USA Archives - Page 220 of 268 - Tyrepress

Across the Atlantic they are called tires, while over here we use a “Y” and say tyres. This tag provides the latest tyre business news emanating from the United States of America (USA), whichever way you spell it.

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Hankook Continues Slovakia Negotiations

(Akron/Tire Review) All is not yet lost for Slovakia in its bid to land a new tyre plant from Hankook Tire Co. The South Korean tyre manufacturer has made a counterproposal for government aid to support its planned 500 million euro tyre plant.

Slovakia Prime Minister Mikulas Dzurinda reportedly met with Hankook representatives late last week at Hankook’s request. Hankook is reported to have lowered its request for state assistance by 9.79 million euros. The meeting came just two days after Slovakia’s cabinet ministers rejected an investment package that included infrastructure improvements in the area surrounding the proposed plant.

12th July 2005/by Tyrepress Editors

Consumers Have ‘Wait and See’ Attitude to Hybrids

(Akron/Tire Review) A new study by the Polk Center for Automotive Studies reveals that American consumers may not yet be sold on the idea of hybrid vehicles, despite fast-rising gas prices. The primary reason for their hesitation? Their feeling that there are added costs connected to hybrid technology.

12th July 2005/by Tyrepress Editors

Amtel-Vredestein Secure Investment

Amtel has secured a sum of private equity capital totaling US $70 million (£40 million). Following its recent acquisition of Vredestein the company has arranged equity financing from two leading groups, Alfa Group and Temasek Holdings, representing both domestic and international investors.

8th July 2005/by Tyrepress Editors

MotoGP Welcomes Back Laguna Track

MotoGP has welcomed a new challenge with the re-launch of the American Laguna Seea race. This time however, the circuit that staged its last GP eleven years ago, will host 990 cc-MotoGP bikes.

The Laguna Seca circuit is known for its steep ascents, tight corners, fast direction changes and the famous drop-off zone as well as a notorious Corkscrew and a blind downhill S-curve.

8th July 2005/by Tyrepress Editors

SmarTire Completes Major Financing

SmarTire Systems Inc has agreed a major financing programme with Cornell Capital Partners LP that has resulted in net proceeds of $11 million plus a $160 million standby equity distribution agreement. According to the company the funds will be used to expand the company’s business strategy beyond tyre pressure monitoring and into the field of wireless sensing and control applications.

7th July 2005/by Tyrepress Editors

FIA to Change Tyre Rule

The FIA has proposed an amendment to Formula 1’s tyre rules for 2008 in order to avoid a repeat of the problems encountered at the recent US Grand Prix. The new rule contains a provision for the stewards to exercise their discretion and approve the use of tyres other than those nominated by the manufacturer prior to a race meeting in the event of an unexpected problem.

6th July 2005/by Tyrepress Editors

Amerityre Meets Further Testing Standard

Amerityre has announced that its full-size airless passenger car tyre has passed US Federal Motor Vehicle Safety Standard 129. In April, Amerityre announced that non-pneumatic tyres for compact and mid-sized vehicles had passed the same standard. The prototype tyres, made from a proprietary polyurethane compound, have been developed for prospective use as temporary/spare passenger car tyres.

1st July 2005/by Tyrepress Editors

USW Workers Ratify BFNAT Contract

(Akron/Tire Review) Workers at six Bridgestone/Firestone North American Tire (BFNAT) and Bridgestone Americas Holding (BAH) plants have ratified a new three-year master contract. The contract proposal was accepted by wide margins at BFNAT tyre facilities in Akron; LaVergne, Tennessee.; Oklahoma City, Oklahoma; Des Moines, Iowa; and Bloomington, Illinois. United Steelworkers (USW) workers at BFNAT’s truck tyre plant in warren County, Tennessee, previously rejected the contract. There was no word what action, if any, union workers there might – or could – take.

1st July 2005/by Tyrepress Editors

AXA Increases Continental Stake

AXA has increased its stake in Continental AG to 10.5 per cent of voting rights, Continental said in a notice in German newspaper, Boersen-Zeitung. Most of the shares are reportedly held by AXA’s US units AXA Financial Inc, AXA Financial Services LLC, AXA Equitable Life Insurance Company and Alliance Capital Management LP.

1st July 2005/by Tyrepress Editors

Goodwill Gesture to US GP Attendees

Michelin has confirmed that it will refund the cost of US grand prix tickets to the 110,000 people that attended the ill-fated event, according to German newspaper, Handelsblatt.

29th June 2005/by Tyrepress Editors

JD Power/LMC Predicts Growth in Hybrid Engines

(Akron/Tire Review) JD Power/LMC Automotive Forecasting Services predicts that new vehicles powered by hybrid electric or clean diesel engines will garner 11 per cent of US sales by 2012. Currently, such vehicles hold a 4.8 per cent market share, said the firm.

29th June 2005/by Tyrepress Editors

Wal-Mart Heir John Walton Dies

John Walton, the second oldest son of Wal-Mart found Sam Walton has died in an aeroplane accident. One of the heirs the Wal-Mart dynasty, Mr Walton’s ultralight aircraft is reported to have got into difficulties shortly after take-off in Jackson, Wyoming. Mr Walton was one of the wealthiest men in the US, with an estimated fortune of $18.2 billion. Wal-Mart is the largest tyre dealer in the world. According to Tyres & Accessories estimates, in the US alone the chain sells more than 15 million tyres, almost exclusively to end consumers.

29th June 2005/by Tyrepress Editors

FIA Publishes Michelin Correspondence

In the continuing aftermath of the fateful US Grand Prix, F1’s governing body has contested “Michelin’s version of events” of what happened at the race. The association made the comments by taking the unusual step of publishing its correspondence to the manufacturer. An FIA statement said it decided to do so because earlier correspondence had been “deliberately leaked to members of the press.”

29th June 2005/by Tyrepress Editors

Too Many E-Numbers?

In the coming months a whole raft of EU legislation affecting different aspects of the tyre business is set to come in place. First the Hazardous Waste regulation came into force on 16 April. Now the end of life vehicle directive (2000/53/EC) banning the use of lead balancing weights is upon us. Next up is the Waste Incineration Directive (due to be implemented from 28 December), which is sure to have a knock-on effect on the way tyres are disposed of and at what cost. The last regulation in the current run is the second part of the EU tyre landfill ban (1999/31/EC), which prevents chipped tyres from being disposed of at landfill sites in July 2006 – not to mention the working time directive.

Do you think there is too much red tape or do the regulations make life difficult in the tyre business?

To answer and add your own views to the new ‘question of the month’ click here.

28th June 2005/by Tyrepress Editors

Toyo to Spin Off Nitto Tire

Toyo Tire & Rubber Co. Ltd is to “spin off” the Nitto brand division of Toyo Tire (USA) Corp, incorporating it as a separate company. The new business will be called Nitto Tire North America Incorporated, from 1 July 2005.

27th June 2005/by Tyrepress Editors