Jukka Hienonen becomes chairman of Nokian Tyres’ BoD
Nokian Tyres has appointed Jukka Hienonen chairman of its Board of Directors. Kari Jordan is deputy chairman.
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Nokian Tyres has appointed Jukka Hienonen chairman of its Board of Directors. Kari Jordan is deputy chairman.
Michelin intends to reduce the dividend it pays shareholders for 2019. The tyre maker has outlined its decision, taken “in a commitment to optimally balance the interests of all its stakeholders”, to reduce the amount of the proposed dividend from the initially-announced 3.85 euros to 2 euros. Payment is scheduled for 3 July 2020.
Growers, suppliers and manufacturers of both natural and synthetic rubbers are feeling the impact of the COVID-19 pandemic, with demand for both commodities decreasing significantly in the first quarter of 2020.
Insolvency proceedings begin for 7 Fintyre Group companies in Germany
Braking systems company Brembo S.p.A. has announced that it holds an interest in consumer tyre manufacturer and fellow Formula 1 supplier Pirelli. As of 31 March 2020, Brembo holds a 2.43 per cent stake in Pirelli, both directly and through its parent company Nuova FourB.
The entire automotive industry has been impacted by the coronavirus pandemic, and companies are taking steps to ensure their survival. Continental has provided an update on the latest measures being implemented, including reduced working hours and displays of executive solidarity. It has also buried its outlook for 2020.
Pirelli has subscribed to a new 800 million euro line of credit financing with a number of leading Italian and international banks. This line of credit has a five-year maturity and is entirely sustainable, in accordance with Pirelli’s economic and environmental sustainability targets.
Apollo Vredestein says it has increased its stock holding of Vredestein agricultural tyres in the UK in order to meet strong demand. The company’s sales functions remain in operation and its distribution channel, ATL, continues to deliver the agricultural tyres which are considered an essential element for the country’s food chain supply.
Prinx Chengshan reports that its new tyre factory in Thailand produced its first commercial vehicle all-steel radial on 25 March. The first phase production project at the Prinx Chengshan Tire (Thailand) Co., Ltd. is now expected to be concluded in the second quarter of this year, giving the facility an annual capacity to produce 800,000 TBR tyres. The plant is also capable of manufacturing 4 million passenger car and light truck tyres a year.
Ukranian tyre maker Rosava has temporarily stopped production at both its production sites as part of efforts to curb the spread of the coronavirus. It intends to halt production until 24 April. The company says shipments of products will continue from its warehouses as orders are received.
Demand for new cars has dropped as the COVID-19 pandemic spreads, and vehicle manufacturers have adjusted their production accordingly. Their suppliers have too, and alloy wheel manufacturer Ronal Group is the latest company to announce a temporary shutdown of its facilities. Deliveries of products will continue from existing stocks.
The Tires & Rubber 2020 exhibition in Moscow has been rescheduled due to the COVID-19 pandemic. Organiser Expocentre reports that the decision not to go ahead with the show between 24 and 27 April was taken after restrictions were announced by federal and city authorities.
Last year, Alliance Tire Group (ATG) launched the Alliance 585 for telehandler, backhoe and compact loader applications. The tyre maker reports that the initial size 460/70R24 tyre is already a bestseller within its range – and it has now added an extra five Alliance 585 sizes.
According to Sebastian Brunner, spokesman for the provisional insolvency administrator handling the Fintyre Group case, a number of parties have already expressed interest in acquiring individual companies belonging to Fintyre’s insolvent German operations. These potential investors have already inspected the companies in question or will do so in the near future. “We hope to already have binding offers on the table in April and then be able to enter into negotiations,” said Brunner.
Italy’s Prime Minister announced last week that non-essential production within the country must stop in order to combat the coronavirus pandemic. Marangoni Retreading Systems has asked the government to clarify whether the transportation sector counts as an essential service under the new rules, but at the same time has taken steps to ensure its ability to continue meeting demand should production at its Ferentino cease.
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