European replacement tyre sales mostly down in Q1 2024
The European Tyre and Rubber Manufacturers’ Association (ETRMA) has published its members’ Q1 2024 replacement tyre sales figures, and the general trend remains towards lower sales volumes. “The general inflationary context continues to affect the demand in all tyre product lines,” comments Adam McCarthy, ETRMA secretary general.
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Continental highlights innovation & growth at 2024 AGM
Chief executive officer Nikolai Setzer set the tone for Continental’s future during the 2024 Annual Shareholders Meeting last Friday, emphasising the company’s pivotal role in advancing mobility technology. This years meeting marked a return to in-person gatherings after a five-year hiatus, with a simultaneous live stream for broader accessibility.
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Read and download Tyres & Accessories Magazine April 2024 now
In the April 2024 issue of Tyres & Accessories Magazine, available now as an e-paper for subscribers to Tyrepress, Tyres & Accessories turns its attention to the SUV tyre and OTR tyre markets. As well as these special features, the issue features articles about Yokohama’s expansion strategy in Europe, a round up of some of the leading European tyre tests in the summer tyre season, and Kumho’s decision to build a tyre plant in Europe. Non-subscribers can gain access to Tyrepress with a print or online subscription. Tyre professionals can take advantage of the current Tyrepress Membership offer, helping to drive business online and stay informed with the industry’s leading magazine and websites.
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Conti acquisition of Goodyear OTR ‘a complementary fit’ and analysts’ preferred ‘area for capital allocation’
Valuing Goodyear’s for-sale OTR tyre business at between $800 million and $1 billion, financial analysts have evaluated a hypothetical acquisition of the unit by Continental AG as “a complementary fit”. Writing in an investor’s note dated 23 April 2024, the Jefferies report endorsed the business case behind the scenario:
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Goodyear begins phase 2 of LIST partnership
The Luxembourg Institute of Science and Technology (LIST) and The Goodyear Tire & Rubber Company have commenced a second phase of their strategic collaboration. Goodyear says this next step in the two parties’ joint work will not only leverage previous achievements but will also “delve into new technological avenues.”
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Kumho Tire presents expanded stand and new products at Tire Cologne
Kumho Tire its participating in this year’s The Tire Cologne exhibition with a revamped stand spanning 408 square metres. Positioned at Hall 6, Stand A030/B039, the company is set to showcase its comprehensive portfolio featuring the Kumho and Marshal brands, providing visitors with an immersive experience to explore the latest advancements across the car, SUV/4x4, van, and truck segments.
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One less headache – let MFS keep your fleet on the road
After the doldrums of the “COVID years”, new vehicle sales are slowly recovering. The SMMT reports that the UK new car market clocked up its 20th consecutive month of growth in March, with a 10.4% year-on-year rise in registrations, adding 320,000 new cars – the best March since 2019; whilst 53,000 new light commercial vehicles also joined UK roads in March as more fleet owners upgraded to the latest models than in any other month in the last three years – an increase of 11.1%.
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Triangle Tyre prepares 150sqm booth for The Tire Cologne 2024
Triangle Tyre will exhibit at The Tire Cologne with a 150sqm booth designed to highlight its role in the European tyre market. The prominent stand (see picture) will also feature a 12sqm LED wall to enhance the manufacturer’s impact on the global tyre fair, helping it to stand out amongst the 273 confirmed exhibitor stands confirmed for the event at time of writing. Triangle Tyre is a mainstay of the largest European fair, exhibiting at every event since The Tire Cologne replaced Messe Essen’s biannual Reifen event.
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Continental marks Thailand milestones
This month, Continental commemorates 15 years since the inception of its tyre business in Thailand and five years of tyre production at its Rayong plant. With an investment of 250 million euros in the eastern region of the country, the manufacturer has established a facility that employs 900 local workers and has annual production capacity of 4.8 million passenger and light truck tyres, alongside motorcycle tyres, and caters to both original equipment and replacement sectors.
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Michelin reports 4.6% lower Q1 2024 sales
Michelin Group has disclosed its financial results for the first quarter of 2024, reporting total sales amounting to €6,642 million. This figure marks a decline of 4.6 per cent compared to the corresponding period in the previous year. The decrease in sales can be attributed to various factors, including a decline in tyre volumes, driven by weaknesses in certain markets, including construction and agricultural tyres, as well as mining tyre inventory drawdowns.
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Continental fined 100 million euros for powertrain division issue
The public prosecutor’s office in Hannover, Germany today issued Continental AG a fine totalling 100 million euros. Proceedings relate to a “negligent breach of supervisory duties” within the company’s former powertrain division in connection with the supply of engine control units and engine control unit software (including for the VW EA189 1.6l). The fine consists of 5 million euros in penalties and a 95-million-euro levy of economic benefits.
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TPMS changes a positive step, says Goodyear
New legislation applicable to Tire Pressure Monitoring Systems (TPMS) will come into effect within the European Union from 7 July. The new law outlines the minimum operating standard for TPMS devices, including the data that’s displayed to drivers in real-time.
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David Geraghty appointed moveero CEO
David Geraghty has been appointed Chief Executive Officer (CEO) industrial and OTR wheelmaker moveero with immediate effect. Geraghty brings over 25 years’ experience in senior roles with multi-national, multi-billion-dollar organisations to the business, including his most recent position as president of Yokohama Off Highway Tires (YOHT), America, responsible for Aftermarket and OE operations.
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C. L. Tyres, Fork Truck Tyres appoint liquidator
After a couple of years of rapid expansion, C. L. Tyres and Fork Truck Tyres, which the industrial tyre distributor acquired last year, have voluntarily appointed liquidators. According to official documents filed with Companies House on 24 April 2024, C. L. Tyres made an “extraordinary resolution to wind up” on 10 April 2024.
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Morrocco first – Sentury Tire redirects funds earmarked for Spanish plant
Sentury Tire has disclosed that it will invest the approximately RMB 2.8 billion (£313 million) it raised to set up a factory in Spain in the construction of its Moroccan plant instead. The motivation behind this decision, says Sentury Tire, is that while the facility in Spain is still in the “approval process” with no clear indication of when this will conclude, the tyre plant in Morrocco is “progressing well” and has a greater need for capital expenditures.
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