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Michelin launches issue of non-dilutive cash-settled convertible bonds

Today, Michelin has announced the launch of a US$500 million offering of non-dilutive cash-settled convertible bonds due 2023 (the Bonds), which may be increased up to $600 million if the increase option is exercised in full. Michelin will purchase cash-settled call options (the Call Options) to hedge its economic exposure to the potential exercise of the conversion rights embedded in the Bonds. Since they will only be cash-settled, the Bonds will not result in the issuance of new shares or the delivery of existing shares of Michelin (the Shares) upon conversion. This US dollar‑denominated debt will be immediately converted into euros.

Related news:

  1. Michelin launches bond issue
  2. Michelin places €209 million 30-year bond issue
  3. Michelin completes US$600 million bond placement
  4. Michelin donates to €300,000 French agronomy programme
5th January 2018 by

Van tyre joining Yokohama BluEarth range

A new member of the Yokohama BluEarth tyre range specifically aimed at vans will be available from March 2018. The BluEarth-Van RY55 will be produced in a total of 30 sizes for 14- to 17-inch rim diameters. In addition to being sold in European markets, the BluEarth-Van RY55 will be available in Asia (excluding Japan), Oceania, Latin America, the Middle East, and Africa.

Related news:

  1. TÜV SÜD certification for Yokohama all-season tyre
  2. Yokohama Rubber offers show visitors glimpse into tyre future
  3. Yokohama’s AA-rated eco tyre helps lower emissions and fuel use
  4. Five new Yokohama tyres for 2020
5th January 2018 by

ZC Rubber OE on Wanshan SPMT

ZC Rubber reports it is supplying the Chaoyang CL403 as an original equipment tyre for the Self-Propelled Modular Transporter (SPMT) produced by Chinese truck manufacturer Wanshan Special Vehicle. The CL403 is being fitted to the vehicle in size 355/65-15.

Related news:

  1. ZC Rubber to introduce new Westlake TBR, Z series PCR tyres
  2. Alutec supplies Poison alloy wheels to Smart Fortwo and Forfour
  3. First Line supplies OE parts to Zenos
  4. Pirelli Industrial adds to Daimler :01 Series bus homologations
4th January 2018 by

Bunn appointed CEO of Toyo Tire North America Manufacturing

Donald Bunn, president of Toyo Tire North America Manufacturing Inc., has assumes the additional role of chief executive officer, effective 1 January 2018. He takes over as chief executive officer from James Hawk, who as of 1 December 2017 is chairman and chief executive officer of Toyo Automotive Parts (USA), Inc.

Related news:

  1. Toyo USA promotes Roy Bromfield to president and CEO
  2. Toyo Tyre (UK) names new president
  3. Toyo Tires produces Leicester City Football supporter video
  4. Golf: Toyo a Women’s British Open sponsor
4th January 2018 by

Yokohama sponsoring Ssanyong Motorsport in Dakar Rally

The Dakar Rally begins in Peru on Saturday, and Yokohama Tire shares that it is sponsoring Ssanyong Motorsport’s entry in this year’s event. It will supply the SsangYong Motorsport Tivoli DKR vehicle with Yokohama Geolandar M/T G003 mud-terrain tyres.

Related news:

  1. From Dakar to Loton Park on Cooper Avon tyres
  2. Goodyear truck tyres ready for ‘the Odyssey’
  3. 28 Dakar rallies, 10 on Cooper tyres – Xavi Foj ready for 2018 event
  4. Kamaz-master wins at Dakar 2020 on standard Goodyear tyres
4th January 2018 by

Nokian Tyres to launch four new winter ranges

Four entirely new Nokian winter tyre ranges are to be introduced in time for the colder months in 2018/19. These lines will start shipping to retailers in spring, with a large size portfolio available to consumers this coming autumn.

Related news:

  1. Nokian Tyres Record Figures
  2. Nokian Reports Strong Sales and Profits
  3. 3 tyres rated ‘exemplary’ in Auto Bild’s winter tyre test
  4. Nokian Tyres utilising “unique stud technology” on latest winter range
4th January 2018 by
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Michelin, Sumitomo Corporation to pool tyre wholesale resources in USA & Mexico

With the creation of a 50-50 joint venture, Michelin North America Inc. says it and Sumitomo Corporation of Americas will form the second-largest player in the United States’ wholesale tyre market. The two companies have entered into a definitive agreement to combine their respective North American replacement tyre distribution and related service operations. The transaction is subject to customary approvals.

Related news:

  1. Clarification: Michelin, Sumitomo Corporation tyre wholesaling JV
  2. Scott Clark appointed chairman & president of Michelin North America
  3. Garcin to lead Michelin North America
  4. US tyre makers urge climate change action
4th January 2018 by

Nexen appoints new North America CEO

From 15 January, Jong Sun Kim will become acting chief executive officer of Nexen Tire Corporation’s business in North America. He replaces James Kwon and will oversee the tyre maker’s operations in the USA and Canada.

Related news:

  1. Nexen Tire breaks ground at US tech centre, comments on North American factory plans
  2. Cooper Names New CEO
  3. Analysts Recommend Michelin Shares Over Goodyear
  4. Tyre markets slow during October
2nd January 2018 by

Hankook Tire appoints new Europe/CIS head

Starting yesterday, Han-Jun Kim is president and chief executive officer of Hankook Tire Europe. He succeeds Ho-Youl Pae; having served in this capacity since 2014, Pae now returns to South Korea to take over a new role at the company’s global headquarters.

Related news:

  1. Hankook’s director of OE car tyres for Europe dies
  2. Hankook appoints new UK managing director
  3. Hankook presenting tyre developments at IAA
  4. Hankook tyre partner for Rinspeed microSNAP
2nd January 2018 by
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Kumho Tire separates from Kumho Asiana

Kumho Tire is no longer part of the Kumho Asiana Group. After submitting an application with the Korea Fair Trade Commission in November, on 29 December the tyre maker officially separated from the group as part of a restructuring programme organised by its creditors.

Related news:

  1. Tyre makers show interest in buying Kumho Tire stake
  2. Kumho Tire proposal ‘tentatively’ accepted
  3. Doublestar surprises with demand for Kumho Tire discount
  4. New Kumho Tire asking price a chance for Park Sam-koo
2nd January 2018 by

Interstate Tire & Rubber insolvency linked to non-payment by Austrian tyre wholesaler

According to an official report on the insolvency of Interstate Tire & Rubber Company BV, the direct cause of the firm’s bankruptcy was the non-payment of invoices by a customer, an Austrian tyre wholesaler named in the document as Bruckmüller GmbH.

Related news:

  1. TBC Corporation acquires Interstate brand marketing rights
  2. Interstate Tire & Rubber enters insolvency proceedings
  3. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  4. Buyers found for 2 more Fintyre businesses in Germany
22nd December 2017 by

Falken Tyre Europe’s Nishino to head Sumitomo Rubber Industries’ Turkish tyre plant

Masatsugu Nishino has been named the new president of Sumitomo Rubber Industries’ factory in Turkey. Currently chief executive officer of Falken Tyre Europe, a position he has held since April 2015, Nishino will take up his new role with Sumitomo Rubber AKO Lastik Sanayi ve Ticaret A.S. on 1 January 2018. Nishino’s successor as Falken Tyre Europe’s CEO has been named as Mitsuteru Tanigawa, who will assume the position from January.

Related news:

  1. Mitsuteru Tanigawa announced as new Falken Tyre Europe CEO
  2. Falken Tyre becomes Liverpool FC partner
  3. Falken’s new A-rated Sincera SN110 tyre targets mass market cars
  4. Falken appoints new head of European marketing
22nd December 2017 by

UK commercial vehicle manufacturing declines by a third in November

UK commercial vehicle (CV) manufacturing fell -34.6 per cent in November, according to figures released by the Society of Motor Manufacturers and Traders (SMMT). A total of 6,312 vans, trucks, buses and coaches left production lines last month; the SMMT comments that declining business confidence and fluctuating buying cycles continued to affect production volumes.

Related news:

  1. September commercial vehicle registrations rise 12.4 per cent
  2. Van and truck sales up in March
  3. Growth continues in CV market
  4. Local demand drives up UK commercial vehicle production
22nd December 2017 by

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