Michelin closing Dundee tyre factory
Two months after the tyre manufacturer began a restructuring programme at its factory in Dundee, Michelin is set to close the plant at the cost of about 850 jobs. Michelin, which has run the Dundee site since 1971, says it plans to leave the city by 2020.
Continue ReadingKordsa wins Platin Global 100 award
Kordsa has been named as one of the Global 100 enterprises. According to a study conducted by Platin magazine in association with IPSOS. Platin also gave Kordsa the Industry 4.0 award in the textile category.
Continue ReadingCoker Tire acquires European distributor
Via its acquisition of German tyre distributor Münchner Oldtimer Reifen GmbH (MOR), the Coker Group expects to gain greater access to the growing European market for vintage and classic tyres. The Holzkirchen, Germany-based firm will continue to be led by managing partner Valentin Schaal, who founded MOR in 1983, and the distributor’s existing management team.
Continue ReadingGoodyear: Q3 2018 results
Goodyear Tire & Rubber has reported Q3 2018 sales of US$3.9 billion, slightly up on a year earlier; improved volume, price/mix and higher sales in other tyre-related businesses were “substantially offset” by unfavourable foreign currency translation.
Continue ReadingMitsubishi becomes Toyo Tire’s largest shareholder – collaboration to intensify
Through a new arrangement with Mitsubishi Corporation (Mitsubishi), Toyo Tire & Rubber (Toyo) aims to “survive and remain viable” during the “unprecedented transformation” currently occurring in the automotive industry. The two parties have entered into a business alliance agreement that involves Mitsubishi increasing its shareholding in Toyo from 3.05 per cent to 20 per cent. Toyo will issue Mitsubishi 26,931,956 new shares via a third-party allotment that will be paid in between 15 January and 28 June 2019. With this share acquisition, Mitsubishi becomes Toyo’s largest shareholder.
Continue ReadingWere communications issues behind premium tyremakers share price drop?
Michelin’s predictions that market demand has been tough and will continue to be sluggish till at least the end of the year (see “Michelin predicts significant slowdown in car and truck tyre demand“ for further details) sent shockwaves through the financial markets. Shares started off bad, falling 6 per cent in early Paris trading to a seven-year low, but continued downwards and were down more than 9 per cent by mid-afternoon to 89.54 euros. Ultimately, shares in tyre manufacturers dropped by as much as 10 per cent on the day (Friday 19th October 2018).
Continue ReadingTecAlliance checklists designed to help workshops optimise tyre changing process
Despite the fact that here in the UK and Ireland there is not a culture of changing from summer to winter tyres at the end of the season, tyre related problems do increase during the colder, wetter months. In order to help workshops to be ready to tackle these potential issues, TecAlliance has developed a tyre change checklist that provides optimal support and offers customers maximum transparency. Another important issue is the installation and configuration of tyre pressure monitoring systems (TPMS), for which it now offers even more comprehensive information.
Continue ReadingElectric vehicles cost 23 per cent less to maintain than petrols, says Cap HPI
Electric vehicles cost an average 23 per cent less to service and maintain over three years/60,000 miles than petrol models, research from Cap HPI has found.
Continue ReadingContinental publishes sustainable natural rubber policy
Several Tire Industry Project members have published sustainable natural rubber procurement policies of late. Yokohama and Hankook published theirs this month, and so did Continental. The company says its Sustainable Natural Rubber Sourcing Policy will guide the Rubber Group in detecting risks to workers, communities, forests, biodiversity and agricultural land, such as deforestation, corruption and land grabbing, in the early stages.
Continue ReadingATD ‘making significant progress’
American Tire Distributors, Inc. (ATD) has written to customers saying that the company is making “making significant progress with [its] recapitalization process” in a letter published on the firm’s recapitalisation website on 28 October 2018. According to the company, the steps taken “will strengthen our financial position as we continue our successful, game-changing transformation. We have a clear roadmap for the next steps in this process and the support of our key financial stakeholders has us on track to emerge by the end of the year as a stronger company with less debt that is even better positioned to serve our customers.”
Continue ReadingHankook Tire: Lower OE volumes, costs in US drag operating profit down
Hankook Tire has announced its financial results for Q3 2018. In the three months to 30 September, the tyre maker achieved consolidated global sales of KRW 1.7557 trillion (£1.2 billion), 3.8 per cent less than in the third quarter of 2017. At KRW 184.6 billion (£126.0 million), operating profit was down 13.8 per cent.
Continue ReadingMighty Earth: GPSNR risks being a greenwashing scheme
The new GPSNR isn’t without its critics. Campaign organisation Mighty Earth notes that no NGOs have joined so far, and suggests that the platform is thus “already failing” from the outset to exemplify leadership within the rubber industry.
Continue ReadingGlobal platform for sustainable natural rubber launched
Members of the Tire Industry Project (TIP) and other stakeholders came together on 25 October to celebrate the inauguration of a new platform for positively transforming the natural rubber supply chain. Following 12 months of stakeholder collaboration, the Global Platform for Sustainable Natural Rubber (GPSNR) has been launched with what is described as “an ambitious and wide-reaching set of priorities” for the natural rubber chain.
Continue ReadingFirst Line offers promotions to Groupauto and UAN members
In addition to its range of quality products under the First Line, Borg & Beck and Key Parts brands, First Line Ltd offered Groupauto and UAN members four in-show promotions to provide the ‘icing on the cake’ during the groups’ recent combined trade event for both factors and workshops.
Continue ReadingNew Oil Guide by Liqui Moly provides clarity
Oil is no longer a general lubricant, but a highly specialised, liquid replacement part that has to precisely fit the corresponding engine. But finding your way through the crowded field of oil specifications, approvals and brands is not easy. The new oil guide by the German oil and additive specialist Liqui Moly, available through the company’s website, aims to provide a way to navigate the current market.
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