![EfTD growing with the ‘right opportunities and matches’](https://www.tyrepress.com/wp-content/uploads/2019/05/M.Pessi_sml.jpg)
EfTD growing with the ‘right opportunities and matches’
European FinTyre Distribution (EfTD) has grown at a rate of knots since Bain Capital first acquired Italian tyre wholesaler Fintyre in the first quarter of 2017. At the time, Bain Capital Private Equity managing director Ivano Sessa stated his confidence in Fintyre’s “substantial growth potential both organically and through consolidation in a fragmented Italian and European tyre distribution market,” and later on the private equity fund put its money where its mouth was.
Continue Reading![Nexen Tire opens central R&D facility](https://www.tyrepress.com/wp-content/uploads/2019/05/Nexen-univerCITY.jpg)
Nexen Tire opens central R&D facility
Nexen Tire has a new R&D hub – the Nexen Central Research Institute, or Nexen univerCITY. Located in the Magok Industrial Complex in Seoul, South Korea, the 57,000 square metre facility will act as a research and development hub for Nexen Tire’s centres in the USA, Europe and China. More than 300 people attended an official opening ceremony for the Nexen univerCITY late last month.
Continue Reading![Partnership to aid rollout of Black Bear carbon black recovery technology](https://www.tyrepress.com/wp-content/uploads/2019/05/black-bear-mmec.jpg)
Partnership to aid rollout of Black Bear carbon black recovery technology
MMEC Mannesmann GmbH (MMEC), a global leader in engineering, procurement and construction (EPC) and Black Bear, the Dutch tyre to carbon black upcycling company, today announced a strategic partnership to accelerate the rollout of Black Bear’s technology to produce recovered Carbon Black (rCB) from end-of-life tyres.
Continue ReadingPrometeon amends & extends senior financing
Prometeon Tyre Group has signed an agreement for the amendment, restatement and extension of its 600 million euro senior financing, underwritten in March 2017, originally with a three-year duration. The new agreement allows the extension of the final maturity to March 2021 (with the possibility to further extend it to March 2022 at Prometeon’s discretion) at conditions in line with the current market. By signing the agreement Prometeon says it has secured the financial resources for the implementation of its 2019-2021 business plan.
Continue ReadingCooper declares 189th annual dividend
Cooper Tire & Rubber Company has announced a quarterly dividend of 10.5 cents per share. The dividend will be payable 28 June, 2019 to stockholders of record at the close of business 3 June, 2019. This will mark the 189th consecutive quarterly dividend paid by Cooper.
Continue Reading![More than half of Hankook global car tyre sales over 17”](https://www.tyrepress.com/wp-content/uploads/2018/10/hankook-ventus.jpg)
More than half of Hankook global car tyre sales over 17”
18-inch-plus tyres accounted for 53.9 per cent of total Hankook Tire car tyre sales in the first quarter of 2019, a 3.3 per cent increase versus the same period last year, showing Hankook’s strengthening position in premium segments. The manufacturer reported global sales of 1.64 trillion Korean won (1.28 billion euros), up around 2 per cent on Q1 2018, and operating profit of 140.1 billion won (109.6 million euros), which was 44.1 billion won (30.7 million euros less than in Q1 2018.
Continue Reading![Cooper to supply 2019 French Rallycross Championship tyres](https://www.tyrepress.com/wp-content/uploads/2019/05/cooper-france-rallyx.jpg)
Cooper to supply 2019 French Rallycross Championship tyres
Cooper has become the official tyre supplier to the French Rallycross Championship, a nine-round series, including traditional rallycross venues such as Dreux, Essay-Ducs, Lessay and Kerlabo. Cooper branding will be displayed prominently on cars, trackside and around the paddock.
Continue ReadingGoodyear reports Q1 2019 net loss
Sales and income were down at Goodyear Tire & Rubber in the first quarter of this year. Revenue in the three months to 31 March 2019 declined six per cent to US$3.6 billion; Goodyear attributes this result to unfavourable exchange rates and lower volume in its international businesses. The company reported first quarter segment operating income of $190 million in 2019, down from $281 million a year ago.
Continue ReadingMelksham restructuring hits Cooper with international operating loss
Cooper Tire has seen sales and profits rise in North America, while international figures have declined considerably. Overall, this amounts to small increases for the company. The company’s international operations (outside the Americas) loss of 1 million dollars is 8 million dollars down on the operating profit of 7 million dollars in the first quarter of 2018, which is largely explained by the 5 million dollars it has spent in ending light tyre production in Melksham, Wiltshire. Cooper expects these charges to amount to between 8 and 11 million dollars in the total year.
Continue Reading![Michelin inaugurates 3 million square foot distribution centre](https://www.tyrepress.com/wp-content/uploads/2019/04/Michelin-Woodruff-U70-sml.jpg)
Michelin inaugurates 3 million square foot distribution centre
A giant new warehouse complex built by Michelin in the USA is now operational and capable of supplying tyres to up to three thousand regional customers. The Michelin Woodruff U70 distribution centre is, at 3 million square feet, the Michelin Group’s largest distribution centre.
Continue ReadingFurther automotive acquisitions for GFG Alliance
Sanjeev Gupta’s GFG Alliance has further consolidated its presence in the automotive sector by acquiring two vehicle components suppliers in France. Through its Liberty industrial business, GFG has become the owner of Lyon-based Saint Jean Industries Poitou and Poitiers-based Fonderie du Poitou Fonte.
Continue Reading![Falken supports Audi Nines skiing, snowboarding event in Austria](https://www.tyrepress.com/wp-content/uploads/2019/04/TAN19_Day0_Ski_Flo-Preuss_KlausPolzer_Web31.jpg)
Falken supports Audi Nines skiing, snowboarding event in Austria
Falken Tyres will support the Audi Nines international freeskiing and snowboarding event as its presenting partner when the event returns in Sölden and Obergurgl-Hochgurgl. Austria. Falken will host twenty corporate guests at the exhilarating snow weekend.
Continue Reading![BM Catalysts set to exceed expectations at Automechanika Birmingham 2019](https://www.tyrepress.com/wp-content/uploads/2019/04/Automechanika_2.jpg)
BM Catalysts set to exceed expectations at Automechanika Birmingham 2019
BM Catalysts will aim to develop new and existing partnerships with distributors, buying groups and garages at Automechanika Birmingham (4-6 June, stand N140, Birmingham NEC). The company will discuss ways in which customers can increase sales and profitability on its wide range of products, it adds. Visitors will have the chance to understand BM Catalysts’ manufacturing processes, why Euro levels are so important, and to talk about the technical support available to customers both pre-and-post purchase.
Continue Reading![Trelleborg cutting Sri Lanka tyre plant CO2 by 90%](https://www.tyrepress.com/wp-content/uploads/2019/04/trelleborg-elite-xp-sml.jpg)
Trelleborg cutting Sri Lanka tyre plant CO2 by 90%
A full reengineering of steam generation equipment at the Trelleborg Wheel Systems plant in Sri Lanka will improve the facility’s environmental footprint as well as its production efficiency. Trelleborg is installing a new biomass boiler at the production site in Makola, near Colombo; it reports that work on this “major investment” has already begun, and the new process will be fully operational from June 2019.
Continue ReadingContinental: Sales stable, EBIT lower in Q1 2019
Sales at Continental remained level in the first quarter of 2018, matching the 11.0 billion euros achieved a year earlier. Adjusted EBIT for the period amounted to 884 million euros, a 17.1 per cent year-on-year decrease. The adjusted EBIT margin was 8.1 percent (9.7 per cent in Q1 2018).
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