Peter Duckworth dies
NTDA Honorary Life Member Peter Duckworth died on Friday 23 February 2024 whilst on holiday in Gran Canaria. Tyres & Accessories learnt of Peter Duckworth’s passing via NTDA chief executive Stefan Hay, who gave this tribute:
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NTDA Honorary Life Member Peter Duckworth died on Friday 23 February 2024 whilst on holiday in Gran Canaria. Tyres & Accessories learnt of Peter Duckworth’s passing via NTDA chief executive Stefan Hay, who gave this tribute:
Titan International, Inc. (TWI) has bought Carlstar Group LLC. for approximately $296 million in a cash and stock transaction, which closed on 29 February 2024. The transaction price represents a multiple of approximately 4x Carlstar’s full-year 2023 pre-tax profits (adjusted EBITDA) of $73 million. Carlstar reported revenues of around $615 million in 2023.
Maxxis Tyres International (UK) Ltd has announced plans to expand the company’s CST-branded 4X4 tyre range of AT, MT, and Extreme products with RH Claydon. According to the company, CST’s Extreme 4×4 Land Dragon tyre, has been growing in popularity since being introduced into the UK market five years ago. With that in mind, officials explain that it was only a matter of time before the AT and MT were added to complete the off-road offering. Furthermore, Maxxis representatives report that CST is “becoming recognised as the tyre of choice, both in the UK and Internationally by the racing community”.
Demand from automotive workshops for alternative finance is up 47 per cent over the last 12 months, making the sector one of the five fastest-growing alternative funding customers in the UK. Overall, the research conducted by 365 finance reports a 42 per cent year-on-year increase in small-and-medium-sized-enterprise (SME) funding across the country.
Halfords Group’s share price fell by around a quarter in response to an unexpected profit warning notice on 28 February, which suggested Halfords would make substantially less profit than the firm forecast roughly a month earlier. At least part of the reason for the profit warning was softening demand in the consumer tyre sector. Halfords stock recovered slightly in early trading on the morning of 29 February, however the five-day chart shows that the company’s share price remains around a quarter down.
After years of strong and often tyre-driven profit growth, Halfords Group plc has warned investors that “further material weakening” in “cycling, retail motoring and consumer tyres” will result in “a significant drop in like-for-like revenue growth”. As a result, that specifically means £13 million less “underlying profit before tax (PBT)”, than previously stated or PBT “in the range of £35-40 million”.
After more than 10 years of business collaboration, MobileITApps has renewed its agreement with Bridgestone Europe, enabling full connectivity between the FleetBridge system into the e-jobsheet all-purpose tyre service app powered by the TiDaeX platform, including plans for RFID integration. The agreement covers 31 European countries.
At the end of February, Agricultural professionals in Italy met up with Trelleborg tyre experts to discover how the company’s next-generation tyres are designed to propel their businesses more effectively. The eXperience Tour, as it is called, made three stops: Perugia (February 12-16), Eboli (Feb 20-23) and Pescara (Feb 27–March 1).
After a brief illness, Brenno Benaglia, former sales director of Marangoni Pneumatici and a well-known leader in the world of retreading and tyres in general, passed away on 24 February.
Linglong Tire was successfully certified by the Responsible Supply Chain Initiative RSCI e.V. association effective January 2024. The association was founded in 2021 by the Association of the Automotive Industry (VDA) together with 14 other founding members, including Daimler AG, Volkswagen AG and BMW AG. In January 2023, Linglong Tire became the only tyre manufacturer to join the alliance.
Goodyear executives have confirmed that Turbalvoroco Unipessoal LDA, trading as Nova Motorsport (Nova), will buy “certain assets used in the manufacturing and sale of” Avon-branded motorsport tyres. Nova has also acquired “the brand license, traditionally used in the manufacturing and sale of certain motorsport tyres under the names ‘Avon Motorsport’ and ‘Avon Racing’”. Tyres & Accessories understands that Nova plans to continue the production of some of the Avon Motorsport product range independently from Goodyear.
Nankang announced that several directors and independent directors have resigned from the board of directors. Tyrepress China noticed that the directors Huang Mingyou and Chen Hsueh Sheng, who resigned from the board of directors, are both representatives of Kuo Yang Group. At the same time, He Siao-Dong, who came from Kuo Yang Group and served as vice chairman of Nankang subsidiary Nanzong Construction Developments, also announced his resignation.
Prometeon Tyre Group has become a full corporate member of ETRMA effective immediately. ETRMA president Chris Delaney welcomed the decision, saying: “I am thrilled to welcome Prometeon as a full Member of ETRMA. Their membership will enhance the representativeness and expertise of the organisation”.
When Apollo Tyres’ Vredestein Ultrac Pro UUHP summer tyre launches next month it will offers a “groundbreaking lightweight design that maximises performance and comfort while dramatically reducing weight and environmental impact”, according to the company.
DriveRightData’s acquisition by Infopro Digital aligns with the company’s “commitment to quality, accuracy and innovation” and the two firms’ integration “will cultivate synergies across both global product portfolio” DriveRightData representatives said in a statement announcing the news on 23 February 2024.
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