Goodyear: Q1 2017 income restrained by higher costs, lower demand
The Goodyear Tire & Rubber Company has reported its results for the first quarter of 2017, and these show unit volumes and income to be slightly down compared with the same quarter a year ago. Richard Kramer describes the latest results as “a great outcome given an environment of rising raw material costs and weaker demand.” The chairman, chief executive officer and president adds that Goodyear’s Q1 performance “is a result of the disciplined execution of our strategy.”
Continue ReadingDoublestar the only bidder left to buy Kumho
Speaking off the record, Chinese executives within Qingdao Doublestar have confirmed the company’s intentions to purchase well-known South Korean tyre manufacturer Kumho Tyre and that it is “now only Doublestar left to buy Kumho”. However, at roughly the same time, Korean newspapers have been reporting that Doublestar probably won’t have the right to use the Kumho brand name post-acquisition. With all this in mind, Tyres & Accessories summaries the story so far.
Continue ReadingThree designs being considered for new Continental HQ
Continental intends for its new corporate headquarters building in Germany to be finished in time for the company’s 150th anniversary in 2021, and while the tyre and automotive technology company hasn’t yet decided upon a design for the facility, it has at least narrowed the options down to three. Yesterday, Continental awarded prizes to three of the 13 submitted designs. A judging panel made up of representatives from Continental, the city of Hannover and its council, and other experts awarded the three designs first prize with equal ranking.
Continue ReadingKumho brand name off-limits to tyre maker’s potential purchaser
The latest development in the negotiations to sell a stake in Kumho Tire is that potential buyer Qingdao Doublestar Tire probably won’t, after handing over KRW 955 billion (£653.6 million) for the 42.01 per cent controlling share, be permitted to use the Kumho name.
Continue ReadingArconic divesting Alcoa Corp. shares in debt-for-equity swap
Arconic Inc., the company created to house the Alcoa wheel business and other metal manufacturing functions following the separation of Alcoa Inc. into two entities last November, is divesting its stake in the other entity, Alcoa Corporation, which is engaged in the mining and manufacture of raw aluminium. The debt-for-equity exchange of Alcoa Corporation common stock will see 12,958,767 shares swapped for debt held by Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC.
Continue ReadingContinental Q1 2017 sales up 11.7% to €11 billion
Although Continental AG won’t publish its full first quarter business figures until 9 May, key data for the three months to 31 March 2017 were released during the company’s Annual Shareholders’ Meeting today. Sales amounted to €11 billion during the quarter, a 11.7 per cent increase year-on-year. Organic growth, adjusted for changes in the scope of consolidation and exchange rates, amounted to 9.5 per cent, to which the Automotive Group’s business made a considerable contribution. The adjusted operating result (adjusted EBIT) increased to around €1.2 billion, while the adjusted EBIT margin was 10.7 per cent.
Continue ReadingArconic begins search for new CEO after Kleinfeld’s sudden departure
Let sleeping dogs lie, don’t poke the bear, and never, ever antagonise your company’s billionaire major shareholder – especially if he’s already voiced a desire to replace you. Klaus Kleinfeld should have borne this final point in mind when he penned a letter to Paul Singer earlier this month. The correspondence gave Singer, the man behind hedge fund Elliott Management, the ammunition needed to blast Kleinfeld out of Arconic Inc, parent company of Alcoa Wheels.
Continue ReadingAeolus to launch third generation truck and bus radial tyres at Autopromotec
Aeolus will take the opportunity of Autopromotec 2017 in Bologna (24-28 May) to stage the official launch of its third generation truck and bus tyre range.
Continue ReadingSailun Jinyu anticipates RMB 50 million loss in Q1 2017
The bottom line at China’s Sailun Jinyu Group Co Ltd took a hit in the first quarter of 2017. According to preliminary statistics provided by its financial department, the tyre maker anticipates a net loss attributable to shareholders in the vicinity of RMB 50 million (-£5.65 million). In the same three-month period a year earlier, the company reported a net profit of RMB 95.16 million (£10.76 million).
Continue ReadingLatest Cooper Tire Europe challenge sees Arsenal players test reactions – video
Cooper Tire Europe’s latest football challenge tested the reaction speeds and accuracy of Arsenal Football Club’s squad. The tyre manufacturer is the official tyre partner of the club, and has collaborated with the club on a series of promotional videos, which have cumulatively registered nearly a million views on YouTube.
Continue Reading‘Motorsports Department’ to replace Yokohama Rubber’s motorsport subsidiary
The Yokohama Rubber subsidiary dedicated to motorsports activities will be dissolved on 30 June, the tyre maker announced today. The operations currently handled by Yokohama Motorsports International Co., Ltd. will be transferred to a new internal Motorsports Department that will be established on 1 May.
Continue ReadingTyrenet first live with UniSerV V7.2 integration
Fleet maintenance and breakdown specialist Tyrenet is the first dealer network to implement CAM’s UniSerV V7.2 platform. The platform will connect Tyrenet to other UniSerV users that are fully integrated with e-jobsheet as well as standalone e-jobsheet subscribers via the TiDaeX online hub.
Continue ReadingGeneric hold music can lose garages customers – study
New research conducted by audio branding specialist PHMG suggests that the large majority of garages risk losing custom by subjecting customers to generic music and audio while on hold. The audit of 255 firms in the garage and vehicle repairs trade questions call handling standards.
Continue ReadingPhotographer honoured with national award for work with Giti Tire
Manchester photographer Greg Harding has received a national award recognising outstanding professional images in the car and truck industry. The prestigious British Institute of Professional Photographers (BIPP) judged that Harding’s photographs capture the drama and detail of high performance tyres for manufacturer Giti Tire, presenting him with the Qualification Award for his portfolio of work.
Continue ReadingGoodyear opens Luxembourg Tire Test Laboratory
Goodyear has opened its new Tire Test Laboratory at its Innovation Center in Luxembourg. The manufacturer said it will measure tyre development performance, conduct regulatory and homologation tests, and perform quality control at the state-of-the art facility. The lab includes the latest technology for testing car, light truck and commercial truck tyres.
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