Goodyear announces US$600 million refinancing
The Goodyear Tire & Rubber Company refinancing itself with $600 million of 5-year senior notes. According to the company, the notes will be senior unsecured obligations of the company. Goodyear intends to use the net proceeds for “general corporate purposes...
Continue Reading![Kumho, Fiege Logistics open major tyre warehouse in Hamburg](https://www.tyrepress.com/wp-content/uploads/2020/05/fiege-kumho-scaled.jpg)
Kumho, Fiege Logistics open major tyre warehouse in Hamburg
Kumho is opening a major new tyre warehouse in Hamburg, Germany with leading European logistics company Fiege. Located adjacent to the city’s harbour, Kumho states the new facility will allow it to supply stock to the majority of German tyre dealers within 24 hours. It will also supply some Kumho distributors in Netherlands, Belgium, Luxembourg and Austria. Fiege Logistics will be responsible for all warehouse processes, including tyre handling from the arrival of product by container to delivery and shipment tracking.
Continue ReadingAuto industry faces sharper downturn than 2007/8 financial crisis – GlobalData
Even as automotive manufacturers tentatively restart production lines after the COVID-19 crisis disruptions, the global automotive industry faces a hit to the market that will be greater than in the 2007/8 financial crisis, says GlobalData, a leading data and analytics company.
Continue ReadingSmithers upgrades Akron lab
Smithers, which provides testing and consultancy services, has upgraded its low temperature retraction instrumentation and capabilities at its rubber physical testing laboratory in Akron, Ohio. According to the company, the new instrument offers improved temperature control for low temperature retraction and the instrument is said to be significantly more efficient, which will improve turnaround times for customers.
Continue Reading![Toyo Tire net sales down 9.8% in Q1](https://www.tyrepress.com/wp-content/uploads/2020/05/Toyo-financials.png)
Toyo Tire net sales down 9.8% in Q1
In the first quarter of 2020 Toyo Tire Corporation reported net sales of 82,094 million yen a decrease of 8,049 million yen (-9.8 per cent) compared with the first quarter of 2019. Its operating income for the quarter was 6,936 million compared to 10,174 million yen (-31.87%) in the first quarter of 2019.
Continue Reading![Vipal Machinery aims to expand internationally](https://www.tyrepress.com/wp-content/uploads/2020/05/Vot-Heavy-Duty-1-scaled.jpg)
Vipal Machinery aims to expand internationally
Vipal’s tyre retreading equipment development has sold 56 machines since the start of its operations in 2016. According to the company, these were sent to countries in North America, South America and Oceania. Now, the plan is planning to expand internationally.
Continue ReadingUSW files anti-dumping petitions against Korea-, Taiwan-, Thailand- and Vietnam-made tyres
In the USA the United Steelworkers (USW) union has filed antidumping (AD) and countervailing duty (CVD) petitions on dumped and subsidized passenger vehicle and light truck (PVLT) tyres with the Department of Commerce and the International Trade Commission
Continue ReadingPirelli reports 20% 1Q sales decline
Pirelli & C. S.p.A reported revenues of 1,051.6 million euros in the first quarter of Q1 2020 ended 31 March 2020. This represents a decline of 20 per cent compared to the same period in 2019.
Continue Reading![First Michelin Tweel delivered in Northern Ireland](https://www.tyrepress.com/wp-content/uploads/2020/05/242-01-Michelin-X-Tweel-SSL-airless-tyre-William-Smyth.jpg)
First Michelin Tweel delivered in Northern Ireland
A farmer in Northern Ireland has become the first person in Northern Ireland to put Michelin’s X Tweel SSL airless tyre and wheel combination into operation. Michelin has offered its range of Tweel products for grass mowing, agricultural and industrial applications in North America for several years, but its fitment for skid-steer loaders is the first Tweel product to arrive this side of the Atlantic.
Continue Reading![Equipe Auto considers ‘change in positioning’](https://www.tyrepress.com/wp-content/uploads/2020/05/Equip-Auto-Logo_tb.jpg)
Equipe Auto considers ‘change in positioning’
With coronavirus having hit mass-gatherings most of all, trade shows and exhibitions have felt negative pressure more than most segments. Following a run of cancellations and postponements the organisers of the Paris motor show, Equipe Auto, are hinting that they are considering a “change in positioning”. Details, however, were elusive. The next Equipe Auto is schedule for 12-16 October 2021.
Continue Reading![Hankook loses holding company naming dispute](https://www.tyrepress.com/wp-content/uploads/2020/05/Hankook-Logos.png)
Hankook loses holding company naming dispute
Hankook Tire won’t be able to call its holding firm Hankook Technology Group after a court decided that Hankook Tire used the name for unfair purposes. As a result, Hankook Technology Group will no-longer be able to use that name on the Kospi share index either.
Continue Reading![Continental AG measures ‘encouraging’, but R&D budgets and European tyre factories could be cut – analysts](https://www.tyrepress.com/wp-content/uploads/2020/03/Continental-flags.jpg)
Continental AG measures ‘encouraging’, but R&D budgets and European tyre factories could be cut – analysts
Financial analysts from Jefferies described Continental AG’s plan for fiscal improvements during the corona-crisis “encouraging”, according to an analyst report published 15 May 2020. That Conti’s management highlighted “positive data points in China and the European replacement tyre market”, would seem to be positive indications for the whole tyre business. Specifically, replacement tyre demand was described as “strong” in Germany. However, R&D budgets are likely to be cut and there was even the suggestion that European tyre factory numbers could also be cut back.
Continue ReadingTireScanner appoints three ex-Blackcircles execs
In addition to reporting strong first quarter 2020 sales growth, Tirescanner reports that it has added more locations, and has added three new senior figures to its ranks. Graeme Bissett, previously chairman at TireScanner founder Mike Welch’s previous tyre business Blackcircles.com for 12 years, will advise the board on governance, finance and strategic matters.
Continue ReadingTirescanner reports 400% sales growth in first quarter
Tirescanner, the US-based tyre e-commerce, has announced sales and customer growth of 400 per cent in the quarter covering January, February and March 2020. April and May have continued the same trend with the company predicting another record quarter.
Continue Reading![Horiba MIRA reopens, becomes ‘Covid-Secure’](https://www.tyrepress.com/wp-content/uploads/2020/05/Car-cleaning-procedure-scaled.jpg)
Horiba MIRA reopens, becomes ‘Covid-Secure’
Test centre Horiba MIRA has fully converted its facilities into ‘COVID-Secure’ operations in three weeks. On 13 April the company suspended most physical operations at its expansive 850-acre site in Nuneaton and a further facility in Basildon, but safely welcomed the first wave of furloughed employees back to both sites by 4 May, well ahead of the UK government guidelines issued this week.
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