Remember This? – Tyres & Accessories May 2024
Remember This? - May 2024: Stories from the past 20 years of T&A... Our monthly magazine column looks back at the biggest news events from the tyre industry five, 10, 15 and 20 years ago. This months edition looks back to May issues from 2004, 2009, 2014, and 2019 for some of the biggest tyre industry news of those months. Click the month and year to access the digital edition of the relevant issue of the magazine from Tyres & Accessories’ expanding digital archive.
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Tyre News in Numbers – May 2024
Tyres & Accessories’ monthly Tyres News in Numbers’ column boils down the latest tyre industry news to the most important statistics of the month. Below, we look at the big numbers from the May 2024 magazine... $800-1,000 million: The valuation of Goodyear’s OTR tyre business by financial analysts at Jeffries. Goodyear has identified this segment alongside the rights to the Dunlop brand and Goodyear Chemical as parts of its business open to offers as it continues to restructure its business in the wake of leadership changes in 2023.
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JK Tyre investing in additional production capacities
During a recent earnings call, JK Tyre & Industries’ managing director, Anshuman Singhania, shared that the company is investing Rs 14 billion (£131.76 million) to increase its production capacities for TBR, PCR and ASLTR (all-steel light truck radial) tyres. He commented that these projects are “under implementation and progressing well.”
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Pirelli holds shareholders’ meeting
Pirelli & C. SpA held its Shareholders Meeting on 28 May. The meeting took place at Studio Marchetti in Milan and was attended by 88.26 per cent of the capital with voting rights, with participation through the Appointed Representative.
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Non-tyre revenue to exceed 20% of Michelin total by 2030
Michelin held its Capital Markets Day yesterday at its Research & Development Headquarters in Clermont-Ferrand, France. The company reported achieving its 2023 targets and presented updated 2030 ambitions, including the aim to grow non-tyre activities to over 20 per cent of total revenue.
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Hankook extends long-term partnership with UEFA Europa League and UEFA Conference League
Immediately following the conclusion of the 2023/24 season UEFA Europa League Final at the Aviva Stadium, Dublin, a somewhat unexpected 3-0 win for Gian Piero Gasperini’s Atalanta over Xabi Alonso’s otherwise undefeated Bayer Leverkusen team, official global sponsor Hankook Tire announced that it will extend its partnership with the competition and the lower tier Conference League, via its Laufenn brand, for a further three-year deal. The new deal extends to at least the end of the 2026/27 season the Korean tyre manufacturer’s relationship with the UEFA competitions, which debuted in 2012. The partnership is already the Europa League’s longest. Both the UEFA Europa League and the Conference League are expanding in the 2024/25 season, affording the Hankook and Laufenn brands increased exposure thanks to a revamped league phase. The showpiece event in Dublin offered a great spectacle on the European stage to Hankook, which has hosted corporate guests all around the continent as well as displayed its branding prominently across the continent as a result of its sponsorship deal this season.
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Hella celebrates 65th anniversary in the UK, 125th in Germany
Hella is commemorating 65 years since its UK arm opened, in addition to its 125th anniversary since its foundation in Germany. To mark the occasion the company is running a special competition, with 125 Hella merchandise products up for grabs with the winners being announced on the company’s official birthday next month. “To celebrate the milestone, we’re putting limited-edition Hella merch into the hands of our loyal customers worldwide,” said UK managing director Neil Grant. “All they have to do is go to the competition on our website.”
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Thailand factory makes over half Jiangsu General’s annual revenue
In 2023, Jiangsu General’s revenue was approximately 5.06 billion yuan (approximately £540 million; €640 million), with a net profit of 220 million yuan (about £ 24 million; €28 million). Compared with the net profit of approximately 17 million yuan (about £1.8 million; € 2.16 million) in 2022, the company’s profit has increased more than tenfold in the past year.
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Symbio, in partnership with Michelin, presents first hydrogen heavy-duty truck
Two years after announcing the H2 Central Valley Express project, USA-based zero-emission hydrogen mobility firm Symbio has unveiled a hydrogen-fuelled, regional-haul Class 8 truck. It developed and integrated this innovative vehicle in-house and has equipped it with EV-specific tyres from co-shareholder Michelin that offer improved fuel economy and reduced wear.
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ATS Euromaster addressing skills shortage with extension to apprenticeship programme
ATS Euromaster is expanding its successful apprenticeship programme to address the continuing skills shortage in the sector. The company’s investment in training and upskilling has already proven successful, with more apprentices remaining with the company after course completion since the programme was launched in 2022.
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Huasheng Group to start Cambodia tyre factory project in 2024
The Dongying, Shandong Province-based Huasheng Group is planning to add a Cambodia tyre production plant to its portfolio of five factories. While there are few details at the moment, the even-lower-than-Chinese production costs paired with the company’s desire to increase tyre export sales are said to be the main motivations behind the move. Tyres & Accessories met company representatives during the recent GuangRao Tire and Rubber Auto Accessory Exhibition, which took place between 15 and 17 May in Dongying where the company had no less than five generously proportioned stands exhibiting its range of car, 4x4, light truck as well as truck and bus tyres.
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JK Tyre lifts profits in FY24
JK Tyre & Industries reports a 56.24 per cent year-on-year increase in profit after tax during the fourth quarter of FY24, reaching Rs 1.69 billion (£16 million). The company also recorded a 1.82 per cent rise in its consolidated revenue from operations, totalling Rs 36.98 billion (£349 million). It attributes this increase in profit to product premiumisation and expanded market reach.
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Goodyear involuntary manslaughter probe: Eurojust running ‘coordination centre’ in the Hague
Following the news of unannounced raids on Goodyear offices in France, Belgium and Luxembourg, Eurojust has confirmed that it has assisted the authorities in France, Belgium and Luxembourg with a series of coordinated searches of premises and offices of “an international tyre manufacturer”. While Eurojust hasn’t yet confirmed the identity of the manufacturer at the centre of the investigation, the locations match those that Goodyear itself has said were subject to unannounced visits.
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Financing round secures funds for Europe’s largest ELT pyrolysis plant
Circtec, a specialist in pyrolysis technology for sustainable end-of-life tyre recycling, has secured €150 million in a recent financing round. Novo Holdings and A.P. Moller Holding spearheaded this initiative with a €75 million equity investment. The financing also includes €22.5 million in grants awarded by the Government of the Netherlands.
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UK visit for Sailun’s Road to Cologne
Sailun Group is showcasing its tyre solutions across Europe ahead of its participation in The Tire Cologne 2024. The company’s ‘Road to Cologne 2024’ tour includes stops in Italy, Spain, France, the UK, Poland, and Germany, where it will engage with international sales partners and present its latest generation tyre lines. The tour aims to strengthen customer relationships and highlight Sailun’s advancements in tyre technology.
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