Michelin to Increase its Share in Tigar Tyres by 30%
According to a report printed in French newspaper Les Echos, Michelin will gradually increase its share in Serbia’s Tigar Tyres from 64% to 94%.
2007 Online Tire Sales Exceed Forecast
TireTrader, the innovative e-commerce suite offering developed by Signal Extraprise Corp. that simplifies ordering, streamlines the distribution network, reduces costs, and provides competitive advantage, processed over $113 million in sales during 2007.
Hankook Sales Up, Ordinary Income Down in 2007
Hankook Tire reports positive sales and operating income results for 2007. The tyremaker has recorded sales of 2.253 trillion won (≤1.2 billion), an increase of 9.2% on its 2006 results.
TVS Projects 30% Growth, Hints at Future Greenfield Expansion
TVS Tyres expects to maintain a growth rate of 30% in the Indian market, reports the company’s marketing general manager.
Cooper Set to Announce Results
Cooper Tire & Rubber Co. said it will reveal its fourth quarter and full-year 2007 financial results on Feb. 28.
Investment Group Gets Large Stake in Titan
Citadel Investment Group LLC took what it calls a “passive” stake in tire and wheel maker Titan International, according to news reports.
Fed Slashes Rate by .75%
In an urgent move to reduce the chance that the U.S. economy will slide fully into a recession, the Federal Reserve cut its key interest rate by a full three-quarters of a percent, the largest rate cut the Fed has offered in decades.
Pirelli, Banks Get Closer to Tire Share Deal
Pirelli SpA remains serious about buying back the 39% stake in its global tire operations it sold off to a group of banks in 2006.
Conti Chief Thinks CTNA Will Break Even
Manfred Wennemer, Continental AG executive board chairman, told Dow Jones Newswires that the company’s North American tire operations may break even for fiscal 2007, ending nearly a decade of consecutive losses.
Titan Increasing Prices
Titan Tire said it will boost prices on all of its ag and OTR tires by as much as 7%, effective Mar. 1.
Apollo Announces Results, Projects
The board of directors of Apollo Tyres Ltd., on Jan. 15, announced the company’s unaudited results for the third quarter of the financial year 2007-08.
Lionax Reaches DPS Development ‘Milestone’
Lionax, the first Chinese company listed on the Euronext pan-European stock exchange, announced on Jan. 7 that it has reached a “key milestone” in its quest to develop the industry’s leading next generation Digital Pressure Sensor (DPS), a critical component in TPMS systems in terms of both function and cost.