![Enviro share issue funding JV, operations](https://www.tyrepress.com/wp-content/uploads/2021/08/placeholder-sml.jpg)
Enviro share issue funding JV, operations
Scandinavian Enviro Systems has raised SEK 300 million (£23.4 million) via a directed share issue and intends to use 75% of this to acquire shares in the previously announced, Michelin-supported joint venture with Antin Infrastructure Partners and to finance the JV’s first plant. The remaining 25% will finance Enviro’s operations for at least 24 months.
Continue Reading![Sentury Tire registers business in Morocco](https://www.tyrepress.com/wp-content/uploads/2023/05/sentury-logo-sml.jpg)
Sentury Tire registers business in Morocco
On 27 April 2023, Qingdao Sentury Tire officially registered its planned new tyre production and sales operation, Sentury Tire Morocco. The company is a wholly owned subsidiary of Sentury (Hong Kong) Trading Co., Ltd. With an investment of US$296.78 million, Sentury Tire intends to set up a plant in Tangiers with the capacity to manufacture 6 million car and light truck tyres annually.
Continue Reading![General Tire joins British Basketball to deliver slam dunk showstopper](https://www.tyrepress.com/wp-content/uploads/2023/05/General-Tire-basketball-sml.jpg)
General Tire joins British Basketball to deliver slam dunk showstopper
General Tire has partnered with The British Basketball League to deliver a first-of-its-kind basketball dunk competition at the top of The O2. The “Now You Know” Dunk Challenge, supported by General Tire, aims to build excitement in the countdown to the play-off finals later this month.
Continue Reading![Goodyear warehouse closure: 15 job cuts, or almost 300?](https://www.tyrepress.com/wp-content/uploads/2023/05/Philippsburg_tb-550x412-1.jpg)
Goodyear warehouse closure: 15 job cuts, or almost 300?
According to an article published by our German sister site, Reifenpresse.de, the number of job losses through the closure of Goodyear’s warehouse in Philippsburg, Germany may be significantly more than the 15 jobs that the tyre maker mentioned last week. Since 1 January 2020, the facility has been operated by third-party firm Geis Tyre Warehousing GmbH, which also operates other warehouses for Goodyear in Germany and Luxembourg. Geis Tyre Warehousing told Reifenpresse.de that it currently employs almost 300 people in Philippsburg.
Continue Reading![Goodyear: Steps towards Cooper integration synergies “successfully completed”](https://www.tyrepress.com/wp-content/uploads/2023/05/Brands.png)
Goodyear: Steps towards Cooper integration synergies “successfully completed”
In April we took an in-depth look at the progress of the Goodyear-Cooper integration, roughly two years after the acquisition was announced (see ‘Mission “successfully completed”? The Goodyear-Cooper integration and its contradictions’, Tyres & Accessories, April 2023). Now, in parallel with the publication of the company’s first-quarter 2023 financial results, executives have sought to answer those questions with the publication of a “Cooper Tire Integration Update” on 4 May 2023. In short, the update states that “the combination has significantly strengthened [Goodyear’s] leadership position in the global tyre industry” and that the “results of the integration were better than expected when the deal closed in June 2021”. However, Goodyear has also been significantly loss-making for the last two quarters and admitted during the first-quarter 2023 results that it is being forced to review its burgeoning brand portfolio in light of its negative fiscal position.
Continue Reading![Earnings hit, but Genan responds to energy crisis with greater efficiency](https://www.tyrepress.com/wp-content/uploads/2023/05/Genan-tyre-scrap-sml.jpg)
Earnings hit, but Genan responds to energy crisis with greater efficiency
Despite its turnover increasing 4.6 per cent to more than 62 million euros in 2022 – a new record for the company – tyre recycler Genan reports that decreasing steel prices and significantly higher energy and freight costs more than halved its year-on-year earnings to less than 1.5 million euros. In response, the company is now speeding up its ongoing work to invest in renewable energy sources.
Continue Reading![Kama Tyres turns 50](https://www.tyrepress.com/wp-content/uploads/2023/05/Kama-50-sml.jpg)
Kama Tyres turns 50
On 29 April, Kama Tyres celebrated 50 years of tyre-related production. On that day in 1973, Nizhnekamsk tyre factory produced its first inner tube for 6.15 x 13 tyres destined for fitment on Zhiguli (Lada) cars.
Continue Reading![Goodyear reports $101 million net loss in Q1 2023, EMEA cost cutting accelerated despite breakeven](https://www.tyrepress.com/wp-content/uploads/2023/05/Goodyear.png)
Goodyear reports $101 million net loss in Q1 2023, EMEA cost cutting accelerated despite breakeven
Despite a first-quarter 2023 net loss of $101 million, down $197 million compared with $96 million of positive income 12 months ago, Goodyear executives tried to shine a positive light on the US-based tyremaker’s latest financial results. Volumes may have been 3.2 million units lower than the same period last year at 41.8 million units, but net sales grew 1 per cent compared with the first quarter of 2022 and 4 per cent excluding foreign currency effects. And Goodyear EMEA is back to breakeven, but that wasn’t enough to avoid talk of accelerated cost-cutting measures.
Continue Reading![Pyrum Innovations claims CFRP recycling breakthrough](https://www.tyrepress.com/wp-content/uploads/2023/05/Pryum-sign-sml.jpg)
Pyrum Innovations claims CFRP recycling breakthrough
In addition to recycling end-of-life tyres, Pyrum Innovations is utilising its technology for the recycling of carbon fibre-reinforced plastics (CFRP). After almost four years of development, the firm has commissioned an automated, semi-industrial CFRP recycling plant. The company points out that this is the ”first time CFRP has been holistically recycled worldwide.”
Continue Reading![Vipal Europe now responsible for entire Africa region](https://www.tyrepress.com/wp-content/uploads/2023/05/Vipal-Europe-Meeting-in-Valencia-sml.jpg)
Vipal Europe now responsible for entire Africa region
A strategic meeting in Valencia, Spain afforded Vipal Europe the opportunity to review the year that’s been. Amongst the significant changes to occur in recent times is the inclusion of the entire African territory within the Vipal Europe remit. This follows the addition of the North Africa and Middle East regions to the Vipal Europe operation in 2021.
Continue Reading![Pirelli governance remains unchanged pending agreement renewal](https://www.tyrepress.com/wp-content/uploads/2023/05/Pirelli-tyre-sml.jpg)
Pirelli governance remains unchanged pending agreement renewal
The three-year agreement pertaining to the governance of Pirelli & C. S.p.A. that took effect on 28 April 2020 has now expired. Although the Renewal of the Shareholder Agreement agreed upon on 16 May 2022 has not yet taken affect, Pirelli states that its governance structure will “remain unchanged” until it does.
Continue Reading![Hankook Tire continues local clean-up after Daejeon plant fire](https://www.tyrepress.com/wp-content/uploads/2023/05/Hankook-water-truck.jpg)
Hankook Tire continues local clean-up after Daejeon plant fire
By 25 April, Hankook Tire & Technology had received more than 2,000 complaints from local residents, businesses and farmers related to the fire that broke out at its Daejeon tyre plant on 12 March. In a statement issued today, the company indicates its intention to provide compensation as soon as possible for those complaints that are “closely related to the fire incident and can be proven.” Hankook Tire is also engaged in clean-up activities and repairing public facilities in order to “restore daily life” in the local area.
Continue Reading![Continental may get as little as £70 million for Russian business](https://www.tyrepress.com/wp-content/uploads/2023/05/plant-tour.jpg)
Continental may get as little as £70 million for Russian business
When Continental first discussed setting up a plant in Russia back in 2011, it spoke of an investment of around 220 million euros. According to sources within Russia, the German company may only recover a fraction of this amount when divesting its local operation to S8 Capital. Moscow-based newspaper Kommersant states that the transaction is valued at 7 to 10 billion roubles, or just 80 million to 114 million euros, a figure in line with the “impaired assets of around 87 million euros” that Continental reported in connection with its business activity in Russia on 8 March 2023.
Continue Reading![Nokian Heavy Tyres lowering production – 160 workers affected](https://www.tyrepress.com/wp-content/uploads/2023/05/Nokian-Heavy-sml.jpg)
Nokian Heavy Tyres lowering production – 160 workers affected
A week after parent company Nokian Tyres reported an operating loss of 18.8 million euros for the first quarter of the year, Nokian Heavy Tyres has announced commencing what it calls “change negotiations” to lower production at its Nokia, Finland plant in line with “the market and demand situation.” Approximately 160 employees are affected.
Continue Reading![Yokohama completes Trelleborg Wheel Systems acquisition, Yokohama TWS launched](https://www.tyrepress.com/wp-content/uploads/2023/05/Yokohama-TWS.png)
Yokohama completes Trelleborg Wheel Systems acquisition, Yokohama TWS launched
As of today (2 May 2023) The Yokohama Rubber Co. Ltd. has completed the acquisition of Trelleborg Wheel Systems Holding AB (TWS), the Swedish off-highway tyre (OHT) manufacturer, news of which we broke on 14 December 2021 and was confirmed three months later on 25 March 2022. Following the successful completion of regulatory requirements, the combined business will now be known as Yokohama TWS and Yokohama Rubber’s consolidated accounts will include TWS business from the second quarter of the 2023 financial year.
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