Goodyear publishes 2022 corporate responsibility report
The Goodyear Tire & Rubber Company has released its report on corporate responsibility performance for 2022, a document that details the company’s efforts to create value for its internal and external stakeholders by integrating sustainability throughout its business. The report also highlights the progress Goodyear is making toward achieving its short- and long-term sustainability goals.
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Titan’s Paul Reitz an EY Entrepreneur Of The Year
Ernst & Young LLP (EY US) has named Titan International’s Paul Reitz a winner of its Entrepreneur Of The Year 2023 Midwest Award. The chief executive officer considers this not only an honour on a personal level, but also “testament to the fact” that the tyre maker has “an exceptional team in place.”
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Record sales revenue for Banner Group
Banner’s latest financial report serves to highlight the positive impact its ‘Agenda 2030’ Corporate Development Strategy is having on the Group performance as one of Europe’s leading manufacturers of automotive batteries and battery accessories. Despite having faced challenges in regard to costs and supply chain issues, Banner has posted a record sales revenue for its 2022/23 financial year (1st April 2022 to 31st March 2023). Having enjoyed a more than 7 per cent increase in sales revenue, standing at EUR 307 million, Banner’s sales of starter batteries totalled 4.1 million.
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BorgWarner to acquire Eldor Corporation’s Electric Hybrid Systems business segment
BorgWarner Inc. and Eldor Corporation S.p.A. have announced that they have entered into a Share Purchase Agreement under which BorgWarner has agreed to acquire the Electric Hybrid Systems (EHS) business segment of Eldor for €75 million at closing with a potential additional amount due subject to an earnout.
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Michelin top, Sailun the fastest riser: All change in the second half of the global tyremaker top 20
There are many changes in our latest leading tyre manufacturers ranking. The 2023 table, which lists the world’s leading tyre companies according to their full-year 2022 financial results, particularly highlights the shifts that have taken place this year in the second half of the top 20. Meanwhile, the top nine tyremakers appear to be an increasingly stable group. Between places nine and 10, there is still a gap of some 1 billion euros, something that is clearly hard to overcome for newcomers. However, as insurmountable as it appears, the gap is obviously narrowing.
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First airline selects PresSense connected tyre
Brazilian airline Azul has chosen the PresSense connected tyre and its pressure measurement system to equip its fleet of nearly 110 aircraft, which includes Airbus A320s and A321s, and Embraer 195-E1s and 195-E2s.
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Pirelli: Sinochem sources sceptical of divestment
Three sources “close to the matter” have shared with Reuters their expectation that Sinochem Holdings will retain its stake in Pirelli despite Italy’s Golden Power Decree restrictions. One commented that China may view an exit from Pirelli as a “reputational setback” at a time of “tenser relations” with Western countries.
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Yokohama Rubber develops crack-resistant rubber
In collaboration with partners from a Japanese university, The Yokohama Rubber Co., Ltd. has developed a rubber that is highly elastic and resistant to cracking. The company anticipates that further research in this area will lead to the development of safer and more durable tyres.
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Turbulent times in tyre town
It has not been the best 12 months for Goodyear or its employees. 2023 might mark the company’s 125th anniversary, but the combination of already-announced global job cuts, European manufacturing restructuring and ongoing cost-cutting operations mean that for many individual workers it may be their last (see page 14 of the June print edition onwards of complete coverage). This article is an example of the editorial comment that introduces every edition of Tyres & Accessories magazine. Not a subscriber? No problem, click here to become one.
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Are the wagons or vultures circling at Goodyear? Analysing Elliott Investment Management’s case for change
Elliott Investment Management L.P.’s 11 May open letter to Goodyear’s board of directors sent shockwaves through the company and the markets. Essentially, Elliott’s expounded on its “deep conviction in the opportunity for Goodyear to improve after more than a decade of underperformance”, which was widely interpreted as laying down the gauntlet to Goodyear’s board and most senior executives. With Elliott calling pistols at dawn in the mid-west, the question is: is it time to buckle up and circle the wagons in Akron or are vultures circling over Goodyear? Here, Tyres & Accessories presents an in-depth analysis of Elliott’s arguments for enormous change, critically evaluating the problematic areas Elliott identifies along the way. In order to support our analysis, we spoke to senior executives close to Goodyear, those with first-hand management experience in Akron, financial analysts and third-party market researchers.
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Pirelli’s updated Shareholder Agreement
Pirelli has published an extract of its Renewal of the Shareholder Agreement, a document signed on 16 May 2022 and amended to take into account the provisions of the Golden Power Decree of the President of the Council of Ministers. Read the official English-language version of the updated document here.
Continue Reading Bridgestone sells shares in China truck tyre plant
Following the closure of the Bridgestone (Huizhou) Tire Co., Ltd. (BSHZ) truck tyre plant in China late in 2021 and the relocation of its manufacturing to Shenyang, the former plant assets in Huizhou, Guangdong Province remained Bridgestone’s property. The company today agreed to sell all shares in BSHZ to Huizhou Zhongkai Xinye Development.
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Kerr’s Tyres aiding MTS distribution in Northern Ireland
With the opening of a new distribution centre in Ballymena, Micheldever Tyre Services (MTS) anticipates much swifter tyre deliveries to garages in Northern Ireland. The facility is located at the site of the former Michelin tyre plant, which closed in 2018, and will create up to 16 new jobs by the end of the year.
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Pirelli proposes 31 July BoD renewal meeting
Yesterday, the Board of Directors of Pirelli convened to review the demands outlined in the Italian government’s Golden Power Procedure decision. Following deliberation, they reached a decision to recommend deferring discussions concerning the appointment of a new Board of Directors at the forthcoming shareholders meeting scheduled for 29 June 2023. Instead, they plan to address this matter during a subsequent shareholders meeting set to take place on 31 July 2023.
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Toyo hosts event to mark Serbian plant’s first tyres shipped to Europe
Toyo’s European operation held an opening event at its Serbian factory on 5 June. The company was celebrating the start of deliveries to Europe of tyres manufactured at the plant; it had already been producing tyres for the North American market in Serbia as the plant went through the process of obtaining the correct certifications for Europe. With these procedures completed, the plant is now producing two patterns for Europe: the best-selling Proxes Comfort and the increasingly popular all-season tyre, Celsius AS2. These two products alone represent around 30 per cent of all of its tyres sold in Europe.
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