JK Tyre senior management takes 25% pay cut amid Covid-19 pandemic
Senior management at Indian tyre manufacturer JK Tyre will take a 25 per cent pay cut during the Covid-19 outbreak. Chairman and managing director Raghupati Singhania stated that the board was taking the cut “in a show of solidarity in this critical time,” noting the “unprecedented” impact of the virus on sales and profitability.
Continue Reading![Hankook Tire examining distribution structures, looking at M&A growth](https://www.tyrepress.com/wp-content/uploads/2020/03/hankook-sml.jpg)
Hankook Tire examining distribution structures, looking at M&A growth
Hankook Tire concedes that its response to last year’s “extremely challenging” business environment and the rapidly-changing trends influencing the tyre industry was “not fully sufficient” to combat downward pressure upon its business. Hyun Shick Cho, vice chairman and chief executive officer of Hankook Technology Group, has addressed this issue in a letter to shareholders, discussing means of responding preemptively to these changing trends.
Continue ReadingHankook Tire announces share buyback & increased dividend
In measures aimed at enhancing “shareholder-friendly management”, Hankook Tire intends to buy back around KRW 50 billion (£34 million) of its shares over the coming six months and will also “sharply expand” the size of its dividends. In addition, the tyre maker will form a support group for external directors and implement an electronic voting system.
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Kwik Fit: Business as usual “where possible”
Kwik Fit says it is carefully monitoring the COVID-19 outbreak, and at present its centres are open for business as usual “where possible”. It adds that the company’s “overriding priority” is the health and well-bring of its staff and customers.
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Garages to remain open despite lockdown
Yesterday Prime Minister Boris Johnson outlined strict stay-at-home measures for the whole of the UK. These effectively amount to a country-wide lockdown and will be enforced by the police. As a result, gatherings outside of households are effectively banned and shops have to close. However, reading the small print reveals that automotive garages are within the limited number of retailers that will be allowed to remain open. And therefore tyre centres will be allowed to keep going as well. Motorists looking for information on garages in the Covid-19 lockdown can find more on Tyrepresss sister site, WhatTyre.
Continue ReadingSTARCO & Kenda integrating European technical teams
The technical team that STARCO operates in Europe is joining together with parent company Kenda’s technical team. The aim of integrating the two teams is to leverage synergies within the firms’ global technical structure as well as drive further technological improvements. According to STARCO, it also represents a significant step in both companies’ growth plans for Europe.
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Bridgestone temporarily closes, slows tyre production at European factories
Bridgestone EMIA will either temporarily close or reduce production plants across its European manufacturing network in response to the COVID-19 pandemic. Its Béthune plant in France and the Bari plant in Italy will be closed until 6 April.
Continue ReadingPirelli suspending tyre production in Italy
On Friday, Pirelli announced it would suspend production at its two tyre plants in the UK in light of the COVID-19 emergency and its effect on the automotive industry. Yesterday it extended the production stop to its Settimo Torinese and Bollate plants in Italy.
Continue ReadingCooper Tires pausing production in North America, considering options in Europe
Market demand for tyres in some parts of the world is declining parallel to the spread of the coronavirus, and Cooper Tire & Rubber Company has responded by announcing a temporary shutdown of its tyre manufacturing facilities in the United States and Mexico. In a statement published on Saturday, the tyre maker said it is also “currently assessing plans” for its operations in Europe. Cooper Tires’ plants in China, which reopened several weeks ago and have continued to ramp up production since then, remain in operation.
Continue ReadingPirelli announces slowdown plan for USA factory
In addition to pausing production in the UK, Pirelli will first reduce production at its plant in Rome, USA and then close it completely for a week.
Continue ReadingPirelli stopping production in UK plants
A combination of health concerns and a significant slowdown in the automotive sector have prompted Pirelli to temporarily halt production at its factories in Burton on Trent and Carlisle. The stop will begin on 23 March.
Continue ReadingPirelli suspends production at Romanian plant
Pirelli is suspending activity at its plant in Slatina Romania on 23-31 March. The plant, which produces car and motorsport tyres, has around 4,000 employees.
Continue Reading![Continental stops production in some factories](https://www.tyrepress.com/wp-content/uploads/2020/03/Conti-Hannover.jpg)
Continental stops production in some factories
Tyre maker and automotive technology company Continental has ceased production in some of its plants until further notice. It informed the Frankfurt Stock Exchange of measures put in place to adjust production around the world in response to the spread of the coronavirus and the effect of this upon vehicle production. Continental confirmed that its adjustments include complete production stops in some cases.
Continue Reading![Michelin temporarily closes some European factories, car tyre demand down 9%](https://www.tyrepress.com/wp-content/uploads/2019/11/michelin-sign-logo-sml.jpg)
Michelin temporarily closes some European factories, car tyre demand down 9%
Michelin has confirmed that it has decided to close its tyre production facilities “located in the European countries most affected” countries for at least one week. Tyres & Accessories understands this means Michelin’s factories in Italy (Cuneo and Alessandria), Spain (Lasarte, Vitoria, Aranda de Duero and Valladolid) and France (Cataroux, Les Gravanches, Le Puy-en-Velay, Roanne, Bourges, Montceau, Cholet, La Roche-sur-Yon, Golbey, Avallon, Montagny, Vannes, Joué-Lès-Tours and Troyes
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Michelin wins back fuel tanker fleet policy within two years
Newton Abbot-based heating oil and fuel specialist Heltor has returned to a full Michelin tyre policy across its fleet of more than 50 commercial vehicles. Michelin states that the move comes less than two years after switching to a competing premium tyre brand. Following the move, Heltor closely monitored the performance of the new tyres against existing Michelin fitments within the fleet and was able to track the precise tyre cost per kilometre between the two brands.
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