Pirelli confirms tyre business focus as stake in real estate firm rises
Pirelli’s share in Italian real estate company Prelios has risen from 13 per cent to approximately 29 per cent following the conversion of bonds worth €148.4 million plus accrued interest. While this 29 per cent shareholding includes a portion (around 22 per cent) that is constrained by lock-up obligations until 2016, Pirelli has released a statement confirming its strategic focus upon its core tyre business. The company is “therefore not a long-term investor in the ‘real estate’ industry” and will “seize any possible opportunity” to divest its Prelios shares.
Continue ReadingContiTech sets goal of doubling turnover
Sales at Continental’s ContiTech division are expected to increase five per cent year-on-year in 2014, but the plan for the coming decade is for much larger growth. In an interview with German financial daily Handelsblatt, division head and ContiTech AG Executive Board chairman Heinz-Gerhard Wente shared on expansion plans for the newly-enlarged ContiTech: “The goal within the next ten years is to again double the turnover of ContiTech, including Veyance. This is by no means utopian.” This means turnover of around €11 billion.
Continue ReadingNokian announces €1.45 per share dividend for 2013
At Nokian Tyres’ Annual General Meeting on 8 April 2014, the company’s financial statements for 2013 were accepted and the Board of Directors and the President and CEO discharged from liability. The meeting decided that a dividend of €1.45 per share shall be paid for the period ending 31 December 2013. The dividend shall be paid to shareholders included in the shareholder list maintained by Euroclear Finland Ltd on the record date of 11 April 2014. The dividend payment date is 25 April 2014.
Continue ReadingBBS waging war against brand pirates
Pirates aren’t lovable rogues with eye patches and parrots perched on the shoulder. Piracy, specifically brand piracy, has become a major issue for manufacturers of well-known products. One such firm, German alloy wheel manufacturer BBS, says counterfeiters who sell online and offer everything from fake centre caps to complete wheels cause the firm significant damage, and now it is taking “appropriate measures” against these pirates.
Continue ReadingWhat is Maxion Wheels focusing on?
During the financial year before last, the Brazilian Iochpe-Maxion Group (the parent company of Maxion wheels) bought Hayes Lemmerz for approximately US$725 million. The acquisition came after the worlds largest wheel manufacturer put down two bankruptcies during the first part of the new millennium, and thus had large amounts of debt to contend with. Eventually the company’s investors finally ran out of patience leaving the obvious question - what has happened to the car aluminium wheel division since then?
Continue ReadingBKT officially signs Monster Jam deal at world finals
The sponsorship agreement between BKT and Feld Motor Sports was officialised at the Monster Jam World Finals in Las Vegas late last month, the tyre maker reports. The deal, which sees BKT supplying the Monster Jam vehicles through to 2018, was confirmed by BKT executive director Rajiv Poddar and Feld Entertainment CEO Kenneth Feld.
Continue ReadingDmack targeting ‘correct’ dealers to deliver mid-range PCR strategy
Now in the second phase of its rollout of passenger car tyres, World Rally Championship tyre supplier Dmack is seeking the right partners around the world for its Shandong Yongtai manufactured road tyres. The company has quadrupled the number of sizes in its PCR tyre range of four patterns in the first half of 2014. Tyrepress interviewed managing director Dick Cormack, communications director Glenn Patterson, and newly appointed sales director Greg Graham at the company’s office and warehouse facility in Carlisle.
Continue ReadingNew Falken tyres, technologies introduce brand’s next generation in Europe
Showcasing significant technological and performance breakthroughs, Falken launched its latest Azensis and Sincera products at the Ascari Race Resort near Malaga, Spain. Tyrepress took the opportunity to speak to Isamu Ishida, managing director, Falken Tyre Europe, and Matt Smith, managing director UK & Ireland, about the direction of Falken post Sumitomo and Goodyears Dunlop joint venture, having sampled the benefits of the new tyres at Ascari.
Continue ReadingHgCapital acquires The Parts Alliance
The Parts Alliance group has been acquired by investors HgCapital (HgC). The acquisition of the business, along with its central facilities in Solihull and central warehouse in Smethwick, was completed on Friday 4 April. Peter Sephton has become chief executive, pledging “to build an industry leading board of industry experts” to drive the enhanced business forward. Sephton retains his role as Group CEO of the HgCapital-owned Parts Alliance members which trade under local brand names and are organised into The Western Alliance and The Eastern Alliance.
Continue ReadingConti acquires remaining share in British engineering firm
On 3 February, Germany’s Continental AG took over full ownership of its joint venture, Zytek Automotive. It previously had a 50 per cent shareholding in the Fradley Park (near Lichfield) company, and following the buy-out is operating it as a part of the Continental Engineering Services (CES) organisation in the United Kingdom. Neither Continental nor former joint venture partner Zytek have disclosed the price paid for the 50 per cent share in Zytek Automotive.
Continue ReadingMedia prize for Bridgestone tyre launch event
Bridgestone has won the ‘Deutscher Mediapreis 2014’ award in Germany for its launch of the Adrenalin RE002 urban sports tyre in 2013. The tyre maker’s ‘Ultimate Experience’ launch event was voted top in the ‘Media Idea of the Year: brand experience/event’ category. The award was received by representatives of international media agency PHD Germany and OMG Fuse, agency for brand staging and social media, on behalf of Bridgestone Europe at the Mediapreis awards ceremony in Munich on 6 March.
Continue ReadingChina to host Michelin’s ‘Challenge Bibendum’ in November
It’s back after an absence of three and a half years – between 11 and 15 November the Michelin Challenge Bibendum returns. This time the sustainable mobility action takes place in Chengdu, China; the choice of location was announced at a joint press conference by the Michelin Group and the Chengdu municipal government. The five-day event will mainly take place at the Chengdu International Intangible Culture Heritage Exposition Park and will follow the theme of “Innovation in Mobility at the Heart of Growth & Urban Well-being.”
Continue ReadingPirelli to appeal EC cable cartel fine
Pirelli & C. S.p.A states that it will appeal the European Commission’s decision regarding cable cartel activity. While the Commission does not directly name Pirelli as a participant in an alleged cartel in the underground and submarine power cable market, it deems the Italian company “jointly and severally liable” as Pirelli owned alleged cartel protagonist Prysmian Cables and Systems (formerly Pirelli’s Cables and Systems division) until 2005, and therefore “exercised a decisive influence” over the business for the first six years of the decade-long cartel. The European Commission has imposed a shared fine of €67.31 million on Pirelli and Prysmian.
Continue ReadingNokian Tyres revises forecast – sales, operating profit to decline
Due to a weaker economic forecast for Russia and the CIS, Nokian Tyres has downgraded its guidance for 2014 and now says net sales and operating profit will decline this year compared with 2013. This latest forecast replaces that published on 7 February, in which Nokian Tyres said it was positioned to show growth in net sales and operating profit this year.
Continue ReadingAeolus, Athlete, Linglong agri a Reifen focus for Heuver
Heuver Tyrewholesale has announced it will once again attend the Reifen trade show, which takes place in Essen, Germany this May. The wholesaler says its trade fair schedule features a lot of time for maintaining and expanding customer relations, while also highlighting the latest products by its important and exclusive (in eight markets) brand Aeolus. In terms of wheel rims, Heuver will give specific attention to the Athlete brand. It will also focus on the latest agricultural tyres by LingLong, which Heuver distributes in a number of markets. The Heuver stand can be found in Hall 2, stand number 2E48.
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