Tire Pros adds 7 branches in USA
In the USA, Tire Pros, a subsidiary of large wholesale operation American Tire Distributors (ATD), has added seven new branches in California, Alabama, Texas, Nevada, Arizona, and Pennsylvania.
Continue ReadingContinental: No EV battery cell production, but greater focus upon electromobility
In the past it remained open to a potential investment in solid-state battery cell production, however Continental has now ruled out entering this market. Andreas Wolf, chief executive officer of the company’s Powertrain business, states that “the disruptive market no longer offers any attractive economic prospects for battery cell production for Continental.”
Continue ReadingContinental discussing ‘need for action’ with employee representatives
Continental is the latest automotive sector company to report lower year-on-year income in the second quarter of the year. The tyre maker and automotive systems supplier describes its fiscal performance during the period as “an overall solid” result despite a “sharply declining market.” It is nevertheless considering ways of keeping its production costs in check, and will report its progress to this end in the weeks to come.
Continue ReadingNTDA announces 2019 Tyre Industry Awards finalists
The NTDA has announced the finalists for its 2019 Tyre Industry Awards. The awards, sponsored by tyre manufacturer Sailun, will be presented at the association’s 90th Annual Dinner on Thursday 3 October at the International Convention Centre (ICC) Birmingham. The dinner is sponsored by tyre wholesaler Land Tyre Service, while the awards will be hosted by popular TV comedian Mark Watson. The 2019 finalists include former award winners, finalists, and some new nominees.
Continue ReadingArconic repurchasing $200M in common stock
Arconic Inc., parent company of Alcoa Wheels, today announced it has entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC to repurchase US$200 million of Arconic’s common stock, pursuant to the share repurchase programme previously authorised by the company’s Board of Directors.
Continue ReadingNational Tyres and Autocare adds vehicle servicing to portfolio
National Tyres and Autocare has begun offering vehicle servicing at selected outlets. It offers three vehicle servicing packages, starting with a 25-point Express Service and going up to a full 51-point Full Service.
Continue ReadingNew car market declines in July but pure EV registrations almost triple
The UK new car market declined again in July, with 157,198 vehicles leaving showrooms, according to figures released by the Society of Motor Manufacturers and Traders (SMMT). Registrations fell by -4.1 per cent, the fifth consecutive month of decline, as political and economic uncertainty and confusion over future government policy on different fuel types continued to knock consumer and business confidence.
Continue ReadingRoyal Mail to add further 190 electric vans to fleet
Royal Mail is to triple the size of its electric van fleet with the addition of 190 new models by the end of the year. The company, which will use the new vans to deliver letters, parcels and cards across selected locations in London and surrounding areas, introduced 100 EVs last year.
Continue ReadingMelett appoints Darren Johnson as head of sales
Melett has promoted Darren Johnson to the role of head of sales having previously occupied the position of sales manager. Johnson has been with the company since 2012, having first joined as a sales engineer for UK, Ireland, Scandinavia and the Netherlands. In just over a year, he became sales manager, and was the role for more than six years.
Continue ReadingGoodyear announces Germany savings, plans for similar measures in USA
Goodyear Tire & Rubber says its decision to modernise two tyre factories in Germany, and in doing so lay off around 1,100 workers, will cut the tyre maker’s costs by US$60 million to $70 million a year. Chief financial officer Darren Wells anticipates that Goodyear will feel the “full benefit” of these additional earnings by 2022.
Continue ReadingHankook Tire: Lower profits in H1 2019
In reporting its financial results for the second quarter and first half of 2019, Hankook Tire notes that the six months to 30 June were punctuated by uncertainty within the global tyre market. Challenges faced by many tyre makers include declining vehicle sales, anti-dumping duties and uncertainty caused by US-China trade tensions. Hankook specifically battled high fixed costs during a low demand cycle, a relatively high dependency on China for both production and sales, and issues with stabilisation at its 2017-opened plant in the USA.
Continue ReadingPirelli: H1 2019 financial results
In the preamble to its financial results for the first half of 2019, Pirelli notes that car production around the world was 6.7 per cent lower during the six-month period than in the first half of last year. It adds that lower vehicle production impacted the tyre market, with lower shipments to carmakers driving a 7.3 per cent contraction of the global tyre market in the first half of the year. Many tyre makers diverted production to the less profitable replacement segment, a move that affected their pricing.
Continue ReadingPirelli shareholders’ agreement renewed
A three-year extension to the Shareholders’ Agreement covering the governance of Pirelli & C. S.p.A was agreed upon yesterday. This extension will take effect from the publication date of the notice convening the Pirelli shareholders’ meeting for approving the companys 2019 financial statements.
Continue ReadingNokian Heavy Tyres acquires Finnish wheel company Levypyörä Oy
Nokian Heavy Tyres is acquiring a Finnish heavy equipment wheel company Levypyörä Oy. With its two business lines, wheels and steel structures, Levypyörä serves several original equipment manufacturers and aftermarket customers in forestry, agriculture and earthmoving applications. Annual net sales of Levypyörä are approximately 18 million euros.
Continue ReadingGroundbreaking held for new GRI Tires mixing facility
Sri Lanka-based manufacturer GRI Tires has laid the foundation for a new mixing plant. The facility, located some 25 miles from Colombo in the Mirigama Export Processing Zone (MEPZ), will initially give GRI the capacity to increase specialty tyre output by 100 tons a day. A further project phase will double capacity.
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