![Titan International buys Carlstar Group for US$296 million](https://www.tyrepress.com/wp-content/uploads/2023/11/Carlstar-sml.jpg)
Titan International buys Carlstar Group for US$296 million
Titan International, Inc. (TWI) has bought Carlstar Group LLC. for approximately $296 million in a cash and stock transaction, which closed on 29 February 2024. The transaction price represents a multiple of approximately 4x Carlstars full-year 2023 pre-tax profits (adjusted EBITDA) of $73 million. Carlstar reported revenues of around $615 million in 2023.
Continue Reading![Halfords shares plummet after consumer tyre-related profit warning, but Autocentres remain ‘bright spot’](https://www.tyrepress.com/wp-content/uploads/2024/02/Halfords-shares.png)
Halfords shares plummet after consumer tyre-related profit warning, but Autocentres remain ‘bright spot’
Halfords Group’s share price fell by around a quarter in response to an unexpected profit warning notice on 28 February, which suggested Halfords would make substantially less profit than the firm forecast roughly a month earlier. At least part of the reason for the profit warning was softening demand in the consumer tyre sector. Halfords stock recovered slightly in early trading on the morning of 29 February, however the five-day chart shows that the company’s share price remains around a quarter down.
Continue Reading![Bridgestone reorganises management structure, instates EMEA region](https://www.tyrepress.com/wp-content/uploads/2023/10/Bridgestone-placeholder3.jpg)
Bridgestone reorganises management structure, instates EMEA region
Bridgestone has detailed a number of organisational changes to its global management structure that went into effect at the start of 2024. Tyrepress reported the company’s promotion of Central Europe managing director Christian Mühlhäuser to vice president of the North Europe region on 22 February. The creation of Mühlhäuser’s new role is part of the transition from Bridgestone EMIA (Europe, Middle East, India and Africa) to the newly created Bridgestone EMEA (Europe, Middle East and Africa) Core Tyre Business Unit. Bridgestone told Tyrepress that the changes have been made “as part of move to further strengthen the global management structure.”
Continue Reading![Halfords issues surprise consumer tyre-related profit warning](https://www.tyrepress.com/wp-content/uploads/2023/01/timandrew_HME_AGA4688-scaled.jpg)
Halfords issues surprise consumer tyre-related profit warning
After years of strong and often tyre-driven profit growth, Halfords Group plc has warned investors that “further material weakening” in “cycling, retail motoring and consumer tyres” will result in “a significant drop in like-for-like revenue growth”. As a result, that specifically means £13 million less “underlying profit before tax (PBT)”, than previously stated or PBT “in the range of £35-40 million”.
Continue Reading![Remember This? – February 2024](https://www.tyrepress.com/wp-content/uploads/2021/06/Feb-2014-Cropped-FC.png)
Remember This? – February 2024
Our monthly magazine column looks back at the biggest news events from the tyre industry five, 10, 15 and 20 years ago. This months edition looks back to February issues from 2004, 2009, 2014, and 2019 for some of the biggest tyre industry news of those months. Click the month and year to access the digital edition of the relevant issue of the magazine from Tyres & Accessories’ expanding digital archive.
Continue Reading![Prometeon joins ETRMA](https://www.tyrepress.com/wp-content/uploads/2022/08/Prometeon-Logo.png)
Prometeon joins ETRMA
Prometeon Tyre Group has become a full corporate member of ETRMA effective immediately. ETRMA president Chris Delaney welcomed the decision, saying: “I am thrilled to welcome Prometeon as a full Member of ETRMA. Their membership will enhance the representativeness and expertise of the organisation”.
Continue Reading![Infopro Digital buys DriveRightData](https://www.tyrepress.com/wp-content/uploads/2024/02/Driveright-acq.png)
Infopro Digital buys DriveRightData
DriveRightData’s acquisition by Infopro Digital aligns with the company’s “commitment to quality, accuracy and innovation” and the two firms’ integration “will cultivate synergies across both global product portfolio” DriveRightData representatives said in a statement announcing the news on 23 February 2024.
Continue Reading![Profits of listed Chinese tyre companies rise sharply](https://www.tyrepress.com/wp-content/uploads/2024/02/alexander-sinn-KgLtFCgfC28-unsplash-scaled.jpg)
Profits of listed Chinese tyre companies rise sharply
A number of Chinese tyre manufacturers have stated that their net profits significantly increased year-on-year in 2023. Doublestar is one of the few tyre companies that was still losing money. Jiangsu General turned losses into profits. In terms of net profit alone, Sailun’s 3.1 billion yuan suggest the company gradually widened the gap between itself and Linglong. Currently, ZC Rubber has not officially disclosed its operating data for 2023. Therefore, it is not yet possible to judge who is in the leading position in terms of net profit between Sailun and ZC Rubber.
Continue Reading![Pyrum commences pyrolysis oil deliveries to BASF](https://www.tyrepress.com/wp-content/uploads/2021/08/placeholder-sml.jpg)
Pyrum commences pyrolysis oil deliveries to BASF
Pyrum Innovations views the commissioning of reactor 2 (TAD 2) at its main Dillingen/Saar site in Germany as a “new milestone,” and test runs of TAD 2 have resulted in the production of around 60,000 litres of pyrolysis oil, with the first delivery of 24,000 litres earmarked for BASF. Rigorous testing and sampling confirm that the oil meets all required specifications, paving the way for future deliveries.
Continue Reading![Ceat extending cricket remit with IPL partnership](https://www.tyrepress.com/wp-content/uploads/2024/02/Ceat-BCCI.jpg)
Ceat extending cricket remit with IPL partnership
Tyre maker Ceat Ltd is bowling another over in its sponsorship of the Indian Premier League (IPL). The company first partnered with the men’s Twenty20 cricket league in 2015 and renewed the arrangement for a further five years in 2018. The Board of Cricket Control in India has now confirmed its selection of Ceat as an IPL Official Partner.
Continue Reading![GDSO welcomes Yokohama Rubber as full member](https://www.tyrepress.com/wp-content/uploads/2023/08/Yokohama-placeholder-2.jpg)
GDSO welcomes Yokohama Rubber as full member
As of January 2024, the Yokohama Rubber Co., Ltd. is a full member of the Global Data Service Organisation (GDSO) for Tyres and Automotive Components, an international non-profit association promoting standardisation and access to tyre-related data. As a GDSO member, Yokohama Rubber will comply with industry standards promoting individual tyre identification management.
Continue Reading![Continental sells Tikka Spikes Oy via management buy-out](https://www.tyrepress.com/wp-content/uploads/2024/02/Tikka-Spikes.png)
Continental sells Tikka Spikes Oy via management buy-out
Continental has sold its Finnish Tikka Spikes Oy business to the company’s management in a management buy-out (MBO). As a result, parts of Tikka’s current management team led by Juha Rautiainen will acquire all Tikka Spikes Oy shares through their newly founded company Tikka Industrial Oy. The target date for completion is 1 March 2024. All Tikka Spikes employees will stay with the new owners. Existing supply, development and testing partnerships with Continental will be continued. Both parties have agreed not to disclose the purchase price.
Continue Reading![NAPA partners with Valvoline in new oil range](https://www.tyrepress.com/wp-content/uploads/2020/10/tlo_biz83a-scaled-e1602237521703.jpg)
NAPA partners with Valvoline in new oil range
Valvoline has been supplying Genuine Parts Company (GPC), the US-based parent company of NAPA, with Valvoline-branded and NAPA-formulated lubricants for more than 50 years, and is one of the largest suppliers to GPC. The UK partnership builds on this existing relationship and the two brands’ matching commitment to uncompromising quality and relentless innovation.
Continue Reading![Profitable growth for Yokohama Rubber in 2023](https://www.tyrepress.com/wp-content/uploads/2023/08/Yokohama-placeholder-2.jpg)
Profitable growth for Yokohama Rubber in 2023
In fiscal year 2023, Yokohama Rubber announced significant increases across key financial metrics, with revenue rising by 14.5% to reach 985.3 billion yen (£5.2 billion), operating profit increasing by 45.8% to 100.4 billion yen (£530.3 million) and profit attributable to owners of the parent company climbing by 46.4% to 67.2 billion yen (£354.9 million). These figures marked record-high full-year performance levels for Yokohama Rubber. The company also achieved its target of raising its ratio for business profit to sales revenue above 10% in line with the objectives it outlined in the YX2023 medium-term management plan.
Continue Reading![Sumitomo Rubber Industries interested in Dunlop brand for Europe, North America](https://www.tyrepress.com/wp-content/uploads/2024/02/Dunlop-tyre-sml-1.jpg)
Sumitomo Rubber Industries interested in Dunlop brand for Europe, North America
Tyres are just black and round, as friends and loved ones never grow weary of pointing out, but things get more complicated when the Dunlop name is on the sidewall. While most tyre brands are produced by a single company, Dunlop has the distinction of being made by no less than three. But things may soon become simpler.
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