![Fintyre Group’s Reifen Krieg files for bankruptcy](https://www.tyrepress.com/wp-content/uploads/2018/06/teaser_10.jpg)
Fintyre Group’s Reifen Krieg files for bankruptcy
German tyre distributor Reifen Krieg GmbH, part of the Fintyre Group of companies (Fintyre) active in tyre distribution and retail in Germany and Italy, filed bankruptcy proceedings on the evening of 6 February in Frankfurt, with lawyer Miguel Grosser appointed trustee. Tyrepress reported on Monday that the group’s chief executive officer, Claudio Passerini – who is also the CEO of the group’s umbrella organisation in Germany, Fintyre Group GmbH – had written to Fintyre’s German employees to inform them of restructuring necessary for the short-term to ensure its sustainable continuation in the wake of missed salary payments in January.
Continue ReadingYokohama Prometeon bid nearing completion, Aeolus Tyres now involved
In September 2019, Tyrepress.com broke the news that Yokohama is set to buy the ex-Pirelli industrial tyre business Prometeon. Back then, we reported that the deal was at an advanced stage and could be completed before the end of 2019. That clearly didn’t happen, but the deal is still live and the latest news is that it is nearing completion, but now also involves Aeolus Tyres.
Continue ReadingCoronavirus: automotive supply-chain concerns ‘will spread rapidly’
Following the news that Fiat-Chrysler (FCA) is warning that it could halt production at a European plant in a matter of weeks as a knock-on effect of the coronavirus, market analysts are predicting that such concerns and their impact “will spread rapidly”.
Continue Reading![MAHA Ireland supplied lifts at centre of Irish MOT crisis](https://www.tyrepress.com/wp-content/uploads/2020/02/MAHA-best.png)
MAHA Ireland supplied lifts at centre of Irish MOT crisis
MAHA Ireland Ltd., a wholly-owned subsidiary of the German company MAHA Maschinenbau Haldenwang GmbH & Co. KG, supplied the lifts at the centre of the crisis that brought all Northern Irish MOTs to a standstill on 27 January 2020 and subsequently spread to the Republic of Ireland.
Continue ReadingCoronavirus: SRI donates to China Charity Federation
Another tyre maker contributing to coronavirus relief efforts is Sumitomo Rubber Industries, Ltd. The Japanese tyre maker shared yesterday that it has donated RMB 2 million (£220,000) to non-governmental organisation the China Charity Federation. The donation supports the charitable organisations ongoing efforts to provide relief to those who are suffering from pneumonia and other ailments caused by the strain of coronavirus that continues to spread in China’s Hubei Province and beyond.
Continue ReadingSailun Group donates 10 million yuan to fight coronavirus
In order to support China’s anti-coronavirus epidemic actions, the Sailun Group has donated 10 million yuan to the Qingdao Red Cross for emergency assistance and to help mitigate the spread of the virus. Of the 10 million yuan donation, 4 million yuan came from the group’s management team and employees.
Continue Reading![1 million fewer cars – coronavirus’s impact on automotive production](https://www.tyrepress.com/wp-content/uploads/2020/02/Wuhan_at_Night-e1580993600889.jpg)
1 million fewer cars – coronavirus’s impact on automotive production
The coronavirus clearly presents a human tragedy, but it is also affecting international economies and manufacturing in particular. Following our coverage of the impact on the tyre business, various market analysts have been assessing the impact on the automotive industry. The short story is that internal OE demand is likely to be much harder hit than external exports. According to NBC, China could suffer the loss of 1 million vehicles worth of production due to the suspension of production for at least an extra week in the so-called motor city of Wuhan, which is located at the epicentre of the coronavirus outbreak and has a population of 11 million people.
Continue Reading![Visitors from China face restrictions at TTE](https://www.tyrepress.com/wp-content/uploads/2020/02/TTE1-sml.jpg)
Visitors from China face restrictions at TTE
In order to assure the “health, safety and well-being” of all in attendance, the organiser of Tire Technology Expo has announced special attendance requirements for year’s show.
Continue Reading![Coronavirus: Goodyear closes facilities in China](https://www.tyrepress.com/wp-content/uploads/2020/02/Goodyear-China-centre.jpg)
Coronavirus: Goodyear closes facilities in China
Goodyear Tire & Rubber has responded to the coronavirus outbreak in China by temporarily closing its headquarters in Shanghai and the Goodyear Dalian Tire co. Ltd. manufacturing facility in Pulandian (Liaoning Province). Both facilities are expected to remain closed until at least Sunday.
Continue ReadingGoodyear introduces Assurance ComfortDrive
In the USA, The Goodyear Tire & Rubber Company has introduced the Goodyear Assurance ComfortDrive - an all-season tyre, which is said to offer Goodyear’s most comfortable ride to date.
Continue Reading![Coronavirus’s impact on the tyre business](https://www.tyrepress.com/wp-content/uploads/2020/02/Triangle-Corona.jpg)
Coronavirus’s impact on the tyre business
As of 5 February 2020, the World Health Organization (WHO) reports that there have been 24,554 confirmed cases of coronavirus across 25 countries since the outbreak began on 23 January 2020. Governments all round the world are taking steps to contain the spread of the virus as well as to develop treatment, but China is bearing the brunt of it with 24,363 cases within its borders alone. As a result, the transport systems of at least 10 cities in the People’s Republic have been shut down and public gatherings are being discouraged. As a result, home-working rates have shot through the roof and there has been an inevitable impact on the manufacturing industry. Considering China is the world’s largest manufacturer of tyres by unit volume, what impact is the coronavirus having on the tyre industry?
Continue ReadingBlackrock increases Titan International shareholding
According to a statement filed with the Securities and Exchanges Commission in the USA, investment management firm BlackRock Inc. has increased its shareholding in Titan International from 12.94 per cent to 14.0 per cent. The Schedule 13G form states that BlackRock now owns 8,428,280 shares in Titan International, an increase of 8.16 per cent over the shareholding it previously reported.
Continue ReadingBorgWarner to acquire Delphi for $3.3 billion
BorgWarner Inc. and Delphi Technologies PLC agreed that BorgWarner will acquire Delphi Technologies in an all-stock transaction that values Delphi Technologies’ enterprise value at approximately $3.3 billion on 28 January 2020.
Continue Reading![Tony Fyfe crowned IMTFA Car Product Manager of the Year](https://www.tyrepress.com/wp-content/uploads/2020/02/Tony-Fyfe-PMOTY-Car.jpg)
Tony Fyfe crowned IMTFA Car Product Manager of the Year
Buying group Independent Motor Trade Factors Associated (IMTFA) has awarded Tony Fyfe of Fyfe Vehicle & Engineering Supplies the Car Product Manager of the Year Accolade at its annual gala dinner dance and awards ceremony at the K Club in Country Kildare, Ireland.
Continue Reading![Restructuring announced as Fintyre Group misses January wages](https://www.tyrepress.com/wp-content/uploads/2020/02/Fintyre-January-wages.jpg)
Restructuring announced as Fintyre Group misses January wages
The Fintyre Group has grown considerably since Bain Capital first acquired Italian tyre wholesaler Fintyre early in 2017, but what does the future hold? Tyrepress.com understands that the company has told its employees in Germany that a restructuring of the Fintyre Group is taking place, and that this measure is now being felt in a very tangible way.
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