Cooper Tire reports 1Q2020 net loss of US$12 million, Europe and International segment bears the brunt
Cooper Tire & Rubber Company has reported a first quarter 2020 net loss of $12 million, compared with net income of $7 million in same period last year. Unit volume decreased 15.8 per cent compared to the first quarter of 2019. Net sales decreased 14.1 per cent to $532 million. Operating loss was $6 million, or 1.2 per cent of net sales, compared to operating profit of $26 million, or 4.3 per cent of net sales, in 2019.
Continue Reading![Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire](https://www.tyrepress.com/wp-content/uploads/2020/05/Hankook-Porsche_Cayenne-sml.jpg)
Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire
Hankook Tire has reported consolidated global sales of KRW 1.4358 trillion (£945.0 million) for the first quarter of 2020, around 12.6 per cent less than in the opening quarter of last year. Operating profit decreased 24.8 per cent year-on-year to KRW 105.9 billion (£69.7 million).
Continue Reading![BKT becomes TotY partner](https://www.tyrepress.com/wp-content/uploads/2020/05/Logo_TotY_BKT_2-sml.jpg)
BKT becomes TotY partner
The Tractor of the Year (TotY) awards have a new partner - off-highway tyre specialist BKT. The partnership begins today and will last for a period of four years.
Continue Reading![GRI MD appointed to presidential task force in Sri Lanka](https://www.tyrepress.com/wp-content/uploads/2020/05/gri-md.jpg)
GRI MD appointed to presidential task force in Sri Lanka
The president of Sri Lanka His Excellency Gotabaya Rajapaksa has appointed Prabhash Subasinghe, managing director of GRI, to the Presidential Task Force for Economic Revival and Poverty Alleviation. The task force exists because Sri Lanka’s government has identified the need to create balanced social and economic development in the country, aligned with expectations by the United Nations such as environmental conservation, renewable energy and toxin-free food production, as well as the need to minimize poverty.
Continue ReadingContinental delays Vitesco spin-off
On 1 May Continental AG said it will delay spin-off of its powertrain business Vitesco Technologies. Rather than executing that plan in July, as had been planned, the automotive supplier said it will pursue the listing of its powertrain subsidiary business when market conditions improve.
Continue Reading![New tyre labelling rules move a step closer](https://www.tyrepress.com/wp-content/uploads/2020/05/20200428PHT78031_original.jpg)
New tyre labelling rules move a step closer
On 29 April, the European Parliament announced that new tyre labelling rules have moved a step closer to implementation. The European Parliament and the Council of EU reached an informal agreement on the labelling scheme in November 2019. The Council formally endorsed the rules in February 2020 and Parliaments industry, research and energy committee voted in favour of them on 28 April 2020. The Parliament as a whole must now approve the deal in order for the new labels to be rolled out.
Continue ReadingSameer Africa ceases trading
Tyre distributor Sameer Africa resolved to close down on 20 April 2020. 73 employees will be made redundant by the end of May as a result. Local news reports quote acting managing director Peter Gitonga as saying that several different efforts to keep the company afloat had failed.
Continue ReadingPirelli making tyres again from today
In line with the gradual relaxing of the lockdown in Italy, industrial activity at Pirelli’s Settimo Torinese facility resumes today. The tyre maker says production levels will initially be below normal levels in light of lower current demand.
Continue Reading![Bridgestone acquires former Fintyre Germany tyre trade group Reiff](https://www.tyrepress.com/wp-content/uploads/2020/03/Reiff-sign.jpg)
Bridgestone acquires former Fintyre Germany tyre trade group Reiff
Bridgestone has acquired German specialist tyre trade group, Reiff Reifen und Autotechnik GmbH. The company, part of the collapsed Fintyre Germany group, includes the Reiff, Netto and ABS brands. Reiff runs a network of 42 retail stores in the south of Germany, as well as a tyre retreading plant, all of which are part of the acquisition deal. It has more than 500 employees.
Continue ReadingEnviro completes Michelin share offer
Recycling firm Scandinavian Enviro Systems AB (Enviro) has completed a share issue worth 116 million Swedish Krone to Michelin. The issue is part of the letter of intent announced on 15 April 2020 and signals a “long-term strategic partnership between the two companies”.
Continue Reading![Milestone to one side as Saracens Tyres sticks to customer-first approach](https://www.tyrepress.com/wp-content/uploads/2020/05/Saracens-Tyres.jpg)
Milestone to one side as Saracens Tyres sticks to customer-first approach
Saracens Tyres has put any plans to celebrate its 50th anniversary on hold to focus its efforts on helping its customers stay fully operational throughout the coronavirus pandemic. The Michelin Quality Centre-approved dealer is keeping its doors open during the UK’s lockdown period to support key workers in the transport and agricultural industries who are working around the clock to help keep essential supplies, including food, moving.
Continue Reading![UK car production fell 37% in March 2020 – SMMT](https://www.tyrepress.com/wp-content/uploads/2020/04/Car-output_rolling-year-totals-March-2020.png)
UK car production fell 37% in March 2020 – SMMT
UK car manufacturing fell -37.6 per cent in March, according to figures released today by the Society of Motor Manufacturers and Traders (SMMT). 78,767 vehicles left factory gates in the month, some 47,428 fewer than the previous year, as the coronavirus crisis caused UK car plants to close. 140 days-worth of lost production have been lost as a result.
Continue Reading![Tyre demand declining 15 to 26 per cent in 2020](https://www.tyrepress.com/wp-content/uploads/2020/04/blue-and-yellow-graph-on-stock-market-monitor-159888-scaled.jpg)
Tyre demand declining 15 to 26 per cent in 2020
Things are changing so quickly at the moment that most analyses end up little more than speculation two weeks later. That’s why Tyrepress contains both the latest news and seeks to set such developments into their medium- and long-term contexts. Take our Tyre Retail coverage for example (see 2020 UK tyre retail ranking and Which garages are open during lockdown) where we list both the current proportions of open tyre retailers and analyse the overall UK tyre retail landscape in its seven-year context.
Continue Reading![Yokohama Europe maintaining business through focus on customer care](https://www.tyrepress.com/wp-content/uploads/2020/04/Yokohama-RR42-sml.jpg)
Yokohama Europe maintaining business through focus on customer care
Yokohama Europe reports it has been able to maintain its OTR business at a similar level to previously even under the tough conditions resulting from COVID-19. Truck and bus tyre sales were 27 per cent down during the same period, with Italy particularly affected.
Continue Reading![Nankang Tyre launches mobile games for iOS and Android](https://www.tyrepress.com/wp-content/uploads/2020/04/nankang-at5-tyrerun.jpg)
Nankang Tyre launches mobile games for iOS and Android
Nankang Tyre has launched two tyre games for Android and iOS mobile devices: Tyre Maker and Tyre Run. Both are available free to download worldwide on Android and iOS. The Taiwan tyre manufacturer says part of the purpose of the apps is “to relieve the boredom of being stuck at home due to COVID-19.” The games were developed in collaboration with digital design company King One Design. Users can download Tyre Maker here on iOS devices, or here on Android devices, while Tyre Run is available here (iOS) or here (Android).
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