Conti to double Otrokovice TBR capacity, widen export programme
The Continental truck and bus tyre factory in Otrokovice, Czech Republic will be significantly expanded, the tyre maker announced today. A total of €165 million will be invested over a period of five years to ultimately double truck and bus radial production capacity at plant to close on 1.5 million units per annum. More than 300 new jobs will be created throughout all production areas, and the enlarged plant will service the American and Russian markets in addition to the areas it currently supplies.
Continue ReadingTereos joins BioButterfly, signs agreement with Michelin
The world’s fourth-largest sugar producer, Tereos, has joined the French BioButterfly project to develop and roll out a process for producing bio-butadiene. The company has signed a partnership agreement with Michelin that focuses on the industrial transformation of agricultural raw materials; this partnership aims to strengthen the upstream phase of the BioButterfly project.
Continue ReadingMitas signs Claas OE deal
Mitas has announced that the Czech tyremaker signed a long-term agreement with Claas at the recent Agritechnica event. “Our cooperation with CLAAS is excellent. We are continuing our collaboration, which dates back to 2004, when Mitas acquired the Continental farm tyre manufacturing division,” said Andrew Mabin, Mitas’ marketing and sales director.
Continue ReadingTitan announces Q4 dividend
The Board of Directors of Titan International has approved a quarterly cash dividend of US$.005 (one half cent) per common share for the fourth quarter of 2013. The cash dividend is payable 15 January 2014, to stockholders of record on 31 December 2013.
Continue ReadingTerex sell rigid truck business to Volvo for US$160 million
Terex Corporation has agreed to sell its truck business to Volvo Construction Equipment for approximately $160 million. The truck business manufactures and sells off-highway rigid and articulated haul trucks. The deal includes the firm’s Motherwell, Scotland manufacturing facility. The sale, which is subject to government regulatory approvals and other customary closing conditions, is targeted to close in the first half of 2014.
Continue ReadingAeolus launches 5-language European website, Facebook page
Aeolus reports that its new aeolus-europe.com is now live and offering information for tyre professionals and other visitors in five languages. The site presents company and product information in English, French, German, Italian and Spanish.
Continue ReadingRevenues down, profits up at Stamford Tyres
Singapore-based Stamford Tyres has posted a S$4.85 million (£2.36 million) profit in the second quarter of its current financial year, a marked contrast to the $2.97 million loss reported a year earlier. Revenue for the three months to 31 October 2013 amounted to $71.5 million (£34.8 million), down 12.1 per cent year-on-year. The company says the lower revenues are mainly attributable to weaker export sales of Sumo Firenza tyres and mining tyres.
Continue ReadingGori takes on advisory role at major Pirelli shareholder
Francesco Gori, who for many years until the start of 2012 held the office of chief executive officer at Pirelli Tyre – has been appointed to an advisory position at Pirelli’s second largest shareholder, Genoa-based Malacalza Invesitmenti. In this role, Gori will take care of the company’s investment in Pirelli and provide analyses of the tyre industry.
Continue ReadingA.T.U. sold in restructuring deal
German-owned fast-fit network A.T.U. reports reaching a “decisive milestone in its financial repositioning.” The loss-making company’s management and majority shareholder (private equity group KKR) have reached a lock-up agreement with more than 80 per cent of its key bond creditors to reduce A.T.U.’s debt by more than €600 million and inject some €100 million of fresh equity into the firm. In addition, A.T.U. has received a senior secured, 2018-due credit line of more than €75 million from HayFin Capital Management.
Continue ReadingCam Systems’ connection drives new 30th anniversary campaign online
Cam Systems is launching its 30th anniversary with an online campaign including a new website at the beginning of 2014. The company will demonstrate its connection to tyre industry retailers, manufacturers, fleets and wholesalers in under the campaign header, ‘Connecting the tyre industry’.
Continue ReadingPCR production drop planned for Goodyear Dunlop’s Wittlich plant
Passenger car tyre production at Goodyear Dunlop’s Wittlich plant in Germany will decrease by at least 30 per cent next year. In local media source volksfreund.de, Wittlich works council chairman Joachim Weberskirch confirms rumours that PCR production “will be reduced from round 4,000 a day to 2,500 to 2,800 a day next year.” Weberskirch says this lowering of production is a response to declining sales of passenger car tyres throughout Europe.
Continue Reading[Re]defining brand boundaries?
When Ashley Croft used his farewell Tyre Wholesaler Group annual chairman’s speech to ask how we define what a “premium” tyre is, he captured something of this year’s tyre industry zeitgeist (click here for full coverage of the speech). Of the speech didn’t just deal with this question – it touched on labelling, part worns and what the UK industry is doing to improve the availability of good market data too – but, if the market ruminations of a number of key players are anything to go by, Croft wasn’t the only one to have been raising this question during the last 12 months.
Continue ReadingGoodyear to issue dividend on 5.875% preferred stock
On 2 December, the directors of The Goodyear Tire & Rubber Company have announced a quarterly dividend of 73.44 cents per share of mandatory convertible preferred stock. According to the company, the dividend is payable 1 January 2014, to shareholders of record on 13 December 2013. The payout represents an annual rate of $2.9375 per share.
Continue ReadingYokohama and Kumho sign technology exchange, capital alliance MOU
The Yokohama Rubber Co., Ltd. And Kumho Tire Co., Inc. signed a Memorandum of Understanding (MOU) on 29 November. The companies report that they have agreed to open discussions relating to technology exchanges and a capital alliance based on “cross-shareholdings”.
Continue ReadingCooper opens purpose-built distribution centre in Belgrade
Cooper Tire has announced its plan to open a 6,800m2 distribution centre in conjunction with logistics expert, Milsped, in Belgrade, Serbia. The facility will be located alongside Milsped’s corporate headquarters in the Krnjesevci area of Belgrade. Due to open in December, the centre will have a storage capacity of up to 400,000 tyres.
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