![No 2019 dividend, updated 2020 guidance: Pirelli strives to mitigate COVID-19 impact](https://www.tyrepress.com/wp-content/uploads/2020/04/pirelli-flag.jpg)
No 2019 dividend, updated 2020 guidance: Pirelli strives to mitigate COVID-19 impact
The Board of Directors of Pirelli met last Friday to take stock of the COVID-19 crisis and its detrimental effect upon global economic outlook. During the meeting, they decided the scenario that forms the basis of the 2020-2022 Industrial Plan, which Pirelli presented on 19 February, no longer applies. The Board has therefore decided to reformulate Pirelli’s targets for 2020 “in light of the elements available today” and has also cancelled the distribution of dividends for 2019 for the time being and revised its 2020 renumeration policy.
Continue ReadingMichelin managing partners take 25% pay cut
Michelin’s managing partners, the executive committee as well as the chairman and independent members of the supervisory board have agreed to reduce their remuneration. The announcement comes in the context of the coronavirus crisis that has caused a noticeable slowdown in the activities of the Michelin Group and which has led to some employees having to undergo partial unemploym
Continue ReadingCoronavirus stunts Nokian Tyres’ dividend – for now
Nokian Tyres has announced a dividend of 0.79 euros per share for the 2019 financial year, paypayble 17 April 2020. In addition, the company’s Board of Directors is authorised to approve an additional dividend payment of up to 0.79 euros per share “at a later stage when Nokian Tyres is able to make a more reliable estimate on the impacts of the COVID-19 to the company’s business.” This authorisation is valid until the company’s next Annual General Meeting.
Continue Reading![Toyo Tire signs strategic partnership with JAOS](https://www.tyrepress.com/wp-content/uploads/2020/04/toyo-jaos.png)
Toyo Tire signs strategic partnership with JAOS
A new strategic partnership between Toyo Tire Corporation and automotive component manufacturer JAOS Corporation aims to increase the value of both brands within the SUV and 4x4 sector around the world. The two Japanese companies will collaborate in marketing activities and leverage their aggregate knowledge gained through joint participation in motorsports events and original product testing.
Continue ReadingMichelin reducing 2019 dividend to €2
Michelin intends to reduce the dividend it pays shareholders for 2019. The tyre maker has outlined its decision, taken “in a commitment to optimally balance the interests of all its stakeholders”, to reduce the amount of the proposed dividend from the initially-announced 3.85 euros to 2 euros. Payment is scheduled for 3 July 2020.
Continue Reading![Insolvency proceedings begin for 7 Fintyre Group companies in Germany](https://www.tyrepress.com/wp-content/uploads/2020/04/Insolvenzantrag.jpg)
Insolvency proceedings begin for 7 Fintyre Group companies in Germany
Insolvency proceedings begin for 7 Fintyre Group companies in Germany
Continue Reading![Brembo acquires 2.43% interest in Pirelli](https://www.tyrepress.com/wp-content/uploads/2020/04/brembo-pirelli.jpg)
Brembo acquires 2.43% interest in Pirelli
Braking systems company Brembo S.p.A. has announced that it holds an interest in consumer tyre manufacturer and fellow Formula 1 supplier Pirelli. As of 31 March 2020, Brembo holds a 2.43 per cent stake in Pirelli, both directly and through its parent company Nuova FourB.
Continue Reading![Davanti unveils wave of new product, partnership news at first conference](https://www.tyrepress.com/wp-content/uploads/2020/04/Davanti-Conf-3.jpg)
Davanti unveils wave of new product, partnership news at first conference
Davanti marked its fifth anniversary with its first international dealer conference at the end of February. The tyre brand hosted more than 150 attendees by Everton Football Club’s Goodison Park, where it’s development director Gary Cross took the opportunity to announce its upcoming products, including range extensions and what might be called the second generation of Davanti tyres given the new naming conventions first introduced in the Wintoura winter tyre and Terratoura all-terrain 4x4 tyre ranges. Davanti sales director for UK and Ireland Sean Maddocks also presented observations on tyre markets, the development of the brand’s global dealer network over the past five years, and its commercial partnerships including the renewal of its official brand partnership with Everton FC.
Continue Reading![Lamborghini producing surgical masks and medical shields](https://www.tyrepress.com/wp-content/uploads/2020/04/Lambo-Masks.png)
Lamborghini producing surgical masks and medical shields
Lamborghini is converting part of its production plant in Sant’Agata Bolognese in order to produce surgical masks and protective medical shields for the Sant’Orsola-Malpighi Hospital in Bologna, which is involved in the fight against the Covid-19 pandemic, in collaboration with the University of Bologna. The Department of Medical and Surgical Sciences will oversee validation testing of the medical devices made by Lamborghini, prior to their delivery to the hospital.
Continue Reading![Nexion Group extends suspension of work until 5 April](https://www.tyrepress.com/wp-content/uploads/2020/03/Corghi_aerea.jpg)
Nexion Group extends suspension of work until 5 April
The Nexion Group, best known as the manufacturer of the Corghi brand of garage equipment, has extended the suspension of work in its Italian factories and offices for a second week, up to 5 April. The decision comes in compliance with the Italian government’s 25 March decree, implementing “urgent measures to deal with the epidemiological emergency from COVID-19.”
Continue Reading![Continental withdraws outlook for ‘uncertain’ 2020](https://www.tyrepress.com/wp-content/uploads/2020/04/Conti-Hannover.jpg)
Continental withdraws outlook for ‘uncertain’ 2020
The entire automotive industry has been impacted by the coronavirus pandemic, and companies are taking steps to ensure their survival. Continental has provided an update on the latest measures being implemented, including reduced working hours and displays of executive solidarity. It has also buried its outlook for 2020.
Continue ReadingPirelli subscribes to 800 million euro ‘sustainable’ credit line
Pirelli has subscribed to a new 800 million euro line of credit financing with a number of leading Italian and international banks. This line of credit has a five-year maturity and is entirely sustainable, in accordance with Pirelli’s economic and environmental sustainability targets.
Continue Reading![TBR tyre production begins at Prinx Chengshan’s Thailand plant](https://www.tyrepress.com/wp-content/uploads/2020/03/Prinx-Thailand.png)
TBR tyre production begins at Prinx Chengshan’s Thailand plant
Prinx Chengshan reports that its new tyre factory in Thailand produced its first commercial vehicle all-steel radial on 25 March. The first phase production project at the Prinx Chengshan Tire (Thailand) Co., Ltd. is now expected to be concluded in the second quarter of this year, giving the facility an annual capacity to produce 800,000 TBR tyres. The plant is also capable of manufacturing 4 million passenger car and light truck tyres a year.
Continue Reading![Ronal Group temporarily stops production](https://www.tyrepress.com/wp-content/uploads/2020/03/Ronal-Headquarters_Haerkingen-sml.jpg)
Ronal Group temporarily stops production
Demand for new cars has dropped as the COVID-19 pandemic spreads, and vehicle manufacturers have adjusted their production accordingly. Their suppliers have too, and alloy wheel manufacturer Ronal Group is the latest company to announce a temporary shutdown of its facilities. Deliveries of products will continue from existing stocks.
Continue Reading![‘Nobody will be laid off – if need be I’ll waive my salary’ – Liqui Moly MD](https://www.tyrepress.com/wp-content/uploads/2020/03/Ernst-Prost.png)
‘Nobody will be laid off – if need be I’ll waive my salary’ – Liqui Moly MD
In response to the COVID-19 pandemic, German oil and additive specialist Liqui Moly’s managing director Ernst Prost has promised employees that “nobody will be laid off. If need be, I’ll waive my salary.”
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