![Linglong Tire achieves all-time record share price](https://www.tyrepress.com/wp-content/uploads/2021/02/Linglong.png)
Linglong Tire achieves all-time record share price
Shandong Linglong Tyre Company’s share price reached a record high of 53.80 yuan on 10 February 2021 just before the Chinese New Year. The price drew back in the days afterwards, but the peak represents an all-time high for Linglong that is over 40 per cent higher than the company’s previous record of 38.18, which was set on 22 July 2016.
Continue Reading![Sibling rivalry: Cho Hyun-sik resigns as vice-chairman of Hankook holding firm](https://www.tyrepress.com/wp-content/uploads/2021/02/hankook-and-co-550x286-1.jpg)
Sibling rivalry: Cho Hyun-sik resigns as vice-chairman of Hankook holding firm
Cho Hyun-bum is now the sole head of Hankook & Company, the holding company that oversees Hankook Tire & Technology and seven other affiliates. Older brother Cho Hyun-sik announced his resignation as vice-chairman in a letter to shareholders yesterday
Continue Reading![Fitch rating affirmation partially affirms Goodyear Cooper acquisition strategic logic](https://www.tyrepress.com/wp-content/uploads/2021/02/dollar-17527_1920.jpg)
Fitch rating affirmation partially affirms Goodyear Cooper acquisition strategic logic
The day after Goodyear announced that it is buying Cooper Tire for north of $2.5 billion, Fitch Ratings affirmed its Long-Term Issuer Default Ratings of The Goodyear Tire & Rubber Company (GT) and its Goodyear Europe B.V. (GEBV). Fitch also affirmed its ratings on a number of specific funding lines. Both moves can be interpreted as partially affirming the Goodyear Cooper acquisition’s strategic logic – something that was described as compelling by the senior executives of both companies.
Continue Reading![Goodyear and Cooper shares up 30% after takeover news](https://www.tyrepress.com/wp-content/uploads/2021/02/CTB.png)
Goodyear and Cooper shares up 30% after takeover news
Goodyears takeover of Cooper Tire has been positively received by the stock markets, with Cooper’s share price jumping 31.8 per cent from 43.81 before the news was announced to $57.75 two days later. Goodyear‘s share price also swelled, up 28.9 per cent from $13.52 beforehand to $17.43 48 hours after the takeover news was released.
Continue Reading![Akebono Brake Industry admits up to 20 years of ‘inappropriate conduct’ relating to OE reporting](https://www.tyrepress.com/wp-content/uploads/2021/02/auto-repair-1954643-scaled.jpg)
Akebono Brake Industry admits up to 20 years of ‘inappropriate conduct’ relating to OE reporting
Akebono Brake Industry Co., Ltd., the well-known Japanese brake manufacturer, has admitted “inappropriate conduct” relating to periodic inspection reports destined for Original Equipment Manufacturers (OEMs) dating back to January 2001.
Continue Reading![Bridgestone, Arlanxeo & Solvay present efficiency-increasing tyre technology](https://www.tyrepress.com/wp-content/uploads/2021/02/Techsyn.jpg)
Bridgestone, Arlanxeo & Solvay present efficiency-increasing tyre technology
Improving a tyre’s wear efficiency by up to 30 per cent while decreasing rolling resistance by up to six per cent without affecting any other performance area sounds like a tall order. But Bridgestone says that it has achieved this together with partners Arlanxeo and Solvay. The three firms presented Techsyn, the fruit of two years of collaboration, during an online presentation this afternoon.
Continue Reading![Michelin tyres to be 100% sustainable by 2050](https://www.tyrepress.com/wp-content/uploads/2021/02/vision1-scaled-e1614083595248.jpg)
Michelin tyres to be 100% sustainable by 2050
When Michelin launched its e.Primacy range in mid-November 2020, the French tyre manufacturer did so in the context of a goal to make all Michelin tyre 100 per cent sustainable by 2050. So how does Michelin plan to achieve this? One answer is the company’s expanding partnership with Scandinavian Enviro Systems (Enviro), details of which were recently released (see separate article). But there are other parts of this plan.
Continue Reading![Continental acquires minority stake in AI vision specialist Recogni](https://www.tyrepress.com/wp-content/uploads/2021/02/Artificial-Intelligence-sml.jpg)
Continental acquires minority stake in AI vision specialist Recogni
Continental is further expanding its non-tyre activities through the acquisition of a minority stake in German-US start-up Recogni. The investment took place as part of the US$48.9 million Series B financing round announced by Recogni on 17 February. Both companies have agreed not to disclose the amount of the holding.
Continue Reading![Goodyear approached Cooper Tire regarding multi-billion-dollar acquisition](https://www.tyrepress.com/wp-content/uploads/2021/02/Brad_Hughes_approved_photo-e1614022241846.jpg)
Goodyear approached Cooper Tire regarding multi-billion-dollar acquisition
Cooper Tire wasn’t initially looking to sell when Goodyear chief executive Rich Kramer approached the company, Cooper’s president and CEO told journalists in a virtual press conference on 22 February 2021. Rather, Cooper’s management and board were convinced by Goodyear’s “compelling offer” and “strategic logic”. So, what exactly was it that convinced Cooper’s leadership team?
Continue Reading![The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron](https://www.tyrepress.com/wp-content/uploads/2020/08/Goodyear-Akron.jpg)
The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
Explaining the rationale behind Goodyear’s multi-billion dollar acquisition of Cooper Tire, executives said the combination offers “compelling strategic and financial benefits”. Specifically, they suggested the transaction “further strengthens Goodyear’s leading position in the US, while significantly growing its position in other North American markets.” With just two home-grown domestic tyremakers in the US (Goodyear and Cooper), that much is clear. However, the benefits of the announced merger are not limited to North America. In China, the combination will almost double Goodyear’s presence. According to Goodyear, it will also increase the Akron, Ohio-based tyremaker’s OE tyre supply position, while creating broader distribution for Cooper replacement tyres through Goodyear’s network of 2,500 branded retail stores.
Continue Reading![Goodyear set to buy Cooper Tire for US$2.5 billion](https://www.tyrepress.com/wp-content/uploads/2014/02/np-spiritgdyr01.jpg)
Goodyear set to buy Cooper Tire for US$2.5 billion
The Goodyear Tire & Rubber Company and Cooper Tire & Rubber Company have made “a definitive transaction agreement” that will see Goodyear buy Cooper for roughly $2.5 billion. The combined company will have approximately $17.5 billion in pro forma 2019 sales. Upon closing of the transaction, Goodyear shareholders will own approximately 84 per cent of the combined company, and Cooper shareholders will own approximately 16 per cent.
Continue Reading![Yokohama addresses car ownership shift in mid-term plan](https://www.tyrepress.com/wp-content/uploads/2021/02/Yokohama-YX.jpg)
Yokohama addresses car ownership shift in mid-term plan
Urban planners anticipate a decline in individual car ownership and commensurate increase in use of infrastructure-type vehicles to move people and goods in years to come, and Yokohama Rubber is now planning for this in its newly-announced medium-term management plan, Yokohama Transformation 2023. The company intends this successor to the 2018-launched Grand Design 2020 (GD2020) three-year plan to “serve as the platform” for its growth over the next three years.
Continue Reading![Ford EV strategy – ‘no alternative for car companies’](https://www.tyrepress.com/wp-content/uploads/2020/11/FORD_2020_Go-Electric_Transit_073-scaled.jpg)
Ford EV strategy – ‘no alternative for car companies’
Ford is the latest car manufacturer to embrace an comprehensive electrification strategy. As Tyrepress reported earlier in the week, Ford is transforming its Cologne factory into a hub for electric car manufacturing, with the aim of making all its passenger cars sold in Europe zero emissions capable by mid-2026.
Continue Reading![MWheels rebrands as The Wheel Hub](https://www.tyrepress.com/wp-content/uploads/2021/02/thewheelhublogo-web.png)
MWheels rebrands as The Wheel Hub
MWheels, the European market supplier of Wheels India’s Xlite range of aluminium wheels, has rebranded as The Wheel Hub in the UK and Wheel HUB GmbH at its Cologne, Germany based European operation. The move follows a 12-month review, during which the commercial vehicle wheel distributor decided the name change more clearly identifies its approach to the respective regions. The Wheel Hub is positioning itself in the UK as “a better way to buy CV wheels.” Across the continent, the company’s strapline will be “the home of Xlite”, reflecting its synonymous position with the range of quality forged aluminium wheels. Available in 17.5, 19.5 and 22.5 inch sizes, Xlite and Xbrite+ wheels are designed to be five times stronger and 40 per cent lighter than standard steel equivalents. Look out for Tyres & Accessories interview with Matt Mardle, chief executive officer for The Wheel Hub and Wheel HUB GmbH in our March issue, and next month on Tyrepress.com.
Continue Reading![Michelin to hold 90% shareholding in Enviro, Chile joint venture](https://www.tyrepress.com/wp-content/uploads/2020/10/tlo_biz83a-scaled-e1602237521703.jpg)
Michelin to hold 90% shareholding in Enviro, Chile joint venture
Further details of Scandinavian Enviro Systems’ cooperation with Michelin have been revealed alongside a formal notice ahead Swedish firm’s EGM on the subject of its strategic partnership with Michelin. They include an overview of: licensing rules, percentage ownership of the two companies Chile recycling joint venture and how much Enviro is investing in that project.
Continue Reading