’s largest suppliers of carbon black said regulators were investigating whether they conspired to fix the price of the substance used to make tyres. ”We’ve been approached by the European Union and Department of Justice and we are co-operating fully,” Bruce Richardson of Phelps Dodge said. Artificially high prices for carbon black would increase costs for tyre manufacturers which use it to strengthen their products. Cabot’s shares fell $1.50, or 5.8 percent, to $24.17 in New York Stock Exchange composite trading. Phelps Dodge dropped $2.18, or 7.5 percent, to $26.72.

22nd November 2002/by Tyrepress Editors

Refunding At SmarTire

SmarTire Systems Inc. has strengthened its financial position with the completion of three private placements totalling $6.4 million. Since September 2002, $1.184 million has been released to the Company. A total of $5.2 million is subject to registration. The financings include a $1.0 million placement of common shares and warrants with European investors, $400,000 in convertible debentures and a $5.0 million facility for the placement of common shares. Proceeds from these private placements will fund ongoing operations, purchase inventory to satisfy current and projected product demand and retire debt.”With implementation of the TREAD Act less than a year away, we have been extremely busy formalizing corporate relationships, completing supply agreements and quoting for new business,” says Robert Rudman, President and Chief Executive Officer of SmarTire. “With our improved financial position we are better able to address the anticipated demand for tire pressure monitoring already evident in North America and Europe and beginning to emerge in the Asian markets.”

22nd November 2002/by Tyrepress Editors

Israeli Company Develops Devulcanisation Technology

Levgum, of Israel, has developed a new rubber devulcanisation technology, allowing the rubber to be re-used. Exclusive rights to the western hemisphere have been purchased by Oklahoma-based Softstone Inc.; a company involved in rubber recycling. Softstone invested in the Levgum process after extensive testing by Akron Rubber Development Laboratory Inc. and holds 10 per cent of the company’s shares. Softstone has the right to sub-license the technology and is negotiating with “several major rubber product manufacturers”. Levgum has signed licensing agreements with two companies in India and talks are under way with companies in Australia, Brazil and the UK.

18th November 2002/by Tyrepress Editors

Loss And Layoffs For Pirelli

Pirelli posted a net loss for the third quarter of 325 million Euros, compared with a profit of 15 m Euros in 3Q last year. Chairman Marco Tronchetti Provera revealed that the company will close six factories and lay off 2,400 staff, representing 6 per cent of the workforce. Of the factories to close, three make telecommunications cables and three make energy cables. Tyre division results were good and the energy unit broke even, but neither could compensate for the poor performance of the telecommunications.

12th November 2002/by Tyrepress Editors

Deutsche Bank Leaves Continental

Deutsche Bank has sold its involvement in Continental AG of which it held 7.5 per cent share valued at 142.3 million dollars to investment groups in Germany, Great Britain, Suisse and USA. The bank also reduced its DaimlerChrysler shares from 12.85 percent (31.12.01) to 11.80 (05.11.02).

7th November 2002/by Tyrepress Editors

Indian Merger Moves Closer

The proposed merger between JK Industries, India’s third-biggest tyre manufacturer, and Vikrant Tyres, initiated in 1997 when JK bought the majority of Vikrant shares, has moved a step closer with the announcement that Vikrant stockholders would receive two JK shares for every five outstanding Vikrant shares held. No timescale or deadline was discussed. The merged business would have around 25 per cent of the Indian commercial vehicle tyre market, says JK Industries.

8th October 2002/by Tyrepress Editors

Hot Rumours About Goodyear And Gibara

Now that Goodyear’s stock has fallen to its lowest value in the last 10 years, questions are being asked about the consequences for the management. At the moment Goodyear shares costs less than 10 US-$, and American newspapers report that, since 1996, when Sam Gibara took over, Goodyear’s stock-value has fallen by about 80 percent. Last year the company lost more than 200 million US-$, and this year there is no turnaround in sight.Goodyear is not in a position go on the offensive; on the contrary it has its back to the wall. Bad enough that the bond issues are rated as “junk-bonds” and that obtaining credit will be more expensive, but the scenarios and rumours that are being discussed inside the company would have been unthinkable some time ago. Despite these difficulties, analysts agree that Goodyear can resolve its problems without outside help, assuming it chooses the right measures. On Tuesday this week a routine chairman’s board meeting will take place. It is not known whether there will be any discussions about the management.

30th September 2002/by Tyrepress Editors

Goodyear: Hold

McDonald Invest has reclassified Goodyear shares from Buy to Hold. The Deutsche Bank in New York is afraid that Goodyear will show a loss for the year or, at best, break even. The analysts from Deutsche Bank believe that Goodyear has its own particular problems compared with other tyre manufacturers.

26th September 2002/by Tyrepress Editors

Goodyear Boosts Pension Plans

Goodyear Tire and Rubber has contributed 11.3 million shares of common stock to its two domestic pension plans. The contributions are voluntary on Goodyear’s part. Robert W. Tieken, chief financial officer, says that the move will benefit both the pension plan participants and the company without any material impact on earnings per share through 2003.

19th September 2002/by Tyrepress Editors