Toyo Tires renews European Athletics partnership
Toyo Tires has renewed its partnership with European Athletics. The tyre maker will continue be an official partner until at least 2027 after signing another four-year deal. Toyo first became an Official Partner of European Athletics ahead of the Berlin 2018 European Athletics Championships, meaning the new deal will see it complete a decade-long commitment.
Continue Reading
Cheng Shin’s revenue in 2023 decreased 2.08%
Cheng Shin Rubber has not yet disclosed its 2023 annual report, but it announced its 2023 revenue on the Taiwan Securities Exchange. Compared with the previous year, Cheng Shin Rubber’s yearly revenue decreased by 2.08 per cent.
Continue Reading
Jiangsu General increases Cambodian factory capacty, terminates China plant plans
Jiangsu General has terminated its plan to build a tyre factory in Baotou, China, on the grounds that “[China’s] domestic all-steel tyre market is still in a weak recovery stage and cannot meet the expected development”. At the same time, the tyre manufacturer is preparing to invest 1.495 billion yuan (approximately £165 million; €191 million) in the expansion of its Cambodian factory. The construction period of the expansion project is 18 months. After its completion, the annual output of the Cambodian factory can increase to 3.5 million semi-steel radial tyres (PCR) and 750,000 all-steel radial tyres (TBR).
Continue Reading
Chaoyang Long March changes chairman
Chaoyang Long March staff confirmed to Tyrepress China that the tyre manufacturer’s chairman had been changed from Li Qingwen to Jin Yongsheng. Jin Yongsheng still serves as general manager of Chaoyang Long March.
Continue Reading
Glyn Cainey, Dexel Tyre’s first truck division director, dies
Glyn Cainey, a UK industry veteran who had a career spanning nearly half a century with South Yorkshire’s Dexel Tyre, passed away at home last Friday morning in his chair next to his wife, as had been his wish. He had been unwell for the past few years since his retirement on 4 November 2020. Having joined Dexel as a car tyre fitter, he helped the company grow its commercial tyre operations, eventually leading the division. Glyn is survived by his wife, son, daughter, and grandchildren. A loving father and husband, Dexel told Tyres & Accessories that he will be sorely missed.
Continue Reading
Michelin named BRM Aero exclusive tyre supplier
Czechia-based aircraft manufacturer BRM Aero has entered into an exclusive 100 per cent OEM partnership with Michelin for global retail sales. Announcing the arrangement, Martin Bristela, the general aviation luxury light sport aircraft specialist’s chief executive officer, states that “our partnership with Michelin, a world leader in tyre technology, represents a new chapter for BRM Aero.
Continue Reading
Pirelli signs €500m credit line agreement
Pirelli has a new 500 million euro line of credit following a new agreement with a select pool of international banks. Pirelli said the line will enable the reinforcement of the liquidity margin which, on 30 September 2023, already guaranteed coverage of debt maturities to the end of 2025. It will mature in December 2027.
Continue Reading
Job cuts & shortages – stress for Michelin in Spain
In November Michelin announced it would lay off 176 workers at two Spanish plants in response to forecasted weak demand, and this month it will – albeit for an entirely different reason – halt production at four facilities within the country for a two-day period.
Continue Reading
Ikon Tyres to complete Nokian rebranding by Spring 2024
Russian motorists can still purchase Nokian tyres, but the brand’s days are numbered in this market. After energy company Tatneft acquired Nokian Tyres’ local assets, it renamed the operation Ikon Tyres and began producing tyres under the Ikon name in June 2023. Ikon Tyres says the process of updating tyre sidewall moulds has taken several months, but it started the volume production of rebranded summer tyres in December. This means that all products that dealers sell from Spring 2024 will carry the Ikon name instead of Nokian.
Continue Reading
Hankook takeover bid fails
Christmas is a time of togetherness with kinsfolk, but not if you’re a member of Hankook’s Cho family. On December 25, efforts by private equity firm MBK Partners – in collaboration with three Cho siblings – to acquire a controlling stake in Hankook & Company failed after MBK’s tender offer secured insufficient subscriptions.
Continue Reading
JK Tyre raises £47 million through QIP
India’s JK Tyre & Industries Limited has successfully concluded its fund-raising plans of Rs 5 billion (£47.2 million) by way of Qualified Institutional Placement (QIP). The tyre maker will utilise funds gained through the QIP for capital expenditure projects and to strengthen its balance sheet.
Continue Reading
5 Series & E-Class – tyre twins?
Vehicle manufacturers typically demand customised tyres for their cars. To denote this exclusive tailoring, tyres that are approved or factory fitted as original equipment display a special marking on the sidewall. The best-known of these OE tyre designations include those for Porsche (N0, N1, ...), BMW (*) and Mercedes (MO), although other brands, from Alfa Romeo to Volvo, also have their own individual sidewall marking. We recently became aware of something new that flies – at least in part – in the face of this concept of original equipment tyres specially tailored to a specific vehicle model.
Continue Reading MBK Partners ups Hankook bid
MBK Partners, a private equity firm in Asia, has increased its offer to buy a controlling stake in Hankook & Company, the parent company of Hankook Tire & Technology Ltd. On 17 December, MBK Partners raised its offer to acquire a minimum of 20.35 per cent and a maximum of 27.32 per cent of Hankook & Company by 20 per cent. The revised price now stands at 24,000 won ($18.40) per share, up from the initial offer of 20,000 won. The price is 51.4 per cent higher than the firm’s closing price of 15,850 won on Friday.
Continue Reading
DJSI World & Asia Pacific renew Bridgestone listings
Bridgestone Corporation has once again been selected for inclusion in the Dow Jones Sustainability World Index (DJSI World). This is the second consecutive year Bridgestone has appeared in the globally recognised sustainability index and the fifth occasion in total.
Continue Reading
Mexico plant a “strategic expansion” for Sailun
Sailun Group has confirmed plans to build a joint venture factory in Mexico. In a statement, Sailun Tire Americas describes the decision to establish the plant as a “strategic move” aimed at enhancing Sailun’s production capabilities and streamlining the supply chain to provide customers with “even better service and more efficient delivery of our products.” It further calls this “strategic expansion” a “significant milestone in the companys commitment to innovation, efficiency, and global growth.”
Continue Reading
