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Pirelli & C. SpA has published its financial results for the first half of 2018. The key figures show a 2.0 per cent year-on-year decline in revenues to 2.63 billion euros despite organic growth of 5.5 per cent; adjusted EBIT rose 6.8 per cent to 473.3 million euros and the margin increased from 16.5 per cent (H1 2017) to 18.0 per cent; Net income (before discontinued operations) was up 169.1 per cent to 181.9 million euros.
The results reported by Cooper Tire & Rubber for the second quarter of 2018 were, says the company’s president and chief executive officer, “in line with our stated expectations.” It therefore came as no great surprise that net sales, operating income and net income were all lower year-on-year in the three months to 30 June 2018.
The tyre plant built in Uzbekistan by Uzkimyosanoat State Joint Stock Company and partners, with technical assistance from Linglong Tire is complete, and Linglong says it is now focused on appointing a product technical team and working towards helping the plant achieve its production goal of 3 million passenger car radials and 200,000 cross-ply agricultural tyres per annum.
The Specialty Equipment Market Association (SEMA) has voiced its disapproval of US President Trump’s aim to impose 25 per cent tariffs on a range of products imported from China; the US-based association, which represents the vehicle aftermarket, says it opposes these tariffs as well as the Trump administration’s tariffs on steel and aluminium and the threatened tariffs on imported cars and automotive parts – it considers them “as misplaced and having the potential to impose significant harm on US businesses and consumers.”
A groundbreaking ceremony took place on 1 August for the joint venture tyre plant that Indonesian tyre maker PT Gajah Tunggal is setting up with Inoue Rubber Co., Ltd., a subsidiary of Japan’s Inoac Corporation. The joint venture, known as IGM, is located in Tangerang, Indonesia and will manufacture motorcycle tyres sold under the IRC Tire brand name.
Titan International, Inc. has reported net sales of US$428.9 million for the second quarter of 2018, a 17.7 per cent improvement on last year’s result. Net income applicable to common shareholders for the quarter was $1.0 million, as compared to a loss of $10.3 million in the second quarter of 2017.
When Magna Tyres Group officially commenced production at its Obo Tyres plant in Hardenberg, the Netherlands on 11 January, Obo general manager Peter Schrijver told us that high levels of efficiency, lower transport costs and lower import duties make it “very cost effective” for Magna Tyres to manufacture in Europe. He also said that Magna had placed a further order for 23-, 26- and 29-inch presses and would undertake measures to effectively double capacity. Just over half a year on, the company has completed its first expansion in Hardenberg. According to Magna Tyres, OTR tyre production capacity is almost twice what it was at the start of the year.
Production of truck and bus tyres began at the Sumitomo Rubber Industries Ltd. factory in Ladysmith, South Africa on 19 July. The tyre maker invested 970 million rand (£55.8 million) to add commercial tyre capacity to the plant, thereby ending Sumitomo Rubber South Africa’s reliance upon imports to satisfy demand for its truck and bus tyres in Africa.
At KRW 1.67 trillion (£1.14 billion), sales were up 2.3 per cent year-on-year for Hankook Tire in the second quarter of 2018, however this didn’t stop operating profit slipping 10.4 per cent to KRW 183.2 billion (£125.3 million). According to the tyre maker, operating profit was reduced compared with the same period of last year due to initial operating costs in its tyre plant in Tennessee, USA as well as increasing competition in the Korean market. The operating margin decreased from 12.3 per cent to 10.7 per cent.
Approximately £145 million will be invested in the Bridgestone tyre plant in Poznań, Poland over the next half a decade in order to boost production capacity by around 30 per cent. Quoted in a Bridgestone press release, Roman Staszewski, plant manager and managing director of Bridgestone Poznan, said close to PLN 700 million would be invested and, by 2022, new technology would be added and current production lines upgraded in order to increase daily production capacity from 31,000 to more than 40,000 tyres.
In addition to offering a wide winter range, Enjoy Tyre is now adding all-season tyres to its Rotalla portfolio. A total of 101 sizes and prototype patterns for cars and vans are currently at the testing and final development stage.
The company isn’t a household name, and that is no bad thing – what is much more important for M-Sport Wheels is that its four wheel brands have established a name for themselves in the UK and European alloy rim markets. New additions in 2018 are poised to further extend the ranges’ popularity.
Michelin chose the fastest round of the 2018 FIA World Rally Championship to launch its latest range of WRC gravel tyres. For the first time since 2011, the tyre maker’s partners were able to select two compounds from a choice of three options, namely the existing H4 (hard compound) version of the Michelin LTX Force tyre, along with the new S6 (soft) and M6 (medium) variants.
The forests will be a hive of activity on the morrow, but don’t worry – it’ll only be the start of the Nokian Tyres World Orienteering Championships. Between 4 and 11 August, those nimble of compass and versed in the art of map reading will descend upon the fields and woodlands around Latvia’s capital Riga and the neighbouring small down of Sigulda in order to prove their mettle and sense of direction. For the third year in a row. Nokian tyres is acting as the event’s title sponsor.
As a consequence of his announced retirement as chairman of China National Chemical Corporation (ChemChina), Ren Jianxin has resigned from all roles he held on the Board of Directors at Pirelli & C. S.p.A. His resignation took effect 30 July. Pirelli has officially thanked Ren for his “contribution to the company in these years.”
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