USA Archives - Page 233 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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High Ad Spend For Goodyear In USA

In the US, Goodyear is launching its biggest media campaign since the launch of the Aquatred in 1992, featuring its new Assurance tyre brand. A 30-second advert will run on network and cable television during prime-time viewing hours. It will also be shown during popular late-night shows (Jay Leno, David Letterman etc.) and will run during high profile sporting events such as the Kentucky Derby. The campaign also features a 90-second mini-film to be shown in cinemas – the first time Goodyear has used this medium. Both the TV commercial and the movie were shot in Iceland, directed by film director Jan De Bont and feature the voice of internationally famous actor Patrick Stewart.

27th April 2004/by Tyrepress Editors

Titan Buys Back Shares

Titan International is to purchase 4.9 million shares of Titan International common stock from Citicorp Venture Capital (CVC). This represents around 23 per cent of the total shares outstanding and the purchase price is US$ 15 million.

26th April 2004/by Tyrepress Editors

Matador In Ethiopian JV

Slovak tyre manufacturer Matador is set to sign a joint venture agreement with Ethiopian firm Addis Tyre. Details are sketchy, but it is believed that Matador will pay around US$ 10 million for a stake in Addis of between 60 to 76 per cent. The Addis factory was built in 1971 by a company from what was then Czechoslovakia and produces 100,000 tyres annually for the local market. Matador will upgrade technology and equipment with the aim of tripling output by 2006.

26th April 2004/by Tyrepress Editors

Goodyear – Hero Wanted

Goodyear in the UK is looking for a truck or bus driver who has performed an heroic or outstanding deed in the course of his or her duties. The Goodyear Big Hero award is based on the long-running US Highway Hero award, which has been running successfully in the USA for decades, and will be launched at the Truckfest trucking festival in early May, when leaflets will be handed out to the thousands of truck drivers and members of the public who attend the event. Richard Lyons, sales director Goodyear Dunlop Tyres UK, said that the award is to improve the image of truckers, who are often portrayed as the “bad guys” of the road.

23rd April 2004/by Tyrepress Editors

Good Start To Year For Tyre Sales

Industry analysts are cautiously optimistic about prospects for the tyre industry, following good sales in January and February. In Europe, there was year-on-year growth of 8.4 per cent in the passenger car tyre replacement market and in North America, 5 per cent growth. Some of this is down to pre-buying ahead of price increases and the analysts predict an increase in sales for the year of 4 per cent. The European truck tyre replacement market is up 8 per cent. More good news for the manufacturers; price increases seem to be sticking and in the US were up over 5 per cent YOY in February.

23rd April 2004/by Tyrepress Editors

Goodyear Plans Ecuador Expansion

Goodyear has said that it plans to increase sales in Ecuador this year by a third; from US$9 million to $12 million. The company plans to sell more than 200,000 tyres and increase the number of service centres in the country from 23 to 37 by the end of the year. The US plans to negotiate a free trade agreement with Ecuador, which Goodyear says would provide incentives for local tyre manufacturers to increase efficiency and competitiveness.

23rd April 2004/by Tyrepress Editors

Record Sales For Cooper In 1Q

Cooper Tire & Rubber’s first quarter results show sales at an all-time record high of $974 million; a Year-on-Year increase of 23 per cent. Net income increased by 56 per cent to $24 million (1Q 2003: $15 m). Tire Group operations showed a record turnover of $485 million, 23 per cent up on the 1Q 2003 figure of $396 million, and a 12 per cent increase in volumes and an improved mix. Sales of high performance tyres rose by 47 per cent, those of P-metric tyres were up 52 per cent and truck tyre sales were up 27 per cent. Despite this, operating profit was down slightly at just under $16 million. Raw material costs reduced operating profit by $18 million while product liability and litigation costs were $9 million higher than 1Q 2003.

23rd April 2004/by Tyrepress Editors

Goodyear’s Lenders Extend Deadline

Goodyear’s lenders under its principal US and European credit facilities have amended the terms of the facilities to extend until May 19 the company’s deadline for filing its 2003 Annual Report on form K-10 with the Securities and Exchange Commission. As such, Goodyear will be able to access the credit facilities or obtain letters of credit, despite the delay. The company originally said that it would file its 2003 K-10 and amended 2002 K-10 by mid-May.

20th April 2004/by Tyrepress Editors

Affordable High Performance For US Market

When it comes to the Boy Racer sector, the American model differs little from his European counterpart – both want a tyre that looks good, performs well but is affordable. To cater for this, Michelin in North America has introduced the BFGoodrich g-Force Sport. It will be available in 21 sizes for wheels up to 18″, although larger wheel sizes are planned.

13th April 2004/by Tyrepress Editors

Good Figures From Alliance

Alliance Tire has reported a 6.6 per cent rise in turnover in 2003 to US$99.7 million. Gross profits were $20.4 million (2002: $3.1 million) while the operating profit was $1.23 million, following three years of losses, including a deficit of $14.9 million last year. Alliance’s net loss in 2003 was $13.1 million, which is half the 2002 figure and largely attributable to currency differentials. President Joseph Anglister said that the company had achieved a major break-through in South America, with sales up 158 per cent.

13th April 2004/by Tyrepress Editors

Hayes Lemmerz International Reports Strong Operating Profit

Hayes Lemmerz International has reported an operating profit of 62.0 million US dollars for the fiscal year ended January 31, 2004, compared with an operating loss of 0.3 million US dollars in the previous period. Earnings from operations excluding the impact of certain gains and expenses related to the emergence from Chapter 11 was 43.9 million US dollars for 2003, compared to 44.2 million US dollars in 2002. Gross profit margin increased to 10.7 per cent from 10.4 per cent. Sales for 2003 were 2.1 billion US dollars, an increase of approximately 3 per cent over 2002 sales.

7th April 2004/by Tyrepress Editors

Goodyear To Buy Remainder of Sava

In June, Goodyear will exercise its option to acquire the remaining 20 per cent of Slovenian tyre manufacturer Sava for approximately US$ 52 million. Goodyear originally purchased 60 per cent of Sava in 1988, acquiring another 20 per cent four years later. So far Goodyear has invested in excess of US$ 100 million in modernisation. Last year, the Sava factory at Kranj produced over seven million tyres for cars, light trucks and commercial vehicles. More than 80 per cent of these were exported, to 70 countries.

7th April 2004/by Tyrepress Editors

Goodyear Dunlop Signs 10 year Agreement with IBM

Goodyear Dunlop Tires has announced a 10-year Business Transformation Outsourcing programme worth an estimated 50 million Euros in cost savings in two years. The agreement to partner with IBM on a procurement-to-payment program for indirect supplies represents another step in the company’s effort to reduce costs by 1.5 billion US dollars by the end of 2005. Goodyear Dunlop Tires Europe will retain its core purchasing competencies, the activities of between 50 and 80 Goodyear Dunlop employees will be transferred to IBM, on a phased basis.

1st April 2004/by Tyrepress Editors

Gajah Tunggal to list China tyre unit

The Gajah Tunggal group is said to be planning to list its Chinese GT Tyre. The group plans to list GT Tyre in Hong Kong. The listing, to take place no later than June is aimed at raising at least 400 million US dollars. GT Tyre is pushing ahead with the IPO despite the market conditions, and has engaged Credit Suisse First Boston to advise it.

1st April 2004/by Tyrepress Editors

Cooper wants to sell auto group

Cooper Tire & Rubber Co. is reported to want to sell off its automotive group. The automotive parts division accounted for almost half of last years sales. Cooper-Standard Automotive, based in Michigan, had revenues of about 1.66 billion US dollars in 2003. Cooper said it could use money gained from selling the auto unit to reduce debt or invest in tyre operations. Chairman Thomas Dattilo said the company may be better off concentrating on its tyre business and expanding overseas.

25th March 2004/by Tyrepress Editors