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.
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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.
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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.
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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.”
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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.
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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.
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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.
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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.
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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.
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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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Goodyear to close Philippsburg operation, opening two new tyre distribution centres
Goodyear EMEA is opening two new distribution centres in Cheb, the Czech Republic, and Amiens, France. The announcement coincides with the news that Goodyear is closing its Philippsburg, Germany operation. Goodyear announced that it was closing its Philippsburg, Germany tyre factory in 2016 and production ceased in 2017. Since then, it has been run as a tyre distribution centre in conjunction with a third-party logistics firm. Tyres & Accessories understands that the Philipsburg tyre distribution operation is no longer as efficient and effective as Goodyear had hoped. The company is now consulting with employees regarding the future of 15 jobs in Philippsburg.
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AiP for Michelin WISAMO, commercial testing begins
Michelin reports that its inflatable Wing Sail Mobility (WISAMO) system has been installed on the Compagnie Maritime Nantaise ro-ro container ship MN Pelican. The vessel is testing the inflatable system’s endurance and use on its weekly rotations between Bilbao, Spain and Poole, UK. Feedback generated by these tests will support the giant wing sail’s ongoing development.
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Nokian becomes Ikon in Russia
The terms of the license agreement signed when the Nokian Tyres operation in Russia changed hands compel the new owner to cease using all trademarks and names belonging to the Finnish tyre maker, except Nordman. The Tatneft-owned business has thus rebranded from Nokian to Ikon Tyres.
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Michelin sales up 7.4% in Q1 2023
Benefitting from “premium positioning” in Q1 2023 despite “weak markets” around the world, Michelin increased its consolidated sales 7.4% year-on-year, to 6.96 billion euros. Tyre volumes, on the other hand, were down 6.6%. Michelin confirms its 2023 full-year guidance.
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Germany’s Rigdon to retread car tyres
Car tyre retreading has been a niche activity in recent years, but on 5 April French firm Black Star presented its ‘Leonard’ line-up and announced plans to make a million of these tyres a year. And it isn’t the only tyre company entering this segment, as German retreader Rigdon says it is also planning a retreaded car tyre range of its own.
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