High inventories in Q2 2023 drive down Titan International’s volumes
The decline in net sales and income that Titan International, Inc. experienced in the first quarter of the year has continued in the second, with all operating segments reporting year-on-year decreases. Company president and chief executive officer Paul Reitz is nonetheless “very pleased” with these Q2 2023 results.
Continue Reading
Tronchetti Provera & Casaluci confirmed in Pirelli leadership roles
The Pirelli & C. SpA Board of Directors that was nominated on 31 July met for the first time yesterday. During this meeting, board members nominated Marco Tronchetti Provera to the position of Executive Vice Chairman and Andrea Casaluci as Chief Executive Officer.
Continue Reading
Micheldever Group moving to new warehouse in Bellshill, Scotland to aid expansion
Major UK tyre wholesaler Micheldever Group has signed a pre-let agreement to lease the new Connect-70 warehouse in the Bellshill, Scotland. Under the terms of the lease, the company, part of Sumitomo Rubber Industries, will occupy the state-of-the-art logistics development for 15 years once practical completion is reached in January 2024.
Continue Reading
Goodyear share price down 20% after Q2 results
The Goodyear Tire & Rubber Company’s fell share price fell 20 per cent when markets opened on 3 August 2023. The sharp fall to around $12.30 represents the lowest point since investor Elliott called for largescale strategic and board composition changes on 11 May 2023. At the time of going to press, Goodyear’s share price was showing signs of recovery and trading at around $13.15.
Continue Reading
Yokohama OHT suffered cyber attack in June – reports
At the end of June, at least some of Yokohama OHT’s computer systems were attacked the Akira Ransomware Group. According to reports by two online media sources, the Akira group launched its cyber attack on Yokohama OHT on 21 June 2023.
Continue Reading
Goodyear reports $208 million overall net loss in Q2 2023
The Goodyear Tire & Rubber Company has reported a second quarter 2023 net loss of $208 million compared to net income of $166 million a year ago. According to executives, the sharp drop was primarily due to lower sales volume and higher “other expense”, driven by lower net gains on asset sales and higher pension costs.
Continue Reading
Artisanship alive & well in tyre development
Creating a tyre tread by hand may seem old fashioned, but even the largest manufacturers rely upon skilled carvers when developing new patterns. We visited Continental in Germany to see how this is done and to learn why automation hasn’t consigned carving to the history books.
Continue Reading
Goodyear EMEA lost $19 million in Q2 2023
Goodyear lost $19 million in the EMEA region in the second quarter of 2023, with segment operating income down $71 million or 136.5 per cent compared with the $52 million operating income achieved at the same point in 2022.
Continue Reading
From near bankruptcy to $3 billion
Success isnt always about greatness – it’s about consistency. Consistent hard work leads to success. Greatness will come. With these words, Onkar Kanwar opened his company’s 50th Annual General Meeting, singling out consistency as Apollo Tyres Ltd.’s mantra and a quality that in 2022 helped the tyre maker achieve annual revenues in excess of US$3 billion for the first time.
Continue Reading
Falken manufacturer exploring tyre recycling tech
Sumitomo Rubber Group sold 110 million tyres worldwide in 2022 and is well aware of the importance that these products be recycled at the end of their working lives. For this reason, three group companies are collaborating to explore new recycling technologies.
Continue Reading
Bridgestone partners Gameloft on Lamborghini Revuelto eSports Challenge
Bridgestone Potenza Sport tyres will be available for fitment on the virtual Lamborghini Revuelto alongside the manufacturer’s original equipment supply deal with the Italian supercar marque for the real-life version of the car. The first V12 hybrid plug-in HPEV super sport car rolls on the Potenza Sport in Asphalt 9: Legends, the latest game in Gameloft’s billion-downloaded arcade racing franchise, kicking off a new official eSports competition, the Lamborghini Revuelto eSports Challenge. The competition will be open to iOS, Android, Xbox, and PC players, who will compete in the Lamborghini Revuelto, unveiled in March 2023. This collaboration puts the Bridgestone brand in front of the Asphalt audience, with players able to enjoy its exclusive Bridgestone livery in game exclusively by entering the challenge.
Continue Reading
Ceat boosting TBR capacity to meet international growth ahead of US launch
In January 2022, Ceat announced it had “curbed” its ambition in the truck and bus radial segment and was looking to shift its investment focus to off-highway tyres. The company now appears to have reconsidered this step and is reactivating previously approved TBR capacity expansion plans.
Continue Reading
SBTi approval for Hankook Tire’s GHG target
The Science Based Targets initiative (SBTi) has approved Hankook Tire & Technology’s near-term 2030 greenhouse gas (GHG) reduction goals and target of achieving net-zero by 2050. The tyre maker says this approval will help it “gain momentum in the realisation of its 2050 Carbon Neutrality Roadmap.”
Continue Reading
NTDA reveals Tyre Industry Awards 2023 finalists
The National Tyre Distributors Association has announced the finalists in the Tyre Industry Awards 2023. The association revealed that it has received a record number of entries for this edition of the UK tyre industry’s premier awards, which will be presented at the NTDA’s 94th Annual Dinner, sponsored by Maritime Cargo Services, at the DoubleTree by Hilton Milton Keynes on Thursday 19 October. The awards ceremony, sponsored by Sailun Tyres, will be hosted by television personality Jon Culshaw, with a capacity audience of 640 guests in attendance.
Continue Reading
Sentury to start Morocco plant construction after Chinese government certification
On July 27, Sentury revealed that it expects to commence construction for its Morocco factory soon. Tyrepress China has learned that the general manager of the tyre manufacturer is “in Morocco preparing for the start of the tyre factory”.
Continue Reading
