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Arconic Inc., parent company of Alcoa Wheels, today announced it has entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC to repurchase US$200 million of Arconic’s common stock, pursuant to the share repurchase programme previously authorised by the company’s Board of Directors.
Rosava shares its pride in being the first tyre maker in the CIS region to develop and offer a passenger car tyre for 20-inch rim diameters. This CIS first it the Premiorri Solanzo S Plus in size 235/55 R20.
The latest Triumph Rocket 3 has arrived, complete with a 2,500cc engine – the largest ever seen on a production motorcycle. It’s also the torquiest production bike ever made. This power and torque meet the road through the new Cobra Chrome from Avon Tyres.
National Tyres and Autocare has begun offering vehicle servicing at selected outlets. It offers three vehicle servicing packages, starting with a 25-point Express Service and going up to a full 51-point Full Service.
Commenting on yesterday’s new car registration figures – which showed registrations of battery electric vehicles (BEVs) increasing 158 per cent year-on-year in July despite the wider downward trend – Deloitte opines that a ‘tipping point’ between combustion and electric vehicles will occur in the UK by 2021.
Goodyear Tire & Rubber says its decision to modernise two tyre factories in Germany, and in doing so lay off around 1,100 workers, will cut the tyre maker’s costs by US$60 million to $70 million a year. Chief financial officer Darren Wells anticipates that Goodyear will feel the “full benefit” of these additional earnings by 2022.
Research carried out by Opinium on behalf of Kwik Fit suggests that more than 2.7 million UK drivers may have had a collision or veered off the road in the last two years because they were distracted by their mobile phone.
Michelin North America says that prices for selected Michelin and BFGoodrich passenger and light truck tyres will increase by up to five per cent from 1 September. Specific details haven’t been publicly announced – Michelin invites its customers to “discuss details concerning the price increase directly with account managers.”
In reporting its financial results for the second quarter and first half of 2019, Hankook Tire notes that the six months to 30 June were punctuated by uncertainty within the global tyre market. Challenges faced by many tyre makers include declining vehicle sales, anti-dumping duties and uncertainty caused by US-China trade tensions. Hankook specifically battled high fixed costs during a low demand cycle, a relatively high dependency on China for both production and sales, and issues with stabilisation at its 2017-opened plant in the USA.
The 2019 Pirelli UK Student Awards recently took place, recognising the hard work of talented individuals on their placement year.
In the preamble to its financial results for the first half of 2019, Pirelli notes that car production around the world was 6.7 per cent lower during the six-month period than in the first half of last year. It adds that lower vehicle production impacted the tyre market, with lower shipments to carmakers driving a 7.3 per cent contraction of the global tyre market in the first half of the year. Many tyre makers diverted production to the less profitable replacement segment, a move that affected their pricing.
A three-year extension to the Shareholders’ Agreement covering the governance of Pirelli & C. S.p.A was agreed upon yesterday. This extension will take effect from the publication date of the notice convening the Pirelli shareholders’ meeting for approving the company’s 2019 financial statements.
Sri Lanka-based manufacturer GRI Tires has laid the foundation for a new mixing plant. The facility, located some 25 miles from Colombo in the Mirigama Export Processing Zone (MEPZ), will initially give GRI the capacity to increase specialty tyre output by 100 tons a day. A further project phase will double capacity.
You have to get up early to fool a Tyrepress.com reader. A couple of weeks ago we asked who could correctly identify five winter tyres with remarkably similar tread patterns – and most respondents could.
Another blow on the automotive industry’s chin as we inch closer towards a no-deal Brexit. The Society of Motor Manufacturers and Traders (SMMT) has released its latest UK manufacturing figures, and they make a depressing read. British car manufacturing output fell by more than a fifth in the first half of 2019, while commercial vehicle production was down more than 16 per cent and engine production almost 11 per cent. KPMG considers these numbers “worrying.”
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