Bridgestone opens new plant in Russia
A ceremony to mark the start of production at a new Bridgestone passenger car tyre plant was held yesterday in Ulyanovsk Oblast, Russia. Volume production will commence in the fourth quarter of 2016.
Continue ReadingRamesh Poddar resigns as BKT director
During its meeting on 10 September, the Balkrishna Industries Ltd. Board of Directors accepted the resignation of Ramesh Kumar Poddar. Ramesh Kumar Poddar had served the tyre maker as a director since 31 July 2006. His resignation takes effect immediately.
Continue ReadingCobra now entirely Rema Tip Top owned
Following its acquisition of a “significant interest” in the Cobra Group/Depreux in the second half of 2015, Rema Tip Top has now increased its stake in the French conveyor belt manufacturer to 100 per cent. Financial details of the transaction have not been disclosed.
Continue ReadingAnother retail acquisition for Bridgestone in France
Bridgestone has taken a minority shareholding in French tyre retailer Pneus à bas prix. Details of the exact stake the tyre maker has acquired or how much it paid have not been released, however Bridgestone states that the new arrangement reinforces its presence in France and complements the company’s First Stop and Speedy retail operations.
Continue ReadingWill Renault stop offering diesel engines?
Renault, the French car maker, may stop offering diesel engines in most of its cars sold in Europe. The proposed move is a reaction to the cost of ensuring that diesel engines comply with tighter emissions regulations and the crackdown follows last years diesel emissions scandal involving German car maker Volkswagen.
Continue ReadingGiti Tire launches Giti PCR brand in Germany, debut at Automechanika Frankfurt
Following up the European launch of Giti branded truck tyres at Reifen 2016, Giti Tire has now launched a new flagship Giti branded passenger car and SUV summer portfolio for the German market. The range, which consists of four “premium performance” tyres, has been developed and tested exclusively throughout Europe by the company’s Hannover-based R&D Centre. Giti stated that there were “no plans to replace the GT Radial brand”, previously positioned as its global flagship, in Europe when the commercial range was launched. According to the manufacturer, this remains the case, with the Giti PCR range designed to complement its existing GT Radial, Primewell and Runway brands; Giti will offer selected sizes aimed at specific vehicle segments.
Continue ReadingBKT profits up 47% in March to June quarter
Balkrishna Industries Ltd. (BKT) has reported increased sales and volumes and significantly higher net income in the first quarter of its 2017 financial year. The Indian manufacturer sold 41,456 tonnes of tyres during the three months to 30 June 2016, an amount representing year-on-year growth of 11 per cent. Net sales were up 7.0 per cent to Rs 9.1 billion (£102.2 million). EBITDA jumped 136 per cent to Rs 2.6 billion (£29.2 million), with the margin growing from 12.8 per cent in the corresponding quarter of the previous year to 28.0 per cent in the reporting period. Net profit rose 46.6 per cent to Rs 1.5 billion (£16.7 million).
Continue ReadingVMI taking legal action against Safe-Run
Dutch machinery manufacturer VMI has initiated legal action against Jiangsu province, China-based company Safe-Run. VMI reports that the Chinese machinery manufacturer has infringed several of its patents, and the legal action follows repeated warnings that it should cease doing so.
Continue ReadingBridgestone plants receive GM supplier awards
The Tosu and Hikone plants – two of the ten tyre factories that Bridgestone operates in Japan – have received 2015 Supplier Quality Excellence Awards from the General Motors Company. The vehicle manufacturer officially handed Bridgestone the awards at a ceremony held at the Tosu plant on 18 August. This is the first time that the two plants have received a GM Supplier Quality Excellence Award.
Continue ReadingNexen OE on Porsche Cayenne
Porsche has chosen Nexen N’Fera RU1 255/55 R18 109Y XL tyres as original equipment (OE) on it is Porsche Cayenne model. The news marks the first time Nexen tyres have been approved as OE for any Porsche car.
Continue ReadingApollo Tyres expands Man Utd sponsorship into global agreement
After three years of regional association with Manchester United Football Club, Apollo Tyres has extended its sponsorship agreement with the club for the next three years and has extended the scope of the deal to become the official ‘Global Tyre Partner’.
Continue ReadingLiberty Media Corporation to purchase Formula One
Liberty Media Corporation and CVC Capital Partners have announced that Liberty Media has agreed to acquire Formula One, the iconic global motorsports business, from a consortium of sellers led by CVC. Liberty Media owns interests in a broad range of media, communications and entertainment businesses. The consideration comprises cash and newly issued shares in the Liberty Media Group tracking stock (LMCK) and a debt instrument exchangeable into shares of LMCK. The transaction price represents an enterprise value for Formula One of $8.0 billion and an equity value of $4.4 billion.
Continue ReadingGeorgia selected as location for $500 million Sentury Tire US factory
Sentury Tire has selected a plot of land just outside LaGrange, Georgia as the location for its US$500 million US tyre factory, according to various local news sources. Reports in local US newspapers suggest that the decision was made on Thursday 1 September – at which point the choice was between the shortlist of the reportedly successful Georgia location and the Memphis Regional Megasite in Tennessee.
Continue ReadingKnorr-Bremse ups ante by bidding for Haldex
Knorr-Bremse AG has made a takeover offer for all shares in Haldex. Knorr-Bremse is offering 110.00 Swedish krone per Haldex share, 10.0 per cent higher than ZF Friedrichshafen AG’s offer of 100.00 krone per Haldex share.
Continue ReadingIAAF appoints insurance provider to members
The Independent Automotive Aftermarket Federation (IAAF) has appointed Boswell Aftermarket as its official insurance provider offering member exclusive rates on a number of products. Specialising in providing the independent aftermarket – including motor factors and established part suppliers – with insurance, IAAF members can now access a range of cost-effective insurance schemes which can be […]
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