Mitsubishi Materials says units falsified product data for cars

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TOKYO — Mitsubishi Materials said its subsidiaries falsified data about products, including parts for cars and aircraft, for at least a year, the latest in a series of quality assurance scandals involving Japanese manufacturers. The company said an investigation in the wake of a data-falsification scandal involving joint venture partner Kobe Steel found that Mitsubishi Cable Industries had inappropriately distorted data for rubber sealing products, used in cars and aircraft.

Read the source article at Automotive News Europe

Unique Fabricating, Inc. Reports Third Quarter 2017 Financial Results

AUBURN HILLS, Mich.Nov. 9, 2017 /PRNewswire/ — Unique Fabricating, Inc. (“Unique” or the “Company”)(NYSE MKT: UFAB), which engineers and manufactures multi-material foam, rubber, and plastic components utilized in noise, vibration and harshness management and air/water sealing applications for the automotive and industrial appliance market, today announced its financial results for the third quarter ended October 1, 2017.

 

Third Quarter 2017 Financial Highlights

  • Revenue of $41.2 million in the third quarter 2017, down 7.9% compared to $44.8 million in the third quarter 2016
  • Net income of $0.7 million, or $0.07 per basic and diluted share…

Read the source article at PR Newswire

Cooper Tire & Rubber Company Reports Third Quarter 2017 Results; Management Updates Guidance

FINDLAY, Ohio- Cooper Tire & Rubber Company (NYSE:CTB) today reported third quarter 2017 net income of $62 million, or diluted earnings per share of $1.18, compared with $49 million, or $0.90 per share, last year. The quarter included a $39 million benefit from lower product liability costs. For comparison purposes, the third quarter of 2016 included a non-cash pension settlement charge of $11.5 million related to the lump-sum distribution of benefits offered to certain former employees.

Read the source article at businesswire.com

Apollo Tyres: Stock pick of the week: Why Apollo Tyres is ready for a re-rating

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Though the quarterly numbers for the first quarter of 2017-18 were weak, analysts are hopeful that conditions will improve significantly for Apollo Tyres in the coming quarters. This is because tyre dealers have already started restocking after the first quarter of destocking triggered by the implementation of GST from July 1. 

Similar restocking pick-up in auto sales should help them in the Original Equipment Manufacturer (OEM) sales as well. Replacement demand (69% of industry’s ..

Read the source article at The Economic Times

Cooper Standard to Host Conference Call on Nov. 1 to Discuss Third Quarter 2017 Financial Results

NOVI, Mich., Oct. 18, 2017 /PRNewswire/ — Cooper-Standard Holdings Inc. (NYSE: CPS) will hold a conference call on Wednesday, Nov. 1 at 9 a.m. ET. The Company’s Chairman and Chief Executive Officer Jeffrey Edwards and Chief Financial Officer Jonathan Banas will discuss Cooper…

Read the source article at PR Newswire

Jefferies Group LLC Reiterates “Buy” Rating for The Goodyear Tire & Rubber Company (GT)

Tweet The Goodyear Tire & Rubber Company (NASDAQ:GT) ‘s stock had its “buy” rating reiterated by stock analysts at Jefferies Group LLC in a note issued to investors on Thursday. They presently have a $36.00 price target on the stock. Jefferies Group LLC’s price objective suggests a potential upside of 9.06% from the stock’s current price. GT has been the topic of a number of other reports.

Read the source article at Watch List News

Kobe Steel’s automotive scandal engulfs more divisions: Daimler and Airbus also affected – The Financial Express

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Crisis-hit Kobe Steel Ltd said on Friday its steel division has also falsely labelled products, the latest in a string of revelations confirming widespread cheating at the firm that has engulfed its global customers.

The bombshell admissions by Japan’s third-largest steelmaker sent its shares plummeting again, with the scale of the misconduct dealing a body blow to the nation’s reputation as a high-quality manufacturing destination.

Boeing Co, has some of the falsely certified products, a source with knowledge of the matter told Reuters, but stressed that the world’s biggest maker of passenger jets does not as yet consider the issue a safety problem.
More than 30 non-Japanese customers including Daimler AG and Airbus SE had been affected by the firm’s data fabrication, the Nikkei newspaper reported on Friday.

Read the source article at The Financial Express

Cooper Tire & Rubber Company : to Release Third Quarter 2017 Financial Results October 30

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Cooper Tire & Rubber Company (NYSE: CTB) will announce third quarter 2017 financial results before the U.S. stock markets open on Monday, Oct. 30, 2017. Management will discuss the financial results on a conference call beginning at 10 a.m. EDT that day. Individuals may access a live webcast of the conference call at http://coopertire.com/Investors.aspx or at http://services.choruscall.com/links/ctb171030.html .

Read the source article at Stock Market Quotes and News

Japanese steelmaker Kobe becomes latest to admit fabricating data

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Investors looked set bail out of Kobe Steel Ltd. on Tuesday, after Japan’s third-biggest steelmaker revealed it had fabricated data to show its products met customer specifications in the latest scandal to rock corporate Japan. Kobe Steel said on Sunday that about 4 percent of the aluminium and copper products that it shipped from September 2016 to August 2017 were falsely labelled as meeting the specifications requested by customers.

Read the source article at cnbc.com

Creditors to restructure Kumho Tire with cash injection

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Creditors of Kumho Tire Co. said Friday they will push forward a debt restructuring plan for the financially troubled tiremaker as they found its self-rescue plans insufficient to pull off a turnaround, the main creditor Korea Development Bank said Friday.

With the decision, the country’s second-largest tiremaker has been placed under a creditor-led restructuring program three years after it graduated from a legally binding workout program in 2014.

That program was also led by its lenders.

“We, nine creditors, will conduct due diligence on Kumho Tire in the next one and a half months after extending debt worth 1.3 trillion won ($1.1 billion) maturing this month to the end of this year,” KDB Chairman and CEO Lee Dong-gull said in a press conference.

 Kumho Asiana Group Chairman Park Sam-koo has now given up management control of the tire company and any say in the use of the tiremaker’s brand name as well as the right of first refusal, the banker said. He said creditors will be able to focus on putting the tiremaker back on track through a possible cash injection and other measures. 

Read the source article at The Korea Herald