Heuver Tyrewholesale turnover up 18% in 2015
In 2015 Heuver Tyrewholesale increased turnover by 18 per cent. According to the company, this growth represents a major step towards Heuvers objective of doubling turnover. There firm was also successful online, where Heuver Tyrewholesale realised growth of 14 per cent via its online channel. In terms of brands, Aeolus and Barkley are said to have made a major contribution to the overall result.
Continue ReadingBridgestone gains John Deere partner-level supplier recognition
Bridgestone Americas shares that it has been designated a Partner-level supplier for 2015 in the John Deere & Company Achieving Excellence Program. Partner-level status is Deere & Company’s highest supplier rating, and Bridgestone states for this selection recognises its dedication to providing products and service of outstanding quality, as well as its commitment to continuous improvement. Bridgestone says its employees accepted the recognition at a ceremony held in the USA recently.
Continue ReadingWill a tyre major acquire ATG?
Indian financial daily The Economic Times reports that American private equity firm KKR & Co. L.P. has begun initial talks that may result in the sale of its 90 per cent share in off-highway tyre specialist Alliance Tire Group. The publication names Sumitomo, Continental and Michelin as potential buyers, however it notes that no confirmation of these firms’ interest has been given.
Continue ReadingHankook Tire Q4 sales steady, full-year results show decline
Hankook Tire has reported fourth quarter 2015 sales of KRW 1.61 trillion (£945.3 million), a decrease of 0.9 per cent compared with the fourth quarter a year earlier, and a 2.5 per cent year-on-year decline in operating profit, which amounted to KRW 238.3 billion (£139.9 million) in the final quarter of last year. The tyre maker shares that sales of its ultra-high performance (UHP) tyre segment grew 6.4 per cent year-on-year and now account for 33 per cent of the company’s overall revenue.
Continue ReadingNokian Tyres increases net profit 15.5% in 2015; sales and operating profit down
While Nokian Tyres was unable to maintain its turnover and operating profit in 2014, the company achieved a sizable increase in net profit. The Finnish company’s turnover declined 2.1 per cent to €1.36 billion. Operating profit declined 4.1 per cent to €296 million, however net profit rose 15.5 per cent to €240.7 million.
Continue ReadingRussian market still Nokian’s largest, but its significance continues to shrink
Russia has become Nokian Tyre’s problem child. Although the country is home to two tyre plants that service export markets and contribute to the company’s margins, sales of Nokian products in Russia and the CIS have more than halved within the space of four years. In 2015 alone, the region’s turnover fell by 34 per cent.
Continue ReadingAutodata co-founds ADPA
Following the news of the foundation of the European Independent Automotive Data Publishers Association (ADPA), co-Founder Autodata has released details of its why it has got behind the initiative.
Continue ReadingContinental to build $1.45 billion tyre factory in North America
The US state of Mississippi has approved an incentive package for a US$1.45 billion tyre factory that Continental intends to build in the state. The incentives approved by the Mississippi State Legislature include providing loans of $263 million and various tax breaks. Mississippi will also assist with site acquisition and preparation work, and help with the cost of building the facility.
Continue ReadingRichard Kramer divests 29,000 Goodyear shares
Goodyear Tire & Rubber chairman, president and chief executive Richard J. Kramer has sold around ten per cent of his shares in the company he heads up. According to a document filed with the United States Securities and Exchange Commission, on 2 February the Goodyear boss disposed of 29,000 shares for an average price of US28.0403 per share – a total of $813,168. Following the transaction, Kramer retains 259,864 shares.
Continue ReadingTVS Srichakra launching radial motorcycle tyres
TVS Srichakra Limited is set to launch a radial motorcycle tyre range in April. Speaking to the local The Hindu newspaper, company director P. Vijayaraghavan said the new range would “initially cater to the needs of the expanding high-end motorcycles market”. TVS Srichakra, part of the Chennai-based US$8 billion TVS Group, recently launched tractor rear radial tyres in Europe.
Continue ReadingAgri OE business drags down Trelleborg’s organic tyre sales in 2015
Sweden’s Trelleborg AB reports that organic sales within its Trelleborg Wheel Systems business decreased by six per cent year-on-year in 2015, despite a four per cent rise in overall sales. Organic sales were pushed downwards by agriculture-related sales, which were impacted by markedly lower agricultural machinery production levels. The organic sales trend for tyres for materials handling vehicles was slightly negative for the full-year. Total net sales increased 3.6 per cent to SEK 4.3 billion (£349 million).
Continue ReadingChemChina to acquire Swiss agribusiness firm for US$43 billion
Pirelli’s parent company, state-owned group China National Chemical Corporation (ChemChina), has deep pockets. After acquiring the tyre maker last year it announced its purchase of KraussMaffei Group and shares in Mercuria Energy Trading in January. And yesterday ChemChina gave word of a deal that will be China’s largest overseas takeover ever – the company intends to acquire Swiss agrochemical and seeds company Syngenta AG for US$43 billion by way of a public tender offer.
Continue ReadingKings Road Tyres restructuring wholesale business
Kings Road Tyres (KRT), one of the longest-established UK tyre wholesalers, is restructuring its distribution network and has committed to a multi-million pound investment and modernisation programme to achieve this. However, this also means the eight existing KRT warehouses in the UK and Ireland will be progressively closed to coincide with the opening of new premises. This is expected to take place between the end of March and the end of August 2016.
Continue ReadingAutodata confirms acquisition of Autodata Oy Nordic
Autodata has purchased Autodata Oy Nordic, an official distributor in Finland, Estonia, Lithuania and Latvia for over 34 years. The acquisition comes a year after Autodata launched a completely new online product to provide workshops with technical information, instructions and diagnostics. Autodata Oy Nordic will take on the Autodata brand, but will retain their current offices based in Pälkäne.
Continue ReadingFord cutting 100s of jobs in the UK and Germany
Ford is aiming to saving US$200 million a year by reducing the number of sales marketing and administration jobs its supports in Europe. To achieve this Ford will offer a voluntary redundancy scheme to the 10,300 salaried workers it employs in Europe, according to Reuters. The deal is likely to include severance pay and early […]
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