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.
Over 75 per cent of UK workshops trust Autodata, according to the data supply company. The UK’s leading provider of automotive technical information will be exhibiting at the Automechanika Birmingham from 6-8th June 2017. Autodata will also be sharing insights of how the aftermarket can keep up with a data-driven automotive industry by becoming smarter and more connected.
Three days, four hours and 54 minutes – this is the time Rainer Zietlow and his team took to drive their Goodyear-shod Volkswagen Amarok V6 TDI from Dakar to Moscow. Zietlow, together with Russian blogger Peter Bakanov and journalist Georgy Gloube, arrived in the Russian capital shortly before 10am on 25 April, having passed through ten countries as they covered 7,995 kilometres (4968 miles) in record time.
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.
Guy Frobisher is taking on a central role at Continental AG’s headquarters in Germany as head of marketing communication for the PLT Replacement EMEA business unit, and the UK-based position he leaves is being filled by Tracey Mortimer. Mortimer, who has been with Continental for 14 years, begins in her new job as passenger marketing director on 1 May.
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.
KPMG says UK car manufacturers’ increasing production comes as a result of a period of investment running to “billions of pounds.” Simon Heath, automotive M&A specialist for KPMG in the UK commented on the SMMT car production figures that were up 7.3 per cent in March 2017.
TPMS specialists Tyresure Ltd are “looking forward” to demonstrating the firm’s “innovative product range” to customers from Hall 20, Stand E80. Tyresure plan to exhibit the company’s complete TPMS product line at the event, including its universal T-Pro sensor range which covers over 90 per cent of TPMS-equipped vehicles, as well as OE-R replacement sensors, diagnostic tools, TPMS valves, service parts, and accessories.
Pirelli will supply its P Zero to the 30 supercars of the British GT Championship grid at Rockingham for round two of the 2017 season. The two-hour endurance race takes place at the newest track on the British GT calendar, with the Northamptonshire circuit’s American-style banked oval providing a notable feature in the 1.94-mile International Super Sportscar Circuit layout. The oval forms the first corner, banked at seven degrees, after which comes a heavy braking zone onto a twisty infield section where tyres have to withstand continual braking and traction energy.
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).
Giti Tire rides again with Fun Cup UK, having returned as official tyre partner for its second consecutive season. New for the 2017 season, the tyre manufacturer has taken its place on the grid too with a fully liveried GT Radial racing car. The company said the extension of its partnership with the series is part of its growing involvement in European motorsport. The car will be used to raise consumer awareness of the brand while supporting a number of marketing activities throughout the GT Radial Performance Centre (GTPC) network alongside exclusive UK distributor, Micheldever Tyre Services.