Goodyear names Hakan Bayman as president of European Consumer Business
The Goodyear Tire & Rubber Company has appointed ex-Brisa and Bridgestone executive Hakan Bayman as president of Goodyear’s consumer tyre business in Europe, effective 1 July 2020. Bayman will be based in Brussels and report directly to Chris Delaney, president Goodyear EMEA.
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Michelin become BNP Paribas Rental Solutions preferred tyre supplier
Michelin has signed a new tyre supply agreement with one of Europe’s largest asset finance, leasing and rental specialists. The tyre manufacturer’s Services & Solutions division will supply all tyres to BNP Paribas Rental Solutions’ UK fleet. It will also fully manage the nationwide fleet of specialist mission-critical vehicles. Its vehicles have individual policies tailored to meet the needs of BNP Paribas Rental Solutions’ customers.
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Menegaux: Further Michelin and Continental JVs and acquisition collaborations ‘possible’
Michelin CEO Florent Menegaux has suggested about further collaboration with fellow leading tyre manufacturer and automotive supplier Continental. The French and German companies have cooperated on the Eurofit wheel business since the 1990s and entered into the Rubberway supply chain joint venture in September 2019.
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Euro Car Parts becomes ‘LKQ Euro Car Parts’
The Euro Car Parts and Andrew Page businesses are to rebrand as ‘LKQ Euro Car Parts’. LKQ Euro Car Parts says the decision reflects its position as a leading business in the UK and European aftermarket sectors with the largest network of outlets, the best technical expertise, widest product choice and most competitive prices. All branches will move under the new LKQ Euro Car Parts banner as part of a phased roll-out, and all employees will now gain access to the same information and systems.
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Britishvolt appoints Charles Morgan to advisory board
Britishvolt has appointed automotive specialist Charles Morgan, to both its advisory board and board of directors, as a non-executive director. Charles Morgan, whose grandfather founded world-renowned British brand Morgan in 1909, combines his automotive heritage with a deep global industry knowledge, and a passion for a sustainable, green future. In his new role, he will become a valuable contributor in guiding Britishvolt to realising the full potential of the UK automotive supply chain. Considering his experience in automotive production, the news is reminiscent of earlier analysis that gigafactory battery production could be poised to replace lost OE vehicle construction in the UK post-Brexit and now in the post-corona context.
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Hankook and Hyundai sign Driving Experience Center MOU
On 17 June 2020 Hankook Technology Group vice chairman and CEO Hyun Shick Cho and Hyundai Motor Group executive vice chairman Euisun Chung hosted a signing ceremony related to construction of the HMG Driving Experience Center at Hankook Tire’s new Taean Proving Ground.
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Pirelli commissions new artistic works on ‘Resiliance’ for Annual Report
Pirelli’s 2019 Annual Report will feature new writing from Emmanuel Carrère and John Seabrook, and illustration by Selman Hoşgör. The Italian tyre manufacturer is continuing its decade-long tradition of “enriching” its report, entitled ‘The Road Ahead’, with new artist commissions. Pirelli says this helps to tell the company’s story “beyond the numbers alone.” The three artists have produced work based on the theme of resilience, or the “capacity to react, change and improve”, as Pirelli defines the word. While the theme resonates with the current context, Pirelli adds that the commissions were conceived before the changes imposed by Covid-19. However the emergence of the pandemic figure large in the pieces Noon at our door by Carrère and The Zoom brigata by Seabrook.
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GT Radial tyres return to Gundlach exclusivity in Germany
Reifen Gundlach has resumed its exclusive distribution of GT Radial brand tyres in Germany. The new deal comes three years after Giti Tire ended their previously long-standing exclusive partnership with the wholesaler, started in 1994. Giti stated in 2017 that it wanted to to “achieve a higher market penetration with a planned realignment of the brand.” Part of the strategy was to make the GT Radial brand available through four different wholesalers. This coincided with the European entry of its eponymous Giti brand, with a special focus on the German market. At its peak, it had previously sold around a million GT Radial tyres per year, according to Gundlach statements. Now in 2020, the manufacturer has opted to resume its exclusive arrangement for GT Radial with Gundlach.
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Fintyre initiates debt restructuring programme
On 15 June 2020 Italian tyre distributor Fintyre filed an application for admission into a debt restructuring arrangement with creditors to preserve “business continuity and better safeguard the interests of its creditors and of all the subjects who, for various reasons, have relationships with Fintyre”, according to our Italian group publication PneusNews.it. Related businesses Franco Gomme and Tire Retail (Pneusmarket) are not part of the arrangement.
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Sentury Tire IPO approval ‘ensuring company’s advancement’ – Davanti
Chinese manufacturer Qingdao Sentury Tire received approval for an initial public offering (IPO) on the Shenzhen Stock Exchange earlier in the month. The tyre maker is mainly known in the UK for supplying Landsail tyres through wholesaler Grouptyre, as well as being a manufacturing partner of Davanti Tyres. Tyres & Accessories asked Sean Maddocks, Davanti sales director for UK and Ireland, what the IPO would mean for its own relationship and growth plans.
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Maxxis re-appoints Dr Wally Chen as chairman
Former Maxxis International president Dr Wally Chen is leaving retirement to assume the chairmanship of the company. Dr Chen, who oversaw Maxxis’ rise to the ranks of the world’s top 10 tyre companies, will assume the chairmanship effective immediately following a vote by the company’s board of directors at a recent meeting. He replaces former Maxxis/Cheng Shin chairman Robert Lo (pictured).
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eBay France partners with Feu Vert to fit tyres bought online
eBay France has partnered with the 350-branch strong Feu Vert garage network to fit tyres purchased online. The development was hinted at last year’s Equip Auto show when the head of spare parts and accessories for cars and motorcycles in the French, Spanish and Italian markets, Francesco Faà di Bruno, announced that negotiations were underway. Now, Ebay has confirmed, the agreement is final.
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Michelin, Conti “well positioned” for market change: Goldman Sachs
Michelin and Continental stocks are rising, despite the severe impact of the coronavirus pandemic and governmental lockdowns on demand. US investment bank Goldman Sachs today raised the target price of shares in the two manufacturers, rating Michelin as ‘Buy’ and Continental as ‘Neutral’. In his two research notes, Goldman analyst George Galliers increased Michelin stocks’ target price from 91 euros to 113 euros, and Conti’s from 75 euros to 92 euros.
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