Giti Tire USA Tries to Clear Up Confusion
Earlier this month, a company called Giti Tire Corp. released its 2010 annual report to the Shanghai Stock Exchange.According to Giti Tire USA officials, Giti Tire Corp. is, in fact, a subsidiary of Giti Tire Co. Ltd., and its financial results “do not represent Giti Tire Co. Ltd. It is only the results of a
More for Michelin Plant in Scotland?
News of Michelin plans to invest in its Dundee, Scotland, facility is circulating in various Scottish newspapers and websites. According to reports, the tyiremaker intends to inject a "multi-million pound" investment into the plant in order to facilitate the production of its latest premium eco passenger car tires. A Michelin study is said to be
Change of Plans: Tax Deadline is Apr. 18
In the 2011 tax-filing season, taxpayers have until Monday, Apr. 18, to file their 2010 tax returns and pay any tax due. Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, Apr. 15. By law, District of Columbia holidays impact tax deadlines in the same way that federal holidays
Shipment Boost, Record Sales for Cooper
Cooper Tire & Rubber Co. posted record sales of $3.4 billion in 2010, buoyed by an 8% increase in tire shipments. The sales figure was an increase over 2009’s $2.8 billion, and was a record result since Cooper shed its auto parts business. Net income for the year came in at $140 million, the company
Taylor Makes Statement on USW Contract
Titan Tire and its chairman and CEO Morry Taylor have said very little since Christmas-time when the tiremaker claimed an impasse and enforced its so-called "last, best offer" on workers at two of its three U.S. plants. While the USW and the Natonal Labor Relations Board are stil looking into the sitiuation, with today’s review
Profits Slim at Titan for 2010
Titan International Inc. reported full year 2010 sales increase of 21% over 2009 results, but the company barely eked out a net profit for the year. Strong fourth quarter sales got Titan to $881.6 million in sales for 2010, up from 2009’s $727.6 million. Net income for the year, though, was $358,000. Still, that was
Importer Faces Federal Theft Charges
The owner of a Maryland-based tire importer faces charges filed in Mississippi that he swindled a major tire distributor out of millions of dollars. According to reports, Sanjeet "Sonny" Veen, owner of Orteck Global Supply and Distribution Co., based in Rockville, Md., is free on $1 million bond after a federal indictment charged him with
More on Bridgestone 2010 Results
While by no means a record, Bridgestone Corp. had a very good year in 2010, posting significant increases in sales and profits. Net global sales for 2010 came in at $35.1 billion, and the company netted $1.21 billion. Looking forward, Bridgestone estimates its 2011 sales at $39.0 billion and net profits to fall slightly to
Bridgestone’s Profits Up – For Now
Bridgestone Corp. said its profits climbed in 2010 on strong tire sales, but forecasted a profit decline this year due to higher commodity prices and the impact of the strong yen. Bridgestone, which battles Michelin to be the world’s top tiremaker, reported a net profit of 98.91 billion yen ($1.18 billion), a huge rise from
Hankook, Goodyear, Yokohama Win at Tire Technology Awards
The products and activities of three tiremakers have been acknowledged at the Tire Technology International Awards for Innovation and Excellence 2011, presented in Cologne, Germany on Feb. 16. Hankook Tire earned the "Tire Manufacturer of the Year" award, while Goodyear took the award for "Tire Technology of the Year" and Yokohama Rubber Co. was awarded