European FinTyre Distribution (EfTD) has signed a binding agreement to acquire two key players in the German tyre market: RS Exclusiv Reifengrosshandel GmbH and TyreXpert Reifen + Autoservice GmbH. As a result of the acquisition EfTD now has a total turnover of 740 million euros in Germany and project annual unit sales of 8.5 million tyres.
A Tamworth based manufacturer of high-performance brake components for the motorsport and performance vehicle market has secured a £3 million finance package from HSBC UK to fund new state-of-the-art machinery to boost production. Alcon has used the funding to purchase five Computer Numerical Control (CNC) machines as well as a noise, vibration and harshness (NVH) dynamometer.
A new online tyre price comparison service has launched, aiming to provide UK motorists with an online tool to choose their tyres quickly and easily, and bringing together products from a wide variety of retail businesses. Motokiki’s comparison engine is designed to offer an impartial whole of market price comparison of tyres from a broad range of suppliers, as well as tyre label result comparison, and the location in which they can be fitted. The company initially comprises 20 staff in offices a short walk from Port Talbot railway station, working on the technical development and marketing of the website, with other aspects of the business outsourced to teams around the country, such as its London-based communications agency, FWD Consulting. Tyres & Accessories travelled to south Wales in late November to attend the launch, with Maven Capital Partners (“Maven”) and the Development Bank of Wales, which have collectively made an equity investment of £3 million in the company, also represented.
Toyo Tire North America Manufacturing Inc. is set to create more than 150 jobs when it invests over US$138 million in its manufacturing operation in Cartersville, Georgia. According to an official announcement, new jobs will include positions in production, support and administration.
Capacity at the Prometeon Tyre Group plant in İzmit, Turkey will increase by 75 per cent by 2020 in order to accommodate plans to almost double exports from the facility. This project will be funded by a US$115 million investment announced by the company on Tuesday.
Pirelli Tyre Russia and Rostec have placed their signatures upon a memorandum covering plans to more than double production capacity at the Voronezh Tire Plant in southwest Russia. This agreement formalises the long-held aim of increasing capacity at the joint venture facility from 2 million to more than 4 million passenger car tyres per annum.
The private equity firm building up a European tyre distribution group through its acquisition of firms such as Fintyre and Reiff has made a significant investment in North America. Bain Capital reports its acquisition of a majority shareholding in US-based aftermarket tyre and parts distributor Dealer Tire, LLC. The interests of Lindsay Goldberg LLC, Dealer Tire’s investment partner since December 2014, will be acquired by Bain Capital Private Equity. The transaction is expected to close by December.
Investments totalling CA$21 million (£12.3 million) will add 150 new jobs to the Michelin tyre factory in Nova Scotia, Canada and make permanent 200 temporary positions that were previously slated to end in 2020. The investments take the form of two new projects at Michelin’s Pictou County site – a new winter tyre line and the North American launch of a new process for semi-finished materials. These projects are valued at $9 million and $12 million respectively.
Talks were held last week between Linglong Tire and the European Bank for Reconstruction and Development (EBRD). Linglong Tire chairman Wang Feng met with key EBRD representatives, including Jurgen Rigterink, first vice-president, Betsy Nelson, vice-president and chief risk officer, and Jean-Marc Peterschmitt, managing director of industry, commerce and agribusiness, in London on 16 October to discuss cooperation on the construction of Linglong’s tyre plant in Serbia.
Millbrook is expanding its Advanced Driver Assistance Systems (ADAS) test facilities. According to the well-known test centre, Millbrook has “the best facilities for testing these cutting-edge technologies in the UK”. In addition to modifications to existing road and test track infrastructure, Millbrook is reportedly making “a significant investment in high-precision instrumentation and soft targets that allow contact without damage”.
Banbury-headquartered First Line Ltd, one of the UK’s leading suppliers of premium quality automotive components to the vehicle aftermarket, has secured £20 million in funding from Santander Corporate & Commercial. The funding will help the firm expand its exports and capitalise on growth opportunities in overseas markets, it states.
A new, fully automated warehouse is to be built at the Bridgestone manufacturing facility in Joliette, Canada. Bridgestone Canada Inc. is investing CA$56 million (£32.8 million) in the project, which will give it a maximum storage capacity of 500,000 car and light commercial vehicle tyres once the facility opens in early 2020.
Wejo, a leading UK technology company which collates data from connected vehicles, has announced that its technology is now tracking seven million vehicles in 190 countries worldwide and it has acquired a Silicon Valley based technology firm as part of its expansion plans.
Jiangsu General Science Technology Co. Ltd. is set to invest around US$300 million in the construction of a tyre manufacturing facility in Thailand. The news follows earlier reports published in the Spring that Jiangsu General was considering Cambodia for the investment.
On Tuesday 25th September France and Iran signed a memorandum of understanding under which France will engage in a know-how transfer relating to tyre production technology with the Islamic Republic.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.