Point S expands into India
After the announcement of the launch of Point S in Malaysia, Point S has expanded further into Asia, namely India. Point S concept will be implemented in India through Master Franchise Agreements with three regional partners who will be covering 5 of the most dynamic States: Deviate Enterprises for the Nation Capital Territory of Delhi and Punjab; GIAAN International for Maharashtra and Goa; and Tyrekada for Kerala.
Continue Reading![Marmite, Nissan, Brexit and the tyre business](https://www.tyrepress.com/wp-content/uploads/2016/11/marmite.jpg)
Marmite, Nissan, Brexit and the tyre business
No review of 2016 would be complete without some reference to Brexit. Before the referendum result on 23 June, few people thought it would happen. Now the vote of 52 per cent in favour of leaving the European Union has long been counted, we can’t avoid talking about Brexit. Furthermore, with Donald Trump having won the US presidential election on 8 November in what he predicted would be “Brexit+++” the impact of the UK vote has taken on even greater significance.
Continue Reading![Continental seeking architectural concepts for new HQ](https://www.tyrepress.com/wp-content/uploads/2016/11/Continental-Zentrale_tb.jpg)
Continental seeking architectural concepts for new HQ
In June, Continental signed a MoU with the city of Hannover, Germany to secure the site for its planned new corporate headquarters. The company is now moving forwards with the next phase of the project – according to the Hannoversche Allgemeine Zeitung, 14 German and European architectural firms have been commissioned to develop concepts for a “creative head office.” The newspaper comments that rather than adopt a standard design, Continental seeks a solution that reflects the company’s foci on sustainability and innovation.
Continue Reading![Accuride Corporation acquisition completed](https://www.tyrepress.com/wp-content/uploads/2016/11/dauch.jpg)
Accuride Corporation acquisition completed
US-based wheel and automotive componentry manufacturer Accuride Corporation now belongs to funds managed by private equity firm Crestview Partners. The merger agreement, which was unanimously approved by Accuride’s board of directors in early September, was adopted by company shareholders at a meeting on 15 November.
Continue ReadingJK Tyre lifts sales & operating profit, net profit down
In the second quarter of its current financial year – the three months to 30 September – JK Tyre & Industries increased its total income by 5.2 per cent year-on-year to Rs 20.7 billion (£245.7 million) and lifted operating profit by 22.1 per cent to Rs 3.2 billion (£38.0 million). Operating margin rose from 13.2 per cent in the corresponding quarter of last year to 15.3 per cent. Meanwhile, net profit declined 13.5 per cent year-on-year to Rs 1.0 billion (£11.9 million).
Continue Reading![DTM selects Michelin as its sole retread supplier](https://www.tyrepress.com/wp-content/uploads/2016/11/Michelin-DTM-sml.jpg)
DTM selects Michelin as its sole retread supplier
Michelin Tyre has been contracted as the exclusive supplier of retreaded tyres to Direct Tyre Management (DTM), and under a four-year agreement will supply around 20,000 truck brand tyres per annum. The Encore-brand tyres will be retreaded in Michelin’s Stoke-on-Trent factory.
Continue ReadingGRI acquires Leffler Industrial Tires in the United States
Sri Lankan off-highway tyre specialist Global Rubber Industries (GRI) has acquired two privately held companies that retail and service industrial tyres in the United States. It purchase of Leffler Industrial Tire & Rubber Track, Inc. aids GRI in its objective of broadening its geographical reach, enhancing distribution channels and accelerating its route to market within the USA. GRI states that the synergies of both companies will reinforce its position as a “prominent supplier of specialty tyres in the United States.”
Continue Reading![Best of both worlds – ATG retains its independence while benefitting from Yokohama’s R&D capabilities](https://www.tyrepress.com/wp-content/uploads/2016/11/inspection-sml.jpg)
Best of both worlds – ATG retains its independence while benefitting from Yokohama’s R&D capabilities
If it’s not broken, don’t try and fix it. Yokohama Rubber Company took this idiom to heart following its acquisition of the Alliance Tire Group (ATG) in July, and for good reason it seems. Speaking with media for the first time since the deal’s closure, ATG’s head of marketing for Europe, Ole Baek, noted in October that Yokohama Rubber is more than happy to keep things the way they are for the time being.
Continue Reading![Pirelli income significantly down in first 9 months of year](https://www.tyrepress.com/wp-content/uploads/2016/11/Pirelli-Q3_tb.jpg)
Pirelli income significantly down in first 9 months of year
Pirelli was unable to match last year’s sales and, particularly, income during the first nine months of 2016. The Italian tyre maker’s net sales declined 3.8 per cent year-on-year to €4.53 billion euros, a decline almost entirely the product of the deconsolidation of its business in Venezuela; excluding this factor, turnover declined just 0.1 per cent. Turnover for the Consumer business increased 4.8 per cent to €3.78 billion, and the proportion of this from premium products increased from 62.2 per cent last year to 64.6 per cent. Turnover within Pirelli’s Industrial business declined 19.0 per cent year-on-year to €764.9 million.
Continue Reading![Point S capitalising on growing Indian tyre market](https://www.tyrepress.com/wp-content/uploads/2016/11/PointS-India.jpg)
Point S capitalising on growing Indian tyre market
The recent launch of Point S in Malaysia has been followed by the tyre retail chain’s entry into a further market within the region. The rollout of Point S in India will be implemented through Master Franchise Agreements, with three regional partners covering the five Indian states that Point S considers the “most dynamic.”
Continue Reading![Autoparts marks 25 years](https://www.tyrepress.com/wp-content/uploads/2016/11/AutopartsVAN.jpg)
Autoparts marks 25 years
Autoparts UK has reached its 25th anniversary of trading in the automotive aftermarket. After reaching this milestone, the motor factor is investing more resources in order to raise awareness of its exclusive brands, products and services such as its Loyalty Link rewards programme, all of which are designed to support the running of an independent garage.
Continue ReadingLinglong Tire profits up 272%
Shandong Linglong Tire Co., Ltd. reports that its net profit rose 272 per cent year-on-year in the first nine months of 2016, with the company recording net profit on RMB 776 million (£90.7 million) during the period. Operating revenue rose 15.54 per cent year-on-year to RMB 7.4 billion (£886.9 million).
Continue Reading![US presence makes Kumho acquisition highly attractive for Apollo Tyres](https://www.tyrepress.com/wp-content/uploads/2016/11/Kanwar-Neeraj-RS_3-sml.jpg)
US presence makes Kumho acquisition highly attractive for Apollo Tyres
If at first you don’t succeed, try, try, try again. It is almost three years since Apollo Tyres Ltd’s planned takeover of Cooper Tire & Rubber fell apart, and now the company is in the running to acquire another top-15 global tyre maker. In an interview with Indian newspaper The Hindu, Apollo vice-chairman and managing director Neeraj Kanwar confirmed the submission of a non-binding bid to acquire Kumho Tire, however he also indicated that Apollo Tyres isn’t rushing into anything.
Continue Reading![‘A tool to accelerate our innovation process’ – Michelin opens RDI Campus in France](https://www.tyrepress.com/wp-content/uploads/2016/11/urbalad-senard-valls.jpg)
‘A tool to accelerate our innovation process’ – Michelin opens RDI Campus in France
After a ten-month construction period and with surprisingly little fanfare, on 16 September Michelin opened ‘Urbalad’, its new RDI (Research, Development, Innovation) Campus in the presence of group employees, partners and French Prime Minister, Manuel Valls. Urbalad was built with an investment of €270 million and is expected to, the tyre maker states, “open up a new era for the company.”
Continue Reading![Nexen Tire more profitable in Q3 2016](https://www.tyrepress.com/wp-content/uploads/2016/11/Nexen-Q3_tb.jpg)
Nexen Tire more profitable in Q3 2016
While turnover at Nexen Tire was just stable in the third quarter of this year, the third-largest South Korean tyre maker was much more profitable. Turnover amounted to KRW 470.2 billion (£322.4 million), down a whisker from the KRW 470.3 billion recorded a year earlier, however operating profit rose 28.4 per cent to KRW 65.4 billion (£44.9 million). Operating margin increased year-on-year from 11.0 per cent to 13.9 per cent. The company’s ordinary profit also increased, up 102.3 percent to KRW 53.6 billion (£36.8 million).
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