USA Archives - Page 243 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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Sales And Profits Rise For Nokian

Good 4Q sales have helped Nokian to increase turnover and profits for last year. Sales rose 13.2 per cent to 479.2 million Euros (2001: 423.4 m). Operating profit was up at 60.1 million Euros (2001: 50.1 m) and profit before taxes rose 29.5 per cent to 48 million Euros (2001: 37 m). Sales from car tyres were up 17.5 per cent to 242.8 million Euros (2001: 206.6 m) and operating profit rose 10 million to 51.4 million Euros. Much of the tyre sales (73 per cent) came from winter tyres. There were increases too in sales of heavy tyres and bicycle tyres, but sales of retreading materials slipped slightly. The Vianor chain also showed an increase in turnover and profit.

19th February 2003/by Tyrepress Editors

Recalls For DaimlerChrysler Vehicles

DaimlerChrysler has announced three recalls in North America, involving 1.2 million vehicles. The first involves 1.06 million LHS, 300M and Concorde models in the USA and 135,000 in Canada, after an investigation revealed that seat recliner bolts may loosen due to premature wear. Recall number two involves 23,000 Dodge Ram 2500 and 3500 diesel trucks, for reprogramming of the engine control software. The final recall affects 11,655 Chrysler and Plymouth Prowlers and replacement of the lower ball joint on the front suspension which may be in danger of separation because of corrosion.

18th February 2003/by Tyrepress Editors

Bridgestone Steadies The Ship

Analysts are optimistic about the performance of Bridgestone ahead of the release of its 2002 figures at the end of the week. The analysts forecast that Bridgestone’s net profit for the year will more than double to 40.07 billion Yen ($332.5 million), completing a remarkable bounce-back from the Firestone recall debacle. However, it is not all plain sailing, as the same analysts predict a tough time ahead for the corporation over the next few months, due to factors such as a strong Yen, rising raw material prices, weak US demand, and pension fund expenses. Despite these, the 2003 net profit forecast is 74.5 billion Yen ($625 m).

18th February 2003/by Tyrepress Editors

Q4 And Full Year Results For TBC

TBC Corporation (Memphis/TN), one of the USA’s largest aftermarket tyre distributors has announced record sales and earnings for the forth quarter and year ended 31st December 2002.

12th February 2003/by Tyrepress Editors

Apollo Looking For Acquisitions

Armed with a US$35 million loan from Industrial Finance Corporation of India (IFCI), in Washington, Apollo Tyres India is on the lookout for acquisitions. The company’s Chairman-cum-Managing Director, Kanwar Singh, said the company was open for acquiring tyre companies in the country and was in talks with a number of them. “There is no time frame for going for acquisition, but we are open to the idea,” he said.Apollo Tyres is aiming to bring down its borrowing cost by 50 per cent from current levels and is confident to reach a turnover of US$415 million during the current financial year. Commenting on reducing borrowing cost, Kanwar Singh said, “Not only we are expecting a steep fall in borrowing cost, but measures like a cost cutting drive will also bring in much better control.”

11th February 2003/by Tyrepress Editors

Record Sales For Federal

Taiwan-based Federal Corporation reported record sales for 2002 of US$ 103.4 million, up 15.7 per cent from the 2001 figure of US$ 89.4 million. Sales outside Taiwan and China accounted for $69.2 m (66.9 per cent), up 28.7 per cent on 2001. Domestic sales fell 4.2 per cent to $34.2 m. Much of the success, says President Jamie Ma, was due to strong demand for the ultra-high performance SS-595 tyre.

11th February 2003/by Tyrepress Editors

Insurance: Soaring Costs Or No Cover

Insurance premiums are becoming an increasing topic for concern for many businesses. T&A looks at the problem and tries to uncover the reasons why premiums are rising and some companies are having problems finding cover. Insurance is one of those business costs which we all hate but equally almost all agree are a necessity. No reasonable businessman would argue that he didn’t need insurance. Firstly there is Public Liability, which, contrary to common wisdom, is not a legal liability, nor is Product Liability for anyone making or repairing a product. Then there is Employer’s Liability Insurance, which is a legal requirement, and we haven’t even started on premises, stock, vehicles or more targeted niche policies. The big problem for everyone is that insurance premiums are climbing. There have been warnings of 100 per cent this year, and as much as 400 per cent increase over the next two years.A UK truck tyre retreader who called T&A in a complete state of shock was having to completely reconsider his business strategy and advised us of several competitors who were taking the only option open to them and shutting up shop. His premium for Premises and Business Income Insurance in December 2000 stood at £9,000, by the following year it had doubled to £18,000. This was bad enough, but December 2002 saw the premium rise to an incredible £60,000 with a £50,000 excess. At the same time his Employer’s Liability Insurance climbed from £9,000, through £20,000 to £42,000. He reckoned that his insurance premiums had risen by 700 per cent in two years. Worse still, this business had never made a single claim …

10th February 2003/by Tyrepress Editors

The UK Motorcycle Tyre Market: Who Does Wins

For many in the UK tyre trade the motorcycle sector is a bit of an enigma. Bikers need tyres, but they also need specialist attention. The car buyer generally will fit whatever the dealer has to offer, surprisingly often without question. The Motorcyclist though is another fish altogether. Not only does the motorcyclist generally talk a great deal more about tyres, he, or she, will know more about them and will be more brand aware than the car driver. That creates some difficulty for the fast fit outlet used to pushing the tyres they want to sell. The case is compounded by the fact that, unlike the auto sector where tyres may be specifically tuned for OE supply, and the aftermarket offered a best option as a replacement tyre across the complete size range; the motorcycle sector retains those finely tuned OE specifications for aftermarket fit (by and large). It is therefore important, for example, that the Honda and the Yamaha, which both use the same size and range of Bridgestone tyre as OE, say, 120/70ZR17 BT 020, are offered the correct suffix code tyre to suit their bike. There are ten variations of this tyre from Bridgestone alone in this particular size. It is important that the sales staff are aware of the effect of fitting the wrong “120/70ZR17 BT 020” tyre to a bike – especially higher performance road bikes. Harmonics can induce “shimmy” in the steering, or vibration in the frame, or just make the bike noisy and uncomfortable to ride. At Dunlop Steve Male takes the explanation a stage further. “Manufacturers specify the bike and tell us what they expect from the tyre. Together we specify a tyre and tune it exactly for the bike as an OE fit. That OE fit is a global option and represents what the manufacturer of the bike believes is the correct global tyre for that bike. We will supply that OE tyre to the manufacturer. However, our own R&D team will design further options, refining the OE specification for different markets. There will possibly still be an exact OE spec. available for the bike, but there may also be a European spec., an Asian spec., and a North American spec., each tuned to the bike and the prevailing conditions.”

10th February 2003/by Tyrepress Editors

Hayes Lemmerz Reorganisation Plan

Hayes Lemmerz, the wheel manufacturer who filed for bankruptcy protection under Chapter 11 of the US bankruptcy code in December 2001, has reached agreement in principle with the Official Committee of Unsecured Creditors over a plan for reorganisation. The company hopes that the agreement will enable it to make progress and emerge from Chapter 11 within a few months.

7th February 2003/by Tyrepress Editors

Goodyear Gets Financial Breathing Space

Goodyear has been in talks with its main bank lenders to modify certain loan agreements and covenants. Robert Keegan, president and CEO, said that this action “should provide us the financial resources, including access to capital markets, to meet the ongoing needs of our business and drive our turnaround.” Under the agreements, Goodyear will have an extended time to make a required $500 million contribution to its pension fund and will have full access to $1.1 billion in two revolving credit facilities.

6th February 2003/by Tyrepress Editors

VW To Recall 850,000 Vehicles

A faulty ignition coil has caused VW to recall 850,000 vehicles, built from 2001 onwards. Those models affected are equipped with 1.8L turbo, V5, V6 and W8 petrol engines. Industry experts estimate the cost of parts and labour to be around 100 Euros per vehicle, or 85 million Euros in total. Over 60 per cent of the affected vehicles are in the USA.

5th February 2003/by Tyrepress Editors

Sixth US Plant For Toyota

Toyota is set to announce plans to build its sixth vehicle assembly plant in North America. The new factory – probably sited at San Antonio, Texas – is expected to cost $800 million and have a production capacity of 150,000 pickup trucks a year. It will begin producing vehicles by 2005.

5th February 2003/by Tyrepress Editors

Royal Visit To Pirelli

King Carl VI of Sweden was welcomed to Pirelli by Marco Tronchetti Provera, chairman and chief executive officer, where he visited Pirelli Labs and viewed the MIRS-CCM plant. Carl Gustav XVI was accompanied on his visit by a delegation from the Royal Swedish Academy of Engineering Sciences.The Pirelli Labs span 13,000 square metres in the Milan-Bicocca area and represents one of the most advanced research centres in the world. Projects include research in materials for energy generation and distribution and for new tyre production.The MIRS plant was opened in July 2000 as a pilot project and in three years has become a fully operational system installed in Germany, UK, Italy and the USA. Recently Pirelli added the continuous compound mixing (CCM) process to the facility allowing an unprecedented qualitative control of materials.The visit concluded with a lunch at the Castle Bicocca degli Arcimboldi where Marco Tronchetti Provera presented King Carl VI Gustaf with the first of the PZero Tempo wristwatches, numbered 001. The King presented Marco Tronchetti Provera with a crystal plate to commemorate the visit.

4th February 2003/by Tyrepress Editors

What Is The Future For Goodyear?

Company News, International News

Four years ago: In an interview at the Geneva Autoshow, Sam Gibara put forward his views. Goodyear had, according to him, the best people, the best distribution, the most cost-effective plants, the best products and – with its innovative EMT tyres – a three-year lead over its competitors. Within three years, he predicted, 75% of Goodyear tyres produced would be EMT tyres (in 2002, the actual figure was one million tyres). The IMPACT production process (Integrated Manufacturing Precision Assembled Cellular Technology) was held up as a revolutionary advance, guaranteeing predominance over the competition and an example of Goodyear’s technical leadership.

31st January 2003/by Klaus

More Cuts At Goodyear

The Akron Beacon Journal (ABJ) reports that Goodyear plans to cut 15 per cent of its North American tyre production capacity and move production to low cost centre countries. The source was an internal company newsletter distributed to employees on Wednesday.

30th January 2003/by Tyrepress Editors