![Goodyear stock skyrockets in wake of Elliott letter](https://www.tyrepress.com/wp-content/uploads/2023/05/GY-Stock-120523.png)
Goodyear stock skyrockets in wake of Elliott letter
Goodyear stock shot up ~30 per cent following an explosive letter recommending radical change at the tyremaker from 10-per-cent-shareholder Elliott Investment Management. At the time of going to press, Goodyear Tire & Rubber Co. shares were up trading at $14.81, up 30 per cent compared with five days ago, with most of that coming on 11 May 2023 when the shareholder letter was published.
Continue Reading![Elliott proposes Goodyear back office cuts](https://www.tyrepress.com/wp-content/uploads/2023/05/elliott-letter.jpg)
Elliott proposes Goodyear back office cuts
Elliott Investment Management’s letter to Richard Kramer and members of the Goodyear Board of Directors contains the reassurance that it does not seek “any reductions in plant capacity or factory workforce.” Comforting words perhaps for members of the 74,000-strong Goodyear Tire & Rubber Company team engaged in production within the company’s 57 factories, but office-based employees have less reason to breathe easy.
Continue Reading![Recycled carbon black: Nokian Tyres joins project](https://www.tyrepress.com/wp-content/uploads/2023/05/Nokian-sidewall-sml.jpg)
Recycled carbon black: Nokian Tyres joins project
Nokian Tyres is taking part in a research project that aims to improve the quality and yield of recycled carbon black from end-of-life tyres, with the goal of using this material more extensively in tyre and rubber products. The two-year development project is coordinated by Windspace Group A/S and co-financed by government initiative the Danish Eco-Innovation Program.
Continue Reading![Anyline launches truck tyre tread scanning tech, seeking early adopters](https://www.tyrepress.com/wp-content/uploads/2023/05/commercial-tire-tread.jpg)
Anyline launches truck tyre tread scanning tech, seeking early adopters
Anyline has launched commercial vehicle tyre tread scanning technology that can be used on any camera-enabled smartphone or mobile device. According to the company, the solution allows fleet operators to “improve tyre performance and longevity, ensure driver safety and reduce vehicle inspection time”.
Continue Reading![Goodyear: “Reviewing Elliott’s recommendations”](https://www.tyrepress.com/wp-content/uploads/2022/08/wingfoot-final-edit.jpg)
Goodyear: “Reviewing Elliott’s recommendations”
Following the publication of an open letter from shareholder Elliot Investment Management suggesting radical changes at Goodyear, executives at the company’s Akron, Ohio headquarters have released a statement confirming that they are “reviewing Elliott’s recommendations” and “intend to meet with them to discuss their views in more detail.”
Continue Reading![An olive branch to staff? Elliott Goodyear proposals don’t cut jobs](https://www.tyrepress.com/wp-content/uploads/2023/05/Elliott.png)
An olive branch to staff? Elliott Goodyear proposals don’t cut jobs
While Goodyear executives’ latest financial results include plans for a brand review and additional cost-cutting measures, the way forward suggested by one of the company’s largest shareholders apparently doesn’t include further job cuts: “For the avoidance of doubt, we are not calling for any reductions in plant capacity or factory workforce” Elliott Investment Management wrote in the 11 May 2023 letter.
Continue Reading![Petlas invests $360m in new tyre production facility](https://www.tyrepress.com/wp-content/uploads/2023/05/petlas-new-production.jpg)
Petlas invests $360m in new tyre production facility
Petlas will invest $360 million in the construction of a new light vehicle tyre production facility adjacent to the Turkish company’s existing plant in Kırşehir. The new production line will produce 100,000 tons of tyres for passenger cars and light commercial vehicles, increasing the manufacturer’s total capacity by 42 per cent, reaching 340,000 tons. It will create around 1,850 new roles. Petlas expects to break ground on the new factory in 2023, with completion slated for 2024-25.
Continue Reading![Goodyear has underperformed by 143% over 10 years – Elliott](https://www.tyrepress.com/wp-content/uploads/2023/05/GY-Underperformance.png)
Goodyear has underperformed by 143% over 10 years – Elliott
The specifics of Elliot Investment Management’s explosive open letter to the Goodyear board reveal that one of the company’s largest shareholders believes “Goodyear has underperformed by 90 per cent over the past five years and 143 per cent over the past ten years” relative to the S&P 400. And relative to proxy peers, key competitors and relevant indices such as the Dow Auto Parts Index, the story of underperformance is similar”.
Continue Reading![Goodyear investor calls for wholesale board changes](https://www.tyrepress.com/wp-content/uploads/2023/05/Elliot-e1683817122472.png)
Goodyear investor calls for wholesale board changes
Elliott Investment Management L.P., which holds around 10 per cent of The Goodyear Rubber & Tire Company shares, has published an open letter sent to Goodyear’s board of directors expounding on its “deep conviction in the opportunity for Goodyear to improve after more than a decade of underperformance”. Not only are Elliotts calling for five changes to the board, but they have set up a website (acceleratinggt.com) detailing plans to overhaul the business. Shares jumped 17% at the time of publication in response to the news.
Continue Reading![Nokian Tyres breaks ground on Romania factory](https://www.tyrepress.com/wp-content/uploads/2023/05/GB-scaled.jpg)
Nokian Tyres breaks ground on Romania factory
Nokian Tyres has initiated work on its Oradea, Romania passenger car tyre factory, billed as the tyre industry’s first zero CO2 emission plant. An event marking the groundbreaking was attended by the Prime Minister of Romania, Nicolae Ciucă. The President of the Bihor County Council, Ilie Bolojan, and other high-level Romanian and Finnish officials also participated along with the chair of Nokian Tyres’s board of directors Jukka Hienonen. The first tyres are estimated to be produced in the second half of 2024. Commercial tyre production is expected to start in early 2025.
Continue Reading![The benefits of multilingualism in the tyre and wheel business](https://www.tyrepress.com/wp-content/uploads/2023/05/ML.png)
The benefits of multilingualism in the tyre and wheel business
The transport industry is constantly evolving to meet the changing needs of businesses and consumers around the world. Technological advancements in areas like automation, electric vehicles, and data analytics are transforming the way we move goods and people, while global trade and e-commerce continue to drive demand for transportation services. The COVID-19 pandemic has also had a significant impact on the industry, leading to disruptions in supply chains and changes in consumer behaviour. Despite these challenges, the transport industry remains a vital component of the global economy, connecting businesses and individuals across borders and driving economic growth.
Continue Reading![Linglong EV OE reaches more than 6 million in 2022](https://www.tyrepress.com/wp-content/uploads/2023/05/LL-Mascots.jpg)
Linglong EV OE reaches more than 6 million in 2022
In 2022, Linglong Tire’s revenue was 17 billion yuan (approximately £1.94 billion; €2.24 billion). Within that, Linglong achieved a revenue of 16.73 billion yuan (about £1.91 billion; €2.2 billion) specifically from tyres. Linglong balanced its domestic and overseas businesses but the revenue brought in by domestic trade was slightly higher. The company’s tyre sales in China reached 8.55 billion yuan, and its export and overseas sales reached 8.18 billion yuan.
Continue Reading![Manchester City extends Nexen Tire partnership](https://www.tyrepress.com/wp-content/uploads/2023/05/Nexen-Man-City.jpg)
Manchester City extends Nexen Tire partnership
Nexen Tire has signed a fourth partnership agreement with Manchester City Football Club. If the official photo can be trusted, the latest multi-year deal extends to 2026 and thus covers the two parties’ tenth anniversary together.
Continue Reading![Pirelli becomes Goodwood Festival of Speed tyre partner](https://www.tyrepress.com/wp-content/uploads/2023/05/pirelli-goodwoodpartnership-sml.jpg)
Pirelli becomes Goodwood Festival of Speed tyre partner
Pirelli is the new exclusive tyre partner to the Goodwood Festival of Speed, replacing the five-year agreement with Michelin that concluded in 2022. Amongst other highlights, at this year’s Festival the Italian brand will preview three new P Zero tyres that mark the “imminent renewal of Pirelli’s entire high-end range.”
Continue Reading![Jiangsu General to build joint-venture tyre factory in Baotou, Inner Mongolia](https://www.tyrepress.com/wp-content/uploads/2023/05/JG.jpg)
Jiangsu General to build joint-venture tyre factory in Baotou, Inner Mongolia
On 5 May, Jiangsu General announced plans to build a tyre plant in Baotou City, Inner Mongolia, China. The total investment is about 1.51 billion yuan (about £170 million; €200 million). After completion, it will produce 1.2 million all-steel radial truck tyres and 100,000 OTR tyres per year. Jiangsu General says it is “the first modern tyre factory in Baotou City”.
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