Nexen Tire profits and sales up in 2014
Nexen Tire reports that operating earnings increased 18 per cent in 2014. According to the Korea-based tyre manufacturer, this was based on lower raw material costs and improved sales. Meanwhile sales were 1.7 per cent higher at US$1.68 billion, raising the operating ratio nearly two points to 11.9 per cent. Net income rose 4.7 per […]
Continue ReadingŠkoda vehicle production reaches 17,000,000
Škoda has produced their 17 millionth vehicle. The jubilee car – a Škoda Rapid Spaceback in Corrida Red – ran off the production line at the Škoda headquarters in Mladá Boleslav. The vehicle is going to a customer in Germany. This production milestone is a highlight of the Czech carmakers successful growth strategy. In 2014 Škoda manufactured and sold more than 1 million cars for the first time during a single year in the companys 120-year history. Over the coming years, Škoda plans to increase sales to at least 1.5 million per year.
Continue Reading![An All-Season first?](https://www.tyrepress.com/wp-content/uploads/2015/02/Pirelli_CinturatoAllSeason_03.jpg)
An All-Season first?
Strategically the most significant detail about the Cinturato All-Season launch is the fact that a premium manufacturer such as Pirelli is launching an all-season tyre at this time. Other premium manufacturers have such products, but many have opted to focus on summer and winter products, leaving mid-range players and second line brands first in line. In order to find out a little more, Tyres & Accessories spoke to Pirelli senior vice president sales planning and supply chain, Matteo Battaini, during the event.
Continue Reading![Cooper appoints Hughes as COO](https://www.tyrepress.com/wp-content/uploads/2015/02/Brad_Hughes.jpg)
Cooper appoints Hughes as COO
On 30 January Cooper Tire & Rubber Company has appointed has promoted Brad Hughes into the newly created position of senior vice president and chief operating officer, effective immediately. In this role, Hughes has responsibility for Cooper’s worldwide operations throughout North America, Asia, Europe and Latin America. He has been with the company for five years, beginning in 2009 as chief financial officer. In July 2014, he was appointed to lead the company’s International segment as president—International Tire Operations.
Continue Reading![Continental moves ‘MENA’ replacement tyre operations to Dubai](https://www.tyrepress.com/wp-content/uploads/2015/02/Reef-Tower.jpg)
Continental moves ‘MENA’ replacement tyre operations to Dubai
Continental has relocated its replacement market PLT (passenger and light truck tyre) and (CVT) commercial vehicle tyre business operations for the Middle East and North Africa (MENA) region from the company’s headquarters site in Hanover, Germany to Dubai. This shift relates to the 29-country region’s marketing, sales, customer services and controlling functions.
Continue ReadingContinental concludes Veyance acquisition
Brazilian antitrust authority CADE (Council for Economic Defence) has approved Continental’s acquisition of USA-based rubber company Veyance. The endorsement was granted on 29 January and follows the approval given by the United States Department of Justice in December. Continental concluded its acquisition of Veyance the following day. The transaction is valued at €1.4 billion.
Continue ReadingHankook maintains operating profit in 2014
Following on from the release of its fourth quarter figures, Hankook Tire has published its full-year 2014 results and describes its performance during the year as “solid”. On the back of sales amounting to KRW 6,679.5 billion (£4.0 billion), a result 5.5 per cent below that achieved in 2013, the tyre maker managed to maintain operating profit, which at KRW 1,031.1 billion (£620.0 million) was virtually the same as a year earlier. The profit to sales ratio was 15.4 per cent.
Continue Reading![Falken awarded Austrian association award as best car tyre distributor](https://www.tyrepress.com/wp-content/uploads/2015/01/Reipl-Falken.jpg)
Falken awarded Austrian association award as best car tyre distributor
Falken has been awarded the Verband der Reifenspezialisten Österreichs (VRÖ) award for best car tyre distributor. The Austrian association’s members are tyre manufacturers and importers and the results are based on a survey of all members every two years.
Continue ReadingSales, profit down for Hankook Tire in Q4 2014
Hankook Tire reports that its sales during the fourth quarter of 2014 declined 5.2 per cent year-on-year, while operating profit decreased 4.3 per cent. In a disclosure lodged with the Korea Stock Exchange on 30 January, the tyre maker gave its sales for the final quarter of last year as KRW 1,628.1 billion (£982.6 million). Sales were KRW 1,715.5 billion in the third quarter of 2014 and KRW 1,171.9 billion in the fourth quarter of 2013.
Continue ReadingGiti international director ‘looking for progress, not perfection’
Following his appointment as Giti international director – marketing and sales, Tyres & Accessories recently caught up with Richard Lyons at the company’s UK headquarters in Cheshire and asked what’s behind the promotion. Answering, Lyons explained by putting the announcement in the context of “continual development” at Giti. In this respect Lyons’ words fit into what the company’s top management are saying on the subject.
Continue ReadingIs Schaeffler considering another Conti share purchase?
Schaeffler, the family-run ball-bearing maker and largest shareholder in Continental AG, is reportedly considering a multi-billion euro IPO for its ball-bearing business in what could be a prelude to a further purchase of Conti shares. The Wall Street Journal (WSJ) has led coverage of the recent financial manoeuvres between Conti and Schaeffler, however financial analysts and other commentators lend credence to the view that purchasing Conti stock could be the endgame.
Continue Reading![Pirelli, MWSD enter preferred supplier agreement for full CV wheel assemblies](https://www.tyrepress.com/wp-content/uploads/2015/01/WEB-Pirelli-MWSD.jpg)
Pirelli, MWSD enter preferred supplier agreement for full CV wheel assemblies
Pirelli and Motor Wheel Service Distribution have signed a preferential supplier agreement. Available to original equipment manufacturers and the aftermarket, the service covers MWSD’s complete range of Chevron marked steel wheels, designed to promote future traceability, and the company’s exclusive xlite forged aluminium wheels. This latest partnership follows an agreement with Goodyear Dunlop CV support network, TruckForce, in which MWSD became its preferred commercial wheel supplier. The newest premium brand partnership goes a step forward in its scope, providing tyre and rim as a full product.
Continue Reading![ATS Euromaster back in the black](https://www.tyrepress.com/wp-content/uploads/2015/01/IMG_3690.jpg)
ATS Euromaster back in the black
At the start of the year that ATS Euromaster marks its 50th anniversary, the leading tyre retail chain is kick-starting 2015 with the welcome news that it has returned to profitability after a challenging few years in the red. According to executives, this comes as the result of the successful implementation of a five-year turnaround plan and means ATS Euromaster is on-track to significantly increase profits over the next couple of years.
Continue ReadingCabot Corporation announces changes to business segments
US specialty chemicals firm Cabot Corporation has realigned its global business segments, a measure claims to have undertaken in order to improve efficiency and resource prioritisation. The realignment brings the business segments closer in line with the company’s recently announced management changes, and Cabot says an added benefit will be a stronger customer focus. The changes will be represented in Cabot Corporation’s financial results as of the first quarter of fiscal 2015.
Continue Reading![Kordsa Global opens new tyre cord plant in Indonesia](https://www.tyrepress.com/wp-content/uploads/2015/01/endonezya_acilis1.jpg)
Kordsa Global opens new tyre cord plant in Indonesia
Kordsa Global has opened its second site in Indonesia. The company invested US$100 million in the project and the plant, located in Bogor-Citeureup (Java) includes an 18 kiloton tyre cord fabric facility and a 14 kiloton third and fourth-generation polyester HMLS yarn facility. Over 200 people will be employed at the two operations. The site’s official opening was attended by Sabanci Holding chairperson Guler Sabanci, Mehmet Pekarun, SBU industry president of Sabanci Holding and chairman of Kordsa, Cenk Alper, Kordsa Global CEO, officials from Indonesia’s government and local administrators.
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