![Hankook and Hyundai sign Driving Experience Center MOU](https://www.tyrepress.com/wp-content/uploads/2020/06/HK-PG.jpg)
Hankook and Hyundai sign Driving Experience Center MOU
On 17 June 2020 Hankook Technology Group vice chairman and CEO Hyun Shick Cho and Hyundai Motor Group executive vice chairman Euisun Chung hosted a signing ceremony related to construction of the HMG Driving Experience Center at Hankook Tire’s new Taean Proving Ground.
Continue Reading![Pirelli commissions new artistic works on ‘Resiliance’ for Annual Report](https://www.tyrepress.com/wp-content/uploads/2020/06/Pirelli-Annual-Report-2019-Selman-Hoşgör-RESILIENCE-scaled.jpg)
Pirelli commissions new artistic works on ‘Resiliance’ for Annual Report
Pirelli’s 2019 Annual Report will feature new writing from Emmanuel Carrère and John Seabrook, and illustration by Selman Hoşgör. The Italian tyre manufacturer is continuing its decade-long tradition of “enriching” its report, entitled ‘The Road Ahead’, with new artist commissions. Pirelli says this helps to tell the company’s story “beyond the numbers alone.” The three artists have produced work based on the theme of resilience, or the “capacity to react, change and improve”, as Pirelli defines the word. While the theme resonates with the current context, Pirelli adds that the commissions were conceived before the changes imposed by Covid-19. However the emergence of the pandemic figure large in the pieces Noon at our door by Carrère and The Zoom brigata by Seabrook.
Continue Reading![GT Radial tyres return to Gundlach exclusivity in Germany](https://www.tyrepress.com/wp-content/uploads/2020/06/Gundlach-GT-Radial_tb.jpg)
GT Radial tyres return to Gundlach exclusivity in Germany
Reifen Gundlach has resumed its exclusive distribution of GT Radial brand tyres in Germany. The new deal comes three years after Giti Tire ended their previously long-standing exclusive partnership with the wholesaler, started in 1994. Giti stated in 2017 that it wanted to to “achieve a higher market penetration with a planned realignment of the brand.” Part of the strategy was to make the GT Radial brand available through four different wholesalers. This coincided with the European entry of its eponymous Giti brand, with a special focus on the German market. At its peak, it had previously sold around a million GT Radial tyres per year, according to Gundlach statements. Now in 2020, the manufacturer has opted to resume its exclusive arrangement for GT Radial with Gundlach.
Continue Reading![Fintyre initiates debt restructuring programme](https://www.tyrepress.com/wp-content/uploads/2020/06/Fintyre-2014.jpg)
Fintyre initiates debt restructuring programme
On 15 June 2020 Italian tyre distributor Fintyre filed an application for admission into a debt restructuring arrangement with creditors to preserve “business continuity and better safeguard the interests of its creditors and of all the subjects who, for various reasons, have relationships with Fintyre”, according to our Italian group publication PneusNews.it. Related businesses Franco Gomme and Tire Retail (Pneusmarket) are not part of the arrangement.
Continue Reading![Sentury Tire IPO approval ‘ensuring company’s advancement’ – Davanti](https://www.tyrepress.com/wp-content/uploads/2015/12/sentury_transfer-and-logistics-e1450358414402.jpg)
Sentury Tire IPO approval ‘ensuring company’s advancement’ – Davanti
Chinese manufacturer Qingdao Sentury Tire received approval for an initial public offering (IPO) on the Shenzhen Stock Exchange earlier in the month. The tyre maker is mainly known in the UK for supplying Landsail tyres through wholesaler Grouptyre, as well as being a manufacturing partner of Davanti Tyres. Tyres & Accessories asked Sean Maddocks, Davanti sales director for UK and Ireland, what the IPO would mean for its own relationship and growth plans.
Continue Reading![Maxxis re-appoints Dr Wally Chen as chairman](https://www.tyrepress.com/wp-content/uploads/2020/06/Chairman-Wally-Chen-3b.jpg)
Maxxis re-appoints Dr Wally Chen as chairman
Former Maxxis International president Dr Wally Chen is leaving retirement to assume the chairmanship of the company. Dr Chen, who oversaw Maxxis’ rise to the ranks of the world’s top 10 tyre companies, will assume the chairmanship effective immediately following a vote by the company’s board of directors at a recent meeting. He replaces former Maxxis/Cheng Shin chairman Robert Lo (pictured).
Continue Reading![eBay France partners with Feu Vert to fit tyres bought online](https://www.tyrepress.com/wp-content/uploads/2017/05/ebay-motors-1.jpg)
eBay France partners with Feu Vert to fit tyres bought online
eBay France has partnered with the 350-branch strong Feu Vert garage network to fit tyres purchased online. The development was hinted at last year’s Equip Auto show when the head of spare parts and accessories for cars and motorcycles in the French, Spanish and Italian markets, Francesco Faà di Bruno, announced that negotiations were underway. Now, Ebay has confirmed, the agreement is final.
Continue ReadingCommercial vehicle and trailer parts merger raises competition concerns
Universal Components’ purchase of 3G raises competition concerns in the wholesale supply of commercial vehicle and trailer parts, a CMA investigation has found. Universal Components UK Limited (Universal Components), owned by TVS Europe Distribution Limited, and 3G Truck & Trailer Parts Ltd (3G) are two of the leading wholesalers offering a wide range of commercial vehicle and trailer part types in the UK.
Continue Reading![Michelin, Conti “well positioned” for market change: Goldman Sachs](https://www.tyrepress.com/wp-content/uploads/2020/06/michelin-year-stock.png)
Michelin, Conti “well positioned” for market change: Goldman Sachs
Michelin and Continental stocks are rising, despite the severe impact of the coronavirus pandemic and governmental lockdowns on demand. US investment bank Goldman Sachs today raised the target price of shares in the two manufacturers, rating Michelin as ‘Buy’ and Continental as ‘Neutral’. In his two research notes, Goldman analyst George Galliers increased Michelin stocks’ target price from 91 euros to 113 euros, and Conti’s from 75 euros to 92 euros.
Continue Reading![Bridgestone listed in Euronext Vigeo World 120 ESG Investment Stock Index for 2nd straight year](https://www.tyrepress.com/wp-content/uploads/2020/06/Bridgestone.jpg)
Bridgestone listed in Euronext Vigeo World 120 ESG Investment Stock Index for 2nd straight year
Bridgestone Corporation has been selected for inclusion in the Euronext Vigeo World 120 index, a leading stock investment index focused on environmental, social, and governance (ESG) factors, for the second consecutive year.
Continue Reading![Conti CEO warns staff of job cuts](https://www.tyrepress.com/wp-content/uploads/2019/08/Continental-pr-sml.jpg)
Conti CEO warns staff of job cuts
Continental AG is warning staff that the company has to save three-digit millions of euros, which will result in staff lay-offs, according to German business magazine WirtschaftsWoche.
Continue Reading![Absolute Alignment sales ‘back to pre-lockdown level’](https://www.tyrepress.com/wp-content/uploads/2020/06/absolute-sales-recovery-scaled.jpg)
Absolute Alignment sales ‘back to pre-lockdown level’
Four wheel alignment equipment supplier, Absolute Alignment says its May sales have “matched pre-lockdown figures in March.” The company has adapted its work practices to protect customers and staff and adhere to government pandemic guidelines. Social distancing measures are followed during every installation and each training session for workshop personnel. The business has also turned to online demonstrations.
Continue Reading![Hankook wins platinum medal for CSR engagement, sustainability](https://www.tyrepress.com/wp-content/uploads/2020/06/20200609_Hankook_Tire_wins_Platinum_Medal_from_Ecovadis_for_CSR.jpg)
Hankook wins platinum medal for CSR engagement, sustainability
Tyre manufacturer Hankook has received a platinum medal for its corporate social responsibility (CSR) engagement. The medal was awarded by the French rating agency Ecovadis in particular recognition of Hankook’s sustainability initiatives. The medal is awarded to companies in the top one per cent of their industry sector.
Continue Reading![Hankook now on Instagram](https://www.tyrepress.com/wp-content/uploads/2020/06/20200608_Hankook_launches_European_Instagram_channel.jpg)
Hankook now on Instagram
Hankook has added Instagram to its social media portfolio. The tyre maker opened its @hankooktire.europe channel on 8 June. It said the channel would offer relevant information to interested and enthusiastic followers of technical content and car topics. It will also focus on the tyre manufacturers sporting and motorsport activities.
Continue Reading![50% drop in tyre sales in Q2 – Goodyear](https://www.tyrepress.com/wp-content/uploads/2019/07/goodyear-tires-120223.jpg)
50% drop in tyre sales in Q2 – Goodyear
Goodyear has estimated that it will register a 50 per cent drop in quarter two tyre sales versus 2019. The US manufacturer reported the estimate in an SEC stock exchange filing. It said that global Q2 sales are set to be 18.7 million in 2020, compared to 37.4 million in the same period in 2019.
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