Price adjustments lift Michelin sales & income in 2022
In spite of lower sales volumes, a combination of “firm pricing discipline” and “fast-growing non-tyre sales” helped Michelin increase its overall sales to €28.6 billion in 2022. The company achieved segment operating income of €3.4 billion, while net income reached €2.0 billion for the year, up 8.9 per cent on 2021.
Continue Reading
Lists recognise Pirelli’s sustainability focus
Pirelli & C. SpA has secured a spot on the CDP Climate A list 2022, the fifth consecutive year it has done so. The company was also recently included in the Top 1%, the highest level of recognition within S&P Global’s Sustainability Yearbook 2023.
Continue Reading
BKT consolidating Waluj production in single, 55 KTPA plant
Late in 2021, BKT announced operations would continue at its 1988-inaugurated Waluj factory following the commissioning of a plant originally intended to replace it. A year down the track and BKT reverted to its initial plan and is now redirecting the capital expenditure of Rs 3.5 billion (£35.2 million; US$42.4 million) previously approved for modernising the old plant to the newer Waluj facility to “bring in economies of scale.”
Continue Reading
Davanti Tyres holds first Italian conference
Davanti Tyres’ Italian subsidiary has held its first customer conference in Rome. The Italian arm of the UK-headquartered tyre brand was established a year ago. The company said the conference gave its Italian team the opportunity to present Davanti’s progress in the region to existing and prospective customers.
Continue Reading
Titan takes on investor relations advisor
Off-highway segment specialist Titan International, Inc. has appointed Alpha IR Group its new investor relations advisor. In this capacity, Alpha IR will support Titan and its investor relations activities as well as broaden awareness of Titan within the financial community.
Continue Reading
Apollo presents agri tyre with 75% sustainable materials
Apollo Tyres aims for at least 40 per cent of the raw materials it uses by 2030 to be sustainable, and to show what it can already achieve the tyre maker has produced an agricultural tyre containing 75 per cent sustainable materials. Although just a concept, Apollo is evaluating the product’s potential commercialisation.
Continue Reading
No Russia clarity for Nokian Tyres
Anyone listening to the Nokian Tyres conference call on Tuesday in the hope of gaining insights into negotiations with Tatneft were sorely disappointed. More than 3 months after Nokian announced the sale of its Russian operations for around 400 million euros, fundamental aspects of the deal are still completely opaque. Jukka Moisio, president and CEO of Nokian Tyres, brought no clarity to the subject.
Continue Reading
New pyrolysis reactors in place at Pyrum’s main site
Pyrum Innovations has marked an “important milestone” in the expansion of its main plant by installing the two pyrolysis reactors needed to complement the site’s existing production line with a further two. It will soon begin testing the installed components by carrying out loop checks as the first step in the cold commissioning process.
Continue Reading
Europe to bear 40% of Goodyear’s global job cuts
The news that Goodyear lost $104 million in the fourth quarter of 2022 won’t be welcome in the company’s Europe Middle East and Africa (EMEA) region. The official figures also confirmed projections a fortnight earlier that EMEA’s own fourth-quarter 2022 loss of $80 million would make up the lion’s share of the red numbers. Back then, Goodyear’s Ohio-based global executives announced plans to cut 5 per cent of the firm’s global salaried workforce and official statements featured implicit references to the underperformance of the EMEA region, raising questions about how many jobs would be cut in Europe.
Continue Reading
Goodyear reports losses of $104 million in Q4 2022, points the finger at Europe
Goodyear reported net losses of $104 million (£85.81 million; 96.71 million euros) in its fourth-quarter 2022 results. By comparison, the same period of 2021 saw $553 million of income. Meanwhile, net sales grew six per cent to $5.374 billion in the period despite 3 per cent lower unit volumes compared with the same period in 2021.
Continue Reading
GS Yuasa International and Honda to develop lithium-ion batteries
GS Yuasa International Ltd., the parent company of GS Yuasa Battery Europe Ltd., has announced the signing of an agreement with Honda Motor Co. Ltd. to develop high-capacity, high-output lithium-ion batteries. The two Japanese heavyweights are to begin discussions with the aim of establishing a joint venture to meet the rapidly expanding demand for lithium-ion batteries by the end of 2023.
Continue Reading
New leadership trio at German wholesaler Tyremotive
Over the past year or so, Global Automotive Investments Holding (GAI) has acquired a significant stake in Tyremotive GmbH, but managing director and co-founder Jochen Freier initially retained his almost quarter share in the German tyre and wheel wholesaler. Freier has now sold and stepped down as MD “at his own request” on 31 January 2023, leaving behind him a 100% GAI-owned business.
Continue Reading
MTS named exclusive Petlas distributor
A freshly-signed agreement sees Micheldever Tyre Services (MTS) become the exclusive UK distributor for Petlas passenger car, 4x4 and light truck tyres. Petlas is the third exclusive brand MTS has taken on since its acquisition by Sumitomo Rubber Industries in 2017
Continue Reading
Nokian Tyres exits Chinese market
The official Chinese website of Nokian Tyres states that the Finnish tyre manufacturer is withdrawing from business in the Chinese market due to its “limited production capacity”.
Continue Reading
