![Europe to bear 40% of Goodyear’s global job cuts](https://www.tyrepress.com/wp-content/uploads/2023/02/GY-job-cuts.png)
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![New leadership trio at German wholesaler Tyremotive](https://www.tyrepress.com/wp-content/uploads/2023/02/Tyremotive-Leibold-Herbzerg.jpg)
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![Ebrahim K. Kanoo becomes official Davanti Tyres distributor in Bahrain](https://www.tyrepress.com/wp-content/uploads/2023/02/Ebrahim-K.-Kanoo-Signs-Distribution-Agreement-with-Davanti-Tyres.jpg)
Ebrahim K. Kanoo becomes official Davanti Tyres distributor in Bahrain
Ebrahim K. Kanoo has become the official distributor of Davanti Tyres in Bahrain. The diversified conglomerate provides comprehensive maintenance services at its Michelin-certified retail network, Tyreplus. In addition to an extensive range of high-quality tyres, Tyreplus also offers lubricants, batteries, suspension, and brake systems for a wide variety of vehicles. Branches manned by experienced technicians can be found in Tubli, Muharraq, Sitra, Saar, Salmabad and Hidd.
Continue Reading![Nokian Tyres exits Chinese market](https://www.tyrepress.com/wp-content/uploads/2023/02/Nokian-Exit.png)
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![Nokian Tyres: 116.2-million-euro loss down to Russian car tyre production gap](https://www.tyrepress.com/wp-content/uploads/2023/02/Nokian_Tyres_Test_Center_in_Ivalo_048-scaled.jpg)
Nokian Tyres: 116.2-million-euro loss down to Russian car tyre production gap
Nokian Tyres reports that its fourth-quarter 2022 net sales totalled 411.3 million euros, down 19.8 per cent from 512.6 million euros in October–December 2021. Operating profit was 13.5 million euros (Q4 2022: 88.0 million). Despite that, the company’s full-year 2022 net sales grew 3.6 per cent to 1,776.1 million euros (2021: 1,714.1 million euros). However, that wasn’t enough to prevent a full-year 2022 loss of 116.2 million euros (2021: 268.2 million euros profit). Executives put the fourth-quarter declines down to “lower passenger car tyre supply volumes…”, something that is a veiled reference to the fact that the company is wrestling with a serious passenger car tyre production gap.
Continue Reading![Tatneft buys tyre maker Birinchi](https://www.tyrepress.com/wp-content/uploads/2023/02/birinchi.jpg)
Tatneft buys tyre maker Birinchi
Tatneft, the firm seeking to acquire the Nokian Tyres operation in Russia, has purchased Uzbekhistan’s only tyre maker, Birinchi rezinotexnika zavodi. Former majority owner Uzkimyosanoat JSC reports that Tatneft paid US$80 million for a 100% shareholding in the tyre maker. Tatneft also takes over credit obligations and debts equal to $153 million.
Continue Reading![Goodyear mulling ‘partial unemployment’ in Luxembourg](https://www.tyrepress.com/wp-content/uploads/2023/02/GY-Lux-sml.jpg)
Goodyear mulling ‘partial unemployment’ in Luxembourg
In the absence of specific information regarding Goodyear’s plans to cut 5% of its salaried workforce worldwide, uncertainty exists as to where the axe will fall. But it appears Luxembourg has been spared the worst, with media firm RTL Luxembourg reporting that Goodyear has “no official plans” to make staff redundant there. But this doesn’t mean they’ll be entirely unaffected by the tyre maker’s belt-tightening.
Continue Reading![Yokohama Rubber expands winter tyre test capabilities](https://www.tyrepress.com/wp-content/uploads/2023/02/yokohama-winter-indoor-sml.jpg)
Yokohama Rubber expands winter tyre test capabilities
A new facility for testing Yokohama winter tyres entered operation on 5 January. Yokohama Rubber opened the indoor ice circle facility at its Tire Test Center of Hokkaido to evaluate the turning performance of car, bus and truck winter tyres on icy surfaces, a characteristic it considers, after braking performance, the “second most important tyre performance on icy roads.”
Continue ReadingEuropean car tyre imports rise despite apparent risks of offshoring production
The European passenger car and light truck tyre (PCLT) import market recovered substantially from its bout of Long Covid in the second half of 2022 as the benefits of local versus remote production took an unexpected hit. A perfect storm of significantly lower freight costs and high European energy costs nudged the dial on the relative competitiveness of imports and domestic PCLT tyre production in the second half of 2022. Looking at the European PCLT tyre market through the prism of imports, leading sector analyst Astutus Research shares with Tyres & Accessories its data demonstrating the effects of a rapidly changing market context. The latest Astutus Research briefing, ‘Supply Dynamics in the European PCLT Tire Industry to 2028’, priced at £995 is available now on Tyrepress.
Continue Reading![Yokohama Geolandar mud-terrain tyres supplied to King of the Hammers](https://www.tyrepress.com/wp-content/uploads/2023/02/6516-Levi-Shirleys-four-wheeler-competing-in-the-Unlimited-4400-class-scaled.jpeg)
Yokohama Geolandar mud-terrain tyres supplied to King of the Hammers
Yokohama is supplying its Geolandar M/T G003 tyres for SUVs and pickup trucks to more than 30 teams at the annual King of the Hammers off-road race in California (4–11 February). The manufacturer is providing a mix of its Geolandar M/T G003 and a special race version based on that tyre. The King of the Hammers is the Ultra4 National Series racing tour season-opener. The series combines desert racing and rock crawling and is considered the one of the toughest off-road races in the world. Yokohama tyres will be used in all four-wheel class races over the week-long event.
Continue Reading![Magna Tyres acquires South Africa’s Tirepoint](https://www.tyrepress.com/wp-content/uploads/2023/02/Magna-tyres_tire-point.jpg)
Magna Tyres acquires South Africa’s Tirepoint
Magna Tyres Group has expanded its global footprint with the purchase of South African tyre dealer network Tirepoint. With this acquisition, Magna Tyres’ global workforce stands at more than 700. The company has declined to disclose the transaction’s financial details.
Continue Reading![Enviro gets follow-up order from US oil company](https://www.tyrepress.com/wp-content/uploads/2023/02/90c34fc37e64f866_org-scaled.jpg)
Enviro gets follow-up order from US oil company
Scandinavian Enviro Systems (Enviro) has received an order for tyre-derived pyrolysis oil, with an estimated value of 4.7 million Swedish krone ($450,000). Enviro hasn’t named the firm behind the order, but has said that it is “the subsidiary of a leading US oil company that submitted an initial order for oil in February of 2022 for production tests”.
Continue Reading![Doublestar suffers huge losses](https://www.tyrepress.com/wp-content/uploads/2023/02/业绩.jpg)
Doublestar suffers huge losses
At the end of January, three Chinese tyre companies released their 2022 performance forecasts, which show that Aeolus and Linglong are in profit, but reveal huge losses at Doublestar.
Continue Reading![Customs fines Hankook Jiangsu factory again](https://www.tyrepress.com/wp-content/uploads/2023/02/Picture1.jpg)
Customs fines Hankook Jiangsu factory again
On 13 January, Huai’an Customs issued an administrative penalty decision to Jiangsu Hankook Tire Co., Ltd. The subject of the penalty involved 271,000 yuan (approximately £32,500, €36,900) in tax underpayment. The penalty document issued by Huai’an Customs shows that Jiangsu Hankook failed to truthfully declare the price of bonded materials during the process of declaring to the customs.
Continue Reading![Hankook tyres for new US race series](https://www.tyrepress.com/wp-content/uploads/2023/02/Hankook-Ventus-race-tyre.jpg)
Hankook tyres for new US race series
Master Class of Racing (MCoR) is a new and – according to its promoter – “industry-changing” race series in the USA. The stated main goal of MCoR is to “offer sprint racing and a fantastic short format endurance racing at a cost that makes sense for teams and more critically, the drivers.” All of these drivers will compete on Hankook tyres.
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