Putting quality to the test – Aeolus seeks brand differentiation with the TÜV mark
The days when a handful of well-known brands dominated the tyre market are long gone, and while consumers are now spoiled for choice, this choice comes with one major hitch – gaining an overview of the good, the bad and the ugly in the tyre world is nigh on impossible. All but a few brand names are ‘unknowns’ to the average tyre buyer, and as a result serious manufacturers can easily remain invisible. Faced with this situation, passenger car tyre sector newcomer Aeolus Tyre Co. Ltd is drawing attention to its products through a name synonymous with product quality the world over.
Continue ReadingLehigh Technologies Wins 2015 Bloomberg New Energy Pioneer award
On 13 April Lehigh Technologies, a materials company producing micronized rubber powders (MRP), announced it won the 2015 Bloomberg New Energy Pioneer award. Lehigh Technologies was recognized for its innovation in commercializing a range of Micronized Rubber Powders (MRP) from end-of life tyres that are used as raw materials in a wide range of industrial markets, ranging from rubber to asphalt. MRP can reduce feedstock costs by 30 per cent or more, while delivering equivalent or improved performance and an improved sustainability profile compared to oil-based chemical inputs.
Continue ReadingClaim of share price manipulation made against Kumho Asiana chairman
The chairman of Kumho Tire’s parent company has been accused of manipulating the price of Kumho Industrial shares ahead of a planned majority shareholding sale. Drawing its information from “the industry”, Business Korea reports that a certain Mr. Kang has sued Kumho Asiana chairman Park Sam Koo and 20 other Kumho executives for professional malpractice, violation of the financial investment laws (including insider trading) market price manipulation and unfair trading, and bid interference.
Continue ReadingChemChina now holds 30% of Pirelli shares
Following news of the company’s plans to takeover Pirelli based on purchasing Camfin’s leading shareholding in the Italian tyre manufacturer, ChemChina has revealed that it has made a deal with Edizione Srl for an additional Pirelli stake. The latest share purchase suggests ChemChina is in the second phase of its acquisition en route to a publically stated goal of owning 65 per cent of Pirelli.
Continue ReadingNexen Tire in Europe – new factory, R&D centre and distribution channels
Times are changing for Nexen Tire in Europe. This year the Korean tyre maker intends to start work on its first production facility on European soil and on the construction of a new and larger European technical centre. Changes are also being made to the way Nexen tyres reach European customers. Nexen Tire Europe president Seung-Do Jin recently spoke to Tyres & Accessories about these plans, and on what the company hopes to achieve in Europe.
Continue ReadingMichelin acquires 40% stake in leading French online tyre retailer
Michelin says its acquisition of a 40 per cent share in France’s leading internet tyre retailer is a way to offer consumers “a simplified and financially-advantageous path” between searching online for tyre information and making a purchase and having tyres fitted by professionals. The tyre maker is investing €60 million for a minority stake in Allopneus SAS, which currently holds a seven per cent share of the French tyre market and sold some three million tyres last year.
Continue ReadingIsle of Man TT podium the goal for Saroléa and Bridgestone
Around one year ago, Bridgestone entered into a technical partnership with Belgian motorcycle brand Saroléa, designer of the Saroléa SP7 electric superbike. The tyre maker delivered technical support and tyre expertise for the manufacturer’s track testing and racing ambitions, which last year included the TT Zero Challenge at the Isle of Man TT series. Saroléa finished fourth at its debut appearance, and in 2015 will again look to Bridgestone for further expertise.
Continue ReadingGoodyear declares 6 cent dividend at annual shareholder meeting
At its annual shareholder meeting yesterday, Goodyear Tire & Rubber declared a dividend of US$0.06 per share of common stock (payable June 1 2015 to shareholders of record on May 1 2015), and shareholders re-elected 13 of the company’s Board of Directors to new one-year terms. Goodyear chairman and chief executive officer Richard Kramer also reviewed the tyre maker’s performance in 2014.
Continue ReadingAmerityre appoints new CEO
Amerityre Corp. has named Michael Sullivan who has been chief operating officer of the company since 1 December 2014 as CEO. The appointment took effect on 1 April 2015. In February, Amerityre, which makes industrial tyre products and polyurethane tyre technologies, reported that it cut its net loss by one-third in the quarter ended 31 December to $128,465 on sales of $1.35 million. This announcement marked the firm’s 78th consecutive quarterly loss.
Continue ReadingBorbet to build eighth aluminium wheel plant
In order to remedy a capacity shortfall, alloy wheel manufacturer Borbet GmbH has decided to erect a new factory. After evaluating the suitability of several sites in Germany as well as locations in Poland, Hungary and Brazil, the company has decided upon Kodersdorf in the German state of Saxony as the host region for its new greenfield facility.
Continue ReadingApollo lays foundation of Hungary Greenfield tyre manufacturing plant
Construction of Apollo Tyres’ first European Greenfield plant in Gyöngyöshalász, Hungary, officially began on 10 April 2015, with a foundation stone laying ceremony. The international tyre manufacturer’s facility will start production in early 2017. The facility will produce both, Apollo and Vredestein branded tyres and will cater to the entire European market.
Continue ReadingSuperior Industries prepares shareholders for another AGM showdown
For the last two years, wheel manufacturer Superior Industries International Inc. has faced a shareholder proxy challenge at its Annual General Meeting. On each occasion the company’s largest institutional shareholder, GAMCO Asset Management Inc., presented rival candidates to Superior Industries’ own nominees for directorship. And while GAMCO’s efforts failed both times, it is hoping for third time lucky at the 2015 AGM on 5 May. In strongly-worded letters dated 30 March and 7 April, Superior Industries has urged its shareholders to once again reject the GAMCO-backed candidates and vote for its own nominees.
Continue Reading2 Kumho co-CEOs resign
Two Kumho co-CEOs resigned just a few days after being appointed, according to the Korea Herald. Lee Han-seon and Park Se-chang, son of Kumho Asiana Group chairman Park Sam-koo, resigned from the position of CEO after the company’s major creditors demanded the pair’s resignations. The banks cited procedural problems with appointments as reason for the resignation, the Korea Herald reported.
Continue ReadingMichelin 2014 Annual and Sustainable Development Report
Michelin has published its 2014 Annual and Sustainable Development Report. Titled ‘Open Minded’, the 94-page report pays homage to the tyre maker’s innovations and achievements. It also outlines the key Michelin financial indicators and the new organisational structure set up last year. The report also lists Michelin’s ‘Ambitions 2020’ goals.
Continue ReadingNokian Tyres sets 2014 dividend, Kim Gran leaves Board
At Nokian Tyres’ Annual General Meeting yesterday, it was decided that shareholders will receive a dividend of €1.45 per share for the financial year ending 31 December 2014. This is the same amount as paid out per share for the 2013 and 2012 financial years. The dividend will be paid to shareholders included in the shareholder list maintained by Euroclear Finland Ltd on the record date of 10 April 2015. The dividend payment date is 23 April 2015.
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