Apollo Tyres has been named as a Hungary ‘Investor of the Year 2014’ under the ‘Largest Greenfield Investment of the Year’ category. The award is instituted by the Hungarian Investment Promotion Agency (HIPA) and the Ministry of Foreign Affairs and Trade. The winners were announced during its third annual award ceremony held in Pesti Vigado in Budapest.
Eberspächer (UK) Ltd has opened a new purpose-built UK headquarters and manufacturing facility in Ringwood, Hampshire. The company, a manufacturer and supplier of vehicle, construction, marine heating and air conditioning systems, is part of the global Eberspächer Group, which is still family owned and is celebrating its 150th year.
The official opening was carried out on 25 March at Climate House, Yeoman Road, Ringwood, BH24 3FA by Eberspächer Group COO and managing partner, Heinrich Baumann and UK managing director, Vince Lee, with the Mayor of Ringwood Cllr. Barbara Woodifield in attendance.
Chinese tyre manufacturer Double Coin has announced plans to invest a total of 11.6 billion yuan (£1.251 billion; 1.710 billion euros; $1.87 billion) in seven companies. It is not clear which firms the company is planning to invest in, but initial indications suggest it is considering a suite of internal and domestic investments. According to a Reuters report, the Shanghai-based firm plans to raise up to 3.7 billion yuan towards funding the investments in a private placement.
Following the news that Pirelli is effectively being bought by ChemChina (the state-owned parent company of Chinese brands including Aeolus), further details – namely the implications of the transaction on the truck tyre sector – are continuing to emerge.
According to various news sources, it now looks likely that the Italian company’s truck tyre business will be merged with Aeolus Tyres (which is itself best-known for its commercial vehicle tyre products). Reuters made this claim by citing a statement from former Pirelli controlling shareholding company Camfin, which said Pirelli’s truck and industrial tyre business would be “folded into ChemChina’s listed unit Aeolus, allowing it to double its output”.
Vacu-Lug has added two more phases of conveyor system, as well as another 12-segment, high-pressure “Logistik” press and installed new LED lighting in various areas of the Vacu-Lug site as part of a suite of measure investing in the company’s retread manufacturing capabilities. The installation of conveyor systems within Vacu-Lug’s Hotcure department began in 2012 […]
Kumho Tire will finance the construction of its new one million square-foot manufacturing plant in Macon, Georgia, USA through bond issuance. Local news sources report that the Macon-Bibb County Industrial Authority agreed to issue bonds of up to $600 million for the plant in December. Kumho will sell up to $300 million of the total […]
UK fast fit network First Stop has begun its 2015 investment programme with a facelift for its Halesowen centre. The 52 centre network has announced new locations and significant investment expected this year, with the re-launched, new-look garage on Overend Road the first to benefit from substantial investment. The centre boasts improved branding and equipment as a result of the renovation, with three other members – Horndean Tyres, Ashton Tyres & Exhausts and Thorntons Tyres – joining Halesowen in the early stages of the planned investment.
Michelin has announced plans to expand production at its Nyíregyháza (northeastern Hungary) production plant as part of a 40 million investment project. According to the local Budapest Business Journal, the investment is expected to raise the plant’s daily output to 6,900 tyres by the end of 2017 and raise headcount by 100. Hungarian news agency […]
Qingdao Sentury Tire has already stated its intention to become a player in the aviation tyre business, and in June 2014 the tyre maker received its first airworthiness certificate from a civil aviation authority (a Chinese Technical Standard Order Authorisation issued by the Civil Aviation Administration of China) ahead of the start of aviation tyre production later in the year. Now the company reports that on 29 December 2014, the AVIC (Aviation Industry Corporation of China) Fund of China invested RMB 400 million (£42.2 million) in Sentury Tire and become its strategic partner.
The Tanzanian government has reiterated its commitment to restarting production at the General Tyre East African Limited (GTEA) factory before the end of this year.
The state-owned venture was once a significant player in the East African tyre market, along with Kenya’s former Firestone operation. According to local news sources, it started manufacturing tyres in 1971 and at its peak produced up to 1,200 tyres a day and employed over 4,000 workers.
The Parts Alliance has been recognised for providing the ‘Best UK Automotive Transactions in 2014’ in Deal Feed International’s inaugural Sector Success Awards. The website’s new business awards examine mergers and acquisitions across the globe, asking a panel of financial professionals and writers to judge award winners across various segments. The Parts Alliance’s victory comes on the back of “the group’s rapid growth and financial performance as well as other key strengths such as customer service, employee development and overall strategy,” according to the Alliance’s statement.
A £15 million investment by the Highways Agency will add thousands of new chargepoints at key locations across the UK’s road network and is set to be completed by 2020.
It will mean that 95 per cent of the time, motorists will be no more than 20 miles from a chargepoint. Wherever feasible these will be rapid chargers, which are capable of charging an electric vehicle to 80 per cent of capacity in less than 30 minutes.
Kerr’s Tyres has announced it is investing in 14 new jobs across the chain’s Antrim, Belfast, Coleraine and forthcoming Newtownards tyre centres following an investment of more than £1,000,000 in the business. The jobs will range from tyre fitters, breakdown fitters, mechanics, mobile mechanics, apprentices, IT personnel and assistant managers.
Despite other whole market figures saying the UK annual passenger car tyre replacement demand fell back during 2014 (Gfk) or was stable (Continental), Maxxis reports that the last 12 months actually represented examples of “good growth”. While not exclusively for this reason, this is likely to be a result of the company’s successful growth of its fitting network – not to mention increases in OE sales and product development and strategic sponsorship.
Bentley has announced the latest phase in the biggest site development in the company’s history. A further £40 million investment will expand its headquarters in Crewe, with a new research and development centre, creating over 300 jobs in the process. This move was welcomed by George Osborne, Chancellor of the Exchequer, who visited Bentley early in December.
The new centre, measuring over 45,000m², will include a dedicated styling studio, research and development offices and a technical workshop. The facilities will house 1,300 Bentley engineers and is the latest step in preparing Bentley’s infrastructure to bring the world’s first ultra-luxury SUV to roads in 2016. Work on the new developments will commence early next year.
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