Michelin remains top Enviro shareholder after issue
With the assistance of Monitor via Modular Finance, Scandinavian Enviro Systems (Enviro) has prepared a register of the company’s 15 largest owners as of 30 June 2023. Following the announcement of a cooperation agreement with Antin in March and a directed share issue in May, new Enviro shareholders include Handelsbanken Fonder, Swedbank Robur Fonder and Skandia Fonder. Michelin did not participate in the issue, but although it no longer has a 20 per cent stake in Enviro, it remains the largest shareholder by a considerable margin with 16.28 per cent.
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Stellantis now an equal Symbio partner
The sale of part of Michelin’s shareholding in the Symbio hydrogen mobility joint venture to Stellantis was completed on 27 July 2023, making Michelin, Forvia and Stellantis equal 33.33 per cent shareholders in the business. The transaction contributes 150 million euros to Michelin group’s cash.
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Pirelli appoints new BoD
After much delay and a hint of Golden Power, Pirelli & C. SpA has a fresh Board of Directors. During the Shareholders Meeting that took place in Milan yesterday, Jiao Jian was named chairman of the Board of Directors. A total of 84.16 per cent of the shareholders with voting rights participated in the meeting and they nominated a total of 15 directors, including nine independent directors.
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UK all-season tyre market: leading wholesaler MTS on continued fast growth
While the all-season tyre market in the UK has started its ascent from a low base, it remains the fastest growing consumer car tyre segment. The trend has been supported by the last five years of manufacturers’ all-season product development, which have reduced the compromises involved in fitting a tyre capable of performing well in moderate winter weather conditions all year round. Leading independent UK tyre wholesaler Micheldever Tyre Services (MTS) has been strengthening its all-season range with exclusive brands, including the new all-season tyres from its owner Sumitomo Rubber Industries’ global flagship brand Falken and long-term MTS partner GT Radial, the recent addition of Turkish brand Petlas to its line-up, and further product additions from brands such as Runway and Ovation. MTS wholesale director Graham Mitchell tells Tyres & Accessories about how the wholesaler views the all-season (and winter) tyre segment in the UK, as well as the company’s plans to support its dealer network with the increased interest in these adaptable products.
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SMP Europe brings automotive industry to global sport display with corporate hospitality
Engine management specialist SMP Europe has successfully enhanced its customer experience with the use of its corporate hospitality suite, bringing the automotive aftermarket to the Ice Hockey World Championship qualifiers, held at the Motorpoint Arena. With its headquarters in Nottingham, SMP Europe’s support for the Great Britain team in the event demonstrates its commitment to the local community and gives the brand the opportunity to promote its engineering expertise in engine management and ignition products to a wider audience.
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Bridgestone UK ambassadors Adam Peaty, Charlotte Worthington begin Olympic countdown
Bridgestone and its UK ambassadors have begun the countdown to the start of the Paris 2024 Olympic Games, a year from this week. Bridgestone is a Worldwide Olympic and Paralympic Partner for the Games of the XXXIII Olympiad Paris 2024, and launched its “Prepared to perform” campaign with five-time Olympic Games Swimming medallist Adam Peaty and Olympic Games Freestyle BMX gold medallist Charlotte Worthington. Bridgestone says the campaign aims to honour and highlight the diligence and determination of the elite athletes who make it to the Olympic Games.
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Pirelli tyre volumes down, revenue & income up in H1 2023
In spite of weaker volumes in H1 2023, thanks to improved price/mix Pirelli grew its revenues 7.5% YoY, to 3,437.5 million euros. Organic revenue growth was 10.4%. Price/mix increased 12.5% in H1 2023, supported by price increases to counter the growing inflation of production factors.
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Hankook Tire boosts Q2 2023 revenue & operating profit
Hankook Tire & Technology reports increasing its revenue and operating profit in Q2 2023 despite a difficult business environment. Revenues were up 11 per cent year-on-year to KRW 2.2634 trillion (£1.37 billion, US$1.77 million), and operating profit jumped 41.6 per cent to KRW 248.2 billion (£150.41 million, $194.0 million). At 11.0 per cent, operating margin was 2.4 percentage points higher than in Q2 2022.
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RH Claydon distributing Nokian agri & forestry tyres
Nokian Heavy Tyres now has a second partner in the UK. RH Claydon Ltd. is distributing Nokian forestry and agricultural tyres from its warehouses after entering into an agreement with the tyre maker. RH Claydon reports that it now stocks these products in most popular tread patterns and sizes, with next-day availability in certain locations.
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Michelin net income up 45% in H1 2023
Michelin has reported its business results for the six months to 30 June 2023, and chief executive officer Florent Menegaux describes these as good within a context of flat or declining tyre markets. The company is increasingly generating revenue through non-tyre sales.
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Giti launches Mercury total fleet management solution
Giti Tire has launched its Mercury fleet management programme. The programme offers online real-time reporting across all core operational areas. Giti plans to offer Mercury as a value-added service to all truck and bus customers contracted to the brand. Giti is also introducing its Retorque App, designed to give fleet managers visibility that their retorque policy is being followed in real time. The software was soft-launched with several UK-based key fleet customers last September, the company adds. The launch is designed to allow Giti, a mid-market player, to offer services that are now common amongst premium fleet tyre suppliers and partners.
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Ceat Q1 2024 financial results
Ceat Limited has announced its unaudited results for the first quarter of its 2024 financial year, the three months ending on 30 June 2023. Consolidated revenue is up 4.1% YoY, to Rs 29.35 billion (£277.7 million), with an EBITA margin of 13.1%.
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‘Significant increase’ in Prinx Chengshan sales
Prinx Chengshan announced its operating conditions in the first half of 2023. The tyre company said that its net profit in the first half of the year was between 285 million yuan (about £31 million; €36 million) and 333 million yuan (about £36 million; €42 million), an increase of about 80-110 per cent over the same period in 2022.
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Goodyear appoints 3 Elliott-approved directors, begins operational review
The open letter that Elliott Investment Management L.P. sent to The Goodyear Tire & Rubber Company on 11 May 2023 was met with a promise to review the shareholder’s recommendations, which included the initiation of an operational review and the appointment of “five new highly qualified independent directors.” While Goodyear hasn’t met this wish list in its entirety, today the company announced three additions to its Board of Directors in connection with a cooperation agreement with Elliott.
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Days numbered for Asahi Kasei Cord
Asahi Kasei has decided to discontinue its Asahi Kasei Cord Co., Ltd. business and liquidate the company. Around 70 people currently work for the Hyuga, Japan-based operation, where production is scheduled to cease by or on 31 March 2024. The plant will close a year later.
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