New name and logo for Federal-Mogul
Federal-Mogul Holdings Corp. has announced the next step in its ongoing strategy to drive the global growth of its premium products and leading brands. Effective immediately, the companys Vehicle Components division will be renamed Federal-Mogul Motorparts. Federal-Mogul Motorparts is a leading provider of premium brands, including MOOG, Fel-Pro, Champion, Wagner, ANCO and Ferodo to the global aftermarket. Federal-Mogul Motorparts also provides high-quality vehicle braking, chassis and wiper components to global original equipment manufacturers.
Continue ReadingAeolus becomes sustaining member of German tyre dealer association
Aeolus has announced its membership of German tyre dealer association BRV. The Chinese brand says it will cooperate on bilateral work with the association. Wang Feng, general director of Aeolus Tyres said: “As a Chinese tyre manufacturer, we are particularly proud to become a sustaining member of the German association. We look forward to providing support for the regulations and the major tasks in this very important branch of the specialised trade within the scope of our capabilities.
Continue ReadingToyo launches new mid-term business plan
Along with the unveiling of its ‘Vision 2020’ strategic plan that outlined aims leading up to its 100th anniversary, in May 2011 Toyo Tire & Rubber announced its ‘Mid-term 11’ plan that identified goals for the years to 2015. The tyre maker now reports that due to a favourable business climate, including a weakening of the Japanese yen and lower raw material prices, it has met the Mid-term 11 targets – such as boosting supply capacity – ahead of schedule. Toyo has now set itself a new three-year mid-term business plan, titled ‘Mid-term ’14 GO BEYOND’. This latest plan sets this year as a starting point and covers specific targets up to the end of 2016, while looking forward five years to 2018.
Continue ReadingNew R&D centre: Hankook breaks ground on ‘Technodome’
Groundbreaking took place yesterday on Hankook Tire’s new KRW 266 billion (£155.7 million) R&D centre in South Korea. When complete in 2016, the Daejeon-based Hankook Technodome will be the first of two new research and testing facilities the tyre maker plans to establish as the core instruments of its overall research and development infrastructure. The Hankook Technodome will serve as an incubator for innovative new technologies and eventually operate in tandem with a further facility that is scheduled to open in 2018, the Hankook Test Engineering Center in Sangju, South Korea. The Sangju site’s planned function is to act as a hub for tyre evaluation technologies, and it will be equipped with state-of-the-art tyre testing facilities.
Continue ReadingBKT maintains 30% CAGR
During Reifen 2014 a BKT (Balkrishna Industries) representative commented that the Indian off-road tyre specialist’s turnover has increased by an average of 30 per cent a year over the last five years. A look at the company’s results for the 2013-14 financial year shows this is indeed the case; for the 12 months to 31 March 2014 the company achieved net sales of Rs 35,770 million (£360.4 million). This is a long way from the Rs 12,572 billion earned in 2008-09. EBITDA was Rs 8,940 million (£90.1 million) for the 2013-14 period, a year-on-year increase of 34.5 per cent, while the EBITDA margin rose from 20.8 per cent to 25.0 per cent. Net profit for the year amounted to Rs 4,883 million (£49.2 million), with an earnings per share of Rs 50.53.
Continue ReadingMichelin intends to acquire Brazilian digital fleet management company
Michelin has announced its intention to acquire all outstanding shares of Sascar, the leading Brazilian digital fleet management and freight security company. Michelin said that the acquisition would help to strengthen its global truck fleet telematics business, calling it an important growth area.
Continue Reading2015 Pirelli Calendar photographer named
Pirelli says it has chosen Steven Meisel as photographer for its 2015 Calendar. The tyre maker hasn’t released any further information about the upcoming project at this stage.
Continue ReadingE-commerce comes of age
It seems 2014 could be the year that tyre e-commerce hits maturity. It doesn’t seem that long ago that the NTDA published research showing that the number one method of ordering was phone and – wait for it – fax. Internet was a minority method, but e-mail (a medium of communication that is buckling under the pressure of increased demand for more and faster contacts) was showing some signs of growth. In fact it was November 2005, and therefore will soon be a decade ago. In 2014, virtually every significant wholesale and direct distribution operation is supported by a sophisticated online ordering system that is simply backed by other methods of communication.
Continue ReadingGiti enters the top 10 of leading tyre manufacturers
This year’s annual tyre manufacturer rankings have brought with them a number of key changes at the top of the table. The growth of Far Eastern manufacturers and Chinese companies in particular has long been observed, but 2014 sees Singapore-based Giti Tire break into the top 10 and Taiwan-based Maxxis/Cheng Shin Rubber retains its ninth position. Hot on Giti’s heels, 11th place ZC Rubber (producer of the Westlake brand) gained one place from its position in last year’s table. Indeed this part of the table is extremely close and, such is the competition at this level, if ZC Rubber had achieved the same figures as last year (assuming no-one else had done any better and excluding currency effects) it could have been in 10th position.
Continue ReadingRosneft gains funding for Pirelli acquisitions, signs MoUs with the Italian tyre maker
Late last month, Russia’s Rosneft disclosed it has attracted investments from pension capital funds and financial institutions to fund its 50 per cent acquisition of the holding company that owns 26.19 per cent of all shares in Pirelli & C. S.p.A., and can thus close the deal upon receiving approval from regulatory authorities. One the acquisition is given the green light under European, Italian and Russian law, the oil giant will indirectly hold a 13 per cent stake in Pirelli.
Continue ReadingDespite challenging environment, JK Tyre posts higher full-year profits
JK Tyre & Industries reports a 29 per cent year-on-year increase in net profit for its 2013-14 financial year. During the 12-month period between 1 April 2013 and 31 March 2014, the Indian tyre maker achieved turnover of Rs 82.8 billion (£833.7 million), nine per cent higher than in the prior financial year. Operating profit was up 41 per cent to Rs 8.9 billion (£89.6 million) while pre-tax profit grew 42 per cent to Rs 3.5 billion (£34.9 million). The 29 per cent expansion in the company’s bottom line brought net profit to Rs 2.6 billion (£26.5 million). The company has announced a 50 per cent equity share dividend.
Continue ReadingIs Bridgestone set to sponsor the Olympics?
Bridgestone could be about to announce that it will sponsor the 2020 Olympics in Tokyo. However while it has confirmed that talks have taken place, the company is being much more tight lipped about sharing any details.
Continue ReadingNexen Europe boss ‘takes over new functions’
Nexen Tire reports that Joo-Ho Song, The former president of Nexen Tire is to “take over new functions” at the company. Nexen was at pains to point out that the news marks the end of “an almost two year lasting success story of the Korean top manager in Germany”. No details of who will follow Joo-Ho Song have yet been released, but an announcement is expected shortly.
Continue ReadingNew logo brings Manbat closer in line with Ecobat identity
Since leaving the ownership of the Pemberton family in 2009, Manbat has gradually become more aligned with the internal structure of the Ecobat Technologies group, while remaining faithful to its core principals of supplying its customers with quality products and service. The Manbat team aimed to ensure “business as usual” upon the change of ownership, and the success of this approach can be seen in the fact that some people remain unaware that Manbat is now part of a larger group.
Continue ReadingApollo ‘yet to finalise’ greenfield tyre factory location
Following news reports that Apollo has chosen Hungary as the location of its new tyre plant, the company has released a statement reiterated its plans and stating that it is “yet to finalise the exact location” for its factory.
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