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Korea Development Bank could halt Kumho restructuring, trigger receivership

Friday 12th January 2018 | 0 Comments

Kumho Tire has been attempting to downsize for a possible sale, according to the Korea Times. At the same time, the Korea Development Bank (KDB) is threatening to withdraw support for Kumho Tire unless the tyremaker can agree restructuring terms with its trade unions. And this in turn could trigger receivership.

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Total and Temot in distribution partnership

Thursday 11th January 2018 | 0 Comments

Total Lubrifiants, a world leader in lubricants, and Temot, a global automotive parts and accessories purchasing company, announce a new partnership agreement. This three-year strategic partnership began on 2017 and will enable customers around the world to benefit from Total's broadest and most powerful range of lubricants available today.

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BTCC star Colin Turkington continues as TerraClean brand ambassador

BTCC star Colin Turkington continues as TerraClean brand ambassador

Thursday 11th January 2018 | 0 Comments

Randstad, via its engine decarbonising brand TerraClean, has extended its partnership with double British Touring Car Championship (BTCC) champion Colin Turkington for the third year running, further strengthening its ties with motorsport.

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Giti secures first European SUV OE fitment with Groupe Renault agreement

Giti secures first European SUV OE fitment with Groupe Renault agreement

Thursday 11th January 2018 | 0 Comments

Giti Tire has secured a second original equipment (OE) homologation fitment with Groupe Renault, and its first SUV placement for the Giti brand in Europe. The GitiPremium PX1 SUV, in size 215/65 R16 98H, is fitted to the new Dacia Duster, available in every major European market. The manufacturer states that the tyre’s key attributes include low noise and exceptional grip.

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Avon supports Bloodhound engineering adventure

Avon supports Bloodhound engineering adventure

Wednesday 10th January 2018 | 0 Comments

Avon Tyres has confirmed its sponsorship of the Bloodhound Project, centred on Bloodhound SSC, a supersonic car that is designed to go faster than the speed of sound. Avon is supplying tyres suitable for desert use to Bloodhound’s essential support vehicles and is also looking to produce a rubber tyre for runway testing of the land speed record car.

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Yokohama unveil products, display Premier League trophy at Autosport International

Yokohama unveil products, display Premier League trophy at Autosport International

Wednesday 10th January 2018 | 0 Comments

Yokohama will display its latest competition tyres, its road tyres recently approved by major new original equipment manufacturers, its driver and championship partnerships for 2018, and the Premier League trophy at the NEC Birmingham’s Autosport International show (11-14 January 2018). The manufacturer extended its invitation to see new products, the Premier League trophy and discuss tyre needs for the season ahead on stand 2750 in Hall 20.

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Continental: €44 billion in sales, 10.8% EBIT margin in 2017

Continental: €44 billion in sales, 10.8% EBIT margin in 2017

Wednesday 10th January 2018 | 0 Comments

Preliminary key data for the 2017 fiscal year published this week shows annual sales at Continental AG to have met estimates announced in November. The tyre maker and automotive technology company reports sales of “around 44 billion euros,” while the adjusted EBIT margin for the year is approximately 10.8 per cent. Continental views its annual targets as being “exceeded”.

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Possible restructuring, breakup: Continental confirms media report

Possible restructuring, breakup: Continental confirms media report

Wednesday 10th January 2018 | 0 Comments

German tyre maker and automotive technologies provider Continental AG has confirmed a report made by Bloomberg News that changes to the company’s structure are being considered. According to Bloomberg, the changes being evaluated are “major” ones and may even include a breakup of the group.

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The year of disruption?

Tuesday 9th January 2018 | 0 Comments

At the start of a new year it is customary to take stock of the previous year and look forward to the next 12 months. This was something we at Tyres & Accessories did with online readership figures in January and found that our you love tyre test coverage first and foremost. But this wasn’t the only subject being read. Coverage of various countries’ decisions to ban combustion engines during the next decade or two was a top story on tyrepress.com last year, and it was also talk of the wider automotive industry.

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Banner Batteries celebrates 80th anniversary

Tuesday 9th January 2018 | 0 Comments

Banner Batteries ended 2017 on a double high. In addition to 2017 marking the 80th anniversary of its foundation in 1937, the company has witnessed the 80 millionth battery roll off its Austrian production line.

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Kirkby: Tyre Wholesaler of the Year growing in 2018

Kirkby: Tyre Wholesaler of the Year growing in 2018

Tuesday 9th January 2018 | 0 Comments

After being named Truck & Agricultural Tyre Supplier of The Year in both 2015 and 2016, last year Kirkby Tyres went home from the NTDA Tyre Industry Awards ceremony in October with the trophy for Tyre Wholesaler of the Year. The 2017 award was for Kirkby perhaps the crowning moment in a year that saw its original equipment and OE2 business continue to grow as well as work progress on its warehousing expansion programme. This expansion will be completed during the course of 2018 and is expected to enhance Kirkby’s operations. The wholesaler also anticipates an increase in its OE/OE2 activities and is introducing several other important agricultural products.

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Clarification: Michelin, Sumitomo Corporation tyre wholesaling JV

Tuesday 9th January 2018 | 0 Comments

In order to clear any consfusion arising from the announcement that Michelin and Sumitomo Corporation of Americas (SCOA) are forming a joint venture to pool tyre wholesale resources in the USA and Mexico, the Micheldever Group has issued a statement stressing that it is not in any way connected with Sumitomo Corporation or its North American subsidiary.

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Apollo Tyres lays foundation stone for 7th factory

Apollo Tyres lays foundation stone for 7th factory

Tuesday 9th January 2018 | 0 Comments

After opening its new European factory last year, Apollo Tyres is now focusing on expanding its manufacturing footprint at home. A ceremony was held today to lay the foundation stone of the tyre maker’s fifth plant in India and seventh facility worldwide. The new factory is located in Chinnapanduru, Andhra Pradesh state, and is expected to enter operation in mid-2020. Apollo Tyres is investing close to Rs 18 billion (£209.4 million) in the first phase of the new plant project.

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Michelin creates Europe North region, names Anish Taneja CEO

Michelin creates Europe North region, names Anish Taneja CEO

Tuesday 9th January 2018 | 0 Comments

As of 1 January 2018, Michelin is restructuring its global organisation into ten newly-created regions. The UK finds itself in what has been named the Michelin Europe North region, along with Austria, Denmark, Finland, Germany, Iceland, Ireland, Norway, Sweden and Switzerland. Covering the former sales regions for Germany/Austria/Switzerland, the UK and the Nordics, the new regional operation is led by Anish K Taneja, who from the start of the year holds the post of chief executive officer, Michelin Europe North.

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Michelin completes US$600 million bond placement

Monday 8th January 2018 | 0 Comments

Michelin has announced the successful placement of a US$600 million offering of non-dilutive cash-settled convertible bonds due 2023 (the “Bonds”) following the exercise in full of the increase option. Concurrently, Michelin purchased cash-settled call options (the “Call Options”) to hedge its economic exposure to the potential exercise of the conversion rights embedded in the Bonds. Since they will only be cash-settled, the Bonds will not result in the issuance of new shares or the delivery of existing shares of Michelin (the “Shares”) upon conversion.

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