Midlands Tyres Group buys Tyres and Batteries
In Eire, The Midland Tyres Group announced its acquisition of T.A.B. Tyres and Batteries Ltd (TAB) at the end of July. According to Midland, this strategic move will “enhance Midlands service offerings to our fleet customers where we will be positioned to have the largest number of fitters and vans inside and outside the M50.”
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Vittoria offers carbon footprint analysis of tyres
Vittoria is empowering cyclists to “make more environmentally conscious purchases” via a carbon footprint analysis of the company’s entire range. The development follows two years of development with Deloitte. As a result of that, Vittoria reports that it has introduced “a comprehensive tool based on the UNI EN ISO 14067:2018 Systematic Approach”. Externally certified by Bureau Veritas in June 2024, the offers detailed data on the CO2 emissions produced during the lifecycle of each tyre.
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Pirelli shareholder Hixih signs Chinese EV strategic partnership
After reporting triple-digit growth in its electric vehicle and automotive business in China during the first half of 2024, Eurogrip Laminations (EGLA) announced that it has agreed a partnership with China’s Hixih Rubber Industry Group. Italy-based EGLA turned over some 836 million euros in 2023.
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Hankook Tyre UK supporting Transaid with ambulance bicycles
Hankook has recently celebrated 18 years of corporate partnership with Transaid - donating prizes for fundraising events, participating in cycle challenges, and most recently, providing four bicycle ambulances to help transform lives through safe, available and sustainable transport.
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Titan International Q2 2024 financial results
Titan International, Inc. has reported its financial data for the second quarter of 2024, results that reflect both the challenges and opportunities faced by the company in a dynamic market environment. Net sales for the three months ended 30 June 2024, reached US$532.2 million, marking an increase from $481.2 million in the corresponding period of last year. This growth was primarily driven by higher volumes in the consumer segment, significantly bolstered by the Carlstar acquisition, which completed on 29 February 2024.
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JK Tyre reports 33% increase in Q1FY25 Net Profit
JK Tyre & Industries Ltd. (JK Tyre) has announced its unaudited financial results for the first quarter of the fiscal year 2025. The company reported significant improvements in key financial metrics, demonstrating resilience and strategic agility amidst challenging market conditions.
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Transense names new non-exec after planned retirement
Transense Technologies plc, which makes sensor technology including Trans-Logik-branded TPMS, has appointed Craig Wilson as an additional independent non-executive director of the company effective 1 July 2024.
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Ongoing shift to high-value tyres behind first-half profit increase at Pirelli
Pirelli reports “stable” sales of 3,447.5 million euros in the first half of 2024 (First-half 2023: 3,437.5 million euros). Adjusted pre-tax profits (EBIT) amounted to 539.1 million up 4.2 per cent compared with first half of 2023. Executives put the improvement down to “solid commercial performance (volumes and price/mix)” and “efficiencies”.
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Goodyear OTR, leadership changes and landslides
During the course of July, we all witnessed a veritable landslide of changes. In turn, these developments have implications across European and even global markets. And yes, of course, there was also that small matter of a general election and a new Prime Minister in the UK (see page 36 of the forthcoming August edition of Tyres & Accessories). But that’s not what I am referring to here… Like many of us, in July and August, I took some time out for a family holiday. Upon my return, I learnt that two particularly headline-grabbing news items had broken. Arguably the biggest and most wide-ranging news was Yokohama’s confirmation that it is buying Goodyear’s OTR business. Clearly, that development has strategic implications for both parties. The confirmation came on 22 July, 12 days after reports suggested Yokohama was in “advanced talks” with Goodyear to buy Goodyear OTR. Yokohama subsequently confirmed those reports, so it wasn’t a surprise that they would announce the news just under a fortnight later. Indeed, as we reported at the time, Tyres & Accessories learnt that several suitors had been involved in earlier talks relating to the purchase of Goodyear OTR about a month earlier than that. This article is an example of the editorial comment that introduces every edition of Tyres & Accessories magazine. Not a subscriber? No problem, click here to become one.
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The saga continues for Superior Industries’ plant in Germany
Hope springs eternal, and this has been the case at the Superior wheel plant in Werdohl, Germany in the months since the company entered insolvency. At the beginning of July, a buyer emerged for the plant, BBS Autotechnik GmbH. But then last Friday, the buyer itself declared bankruptcy. But this may not matter, because the purchase agreement hasnt yet been processed and the agreed purchase price hasnt been paid. For employees at in Werdohl, the deal’s non-finalisation provides a glimmer of hope.
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Wheel manufacturer Borbet acquires Dymag Technologies
German light alloy wheel manufacturer Borbet GmbH has acquired UK-based carbon and magnesium car and motorbike wheel maker, Dymag Technologies Limited. This strategic acquisition involves the takeover of the Dymag brand, all associated patents, production facilities, and the immediate integration of all employees.
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Goodyear share price plummets after quarterly results
On the evening of 31 July, Goodyear presented its Q2 2024 financial results, some of which showed significantly improved operating results and profit margins. But this didn’t impress investors, who from the figures identified something of particular significance to the tyre maker’s future development. Analysts subsequently reported that Goodyear is cutting costs everywhere on its return to long-term profitability. This is starting to have an impact on sales, particularly in the US domestic market.
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New Portuguese home for Avon motorsport tyre production equipment
A 20-million-euro transformation of the Camac tyre factory in Portugal, recently acquired by Nova Motorsport, is reportedly nearing completion. More than 200 lorries have transferred the entirety of the Avon motorsport tyre production facility in Melksham, Wiltshire to the Santa Tirso plant. According to Nova Motorsport, the “scale of the investment and extent of the refurbishment is set to significantly enhance the quality and capability of the existing Camac facility.”
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Major rebrand signals new chapter for Prometeon Tyre Group
Commercial, agricultural and OTR sector specialist Prometeon Tyre Group has successfully implemented the first stage of its rebranding initiative with the UK launch of Prometeon branding upon its premium tyre range at the recent Road Transport Expo (RTX) at NAEC Stoneleigh, Warwickshire.
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40% more Ringtreads – Marangoni’s million investment in German plant
As we reported yesterday, Marangoni is increasing its production capacity for Ringtreads in Europe. Marangoni Retreading Systems Deutschland has shared further details about its ongoing capacity expansion at the Henstedt-Ulzburg facility near Hamburg. With an investment amounting to a mid-single-digit million sum, it will establish a completely new, third production line at the plant, which has been producing Marangoni Ringtread treads for the past two decades.
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