Circtec to supply bp with tyre-based marine fuel
Within the framework of an eight-year offtake agreement, UK-based tyre pyrolysis specialist Circtec will annually supply energy company bp with up to 75,000 tonnes of fuel and feedstock recovered from end-of-life tyres. Circtec will process these tyres at a plant it will set up in The Netherlands. In support of this offtake agreement, bp is providing Circtec a €12.5 million debt finance facility to contribute to the capex for expanding this plant into a commercial-scale operation.
Continue Reading
“Sufficient potential for improvement” – Continental publishes Q1 2024 results
Continental has reported its Q1 2024 financial results – and refers to the three months to 31 March as “a weak first quarter.” The tyre and automotive components company nonetheless “expects earnings to improve as the year progresses,” particularly during the second half of the year. As such, Continental confirms its previously announced full-year 2024 outlook.
Continue Reading
SRI collaborating with Thai university on sustainable natural rubber research
Sumitomo Rubber Industries, Ltd. (SRI) has commenced a collaborative research venture with Khon Kaen University, focusing on advancing techniques in rubber tree tissue culture. The Falken tyre brand manufacturer formalised this agreement at a signing ceremony held at the university’s campus in Thailand.
Continue Reading
Divestiture of non-core assets “progressing well”
In November 2023, Goodyear announced that its Chemical business, OTR operation and Dunlop brand rights were all being “strategically reviewed” with a view to raising more combined revenue of north of $2 billion from their sale.
Continue Reading
Goodyear reports net loss of $57 million in Q1 2024 figures
While Goodyear reported a net loss of $57 million in the first quarter of 2024, other metrics suggest that the company’s financial situation is offering signs of improvement. A strong showing from the Asia Pacific region and the welcome “stabilisation” of truck tyre demand in EMEA were both notable examples of improvement alongside the impact of Goodyear’s well-documented Goodyear Forward transformation plan.
Continue Reading
Kenda Europe to debut new all-season tyres
Kenda Europe’s Tire Cologne stand will include new summer and winter tyres for compact and mid-size SUVs, but arguably the highlights will be the introduction of a new all-season tyre for vans and an all-season extension to the Kenda Klever series.Kenda Europe’s Tire Cologne stand will include new summer and winter tyres for compact and mid-size SUVs, but arguably the highlights will be the introduction of a new all-season tyre for vans and an all-season extension to the Kenda Klever series.
Continue Reading
Prinx partners with United Soccer League
The United Soccer League (USL) and the clubs it represents across the United States of America now have a tyre tie-in. The USL recently entered into a multi-year partnership with California-based Prinx Chengshan Tire North America (Prinx Tires), naming the company the league’s first Official Tire Partner.
Continue Reading
Linglong Tire, JD.com sign partnership agreement
On 28 April, Linglong Tire and JD.com business JD Auto Care signed an agreement that, according to the tyre maker, officially establishes a “long-term, stable, and comprehensive strategic partnership between the two parties.” Under this agreement, Linglong Tire and JD Auto Care will cooperate in regard to product sales, omnichannel service networks and omnichannel marketing.
Continue Reading
Michelin investing in Poland, China car tyre production
Michelin recently confirmed plans to end truck tyre production at its Olsztyn factory in Poland and in Shenyang, China, as well as the shutdown of a semi-finished products metal reinforcement operation in Shanghai, China. Parallel to these planned closures, the company intends to invest in passenger car tyre capacities. In addition to expanding car tyre production at its Shanghai plant, Michelin says it will grow passenger car tyre capacities in both Olsztyn and Shenyang.
Continue Reading
Reducing energy, CO2 by 30% – Sailun sets out goals in 2023 Sustainability Report
Sailun Group Co. Ltd has released an English-language version of its 2023 Sustainability Report. The 81-page document is the company’s 11th annual Sustainability Report and covers a range of subject areas, including sustainability management, social, environmental and governance.
Continue Reading
Ceat net profit surges in FY24
Indian tyre maker Ceat Limited has published its audited results for the three months ending 31 March 2024, the final quarter of its financial year 2024. On a consolidated basis, the company achieved revenue of Rs 299.19 billion (£2.86 billion). EBITDA margin stood at 13.4 per cent, a contraction of 97 bps versus the third quarter. Net profit amounted to Rs 10.23 billion (£97.89 million).
Continue Reading
Kal Tire & Pitcrew AI forge strategic alliance
Kal Tire’s Mining Tire Group has entered into a global mining partnership with Pitcrew AI, a pioneer in autonomous vehicle inspection systems. The Memorandum of Understanding (MOU) signed by the two firms solidifies their existing collaboration and designates Kal Tire’s Mining Tire Group as Pitcrew AI’s preferred global partner. Kal Tire says the agreement capitalises on its extensive customer network and will leverage its established presence in key mining regions to ensure widespread accessibility to Pitcrew AI’s technology.
Continue Reading
Enhancements at Nokian Tyres’ Finland plant driving productivity & efficiency improvements
Nokian Tyres’ Nokia factory in Finland continues its developmental journey, with ongoing enhancements in tyre production processes. Notably, last year witnessed a notable increase in productivity and efficiency alongside a reduction in waste. These strides reflect the factory’s commitment to continuous improvement principles, where incremental changes yield substantial impacts. Safety also remains a core focus area at the factory, with significant strides made over the years despite a slight dip in 2023.
Continue Reading
Former Michelin Russia operations renamed Davydovo
Following the news that the former Michelin Russia tyre factory will be producing tyres under the Farlight and Selna brands in futures, according to the Russian Tyre Manufacturers Association (TMA), the tyre manufacturing operation has rebranded as Davydovo Tire.
Continue Reading
Raw materials to become a headwind for tyremakers in 2H24 – analysts
Publishing its latest tracker of premium European tyremakers financial fundamentals, financial analysts report that pricing is currently a headwind and raw materials a tailwind year-to-date, however, raw materials will shift to a headwind in the second-half of 2024.
Continue Reading
