USA Archives - Page 232 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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Deutsche Bank regards Goodyear shares overrated

While the Goodyear shares jumped around 5 per cent to 8.56 US-Dollars on the stock exchange, finance experts have reacted more cautiously. Rod Lache, DB-analyst in New York, doubts whether the contract with the unions or the closing of a factory in the USA last year is sufficient to have a positive effect on the high fixed costs. He expressed surprise that Goodyear’s volumes slipped by 1.7 per cent while the industry gained 3.7 per cent. The value of Goodyear shares is in the region of 6 US-Dollars, according to Deutsche Bank.

20th May 2004/by Tyrepress Editors

Goodyear reports record sales and continuing high losses

Goodyear has announced record sales of US$ 15.1 billion for 2003 and a net loss of US$ 802 million. Turnover in 2002 was $13.9 billion and the net loss $1.227 billion. $750 million of the increase in turnover came from favourable currency exchange rates. The company’s performance in Europe (both east and West) was satisfactory and, while Goodyear chief Keegan was very optimistic during a conference with analysts, but he had to admit that the much-needed turnaround in North America had not taken place as expected. In 2002 the corporation had to pay $241 million in interest and this sum escalated to 293.6 million last year.

19th May 2004/by Tyrepress Editors

Goodyear seeks another extension

Goodyear Tire & Rubber is seeking an extension from regulators to file its quarterly report. The company said it plans to file the report by mid-June. As reported, the firm last month restated its net income for 1997 through 2003, less 65 million US dollars. Shares closed at 8.22 dollars, down 22 cents.

12th May 2004/by Tyrepress Editors

Bridgestone Revises First Half Forecast

Bridgestone Corporation has revised its first half profits forecast upwards by two fifths. The company predicted a first half net income of 45 billion Yen (US$ 396 million) in a statement to the Tokyo Stock Exchange, in which the corporation also reported a first quarter profit of 28 billion Yen. The main reasons for the revision are rising overseas sales and a weaker Yen, which increases the domestic value of foreign currency earnings. Bridgestone shares rose four per cent on the news.

11th May 2004/by Tyrepress Editors

Silverstone Tyres To Be Introduced Into China

Malaysian industrial giant the Lion Group, which owns Silverstone Tyre among its many other interests, is to introduce the brand into China. The group has a factory in China and already produces tyres under the Dong Feng brand name. The introduction of Silverstone marks a policy of expansion in China, with the Lion Group planning to invest US$ 1.5 billion over the next decade. As well as the tyre plant, Lion’s Chinese interests include 37 department stores, three motorcycle plants, a car manufacturing plant and 12 breweries. The Chinese operations account for almost 45 per cent of Lion’s annual turnover and 40 per cent of net earnings.

11th May 2004/by Tyrepress Editors

Goodyear Sues Over Price Fixing

Goodyear has filed lawsuits against 12 chemical companies, accusing them of price fixing and overcharging for the synthetic rubber EPDM (Ethylene Propylene Diene Monomer) during the period from 1994 to 2002. EPDM is used in tyres and hoses as a strengthening agent and to provide resistance to ozone and ageing. The 12 companies are based in the USA, Germany, Italy and The Netherlands and one – Crompton Corp. of Connecticut – is reported to have already pleaded guilty to conspiring to fix prices of rubber chemicals and is to pay a $50 million fine.

11th May 2004/by Tyrepress Editors

Porsche Sets 911 Launch Date

Start saving up now: Porsche has announced that its new 911 series Carrera and Carrera S sports cars will be launched in mainland Europe on July 17 and in the UK and US markets in early September. Pretax prices in Germany will be 64,700 Euro and 73,300 Euro respectively.

11th May 2004/by Tyrepress Editors

Continental Profits Beat Forecasts

Greater demand from customers and increased production in lower-cost areas helped raise Continental’s first quarter profits by 48 per cent – far higher than expected. 1Q net income was 129.5 million Euro (1Q 2003: 87.4 million), which was nearly 30 million Euro higher than predicted by industry analysts. Turnover for the period was up slightly too; from 2.82 billion Euros in 1Q last year to 2.99 billion Euros in the first three months of 2004.

5th May 2004/by Tyrepress Editors

Goodyear Honours Technical Associates

Goodyear has presented awards to more than 350 associates at its Technical Centres in Akron and Luxembourg, recognising the contributions their inventions and innovations have made. Last year alone, the associates were responsible for more than 260 US patents and 68 trade secrets. Robert J. Keegan, chairman and CEO, paid tribute to the Akron group, saying: „I have tremendous respect for what you do.“ He said that technology is critical to Goodyear’s turnaround – not only in developing new products, but in getting them to market faster.

5th May 2004/by Tyrepress Editors

Bridgestone To Raise North American Prices

Prices of Bridgestone, Firestone and Dayton brand tyres in the USA and Canada will be increased on June 1st. The price rises will affect both OE and replacement tyres and will be up to five per cent, although some off-the-road tyre prices could go up by eight per cent. The company says that it has taken steps to minimise the effects of rising raw material costs, but has been unable to offset them entirely, hence the price increase.

30th April 2004/by Tyrepress Editors

Continental Cuts Production And Jobs At US Plant

200 jobs are to go from a total workforce of 1,150 at Continental’s factory at Mayfield, Kentucky. The losses will be implemented at the beginning of July, as production is reduced from 10,900 tyres a day to 7,300. Continental operates five factories in the USA and Mexico, employing a total of 10,500 and the company has said that it has no plans to axe a factory.

30th April 2004/by Tyrepress Editors

Marangoni Tread Plant Comes On Stream

Marangoni Tread’s factory at Madison, Tennessee has begun producing Ringtread spliceless precure tread rings. The timing is impeccable, as Marangoni’s business in North America continues to grow, with this year so far 50 per cent higher than 2003. The 50,000 square foot factory is part of a $10 million investment by Marangoni in US manufacturing, supplying the 15 Ringtread dealers currently operating in North America.

30th April 2004/by Tyrepress Editors

Hyundai Outperforms Toyota In Quality Test

In the USA, JD Power has carried out a study of new vehicles and their defect rates, polling 51,000 owners of new cars in the first 90 days of ownership. Those marques scoring above the industry average of defects per 100 vehicles were Toyota, Honda, Hyundai and BMW. Hyundai fared better than Toyota for the first time, with respective scores of 102 and 104. However, it should be noted that the Toyota score does not include the Lexus Division, which once again proved to be the top-quality vehicle.

29th April 2004/by Tyrepress Editors

Name Change For International Tire Expo

The International Tire Expo–part of the SEMA Show in the USA–is changing its name to “Performance Wheels & Tires sponsored by TIA”. TIA is the Tire Industry Association and the event will still be held in conjunction with the SEMA Show. This year’s event runs from November 2 – 5 in Las Vegas.

29th April 2004/by Tyrepress Editors

Polyurethane Car Tyres Pass Test Standards

Polyurethane car tyres, made by the Amerityre Corporation, have passed US Federal Motor Vehicle Safety Standard No. 109, which specify tyre dimensions, load ratings and laboratory test requirements for bead unseating resistance, strength, endurance and high speed performance. Passing the test is the first step towards a tyre being able to be offered for sale in the USA.

28th April 2004/by Tyrepress Editors