Speaking off the record, Chinese executives within Qingdao Doublestar have confirmed the company’s intentions to purchase well-known South Korean tyre manufacturer Kumho Tyre and that it is “now only Doublestar left to buy Kumho”. However, at roughly the same time, Korean newspapers have been reporting that Doublestar probably won’t have the right to use the Kumho brand name post-acquisition. With all this in mind, Tyres & Accessories summaries the story so far.
Continental intends for its new corporate headquarters building in Germany to be finished in time for the company’s 150th anniversary in 2021, and while the tyre and automotive technology company hasn’t yet decided upon a design for the facility, it has at least narrowed the options down to three. Yesterday, Continental awarded prizes to three of the 13 submitted designs. A judging panel made up of representatives from Continental, the city of Hannover and its council, and other experts awarded the three designs first prize with equal ranking.
The latest development in the negotiations to sell a stake in Kumho Tire is that potential buyer Qingdao Doublestar Tire probably won’t, after handing over KRW 955 billion (£653.6 million) for the 42.01 per cent controlling share, be permitted to use the Kumho name.
Arconic Inc., the company created to house the Alcoa wheel business and other metal manufacturing functions following the separation of Alcoa Inc. into two entities last November, is divesting its stake in the other entity, Alcoa Corporation, which is engaged in the mining and manufacture of raw aluminium. The debt-for-equity exchange of Alcoa Corporation common stock will see 12,958,767 shares swapped for debt held by Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC.
Although Continental AG won’t publish its full first quarter business figures until 9 May, key data for the three months to 31 March 2017 were released during the company’s Annual Shareholders’ Meeting today. Sales amounted to €11 billion during the quarter, a 11.7 per cent increase year-on-year. Organic growth, adjusted for changes in the scope of consolidation and exchange rates, amounted to 9.5 per cent, to which the Automotive Group’s business made a considerable contribution. The adjusted operating result (adjusted EBIT) increased to around €1.2 billion, while the adjusted EBIT margin was 10.7 per cent.
Let sleeping dogs lie, don’t poke the bear, and never, ever antagonise your company’s billionaire major shareholder – especially if he’s already voiced a desire to replace you. Klaus Kleinfeld should have borne this final point in mind when he penned a letter to Paul Singer earlier this month. The correspondence gave Singer, the man behind hedge fund Elliott Management, the ammunition needed to blast Kleinfeld out of Arconic Inc, parent company of Alcoa Wheels.
Aeolus will take the opportunity of Autopromotec 2017 in Bologna (24-28 May) to stage the official launch of its third generation truck and bus tyre range.
The bottom line at China’s Sailun Jinyu Group Co Ltd took a hit in the first quarter of 2017. According to preliminary statistics provided by its financial department, the tyre maker anticipates a net loss attributable to shareholders in the vicinity of RMB 50 million (-£5.65 million). In the same three-month period a year earlier, the company reported a net profit of RMB 95.16 million (£10.76 million).
Cooper Tire Europe’s latest football challenge tested the reaction speeds and accuracy of Arsenal Football Club’s squad. The tyre manufacturer is the official tyre partner of the club, and has collaborated with the club on a series of promotional videos, which have cumulatively registered nearly a million views on YouTube.
The Yokohama Rubber subsidiary dedicated to motorsports activities will be dissolved on 30 June, the tyre maker announced today. The operations currently handled by Yokohama Motorsports International Co., Ltd. will be transferred to a new internal Motorsports Department that will be established on 1 May.
Fleet maintenance and breakdown specialist Tyrenet is the first dealer network to implement CAM’s UniSerV V7.2 platform. The platform will connect Tyrenet to other UniSerV users that are fully integrated with e-jobsheet as well as standalone e-jobsheet subscribers via the TiDaeX online hub.
New research conducted by audio branding specialist PHMG suggests that the large majority of garages risk losing custom by subjecting customers to generic music and audio while on hold. The audit of 255 firms in the garage and vehicle repairs trade questions call handling standards.
Manchester photographer Greg Harding has received a national award recognising outstanding professional images in the car and truck industry. The prestigious British Institute of Professional Photographers (BIPP) judged that Harding’s photographs capture the drama and detail of high performance tyres for manufacturer Giti Tire, presenting him with the Qualification Award for his portfolio of work.
Goodyear has opened its new Tire Test Laboratory at its Innovation Center in Luxembourg. The manufacturer said it will measure tyre development performance, conduct regulatory and homologation tests, and perform quality control at the state-of-the art facility. The lab includes the latest technology for testing car, light truck and commercial truck tyres.
Guizhou Tyre Co. Ltd. intends to build a truck tyre factory in Vietnam. Chinese industry publication Tireworld writes that the company will invest RMB 1.67 billion (£189.3 million) in the project, which will result in a plant capable of manufacturing 1.2 million all-steel radials per annum. The intention is to set up the factory in the Long Jiang Industrial Park, some 30 miles from Ho Chi Minh City; Tireworld says a 20-hectare site has been selected, with construction commencing in the coming 12 months.