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Rubber News

Goodyear workers deal with 2 weeks without pay
The Fayette Observer (Fayetteville, North Carolina)...August 24, 2008 Sunday
Aug. 24--Many of the roughly 3,000 people who work for Goodyear Tire & Rubber Co. in Fayetteville aren't thinking only about the future of the plant. They're thinking about the present -- the two weeks they were told to stay home. Ronald Duncan and Mike Christianson, who work in home improvement, got calls last week from Goodyear employees asking if they have any jobs for them while the plant isn't running.

Steelworkers Hail Court Decision Approving $1 Billion Health Care Fund for Goodyear Retirees
PR Newswire...August 22, 2008 Friday 8:30 PM GMT
PITTSBURGH, Aug. 22 /PRNewswire-USNewswire/ -- The United Steelworkers (USW) applauded the judgment issued today by the U.S. District Court for the Northern District of Ohio, approving the $1 billion Voluntary Employees' Benefits Association (VEBA) trust fund, established as part of a 2006 contract settlement following an 86-day strike.

Chinese rubber market weakening
Xinhua Economic News Service...August 22, 2008 Friday 10:25 AM EST
BEIJING, Aug. 22 (Xinhua) ? After continuous rises in the first half of this year and corrections at the high level after June, rubber price in China has begun to enter a period of seasonal adjustment and is expected to decline further amid decline of crude oil price and weak market sentiment, analysts hold.

Krasnoyarsk Synthetic Rubber Plant posts 1H2008 profit
SKRIN Market & Corporate News...August 22, 2008 Friday 1:34 PM GMT
In the first half of 2008 Krasnoyarsk Synthetic Rubber Plant generated RUR18,104,000 net profit - 64% up versus 1H 2007. The company's sale revenue in the first half of 2008 came in at RUR820,554,000, which is up 9.6% y-o-y. Gross profit amounted to RUR47,800,000 (+ 38%), the company officially reported.

Rubber prices set for correction as supply outstrips consumption
MINT...August 18, 2008 Monday 1:15 PM EST
International rubber prices are likely to see a correction soon and settle at a price lower than the current $3 (about Rs128) a kg, as supply outstrips consumption in a slowing global economy, according to industry experts.

Goodyear Exits Underperforming Retail Locations
PR Newswire...August 19, 2008 Tuesday 8:30 PM GMT
AKRON, Ohio, Aug. 19 /PRNewswire-FirstCall/ -- In a move to improve the profitability of its U.S. retail operations, The Goodyear Tire & Rubber Company(NYSE:GT)today said it plans to exit 92 underperforming locations by the end of the year.

Michelin faces inquiry over tyre market abuse claims; MANUFACTURING
Birmingham Post...August 15, 2008 Friday
Michelin has denied any abuse of its position in order to dominate the French tyre market. The French economy ministry yesterday said it had decided to submit a report to a competition committee about alleged abuse by Michelin of its dominant market position.

Goodyear Seeks Special Truck Drivers as Highway Heroes
PR Newswire...August 15, 2008 Friday 1:00 PM GMT
AKRON, Ohio, Aug. 15 /PRNewswire-FirstCall/ -- The Goodyear Tire & Rubber Company(NYSE:GT)is starting its second quarter-century of celebrating truck-driver heroics. The company announced today that a search is on for U.S. and Canadian drivers who come to the rescue of fellow motorists.

THE GOODYEAR TIRE & RUBBER COMPANY; McClellan, Copeland Named to Goodyear North American Leadership Positions
Lab Law Weekly...August 22, 2008
The Goodyear Tire & Rubber Company (NYSE:GT) announced that Stephen McClellan and Joe Copeland have been named to new leadership assignments within the company's North American Tire business (see also The Goodyear Tire & Rubber Company). McClellan, formerly vice president of Commercial Tire Systems, has been named president of the North American Tire Consumer business, replacing Lawrence Mason, who has announced he will leave the company. Copeland, previously vice president of the Off-Highway businesses, becomes vice president of Commercial Tire Systems, replacing McClellan. A replacement for Copeland will be named at a later date.

COOPER TIRE & RUBBER COMPANY; Cooper Tire & Rubber Company Reports Second Quarter Results
Law & Health Weekly...August 23, 2008
Cooper Tire & Rubber Company (NYSE:CTB) reported a net loss of $22 million, or 38 cents per share, for the quarter ended June 30, 2008. Net sales for the period were a record $773 million, an increase of $43 million over the prior year. The increased revenues were driven by pricing and improved mix partially offset by decreased tire unit volumes in North America. As with many manufacturing companies, Cooper faced intense challenges during the quarter that adversely affected operating results. These included record high raw material costs, increased utility costs, and weak market demand in North America. Raw material shortages also led to Cooper's decision to temporarily curtail production during the quarter in North America (see also Cooper Tire & Rubber Company). The Company's quarterly earnings were negatively impacted by an accounting limitation on the amount of losses it could tax benefit on an interim reporting basis. This negatively impacted the earnings per share by 21 cents per share on a diluted basis.

COOPER TIRE & RUBBER COMPANY; Cooper Tire Liquidates Investment in Kumho Tire
Law & Health Weekly...August 23, 2008
Cooper Tire & Rubber Company (NYSE:CTB) announced it has liquidated its investment in Kumho Tire Company. The transaction includes payment of $107 million plus interest from the initial due date of May 31, 2008 (see also Cooper Tire & Rubber Company).

Michelin faces French allegation of abuse of market position - report
Thomson Financial News Super Focus...August 14, 2008 Thursday 7:31 AM GMT
The French economy ministry has decided to submit a report to the competition committee about alleged abuse by Michelin of a dominant market position, Le Figaro daily reported, without naming its sources.

Goodyear to Raise Prices of Consumer Tyres by 10%
Global Insight...August 7, 2008
News of a 10% price increase by Cooper Tire & Rubber Company earlier this week has been followed a day later by a similar announcement from Goodyear Tire & Rubber Company, which has stated that it will increase its consumer-brand tyre prices by 10% beginning from 1 September. The company will also increase the price of its commercial-brand tyres by 7% at the same time, according to Goodyear spokesperson Jim Davis, as quoted by Dow Jones Newswires. Both companies have said that the increases are in response to continually rising costs for steel and petroleum-based products, weighed against the rising demand for high-performance tyres.

Goodyear planning to build bigger tire for NASCAR
bloggin' is racin'...August 2, 2008 Saturday 5:54 PM EST
Aug. 2, 2008 ( delivered by Newstex) -- A bigger tire could be in NASCAR???s future.In the wake of last week???s tire controversy at Indianapolis, where some of its tires failed, is looking ahead to a tire that could work better with NASCAR???s new Car of Tomorrow, a bigger, heavier vehicle than the previous models used in Sprint Cup.???We had some discussion about a larger tire.... several years ago with when we started this whole discussion about the Car of Tomorrow,??? said Stu Grant, general manager of worldwide racing for Goodyear, the exclusive tire supplier for NASCAR???s top three professional series.???But, obviously, we???ve been working with the current size on the Car of Tomorrow. This spring, we decided to ramp that [new] program up.???Grant said there would be several differences from the current tire.???We are working on a larger contain-air volume, a bigger section width, taller tire, larger bead diameter,??? he said. ???Right now, it???s all modeling. We???re trying to figure out what the right size would be.???Goodyear hopes the bigger tire would be a better match for the CoT, but it will be two years before the new model would be available. Grant said NASCAR has been ???totally supportive.??? -- The Associated PressPhoto: Canadian Press via AP Newstex ID: FT-2462-27193497

Goodyear reports increase in Q2 earnings.
Auto Business News (ABN)...August 12, 2008
Auto Business News-12 August 2008-Goodyear reports increase in Q2 earnings(C)2008 ENPublishing - http://www.enpublishing.co.uk

Goodyear to Present at JP Morgan Harbour Auto Conference
PR Newswire...August 11, 2008 Monday 5:30 PM GMT
AKRON, Ohio, Aug. 11 /PRNewswire-FirstCall/ -- The Goodyear Tire & Rubber Company(NYSE:GT)today said that it will webcast its presentation at the 11th Annual JP Morgan Harbour Auto Conference in Dearborn, Mich. on August 14.

Tyre giant fined for accident
Birmingham Evening Mail...August 9, 2008 Saturday
TYRE giant Goodyear Dunlop has been fined by magistrates after a worker in Wolverhampton was injured in an accident. Goodyear Dunlop Tyres UK Ltd, of Wingfoot Way, Erdington, pleaded guilty at Wolverhampton Magistrates' Court to failing to take reasonable care for the health and safety of employees.

Cooper Tire liquidates investment in Kumho Tire.
Auto Business News (ABN)...August 6, 2008
Auto Business News-6 August 2008-Cooper Tire liquidates investmentin Kumho Tire(C)2008 ENPublishing - http://www.enpublishing.co.uk

Bridgestone's H1 Profit Falls 18%, Slashes Full-Year Forecasts
Global Insight...August 8, 2008
Bridgestone, Japan's top tyre manufacturer, has reported an 18% year-on-year (y/y) fall in its first-half operating profit, as the surge in raw material prices and a stronger yen hurt earnings. As a result, the company has slashed its full-year earnings forecasts as vehicle sales slump in the U.S. and Western European markets. Bridgestone reported an operating profit of [yen]83.66 billion ($763US.1 million) for the January-June period. First-half net profit meanwhile fell 30% y/y to [yen]37.24 billion as revenues rose 1.6% y/y to [yen]1.641 trillion. "Profits at this point are behind our plans after raw materials prices rose further than we expected", Chief Financial Officer (CFO) Koki Takahashi said. Bridgestone has lowered its 2008 operating profit forecast to [yen]155 billion, from [yen]195 billion, and it now expects net profit to be in the region of [yen]66 billion rather than the [yen]90 billion previously predicted. Bridgestone said that the rise in commodity prices is expected to wipe [yen]190 billion from its operating profit, more than offsetting expected revenues of [yen]147 billion from tyre sales.

Rosen appointed as president, chairman of Goodyear Dunlop Tires North America
Buffalo News (New York)...August 8, 2008 Friday
Joseph Rosen has been named president and chairman of Goodyear Dunlop Tires North America Ltd., the Amherst-based joint venture that is the biggest supplier of original equipment and motorcycle tires in the United States.

THE GOODYEAR TIRE & RUBBER COMPANY; Goodyear Reports Strong Second Quarter and First Half Results
Healthcare Mergers, Acquisitions & Ventures Week...August 16, 2008
The Goodyear Tire & Rubber Company (NYSE:GT) reported record second quarter sales driven by the performance of its international businesses (see also The Goodyear Tire & Rubber Company). Goodyear's second quarter sales were a record $5.2 billion, up 6.5 percent from last year due to improved pricing, a richer product mix and the impact of favorable foreign currency translation, which offset lower volume in North America and Europe. Also impacting results was the 2007 divestiture of the company's T & WA tire mounting business, which had sales of $186 million in last year's second quarter. Revenue per tire, excluding the impact of foreign currency translation, increased 9 percent over the 2007 quarter, reflecting worldwide gains in pricing and product mix generated by the company's successful strategy to focus on high-value-added tires. Year-over-year revenue per tire has increased for 15 consecutive quarters.

Adecco Finds Jobs for 430 People in Italy Calabria H1 2008
ANSA English Corporate Service...August 6, 2008 Wednesday 8:22 AM CET
(ANSA) - Catanzaro, August 6 - International recruitment company Adecco helped 430 residents of the southern Italian region Calabria to find jobs in the first six months of 2008, Adeco announced.

Goodyear plant manager calls plant strong during his final days
Danville Register & Bee (Virginia)...August 2, 2008 Saturday
Aug. 2--When Goodyear announced plans in June for $200 million in improvements at the Danville plant, plant manager Terry Tennyson said those improvements could keep the plant here for many more years. "My professional goal, since I've been back at this plant, is that I want to drive down Goodyear Boulevard on my 80th birthday and see that parking lot full," Tennyson said. "Our goal in this plant is to keep it going another 40 years and maintain our standard of living so everyone working here can retire here." He repeated that goal in a recent interview, saying, "I truly believe this plant is headed in the right direction -- we're doing all the right things."

COOPER TIRE & RUBBER COMPANY; Cooper to Announce 2nd Quarter 2008 Results
Lab Business Week...August 3, 2008
Cooper Tire & Rubber Company (NYSE:CTB) will announce its 2nd quarter 2008 financial results before the market opens on Monday, Aug. 4. Company management will discuss the financial results in a conference call beginning at 11 a.m. Eastern daylight time that same day (see also Cooper Tire & Rubber Company).

GOODYEAR REPORTS STRONG Q2 SALES IN ASIA PACIFIC
Malaysia Economic News...August 1, 2008 Friday
The Goodyear Tire & Rubber Company second quarter sales for Asia Pacific tires exceeded $500US million for the first time, increasing 20 percent compared to the second quarter of last year.

CONTINENTAL TIRE NORTH AMERICA, INC.; Continental Tire North America Announces More Than $60 Million in New Investments for Mt. Vernon Facility
Lab Business Week...August 3, 2008
Continental Tire North America, Inc. (CTNA) announced more than $60 million in new investments for its Mt. Vernon facility over the next three years. These investments will significantly expand CTNA's Passenger & Light Truck (PLT) tire operations as well as its Commercial Vehicle Tire (CVT) operations. As a result of these investments, CTNA will also add approximately 75 new jobs in Mt. Vernon (see also Continental Tire North America, Inc.).

Goodyear's EBITDA Hits Nine Year High
Cashflow news...August 6, 2008 Wednesday 6:03 PM MST
CashFlowNews.com reports that EBITDA for The Goodyear Tire & Rubber Company (NYSE:GT) for its twelve months ended June 30, 2008 was $1,932,000,000, a 67% increase over the year earlier same twelve months when Goodyear generated $1,157,000,000 in EBITDA. EBITDA for the most recent twelve months also reached a nine year high. For Goodyear's quarter ended June 30, 2008 EBITDA was $478,000,000, compared with $443,000,000, a 7.9% increase over the comparable year earlier quarter. Goodyear has generated six consecutive quarters of positive EBITDA. EBITDA for the most recent quarter also reached a nine year high. The shares of Goodyear were recently trading at $18.78. EBITDA defined by CashFlowNews.com: EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) is calculated by taking Operating Income and adding or subtracting depreciation and/or amortization. CashFlowNews.com is the primary "cash flow" news source for over 10,000 public companies, monitoring and reporting on EBITDA, Cash Flow from Operations (CFFO) and Free Cash Flow (FCF). CashFlowNews also features cash flow related stories from other sources such as financial magazines, news letters and rating services, etc. For more information on how to subscribe to CashFlowNews.com e-mail marketnews@cashflownews.com ____________________________________________________________ (c)2008 Market News Publishing Inc.

Mutiara Goodyear has undeveloped land with RM4b GDV
New Straits Times (Malaysia)...August 7, 2008 Thursday
PROPERTY developer Mutiara Goodyear Development Bhd said it has 360.5ha of undeveloped land in hand with a gross development value (GDV) of RM4.1 billion, that will keep it busy for the next five years.

Goodyear Tire & Rubber announces management changes
Datamonitor NewsWire...August 5, 2008 Tuesday 12:46 PM GMT
Mr McClellan, formerly vice president of Commercial Tire Systems, has been named president of the North American Tire consumer business, replacing Lawrence Mason, who has announced he will leave the company. Mr Copeland, previously vice president of the off-highway businesses, becomes vice president of Commercial Tire Systems, replacing Mr McClellan. A replacement for Mr Copeland will be named later, the company said. Mr McClellan has spent his entire career at Goodyear since joining the company in 1988. Most of his experience has been in a variety of management roles within the consumer tire business, including finance, sales and distribution. In December 2001, he moved into the commercial tire business, serving as president of Wingfoot Commercial Tire Systems. He was promoted to vice president of Commercial Tire Systems in September 2003. Mr Copeland has a broad base of experience both outside and inside of Goodyear. He came to Goodyear in August 2000 having worked in various capacities at Ford Motor Company and Intel. At Goodyear, he has held a number of significant positions, including president of Goodyear's chemical division, senior vice president of business development, strategy and restructuring, and CEO of South Pacific Tyre (Australia) before moving into the position of vice president of off-highway businesses in February 2007.

Goodyear Q2 net income surges
Datamonitor NewsWire...August 1, 2008 Friday 5:02 PM GMT
The company's sales in the second quarter of 2008 increased 6.5% to $5.2 billion due to improved pricing, a richer product mix and the impact of favorable foreign currency translation, which offset lower volume in North America and Europe. The revenue per tire, excluding the impact of foreign currency translation, increased 9% over the second quarter of 2007 and total segment operating income from continuing operations increased 6.5% to $330 million, compared to the second quarter of 2007. Robert Keegan, chairman and CEO of Goodyear, said: "Our strong second quarter and first half performance demonstrates the successful execution of our strategies despite the significant economic challenges we are facing, particularly in North America."

Kumho Tire's Q2 profit dips 70.6 pct on costs
Yonhap (South Korea)...August 1, 2008 Friday
Kumho Tire Co., South Korea's second-largest tiremaker, said Thursday its second-quarter net profit plunged 70.6 percent from a year earlier, hit by surging prices of rubber and other raw materials. Kumho earned 3.3 billion won ($3US.2 million) in the three months ended June 30, compared with 11.3 billion won for the same period the year before, the company said in a regulatory filing. Second-quarter operating profit, or sales minus the cost of goods sold and other administrative expenses, jumped 49.2 percent to 52.8 billion won. Sales rose 18.8 percent to 614.3 billion won.

Goodyear Dunlop Tires North America, Ltd., Grant of Petition for Decision of Inconsequential Noncompliance
Transportation Department Documents and Publications...July 31, 2008
Goodyear Dunlop Tires North American, Ltd, (GDTNA), has determined that certain tires that it manufactured during the period beginning January 2003 through July 2004, do not fully comply with paragraph S6.5(f) of 49 CFR 571.119 (Federal Motor Vehicle Safety Standard (FMVSS) No. 119 New Pneumatic Tires for Motor Vehicles With a GVWR of More than 4,536 Kilograms (10,000 pounds) and Motorcycles. On January 18, 2008, GDTNA filed an appropriate report pursuant to 49 CFR Part 573, Defect and Noncompliance Responsibility and Reports identifying approximately 3,050 150/60R18 Dunlop D251 motorcycle tires, produced from January 2003 through July 2004, that do not comply with the paragraphs of FMVSS No. 119 cited above.

Nairit Plant CJSC cuts production of rubber by 7.6% for first half of 2008
ARMINFO News Agency...July 31, 2008 Thursday
Producer of synthetic rubber in Armenia Nairit Plant CJSC cut production by 7.6% to 3.096 tons as against the same period of 2007, the National Statistical Service reports. The administration of the company reports that in 2007 the plant produced 8.058 thousand tons of rubber as against 5.385 tons in 2006. In 2005 the plant produced 7.676 thousand tons as against 3.692 thousand tons in 2004. Rhinoville Property Limited holds 90pct stake in the plant, the remaining 10pct belong to the state.
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