Insolvency process for German retreader Reifen Ihle begins
In late February, Germany’s largest retreader – the Günzburg, Bavaria-based Ihle Group – filed for insolvency. At the beginning of May, the local regional court (Neu-Ulm) commenced insolvency proceedings against the company after determining an inability to pay and over-indebtedness. The court has appointed lawyer Prof. Dr. Martin Hörmann liquidator for Reifen-Ihle GmbH while lawyer Alexander Reus is responsible for Reifen Ihle Service GmbH. The court has also appointed a creditors’ committee. Creditors will meet together on 25 June and, based on the liquidators’ report, decide how to go forward with the process.
Yokohama reaches agreement to continue as Clippers sponsor
When it comes to racially-weighted remarks catching up with public figures, this has been quite a week. Jeremy Clarkson has issued an apology for his mumbled ‘N-word’, and on the other side of the Atlantic Donald Sterling has received a lifetime ban from the NBA for discriminatory comments. Following the decision to bar Los Angeles Clippers owner Sterling from any association with the basketball team or the NBA, Yokohama Tire Corporation has reached an agreement on its Clippers sponsorship.
Stamford Tyres opens new ‘Commercial Tyre Centre’ in Singapore
Singapore-based Stamford Tyres has officially opened its new £15 million Commercial Tyre Centre and warehouse at its headquarters in Jurong. The company says this new complex supports its existing facility at the site and will have a staff of 85 people. The all-new centre was constructed at a cost of £12.2 million, while a further £2.8 million has been invested in equipment, including six service bays for trucks offering full life cycle facilities along with eight loading and unloading container bays.
Yokohama Tire Corporation reinstates LA Clippers sponsorship, with charity donation
Yokohama Tire Corporation has reinstated its sponsorship of National Basketball Association franchise Los Angeles Clippers, having agreed that half of the 2014 NBA playoff sponsorship funds will be earmarked for charitable donations. YTC had suspended its sponsorship following racist remarks allegedly made by owner Donald Sterling, who was subsequently banned from the NBA for life.
Vietnamese tyre maker Casumina reports the official inauguration of its new all-steel truck radial plant on 19 April. The 70,000 square metre factory, located in Tân Uyên (Binh Duong Province), northwest of Ho Chi Minh City, will hold a 350,000 tyre per annum capacity in its initial project phase, with capacity rising to 600,000 units a year by the end of 2015 with phase two. The final project phase, which will take place from late 2015 through to 2017, will lift annual capacity to one million tyres. A total of 1,200 new jobs will be created through the factory project.
Not changing to summer tyres can be expensive in Italy
Motorists in Italy have until 15 May to change their winter for summer tyres – and some face hefty fines if they fail to do so. Under a new regulation introduced by the country’s Ministry of Transport, M+S and snowflake marked tyres that bear a slower speed rating than the car’s maximum speed must be removed for the summer season. Failure to do so by the 15 May deadline may result in a fine of at least €419 and up to €1,682, and the vehicle needing to undergo a roadworthiness inspection.
Electric superbike to draw on Bridgestone’s tyre expertise
Bridgestone has formed a technical partnership with Belgian motorcycle brand Saroléa, designer of the Saroléa SP7 electric superbike that was shown for the first time during the Speed Trophy at Belgium’s Mettet circuit on 26 April. The deal will see Bridgestone provide technical support and tyre expertise for Saroléa’s track testing and racing plans, which for 2014 include the TT Zero Challenge at the Isle of Man TT series and the FIM eRoadRacing world cup series.
Yokohama suspends Clippers sponsorship in wake of racism controversy
Donald Sterling, owner of the US basketball team Los Angeles Clippers, is in a lot of hot water over a recorded conversation in which he allegedly told his girlfriend not to bring black people to games played by his team. Even President Barack Obama has described the comments as being “incredibly offensive racist statements”. Team sponsor Yokohama Tire Corporation has also responded to the incident, placing a question mark alongside its future association with the Clippers.
Strike continues, but some production resumes at South African Continental plant
Production resumed, albeit at a reduced level, at Continental’s Port Elizabeth factory in South Africa last Friday, ten days after strike action halted all production there. Workers belonging to NUMSA, the National Union of Metalworkers of South Africa, went on strike on 15 April over a pay dispute, and the limited production now taking place in Port Elizabeth is being performed by non-union members. In a statement, plant spokeswoman Nomfundo Hlela said the factory was not operating at full capacity.
Alliance sponsors National Tractor Pullers Association
Alliance Tire Americas, Inc. is now an official sponsor of the National Tractor Pullers Association (NTPA), according to the association the world’s oldest and most respected truck and tractor pulling sanctioning organization. NPTA reports that the three-year deal will “raise awareness for the Alliance brand by exposing it to fans attending tractor pulls across the Midwest and South, as well as to the thousands who follow the action on RFD-TV and online.”
Bridgestone Americas Tire Operations has filed a patent infringement and unfair trade practices suit against US based retreader and price-driven online tyre retailer TreadWright, claiming the company copied the tread design on its Dueler A/T Revo tyre, which is protected by a 2003 patent. According to Bridgestone, TreadWright initially used the design on its Sentinel tyre. After it issued a cease-and-desist letter to the company in 2013, TreadWright stopped selling that tyre and released a new tyre, called the Watchman, which, according to Bridgestone, had the same tread design.
The official opening of Sumitomo Rubber Industries’ first agricultural tyre plant outside of Japan took place on 22 April. The newly-completed Sumitomo Rubber (Thailand) factory in Thailand’s Rayong Province was host to some 150 opening ceremony guests, including Rayong regional governor Vichit Chatpaisit. Representing the tyre maker was Sumitomo Rubber president Ikuji Ikeda and Sumitomo Rubber (Thailand) president Toru Nagahata.
Tiresur International, a leading tyre distributor in Southern Europe, recently appointed Antonio Cortés as its new managing director for Spain. Tiresur is, amongst other things, GT Radial’s exclusive distributor in Spain and Portugal.
Yokohama establishes Yokohama Industries Americas Inc.
On 18 April The Yokohama Rubber Co., Ltd. announced that as of 1 April 2014, its two US industrial product manufacturing and sales subsidiaries are merged into the newly established Yokohama Industries Americas Inc. The merged former subsidiaries are YH America Inc. and SAS Rubber Company. YH America is engaged in the assembly and sale of non-tyre products including: automotive hoses, the production and sale of automotive windshield sealants, and the sale of other industrial products. SAS Rubber is engaged in the production and sale of automotive hoses and other industrial-use rubber products. The newly unified subsidiary’s head office is located in Versailles, Kentucky, with production sites in Kentucky, South Carolina, and Ohio. The two merged subsidies had combined sales of 22.0 billion yen in fiscal 2013 and employ about 1,200 people.
The prices of shares in Indian tyre manufacturers have fallen back after rallying last week prior to the Easter weekend. According to local news sources, the shares of tyre companies plunged by up to 8 per cent each. The fact that one of the largest domestic tyre makers, MRF, reported a decline in net profit for the quarter ended March 2014 was said to have been the main precipitating factor.
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