![Yokohama unveil products, display Premier League trophy at Autosport International](https://www.tyrepress.com/wp-content/uploads/2018/01/Yokohama-Autosport-International-2017_1-HR.jpg)
Yokohama unveil products, display Premier League trophy at Autosport International
Yokohama will display its latest competition tyres, its road tyres recently approved by major new original equipment manufacturers, its driver and championship partnerships for 2018, and the Premier League trophy at the NEC Birmingham’s Autosport International show (11-14 January 2018). The manufacturer extended its invitation to see new products, the Premier League trophy and discuss tyre needs for the season ahead on stand 2750 in Hall 20.
Continue Reading![Continental: €44 billion in sales, 10.8% EBIT margin in 2017](https://www.tyrepress.com/wp-content/uploads/2018/01/elmar-degenhart-sml.jpg)
Continental: €44 billion in sales, 10.8% EBIT margin in 2017
Preliminary key data for the 2017 fiscal year published this week shows annual sales at Continental AG to have met estimates announced in November. The tyre maker and automotive technology company reports sales of “around 44 billion euros,” while the adjusted EBIT margin for the year is approximately 10.8 per cent. Continental views its annual targets as being “exceeded”.
Continue Reading![Possible restructuring, breakup: Continental confirms media report](https://www.tyrepress.com/wp-content/uploads/2018/01/Conti-flags.jpg)
Possible restructuring, breakup: Continental confirms media report
German tyre maker and automotive technologies provider Continental AG has confirmed a report made by Bloomberg News that changes to the company’s structure are being considered. According to Bloomberg, the changes being evaluated are “major” ones and may even include a breakup of the group.
Continue ReadingThe year of disruption?
At the start of a new year it is customary to take stock of the previous year and look forward to the next 12 months. This was something we at Tyres & Accessories did with online readership figures in January and found that our you love tyre test coverage first and foremost. But this wasn’t the only subject being read. Coverage of various countries’ decisions to ban combustion engines during the next decade or two was a top story on tyrepress.com last year, and it was also talk of the wider automotive industry.
Continue ReadingBanner Batteries celebrates 80th anniversary
Banner Batteries ended 2017 on a double high. In addition to 2017 marking the 80th anniversary of its foundation in 1937, the company has witnessed the 80 millionth battery roll off its Austrian production line.
Continue Reading![Kirkby: Tyre Wholesaler of the Year growing in 2018](https://www.tyrepress.com/wp-content/uploads/2018/01/LM358-sml.jpg)
Kirkby: Tyre Wholesaler of the Year growing in 2018
After being named Truck & Agricultural Tyre Supplier of The Year in both 2015 and 2016, last year Kirkby Tyres went home from the NTDA Tyre Industry Awards ceremony in October with the trophy for Tyre Wholesaler of the Year. The 2017 award was for Kirkby perhaps the crowning moment in a year that saw its original equipment and OE2 business continue to grow as well as work progress on its warehousing expansion programme. This expansion will be completed during the course of 2018 and is expected to enhance Kirkby’s operations. The wholesaler also anticipates an increase in its OE/OE2 activities and is introducing several other important agricultural products.
Continue ReadingClarification: Michelin, Sumitomo Corporation tyre wholesaling JV
In order to clear any consfusion arising from the announcement that Michelin and Sumitomo Corporation of Americas (SCOA) are forming a joint venture to pool tyre wholesale resources in the USA and Mexico, the Micheldever Group has issued a statement stressing that it is not in any way connected with Sumitomo Corporation or its North American subsidiary.
Continue Reading![Apollo Tyres lays foundation stone for 7th factory](https://www.tyrepress.com/wp-content/uploads/2018/01/apollo-7th-plant-stone-laying.jpg)
Apollo Tyres lays foundation stone for 7th factory
After opening its new European factory last year, Apollo Tyres is now focusing on expanding its manufacturing footprint at home. A ceremony was held today to lay the foundation stone of the tyre maker’s fifth plant in India and seventh facility worldwide. The new factory is located in Chinnapanduru, Andhra Pradesh state, and is expected to enter operation in mid-2020. Apollo Tyres is investing close to Rs 18 billion (£209.4 million) in the first phase of the new plant project.
Continue Reading![Michelin creates Europe North region, names Anish Taneja CEO](https://www.tyrepress.com/wp-content/uploads/2018/01/taneja_europe-north_3-002-sml.jpg)
Michelin creates Europe North region, names Anish Taneja CEO
As of 1 January 2018, Michelin is restructuring its global organisation into ten newly-created regions. The UK finds itself in what has been named the Michelin Europe North region, along with Austria, Denmark, Finland, Germany, Iceland, Ireland, Norway, Sweden and Switzerland. Covering the former sales regions for Germany/Austria/Switzerland, the UK and the Nordics, the new regional operation is led by Anish K Taneja, who from the start of the year holds the post of chief executive officer, Michelin Europe North.
Continue ReadingMichelin completes US$600 million bond placement
Michelin has announced the successful placement of a US$600 million offering of non-dilutive cash-settled convertible bonds due 2023 (the “Bonds”) following the exercise in full of the increase option. Concurrently, Michelin purchased cash-settled call options (the “Call Options”) to hedge its economic exposure to the potential exercise of the conversion rights embedded in the Bonds. Since they will only be cash-settled, the Bonds will not result in the issuance of new shares or the delivery of existing shares of Michelin (the “Shares”) upon conversion.
Continue Reading![Kwik Fit returns as British Gas tyre supplier](https://www.tyrepress.com/wp-content/uploads/2018/01/kwik-fit-mobile-2018-sml.jpg)
Kwik Fit returns as British Gas tyre supplier
After a gap of some three years, Kwik Fit has regained the contract to exclusively supply a range of tyre-related services to British Gas, which operates one of the UK’s largest owner fleets. Under a new three-year contract, Kwik Fit takes over from ATS Euromaster.
Continue Reading![Electric city shuttle buses coming to London, with Acorus technology](https://www.tyrepress.com/wp-content/uploads/2018/01/navya-sml.jpg)
Electric city shuttle buses coming to London, with Acorus technology
Last September, Michelin and Maxion Wheels jointly presented a flexible wheel solution that features the tyre maker’s Acorus Technology. This solution has been adopted by French driverless vehicle specialist Navya for its autonomous electric shuttle bus, which is already on the roads in five cities around the world. The electric city shuttle is now making its debut in London.
Continue ReadingMichelin launches issue of non-dilutive cash-settled convertible bonds
Today, Michelin has announced the launch of a US$500 million offering of non-dilutive cash-settled convertible bonds due 2023 (the Bonds), which may be increased up to $600 million if the increase option is exercised in full. Michelin will purchase cash-settled call options (the Call Options) to hedge its economic exposure to the potential exercise of the conversion rights embedded in the Bonds. Since they will only be cash-settled, the Bonds will not result in the issuance of new shares or the delivery of existing shares of Michelin (the Shares) upon conversion. This US dollar‑denominated debt will be immediately converted into euros.
Continue Reading![Hella makes ‘groundbreaking’ camera development](https://www.tyrepress.com/wp-content/uploads/2018/01/HELLA-Brighter-AI-Image.png)
Hella makes ‘groundbreaking’ camera development
As a respected original equipment (OE) manufacturer and systems supplier, Hella is already at the forefront of automotive technology with its involvement in areas such as ADAS (advance driver assistance systems) and LED lighting solutions. However, the company is now looking further into the future to redefine the limits of present and future camera evolution.
Continue ReadingMichelin, Sumitomo Corporation to pool tyre wholesale resources in USA & Mexico
With the creation of a 50-50 joint venture, Michelin North America Inc. says it and Sumitomo Corporation of Americas will form the second-largest player in the United States’ wholesale tyre market. The two companies have entered into a definitive agreement to combine their respective North American replacement tyre distribution and related service operations. The transaction is subject to customary approvals.
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