Enviro in the red in 2023, now positioned for profitability
Scandinavian Enviro Systems AB (Enviro) has published its financial results for 2023, and these figures reflect the expense involved with setting up a new recycling solution for end-of-life tyres. The Swedish firm achieved net revenues of SEK 13.9 million (£1.1 million) during the year, a 73.8 per cent increase on 2022 revenues. Operating results were still in the red at SEK -93.6 million (-£7.1 million) and earnings after tax were SEK -92.3 million (-£7.0 million) (2022: SEK -83.6 million).
Continue ReadingShred-Tech buys CM Shredders
Shred-Tech Corp. has agreed to buy CM Shredders, LLC via its parent company The Heico Companies. According to Shred-Tech, the move “is a significant step forward in enhancing Shred-Techs product portfolio, extending its global reach, and fortifying its North American manufacturing capabilities.”
Continue ReadingSaudi tyre JV – Kumho Tire & Blatco sign tech agreement
Kumho Tire has entered into a technology licensing agreement with Blatco (Black Arrow Tire Co.), a Saudi company established in 2019 to kick-start tyre manufacturing within the country with joint venture partners. Under the terms of the agreement, Kumho Tire will provide Blatco its passenger vehicle tyre production technology for the next 20 years.
Continue ReadingCorey Parks succeeds Robert Foord as Kal Tire president
Robert Foord is transitioning to the role of executive vice-chair of the board after 15 years as president of Kal Tire and 37 years with the company his father founded. Corey Parks assumed the role of president effective 1 March 2024.
Continue ReadingMAM integrates Autowave into its Autocat software
Autowave, which develops car keys and key programming equipment, has been amalgamated into MAM Software’s Autocat platform. Autowave’s range of products, includes car keys, key cutting, and programming equipment. Coupled with Autocat, customers can seamlessly search for and purchase Autowave products.
Continue ReadingNova Motorsport signs 5-year RallyX Championship tyre supply agreement
New motorsport tyre brand Nova Motorsport has signed a five-year partnership to make it the official tyre supplier to the RallyX Championship, starting with the 2024 season opener in Sweden (10-11 May). The deal represents continuity for the championship in a sense; Nova Motorsport has acquired the rights to sell products under the Avon Motorsport and Avon Racing brands from Cooper’s owner, Goodyear; has recruited several key staff from the former Cooper Avon operation based in Melksham; and has acquired all residual stock from the Cooper Tire & Rubber Company and Avon Motorsport business, including the world leading ACB11 rallycross tyre. Nova Motorsport said it is making a “firm commitment to uphold the legacy, performance and quality of Avon Motorsport products.”
Continue ReadingFormer Cooper Avon managers James Weekley, Matthew Vincent join Nova Motorsport team
Nova Motorsport has continued its recruitment of former Cooper Avon managers previously based at the companys erstwhile European headquarters in Melksham. James Weekley, former general manager at Avon Tyres Motorsport, leads Nova Motorsport as commercial director. Ex-Cooper Tire/Avon Motorsport product technology manager Matthew Vincent has also become Novas senior product category manager. The two appointees join Paul Coates, Cooper Tire/Avon Motorsport general manager, whose appointment was previously announced, and who has become Novas contracts manager. The experienced team has been assembled by founder and managing director of the brand’s parent company, SPC Group, Paul Hallas.
Continue ReadingBridgestone outlines European restructuring in 24MBP
Bridgestone Corporation has presented its Mid Term Business Plan (2024-2026), and for Europe this entails significant restructuring and rebuilding within the truck and bus tyre as well as the retreading business. Chief executive officer Shuichi Ishibashi and Masato Banno, the company’s chief technology officer, discussed 24MBP on 1 March.
Continue ReadingGRI appoints former Conti leader Barry Guildford global commercial director
Speciality and agricultural tyre manufacturer GRI has appointed Barry Guildford as its new global commercial director (GCD). The appointment bolsters the company’s increasingly international leadership team as the Sri Lanka based company proceeds with its global growth strategy. Guildford arrives with a wealth of experience and a proven track record of success in strategic leadership and sales management roles within the tyre industry over the last 23 years. He has held a variety of leadership positions within Continental, most recently as head of region Northeast Europe & head of sales ContiTrade. He joined GRI officially on 1 March. GRI has made significant strides in integrating sustainable materials in its flagship tyres in the last year, and demonstrated its leading sustainability position and expanding manufacturing base in Sri Lanka to Tyres & Accessories – see Tyrepress next week for more details.
Continue ReadingBridgestone highlights four original equipment trends to watch in 2024 and beyond
Bridgestone has revealed four tyre trends to look out for as the automotive industry evolves with the rise of electric vehicles. The tyre manufacturer is a major tyre supplier for many of the world’s leading vehicle manufacturers, holding a significant share of the OE market. It is designing and supplying more fitments for EVs than ever before. In the European OE market, Bridgestone’s team has shared four major trends it believes will have the biggest impact on an evolving automotive industry throughout 2024 and beyond.
Continue ReadingETB, Britannia hit platinum customer service levels for second successive year
ETB Autocentres and Britannia Tyres have been awarded the Feefo Platinum Trusted Service Award for 2024, in honour of the retail experience created for their customers over the past 12 months. The tyre retail and autocentre chains qualified for the independent award after recording more than 50 ratings of between 4.5 and 4.9 between 1 January and 31 December 2023. The networks received the same award in 2022, upgrading their gold standard performance in 2021. ETB and Britannia said the awards validate a their work to create a memorable experience for motorists over the past 12 months.
Continue ReadingHoriba Mira secures Euro NCAP accreditation for active safety testing
Horiba Mira proving grounds in Warwickshire has extended its European New Car Assessment Programme (Euro NCAP) accreditation to conduct official active safety system testing on passenger cars and light commercial vehicles. The facility is globally recognised as a leader in vehicle safety engineering, with a long-standing association with Euro NCAP. It has been accredited for passive safety testing since 2012 and is currently supporting the development of the organisation’s new heavy truck rating scheme testing protocols.
Continue ReadingHella Academy launches with IMI ADAS training
Hella has announced the launch of its Institute of the Motor Industry (IMI) approved training facility, Hella Academy in Chipping Warden, Banbury. Initially opening with two IMI accredited Advanced Driver Assistance System (ADAS) courses, the brand-new training centre is equipped with a modern classroom and state-of-the-art workshop to blend key theoretical learning with hands-on training. Hella Academy’s ADAS IMI AOM 230 course provides technicians with the insurance approval needed to work on ADAS-equipped vehicles while its ADAS L2 Award covers calibration, vehicle alignment, workshop requirements and more. Both two-day courses are available to book now.
Continue ReadingTitan International buys Carlstar Group for US$296 million
Titan International, Inc. (TWI) has bought Carlstar Group LLC. for approximately $296 million in a cash and stock transaction, which closed on 29 February 2024. The transaction price represents a multiple of approximately 4x Carlstars full-year 2023 pre-tax profits (adjusted EBITDA) of $73 million. Carlstar reported revenues of around $615 million in 2023.
Continue ReadingHalfords shares plummet after consumer tyre-related profit warning, but Autocentres remain ‘bright spot’
Halfords Group’s share price fell by around a quarter in response to an unexpected profit warning notice on 28 February, which suggested Halfords would make substantially less profit than the firm forecast roughly a month earlier. At least part of the reason for the profit warning was softening demand in the consumer tyre sector. Halfords stock recovered slightly in early trading on the morning of 29 February, however the five-day chart shows that the company’s share price remains around a quarter down.
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