HANOVER, Germany-Continental A.G. and Pirelli Tyre Holding N.V. have agreed to cooperate on fundamental research and development for commercial vehicle tires in Europe. Both companies said they expect the agreement to yield savings in this extremely competitive, cost-intensive, low-profit product segment. Recently, Continental has been producing certain sizes of truck tires for Pirelli in Europe.
The agreement is not expected to affect business significantly for either company in North America, where Pirelli has virtually withdrawn from the truck tire segment.
Bridgestone upgrades forecast
TOKYO-Bridgestone Corp. in December revised upward its forecast of 1994 non-consolidated sales and earnings (those of the Japanese parent company) due to increases in domestic truck tire sales, exports and cost reductions.
The company projected sales of 619 billion yen ($6.2 billion at $1=99.5 yen), up 3.2 percent from Bridgestone's July forecast, but still 1.8 percent below 1993's total. Projected net earnings of $216.1 million are up 2.4 percent from the earlier forecast and 26.1-percent higher than 1993.