USA Archives - Page 267 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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Investors Better Off With GM Shares Instead Of Ford

Analysts are recommending investment in GM rather than Ford. Ford is under the public microscope and the focus of analysts. This week, the shares have fallen 13%, representing damage to the group of more than US$ 10 bn. The management is accused of having known about the problems – which have led to the voluntary recall of Firestone tyres – for around two years. Consumer groups and official authorities want an answer to the question whether Ford has worked (ie changed or improved) on the suspension of its vehicles in Venezuela in order to overcome the problems there. The reaction at the stock exchange has probably gone far too far, as, even if the company had to mount a vehicle recall, the figure of US$ 10 bn is too high. The real costs, if any, would be in the region of US$ 1 bn or less.

7th December 2000/by Tyrepress Editors

Job Cuts At Tenneco Automotive USA

Tenneco Automotive, the manufacturer of Monroe shock absorbers and Walker exhaust systems, has laid off 285 salaried workers at four sites in the USA. The move follows a steep fall in operating profits and is part of a world-wide programme of up to 700 job cuts. Tenneco has 70 factories in 21 countries.

7th December 2000/by Tyrepress Editors

Goodyear Wins New Confidence

First quarter results due to be released on April 19th should be better than expected. The capacity utilisation in all Goodyear’s factories was higher than last year and the fill rate has been further improved. If Goodyear can stick to the already announced price increases in the USA (3-5%), this will mean a faster than expected recovery.

7th December 2000/by Tyrepress Editors

New Arrangements For Bergougnan Distribution

After having acquired Monarch (USA), Bergougnan (Belgium) and Vorwerk (Germany, now Rotatec) the new parent company Trelleborg Wheel Systems has re-arranged the distribution in several countries. After changes in France and Italy now the German partner Wenzel-Industrie has exclusive distribution rights for the Bergougnan brand, which, up to May, it shared with Industriereifenkontor Lüdtke.

7th December 2000/by Tyrepress Editors

Explorer Sales Unaffected For Now In The US

September sales figures for the Ford Explorer – the vehicle at the centre of the Firestone tyre recall – were higher than for the same month last year at 37,510 (37,119). Ford expects sales to drop over the next few months, due in part to the company ceasing vehicle manufacture temporarily in order to make more tyres available to the aftermarket.

7th December 2000/by Tyrepress Editors

Law Suit Has Little Chance of Success Say DaimlerChrysler

DaimlerChrysler have said that they regard the nine billion Dollar law suit by its third largest shareholder, the Tracinda Investment Group, as completely unfounded. The lawsuit alleges that DaimlerChrysler have deliberately deceived the US Stock Exchange Control Institution as well as the shareholders. Analysts predict that this law suit has little chance of success. Although Deutsche Bank, the main shareholder of DaimlerChrysler, have demonstratively supported the management, the car manufacturer’s share price went down significantly to 45.85 Euros.

7th December 2000/by Tyrepress Editors

Cheng Shin Opens US Technical Centre

In December, Taiwanese tyre manufacturer Cheng Shin, producer of the Maxxis brand, opened a technical centre in Georgia where the company employs five people. Cheng Shin already has an R&D centre in Taiwan, employing more than 150 technical staff. The company does not plan to open other R&D centres outside Taiwan.

7th December 2000/by Tyrepress Editors

German Car Producers Profit From Positive US-Market

Once more German Car Producers were successful in the USA becuase DaimlerChrysler, VW, Audi, BMW and Porsche have increased their shares of the world’s biggest car market in April. Leader in the growth rates is the VW-brand Audi with an increase of 43.7 p.c. The complete US car market grew 10.9 p.c. in April.

7th December 2000/by Tyrepress Editors

Racism At Goodyear Warehouse?

At a Goodyear warehouse in North Brunswick (N. J.) members of the all-white management discriminated against black employees, The Akron Beacon Journal reports, quoting court documents and statements of two Goodyear managers. The eleven workers have been in court for two years in order to get more than 100 m US-$ compensation for discrimination. Goodyear has denied the claim.

7th December 2000/by Tyrepress Editors

Commercial Tyre JV Company Between Goodyear and Treadco

Goodyear and retreader/truck tyre dealer Treadco have announced the formation of a joint venture company, called Wingfoot Commercial Tire Systems. Ownership is 60/40 Goodyear/Treadco. Wingfoot will be the world’s largest network of cv tyre outlets and truck tyre retreading facilities, with coverage coast-to-coast.

7th December 2000/by Tyrepress Editors

Focus Named ‘Car of the Year 2000’ In USA

Journalists at the Detroit Motor Show have voted the Ford Focus ‘Car of the Year 2000’. The Focus is produced in Germany, Spain and the USA.

7th December 2000/by Tyrepress Editors

Recommended By Analysts: Cooper Shares

In the USA, Cooper Tire & Rubber shares have seldom been so cheap. With the recent acquisitions, the market was not convinced that Cooper was running in the right direction, but after the first quarter’s good results, most have changed their opinions and are regarding Cooper with more optimism. An increasing number of experts are convinced that the Cooper management might use the low share price to buy back up to 10% of its own stock, which would have a positive effect. Apart from Cooper, Continental was the only other tyre and rubber manufacturer whose shares were tipped as a “buy” by analysts.

7th December 2000/by Tyrepress Editors

Acceleration For The Firestone Tyre Recall

In an attempt to quicken the recall of tyres, Bridgestone/Firestone is to airlift tyres from its Japanese plants to the USA. At least one flight a day is anticipated. Ford has announced that it is to stop production of the Ford Explorer at its St. Louis factory and of the Ford Ranger at two New Jersey plants for two weeks. The Ranger is fitted with the same size tyres as those fitted on the Explorer and being recalled by Bridgestone/Firestone. The move will free up 70,000 tyres for replacement and it is estimated that the cost to Ford in lost production will be over $100 m in after-tax profits. Ford is also understood to have increased orders of tyres other than Firestone to speed up replacement of tyres for the Explorer. Goodyear says it has increased production fivefold and production at Michelin’s US factories has tripled.

7th December 2000/by Tyrepress Editors

Third Quarter Loss For Goodyear

Goodyear reported a net loss for the third quarter of $6.6 million and a net income of $109.1 m (Q3 1999: $3.3 bn). High raw material and energy costs were contributory factors. World-wide Q3 sales were $3.5 bn and sales for the first nine months of the year were $10.5 bn (1999: $9.3 bn). Before these figures were revealed, analysts – following a statement towards the end of September by Samir Gibara, describing a “difficult outlook” for the tyre industry – had widely expected Goodyear to break even at best.

7th December 2000/by Tyrepress Editors

Goodyear revises wrong decision regarding the Gadsden Plant in Alabama

The company anticipated a reduction in demand and took the decision to cut most of the production capacity of its Gadsden plant. Only a few months later Goodyear is forced to immidiately employ 500 – 550 workers to meet the demand for Goodyear tyres in the USA.

7th December 1999/by Tyrepress Editors