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Genan: “Back on track” in 2023 following “annus horribilis”

Danish firm Genan, the world’s largest mechanical tyre recycling group, achieved a turnover of €58.7 million in 2023. This represents a seven per cent decrease compared to the previous year. However, despite the lower turnover, the company increased its EBITDA by over 50 per cent to almost €9.4 million, while operating profit (EBIT) multiplied from just over €750,000 to €3.2 million. Net profit, influenced negatively by exchange rate fluctuations, increased from €1.5 to €2 million.

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Related news:

  1. Earnings hit, but Genan responds to energy crisis with greater efficiency
  2. Enviro in the red in 2023, now positioned for profitability
  3. Genan acquires BioSafe tyre recycling plant
  4. New majority shareholder: Maj Invest Equity takes 51% in Genan Holding
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Vulkan Group acquires Euromaster’s remaining business in Denmark

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After plans to sell its entire network in Demark to NDI Group fell through earlier this year, Euromaster Group sold nine of its branches to Super Dæk Service. Under a separate agreement, the Michelin-owned company is transferring its remaining activities and employees to Vulkan Group ApS. It expects to finalise the deal on 1 January 2024.

Membership Required

If you are not yet a Tyrepress or Tyres & Accessories subscriber, you can change that here.

Subscribe now

Becoming a member has benefits such as:

  • Read our sector-leading articles in full
  • Full analysis of tyre business segments
  • Read Tyres & Accessories magazine online/in print

Already a member? Log in here

Related news:

  1. Danish authority ends NDI acquisition case as Euromaster prepares to leave
  2. Denmark’s Super Dæk Service acquires 9 Euromaster branches
  3. Romanian authorities approve Michelin-Ihle takeover in Romania
  4. DuPont acquisition of Danisco finalised
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Denmark’s Super Dæk Service acquires 9 Euromaster branches

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When NDI Group recently dropped its plan to acquire Euromaster Danmark after the Danish Competition and Consumer Authority voiced concerns about competition, Euromaster Group commented that its future may include “a possible new agreement with NDI” that covers “some” of its activities in Denmark. And so it is – Super Dæk Service, the tyre and workshop chain owned by NDI, has agreed to acquire nine Euromaster branches.

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  1. Danish authority ends NDI acquisition case as Euromaster prepares to leave
  2. Kwik-Fit Goes to PAI for £800 million
  3. Bridgestone dismisses 500 tyre retail branch acquisition reports
  4. Point S partner acquires Nokian’s Vianor US operation
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Danish authority ends NDI acquisition case as Euromaster prepares to leave

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The Danish Competition and Consumer Authority has suspended its investigation into the planned NDI Group acquisition of Euromaster Danmark. Following the collapse of the two companies’ planned merger, the Euromaster Group announced that it will “not continue its activities in Demark” after the end of 2023.

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Related news:

  1. Romanian authorities approve Michelin-Ihle takeover in Romania
  2. NDI seeks new partners for a greater presence in Germany
  3. NDI expanding rim plant to meet growing global demand
  4. Continental to take full ownership of emissions JV
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Recycled carbon black: Nokian Tyres joins project

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Nokian Tyres is taking part in a research project that aims to improve the quality and yield of recycled carbon black from end-of-life tyres, with the goal of using this material more extensively in tyre and rubber products. The two-year development project is coordinated by Windspace Group A/S and co-financed by government initiative the Danish Eco-Innovation Program.

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Related news:

  1. Bridgestone and Delta-Energy partner in recovered carbon black project
  2. Enviro reports ‘Sharp increase in interest’ in rCB due to war in Ukraine
  3. Black Bear Carbon preparing to go back on-stream prior to technology’s roll-out
  4. Sustainable raw materials: Liberty deal supporting Bolder’s growth
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Earnings hit, but Genan responds to energy crisis with greater efficiency

Despite its turnover increasing 4.6 per cent to more than 62 million euros in 2022 – a new record for the company – tyre recycler Genan reports that decreasing steel prices and significantly higher energy and freight costs more than halved its year-on-year earnings to less than 1.5 million euros. In response, the company is now speeding up its ongoing work to invest in renewable energy sources.

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Related news:

  1. New majority shareholder: Maj Invest Equity takes 51% in Genan Holding
  2. Site found for Pyrum’s new plant
  3. Enviro, Antin partnering to recycle 1 million tonnes of tyres by 2030
  4. ELTs: Pyrum both upstream & downstream of Mercedes-Benz
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Genan appoints new application development manager

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Genan

Genan has appointed Michael Christensen as its new application development manager. Christensen lives in Denmark and has more than 40 years of experience in tyre and rubber recycling. Effective 1 February 2023, Christensen will act as the link between sales, marketing and innovation in Genan.

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Related news:

  1. New majority shareholder: Maj Invest Equity takes 51% in Genan Holding
  2. Conica: John Bramwell retires, Mike Hill appointed head of operations
  3. Eldan & Pyrum intensify tyre recycling, pyrolysis collaboration
  4. New Northern European Zone Means Promotions for Bridgestone UK Executives
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Thomas Harbo returns as CEO of Euromaster Danmark A/S

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Euromaster

Effective 4 January 2023, Thomas Harbo has been appointed as CEO of Euromaster Danmark A/S. Thomas replaces Henrik Fusager, who since August 2022 has held the dual role of CEO of both Euromaster Denmark and Euromaster Switzerland.

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Related news:

  1. Giti makes Nordic and France/Benelux management appointments
  2. First Stop names Marais as UK and Ireland franchise manager
  3. ATS Euromaster appoints operations director to lead light vehicle focus
  4. ETEL appoints Tanaka as chairman, Kimbara as CEO
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NDI offers dual-rim solutions to European farmers

NDI

Danish tyre and wheel business NDI Group, reports that it has produced large stocks of dual-rims ready for export to help European farmers benefit from reduced soil compaction and improved efficiency.

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  1. Starco gains exclusive European distribution of Buco range
  2. First delivery of largest agri tyre
  3. New GKN wheel designed for Nokian CT tyres
  4. NDI expanding rim plant to meet growing global demand
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NDI now delivering Nordexx industrial range

Denmark’s NDI Group presented examples of its new Nordexx off-highway tyre range at The Tire Cologne in May, and now says it is “ready to deliver” these tyres to customers around the world. The Nordexx range for industrial machinery is available in 37 different SKUs in 25- to 29-inch sizes.”

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Related news:

  1. Nordexx enters OTR tyre segment
  2. Refreshed image for Nordexx tyre brand
  3. NDI seeks new partners for a greater presence in Germany
  4. NDI expanding rim plant to meet growing global demand
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Continental supersizes agri range for Tour de France

They are a stoic bunch and nobody has come forward to seek professional help so far, but participants in the Tour de France 2022 may be forgiven for wondering if they’d experienced a collective hallucination during the gruelling 2,081-mile race. For at a strategic location along the 21-stage route between Copenhagen and Paris, cyclists were confronted by the looming presence of an oversized agricultural tyre.

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  1. Continental the official partner of Tour de France
  2. Continental highlighting agricultural tyres during Tour de France
  3. Mitas celebrates 10 years of Continental agricultural tyre production
  4. Continental using Tour de France sponsorship to promote safety message
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NDI Group & Seges start further tyre experiment

The farming research collaboration between the NDI Group and Danish Agricultural Research company Seges continues its cooperation with a new scientific experiment that compares the efficiency of two different wheel solutions when sowing.

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Related news:

  1. NDI expanding rim plant to meet growing global demand
  2. New Alliance distribution partner for Sweden
  3. First delivery of largest agri tyre
  4. Refreshed image for Nordexx tyre brand
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Eldan & Pyrum intensify tyre recycling, pyrolysis collaboration

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Under an expanded cooperation, end-of-life tyre (ELT) recycling equipment manufacturer Eldan Recycling A/S and pyrolysis technology developer Pyrum Innovations AG will include each other’s products in their complete recycling solutions. The Danish and German firms say they’ll distribute these solutions “actively”.

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Related news:

  1. Pyrum to supply Continental from expanded pyrolysis plant
  2. Pyrum Innovations appoints CFO, extends Klein’s CEO remit
  3. Interest in Tyre Recycling Increasing, says Eldan
  4. Barry Stocker Appointed Sales Director for Genan
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Millimetre precision: Continental algorithm-based tread monitoring “a new benchmark”

A pilot project that Continental began with Share Now in late 2020 is progressing into a broader partnership that will see the car sharing firm’s Danish vehicle fleet fitted with Continental AllSeasonContact tyres and monitored under a Conti360° Solutions contract. The partnership includes new innovations, including algorithm-based, real-time tread depth monitoring.

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Related news:

  1. Accuracy within 1mm: Continental pilots real-time tread depth monitoring
  2. AllSeasonContact an Auto Express awardee
  3. Continental to take full ownership of emissions JV
  4. Conti won’t rule out new concept all-season tyre
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New majority shareholder: Maj Invest Equity takes 51% in Genan Holding

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End-of-life tyre recycling firm Genan has a new majority shareholder after PKA, sole owner of Genan since 2014, agreed to sell 51 per cent of its shares in the company to Maj Invest Equity 5 K/S, a fund overseen by one of Denmark’s leading asset management companies. PKA continues to co-own Genan as minority shareholder.

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Related news:

  1. PKA buys out Genan founder – but has it been duped?
  2. Agreement on Genan’s future now in place
  3. Genan loss may be more than £100 million
  4. Andritz opens recycling test and research centre in Austria
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