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.
Continental AG have released results which show substantially growth for the second consecutive quarter.
The international automotive supplier increased its first-half consolidated sales 9.0 percent from 5,646.8 million euros (£3724.18) to 6,157.4 million euros (£4060.93), including the costs of exchange rates and consolidation charges.
In the 1st half of 2004, Michelin further improved its market position. Its continuous efforts to improve efficiency and successful price increases enabled the group to offset continually rising raw material costs and double income net to 328.9 million euros.
Bridgestone, Metalpha USA, is set to expand its production facility in Clarksville, with a $45 million project (£25 million).
Kumho Tire USA Inc is to increase prices on all of its tyres, effective of the 1 October.
Prices of the company’s passenger, light truck and commercial truck tyres will increase anywhere from three per cent to five per cent, depending on the model.
David Hudrlik, vice president and director of sales, referred to escalating raw material prices and rising shipping costs as the reasons for the increase. The company gave the same reasons for increasing its tyre prices in May.
Amcast Industrial Corporation is to sell most of its Flow Control division’s assets, the company announced today. Amcast has signed an agreement to sell the assets to a US subsidiary of the Dutch group, Aalberts industries.
The NHTSA has sent a new Tyre Pressure Monitoring rule to the US Office of Management and Budget, 11 months after the agency’s original rule was rejected by the US Appeal Court.
Akron based Smithers Scientific Services has appointed Derek A Read as operations manager for its Ravenna, Ohio, laboratories. In his new position, Mr Read will be responsible for the day-to-day running of the facility.
Employees of Titan Wheel Corporation of Illinois, a subsidiary of Titan International, Inc., will receive a record summer bonus.
The supplier of mounted wheels and tyre systems will pay out an average of approximately $2,500 per employee. A bonus of $2.20 per hour versus the previous record of $1.45 per hour paid in 1998.
Titan president and CEO Maurice Taylor Jr, stated: “I would like to congratulate all the Quincy employees – there is not a better team anywhere. Every night the talking heads on TV say that manufacturing is dead in the US, but the Quincy Titan employees have proven that hard work can build a successful company.”
The NTDA has announced that Tim Parker, former Kwik-Fit and current AA CEO, will open the business sessions at the association’s annual conference. John Tarbox, chairman of the organising committee is enthusiastic about the success of the conference.
Michelin’s reputation for quality and durability has taken on a new meaning after a globetrotting couple drove 100,000 km, twice round the world, in their Land Rover Discovery on just two sets of Michelin 4×4 tyres.
“The tyres were fantastic throughout. The first set were used during the Northern Hemisphere section of the journey, and the second set took us through Australia, South America and then onto North Africa before heading back through Europe to England,” said Peter and Eileen Crichton. And all without a single puncture!
After a successful race in the Canadian Grand Prix, Bridgestone’s Motorsport teams are set to compete in the FIA Formula One World Championship.
The teams have made their way to Indianapolis, USA for round nine of the championship this Sunday.
Despite its dire financial situation Goodyear Tyre and Rubber Co. has paid its chief executive $1.5 million US, in salary and bonuses last year.
Following what the company have called “robust overseas demand” Toyo has announced that its new tyre plant will be situated in Bartow County, Georgia in the USA. The site, situated outside the state capital, Atlanta, was chosen above other prospective locations mainly based in the south-eastern United States.
The new facility will use the company’s automated tyre manufacturing system, which enables it, according to Toyo, “to maintain a high standard of quality while realising the flexibility to produce small production runs of multiple lines if tyres.” A new subsidiary company, Toyo Tire North America Inc., will own and operate the manufacturing facility.
The tyre producers plan to spend a total of nearly $400 million on the plant. In the first phase the company will spend $146 million on the plant and hope to begin production in 2006. Initially 350 employees will run the plant. In the second phase the company will invest $127 million and will create 300 more jobs. The third phase will include a further $119 million of investment and will see the work force expand to around 900. When finished, the site will have a total floor area of 96,000 square metres. Toyo estimates that the factory will produce two million passenger and light truck tyres a year. The site in Bartow County will also include a 40,000 square metre warehouse that will service the south-eastern states.
Bridgestone has appointed Steve Howat as technical training manager in a bid to strengthen its training department for First Stop and Truck Point dealerships. Andy Dingley, senior marketing analyst for Bridgestone UK, said: “It’s great that Steve has joined us. His knowledge, experience, and enthusiasm will be of great benefit to both Bridgestone and the members of the First Stop and Truck Point schemes.”
SmarTire Systems Inc. (OTCBB: SMTR) announced that the Company has signed a $15 Million Standby Equity Distribution Agreement with Cornell Capital Partners LP. This financial instrument replaces the $15 Equity Line of Credit arranged by HPC Capital Management in 2003. SmarTire also announces that it has arranged a second $750,000 unsecured, promissory note with Cornell Capital.
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