USA Archives - Page 235 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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Michelin net sales up, but down

Michelin’s full-year 2003 net sales reached 15.4 billion Euro with sales volumes up 3.7 per cent. At constant scope and exchange rates, 2003 net sales are up 5 per cent. However, given the continued appreciation of the Euro, especially versus the US dollar, and further to the consolidation of Viborg in Group accounts in the 4Th quarter , net sales are down 1.8 per cent. Operating conditions (tire markets, exchange rates, raw materials …) were globally in line with Group expectations as indicated upon publication of 3 rd quarter net sales on October, 22. The main factors impacting financial year 2003 net sales were a 3.3 per cent increase in sales volume. A positive price / mix effect of +1.6 per cent at constant exchange rates. Impacted by a minus 8.3 per cent effect of the dollar/euro exchange rate.

13th February 2004/by Tyrepress Editors

Cooper will focus on HP, UHP this year

Cooper Tire & Rubber Co. plans to substantially boost its high performance and ultra-high performance tyre market share in 2004, Cooper Chairman, CEO and President Tom Dattilo told analysts. The 2003 figure of 2 per cent market share is a half per cent ahead of 2002 and the company is said to be selling out of its Zeon UHP product. Meeting demand will depend upon increased reliance on Asian partners, but a 32 million dollar investment in the three USA plants will also contribute to meeting demand. Sales for the last quarter were a record 967 million dollars and tyre Group sales were up 6 per cent on the previous year.

13th February 2004/by Tyrepress Editors

New Michelin winter tyres in North America

Michelin dealers in the USA have been introduced to the new winter tyre range from Michelin. Michelin(R) X-Ice(TM) and Michelin(R) Latitude(TM) X-Ice(TM) winter tyres to help them overcome ice- and snow-covered roads. Michelin’s newest winter products are designed to improve braking, traction and handling for passenger cars and vans, light trucks and sport utility vehicles (SUV) in snowy and icy conditions. Authorised Michelin dealers in the United States will begin taking deliveries in July of the Michelin X-Ice in 39 sizes for passenger cars and the Michelin Latitude X-Ice in ten additional sizes for light trucks and SUVs.

13th February 2004/by Tyrepress Editors

Goodyear Announces Proposed Private Secured Notes Offering

The Goodyear Tire & Rubber Company has announced its intention to commence a private offering of approximately 650 million US dollar aggregate principal amount of senior secured notes. The final principal amount and note maturities will be determined by market conditions. The senior notes are expected to be secured by junior liens on certain of the collateral securing the company’s senior secured US credit facilities. Goodyear intends to use the proceeds from the offering to prepay its US term loan facility, to reduce a portion of the commitments under its US revolving credit facility, to repay other indebtedness of the company, including temporary reductions of outstanding balances under its revolving lines of credit, and for general corporate purposes.

12th February 2004/by Tyrepress Editors

TBC Reports Record Q4 and Year-End Results

TBC Corporation, one of the USA’s leading marketers of automotive replacement tyres, has reported record sales and earnings for the fourth quarter and year ended December 31, 2003.

12th February 2004/by Tyrepress Editors

Cabot announces JV with China’s Bluestar

Cabot Corporation has announced that its wholly-owned subsidiary, Cabot (China) Ltd., has signed a joint venture agreement with Bluestar New Chemical Materials Co., Ltd., a part of the China National Bluestar Group, to manufacture fumed silica in China.

5th February 2004/by Tyrepress Editors

US to get tyre age rules?

Ohio Senator Mike DeWine has introduced a bill to the senate that would require consumers to be given easy access to the date of manufacture of a tyre. He feels that currently consumers find accessing such information difficult to acquire. The RMA have responded saying that this would require retailers to note the tyre date on the invoice, it would also require a study into tyre ageing by the National Academy of Sciences. The TIA commented that they understood the thrust of the legislation to determine if age had any detrimental effect on tyres but opposed immediate rulemaking ahead of any such enquiry.

4th February 2004/by Tyrepress Editors

Goodyear making fiscal restructuring

Goodyear has announced that it intends to commence a syndication being arranged by JPMorgan and Citigroup for the addition of a new 300 million US dollar term loan to its existing 1.3 billion US dollar asset-based credit facility. In addition, Goodyear announced that it intends to commence discussions with the lenders under its senior secured credit facilities to amend those facilities to allow for future capital markets transactions. Those transactions may involve the granting of junior liens on some collateral securing the company’s senior secured U.S. credit facilities. “These actions enhance our near-term liquidity and position us to access the capital markets as we gain traction in our turnaround plan during 2004,” said Goodyear Chairman and Chief Executive Officer Robert J. Keegan. “I have a high level of confidence in our strategy and in the execution of our plan as we move forward.”

28th January 2004/by Tyrepress Editors

Hankook Tire’s American Sales up 30 per cent

Hankook Tire’s North American sales rose by 30 per cent in 2003 to close to 250 million US dollars. Sales were driven by increased demand for high performance tyres. In all Hankook’s exports climbed to 700 million US dollars, amounting to some 20 million tyres and a 59 per cent increase in sales of performance tyres.
The sales increase combined with increased prices helped improve the company’s bottom line more than doubling income for the first three quarters of 2003.

19th January 2004/by Tyrepress Editors

Nokian plant in Russia

Nokian Tyres will start construction of a 120 million US Dollar tyre plant worth in the Leningrad Oblast in 2004. The plant, due to be completed in 2005, will be built in three stages and eventually reach capacity of 6 million tyres per year. Nokian holds about 14 per cent of the imported tyre market in Russia.

15th January 2004/by Tyrepress Editors

EnTire Solutions makes progress

EnTire Solutions, LLC, the 50/50 joint venture of Michelin and TRW Automotive, has announced contracts with Honda and Fiat for its direct tyre pressure monitoring systems (TPMS). EnTire Solutions, LLC is now supplying tyre pressure monitoring systems (TPMS) for the 2004 Acura MDX luxury sport utility vehicle, and has also been selected by Fiat to provide advanced TPMS for a range of its upcoming European models. Chief Executive Officer of EnTire Solutions, LLC, Rich Wolfe, said, “It’s a boost for us to be announcing these contract wins so close to the launch of EnTire Solutions, LLC, and it reflects the extremely positive response we’ve had so far. With Michelin’s expertise in tyre systems and TRW’s electronics and integration capabilities, EnTire Solutions is built on a solid technical and operating base.”

13th January 2004/by Tyrepress Editors

Goodyear’s Pension Funded Status worrying

While the US- Automobile Industry and most of the suppliers could improve their pension fund positions, Goodyear is, according to analysts, an exception. Compared with liabilities of 2.2 billion US-Dollars at the year end 2002; those could now have risen to 3 billion US-Dollars. Analysts from Deutsche Bank do not see potential for Goodyear shares and recommend a
cautious stance. They still have doubts that Goodyear can manage the long awaited turnaround in North America this year despite the fact that the
markets as well as the tyre replacement market have shown strong improvements.

7th January 2004/by Tyrepress Editors

Amcast Reports 2004 Q1

Amcast Industrial Corporation has reported financial results for its fiscal 2004 first quarter ended November 30, 2003. First quarter sales of 112.9 million US dollars compared with 112.2 million US dollars in the prior year. Net income for the quarter was 1.0 million US dollars, versus a prior-year quarterly net loss from continuing operations of 1.8 million US dollars. Amcast’s first quarter profit was due to continued strong performance by wheel plants and by the Wapakoneta, Ohio aluminium components plant.

19th December 2003/by Tyrepress Editors

TBC Corporation predicts 2004 growth

In the USA, the TBC Corporation has issued a bullish financial outlook for 2004, boosted by the contribution of 225 National Tire & Battery retail stores, acquired last month from Sears, Roebuck & Co. TBC expects earnings of around $1.80 to $1.90 per share; a 25 per cent increase over last year’s figure. NTB’s contribution will be around 15 cents per share. Net sales are forecast to be in the region of $1.7 to $1.8 billion. TBC has plans to add 20 company-operated tyre retailers and 25 franchised Big O stores next year, giving the company a total of 1,215 retail locations.

18th December 2003/by Tyrepress Editors

Falken scores well in tests

Falken tyres came top in a series of tests conducted by US magazine Consumer Reports. The Falken Ziek ZE 512 scored best among a number of US, European and Japanese brands, with the tests including wet and dry braking, handling, rolling resistance, aquaplaning, ride comfort and noise.

18th December 2003/by Tyrepress Editors