Yokohama Rubber debuts mid-term management plan
Under its new YX2026 management plan, Yokohama Rubber intends to combat growing sales of budget consumer tyres with a strengthened focus on OE supply and also rapidly bring new and efficient plants online. Within the OHT segment, it will turn to mergers and acquisitions to bolster market share in specific areas. By fiscal 2026, the company aims for sales revenue of ¥1,150 billion (£6.1 billion), business profit of ¥130 billion (£688.9 million), a business profit margin of 11%, and ROE of more than 10%.
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HEVRA expands EV maintenance data support to Dacia, now covers 40 brands
HEVRA has added Dacia to its roster of supported electric vehicle brands, which now covers 40 different electric and hybrid vehicles. The vehicle repair and maintenance information said the addition of Dacia represents “a significant milestone…further enhancing its ability to provide vital information and support to automotive professionals and enthusiasts worldwide.” HEVRA’s database offers technicians the latest repair and maintenance information across a range of 361 models.
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2023 a profitable year for Toyo Tires
Toyo Tire Corporation should have no complaints about 2023, at least when looking at the company’s key financial figures. The Japanese firm has announced an 11.2 per cent year-on-year increase in net sales, to 552.8 billion yen (£2.9 billion). Operating income rose 74.6 per cent year-on-year, to 76.9 billion yen (£406.3 million) with a group-wide profit margin of 13.9 per cent.
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Pirelli extends F1 in Schools partnership to Italy
F1 in Schools is an international STEM (science, technology, engineering, mathematics) competition for school students in which teams work together to design a miniature, compressed air-powered F1 car. The programme originated in the UK a quarter century ago and currently operates in more than 40 countries. Pirelli is a partner of the UK competition and has now announced becoming an Official Partner of F1 in Schools Italy.
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More than 7,000 jobs in total – Continental announces further cuts
When a company says it plans to “strengthen the competitiveness” of its business, job cuts are usually not far away. And so it is at Continental, with the company yesterday confirming that in addition to the changes announced last November, further “efficiency measures” within the company’s Automotive group sector will affect around 1,750 jobs.
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Bond acquisition Birkenshaw Distributors forms Scottish Highlands wholesale JV with Goodtread Tyre Co
The Inverness based tyre wholesaler acquired as part of Bond International’s recent deal to acquire Stepgrades Motor Accessories Limited from Halfords Group is forming a joint venture with long term Bond customer Goodtread Tyre Co, based in Alness in the Scottish Highlands. The two parties said the JV would strengthen their tyre distribution operations covering north and west Scotland and the islands, increasing the availability of stock as a result of Bond’s large stockholding, improving warehousing, and modernising Bond’s newly acquired Birkenshaw Distributors Ltd. Sandy MacKenzie and Mark Kelman from Goodtread Tyre Co will head the joint Inverness operation.
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Enviro breaks ground on recycling facility
After several years of planning, Scandinavian Enviro Systems’ recycling facility in Sweden took a further step towards reality yesterday with a groundbreaking ceremony at the plant site in Uddevalla. Enviro, Antin Infrastructure Partners, and Michelin finalised the investment decision for the plant just under a week earlier.
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Linglong debuts 57” tyres
It is only a short while since Linglong Tire began producing 49-inch OTR tyres at its facility in Jilin, China, but these are no longer the largest tyres made there. Linglong has upsized its production portfolio in Jilin by manufacturing the first 57-inch tyres.
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Reinventing the Wheel – investment in STARCO’s plant in Croatia
STARCO is undertaking significant investments in digital and green technologies and materials at its steel wheel factory in Croatia. It launched this project in mid-2023, installing a new automated reciprocater paint system that can simultaneously paint a larger number of wheels, thereby more efficiently using the painting line and ovens. Additional equipment will soon join this unit and commence operations within the first half of 2024.
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CDP report card – Nokian Tyres gains an A-
CDP has given Nokian Tyres an A- for its actions towards reducing greenhouse gas emissions and mitigating climate change-related risks. This is the fourth consecutive year that CDP has awarded Nokian Tyres an A- for its work in this area, and the Finnish company notes that scores of A and A- in the annual CDP Climate Change report represent “leadership level.”
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SRI quadruples profit in 2023
Despite significant interest rate hikes, geopolitical tensions, inflation and economic stagnation in some regions, modest signs of global economic recovery appeared in 2023. Sumitomo Rubber Industries (SRI) reports experiencing notable improvements in the financial year ending 31 December 2023, including a “significant reduction” in freight costs compared with the prior year as well as a “lull in the soaring raw material and energy costs,” leading to significantly improved profitability.
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Tyres & Accessories February 2024 issue now available to read online, download
The February issue of Tyres & Accessories Magazine is now available as an e-paper for subscribers to Tyrepress, following the distribution of the print edition. The latest issue includes special features on passenger car tyres and motorcycle and two-wheeler tyres. It also includes in-depth articles and analysis tackling current events and trends in the global tyre industry, such as the latest online tyre brand ranking data, a big acquisition for Bond International in the UK wholesale sector, and comment on the UK government’s decision to retain the frequency of the MOT test. Non-subscribers can gain access to Tyrepress with a print or online subscription, or 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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High costs & bureaucratic hurdles – Michelin on Germany factory closures
Germany’s days as an industrial superpower are coming to an end, opined Bloomberg on 10 February. The media firm blames competition from the USA, the energy crisis and declining Chinese interest in German products for this development, but there are further factors to consider. Michelin, which plans to close several plants within the country, suggests that an excess of bureaucracy is contributing to Germany’s unattractiveness as a manufacturing site.
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Goodyear lost $291 million in Q4 2023, but EMEA improvements
Goodyear’s fourth-quarter 2023 sales decreased 4.8 per cent compared to the previous year driven by “the impact of lower replacement volume and lower third-party chemical sales”. That and other factors resulted in a fourth-quarter 2023 net loss of $291 million compared to a net loss of $104 million – 180 per cent worse than the figure a year ago.
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Bridgestone plant a ‘Factory of the Future’
Bridgestone Aircraft Tire Europe (BAE) has received a ‘Factory of the Future’ award for its facility in Frameries, Belgium. BAE is one of 17 firms honoured by Digital Wallonie, the Walloon Government’s digital strategy, at a ceremony that took place in Brussels on 8 February.
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