Alliance Automotive Group agrees to buy Lookers Parts Division
For many years now, the Parts Division (FPS, Apec and BTN) has been an independent division of Lookers PLC, the motor retail group, and has been well supported by them in serving the automotive aftermarket in the UK.
Continue Reading![New imagery for Evergreen Tyres](https://www.tyrepress.com/wp-content/uploads/2016/08/EvergreenRefresh.jpg)
New imagery for Evergreen Tyres
Evergreen Tyres has refreshed its corporate imagery, six years after entering the UK market. The brand has recently introduced five new patterns to its Dyna range.
Continue ReadingYokohama profits tumble 49%
The Yokohama Rubber Co. Ltd. first half 2016 profits declined 49.3 per cent, to 8.2 billion yen. Yokohama reports that the fall resulted from a 37.9 per cent decline in operating income, to 15.7 billion yen, on a 9.5 per cent decline in net sales, to 268.1 billion yen. The Japanese tyre manufacturer put the negative performance down to “a unit decline in Japanese vehicle production, weakening demand and declining prices in Yokohama’s principal product sectors, and the appreciation of the yen”.
Continue Reading![Double-digit sales growth for Mahle](https://www.tyrepress.com/wp-content/uploads/2016/08/Jonathan-Walker-e1470841712122.jpg)
Double-digit sales growth for Mahle
Mahle grew its sales to 11.5 billion euros in 2015, almost 16 per cent year on year. Employment rates are also at a high in multiple locations worldwide. CEO and chairman, Wolf Henning Scheider said the company “has entered a new dimension. In terms of variety and depth of range, our company is now, more than ever, one of the influential suppliers in the automotive industry.”
Continue ReadingGrouptyre member ETB continues expansion with 2nd St Austell warehouse
When looking for new premises for its expanding wholesale operation, Grouptyre member ETB looked no further than across the road from its existing site in St Austell. The 35-year old family-run company services tyre retailers across the South West, Mid and South Wales and the Midlands from its four warehouses which are located in Worcester, Exeter, Bridgend and St Austell.
Continue ReadingPelmar relocating HQ
Earlier in 2016, Pelmar Group’s board opted to move the firm’s headquarters after 30 years of being located in Ramat Hasharon. The group will now be based in Yokneam, northern Israel where group company TGL SP Industries Ltd is already based.
Continue Reading![Toyo Tires produces Leicester City Football supporter video](https://www.tyrepress.com/wp-content/uploads/2016/08/toyo.png)
Toyo Tires produces Leicester City Football supporter video
Toyo Tire & Rubber Co., Ltd.’s Osaka head office has produced a video in support Leicester City Football Club, which the company sponsors ahead of the English Premier League’s 2016/2017 season, which starts 13 August when Leicester visits Hull.
Continue Reading![ECP expands in Northern Ireland](https://www.tyrepress.com/wp-content/uploads/2016/08/ECP_Portadown1-002.jpg)
ECP expands in Northern Ireland
Car parts distributor Euro Car Parts (ECP) has increased its presence in Northern Ireland with the opening of a new branch at Diviny Drive, Portadown in County Armagh.
Continue Reading![SRI increasing capacity at US tyre factory](https://www.tyrepress.com/wp-content/uploads/2016/08/sri-usa-sml.jpg)
SRI increasing capacity at US tyre factory
Production capacity for passenger car and light truck tyres at Sumitomo Rubber Industries’ (SRI) Tonawanda factory in the US will double by the end of 2019 as part of a US$87 million investment the company will make over the coming four years. The Tonawanda site came under SRI ownership following the dissolution of the Japanese manufacturer’s global alliance with Goodyear Tire and Rubber last October, and the capacity increase will facilitate the tyre maker’s growing reliance upon the plant for meeting North American market demand.
Continue Reading![Cooper Tire achieves higher operating profit, net income in Q2 2016](https://www.tyrepress.com/wp-content/uploads/2016/08/armes3.jpg)
Cooper Tire achieves higher operating profit, net income in Q2 2016
Cooper Tire & Rubber Company has reported second quarter 2016 net income of US$71 million, an 18.3 per cent year-on-year increase on the net income achieved a year ago. Commenting on the tyre maker’s Q2 2016 result, chairman, chief executive officer and president Roy Armes noted that “Cooper closed the first half of 2016 with another outstanding quarter.”
Continue ReadingCooper Tire’s acquisition of Chinese tyre maker to close by year’s end
At the start of the year, Cooper Tire & Rubber confirmed its intention to acquire a majority interest in Chinese truck and bus radial manufacturer Qingdao Ge Rui Da Rubber Co., Ltd (GRT); the plan is to initially purchase a 51.86 per cent equity interest in the joint venture company from Qingdao Yiyuan Investment Co., Ltd., with Cooper Tire Holding Company obtaining a further 4.32 per cent; the registered capital in GRT will then be increased from RMB 350,000,000 to RMB 438,236,991, the result being that Cooper Tire & Rubber’s share will rise to 60 per cent share and Cooper Tire Holding Company’s to five per cent.
Continue Reading![Bridgestone acquisition of Speedy France completed](https://www.tyrepress.com/wp-content/uploads/2016/08/speedy.jpg)
Bridgestone acquisition of Speedy France completed
Following the acquisition of all necessary approvals on 28 July, Bridgestone EMEA has completed the 100 per cent acquisition of fast fit network Speedy France. Bridgestone EMEA announced its plan to acquire the French retail chain on 30 May 2016.
Continue ReadingTitan International reports net loss for Q2 2016
The decline in the market for high horsepower tractors and combines in North America continues, and this ongoing trend has left a sizable dent in Titan International’s second quarter revenues. Sales for the three months to 30 June 2016 amounted to US$330.2 million, 12.2 per cent below sales for the previous year’s corresponding quarter and 44.3 per cent less than sales in the second quarter of 2013, prior to the start of the downturn. Gross profit for the quarter amounted to $45.1 million, 13.7 per cent of net sales, an 11.7 per cent year-on-year reduction and 48.0 per cent below the second quarter 2013 gross profit. The net loss applicable to common shareholders was -$3.8 million, compared with a net income of $9.4 million a year ago and net income of $23.2 million in the corresponding quarter of 2013.
Continue Reading![H1 2016 results: Continental lifts full-year EBIT forecast](https://www.tyrepress.com/wp-content/uploads/2016/08/conti-h1-2016.jpg)
H1 2016 results: Continental lifts full-year EBIT forecast
Germany’s Continental AG reported its financial results for the first half of 2016 this morning and, thanks to what the tyre maker and automotive systems supplier calls “excellent operating performance” within its Rubber Group, has raised its earnings forecast for the current fiscal year.
Continue ReadingBridgestone-Pneuhage JV given EC green light
The European Commission has approved the joint venture proposed by Bridgestone and German tyre firm Pneuhage Management GmbH & Co. The approval granted under the EU Merger Regulation sees Pneuhage Management GmbH & Co. KG and Bridgestone Deutschland GmbH take joint control over Pneuhage Partners Group GmbH & Co. KG. Bridgestone Deutschland, a subsidiary of Bridgestone Europe NV/SA, will acquire 25 per cent of the shares in Pneuhage Partners; Pneuhage Management already holds a 75 per cent share.
Continue Reading