Goodyear 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.
Continue ReadingChinese tyre recycling plant to feed ‘SRI Compound’ demand
A plant for converting end of life tyre rubber into a compound suited for use in new tyres will be set up in China’s Fujian Province if the aims of a new Memorandum of Understanding are fully realised. The MoU signed between China Automobile Parts Holding Limited and Malaysia’s Sri Elastomers Sdn. Bhd. on 18 March formalises both parties’ intention to form an alliance for the commercialisation of SRI Compound. Plans call for the establishment of a joint operation in the city of Xiamen.
Continue ReadingZenises hosts 2015 Westlake Partners Day in Bangkok
Zenises held its 2015 Westlake European Partners event on 14-17 March at the five star Grand Hyatt Erawan in downtown Bangkok. The company was joined by Westlake dealers and distributors from across Europe, as well as by leading dignitaries from Zhongce Rubber (Hangzhou Zhongce), the producer of the Westlake tyre brand. During the event, Ge Gourong, Zhongce’s CEO, expressed thanks to those attending for continuing the development of the Westlake brand in Europe, and detailed his vision for the brand’s future direction.
Continue ReadingNokian Tyres’ tax ruling overturned
In December 2013 and January 2014, Finland’s Tax Administration ordered Nokian Tyres plc to pay additional taxes totalling €100.3 million following a reassessment of the 2007 to 2010 tax years. The tyre maker appealed this decision and now reports that The Board of Adjustment within Finland’s Large Taxpayers’ Office has annulled the reassessment decision and returned the matter back to the Tax Administration for reprocessing.
Continue ReadingFirestone to be present at UK, European music festivals
The marketing department at Bridgestone Europe is putting in overtime to assert the Firestone brand’s cool credentials. The company says Firestone plans to reassert its presence on the European market as a “dynamic, energetic and above all cool brand for the young and young at heart,” and these efforts include the brand’s sponsorship of music festivals in Spain, Germany, France, Poland, Italy and the UK The ‘Firestone Music Tour’ will be present at major festivals in these six countries during the summer.
Continue ReadingPirelli profits up after increasing premium segment activities in 2014
Reporting what looks likely to be its last full year results before ChemChina takes control, Pirelli has confirmed marginally improved financial data in its tyre business for the full year 2014. EBIT rose 4.5 per cent to 852.6 million euros (815.7 million euros in 2013), though revenues were marginally down (0.4 per cent) to 6,007.5 million euros. Total net profit was up 8.6 per cent to 332.8 million euros (versus 306.5 million euros in 2013).
Continue ReadingNokian Tyres publishes 2014 CSI report
The latest GRI G4 compliant Corporate Sustainability Report from Nokian Tyres is now available. This report, says the tyre maker, describes Nokian Tyres’ activities from the perspective of environmental, social and economic responsibility as part of an international value chain.
Continue ReadingTrelleborg acquires Australian agricultural tyre business
Sales of Trelleborg agricultural tyres in the Australian original equipment and replacement markets will benefit from Trelleborg Wheel Systems’ acquisition of Armstrong Tyres, an agricultural segment service and distribution company. Trelleborg has signed an agreement to purchase the Australian firm for an undisclosed sum, and the transaction is expected to be finalised in the second quarter of 2015.
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