Goodyear to cut 5% of salaried staff globally, $80 million 4Q loss expected in EMEA
Goodyear Tire & Rubber Company is planning “rationalization and workforce reorganization” actions that would result in a 5 per cent reduction in salaried staff globally, or about 500 positions. According to executives, the move has been prompted by the “challenging industry environment and cost pressure driven by inflation.” However it is also attributed to weaker-than-expected fourth-quarter results:
On 18 January, Sailun Group announced an 833-million-yuan (£99.63 million) investment to upgrade OTR tyre production at its plant in Qingdao, China. The upgrade will allow Sailun to produce OTR tyres in sizes up to and including 49-inch. The tyre maker intends to complete this upgrade and adjust its production portfolio within a period of ten months.
Sentury self-financing Spanish tyre factory shortfall
On 17 January, Sentury said it will adjust its financing plan through the stock market and specifically non-public offering of shares. After the adjustment, the tyre manufacturer will obtain no more than 2.8 billion yuan (about £330 million; 380 million euros), which is far lower than the 4 billion yuan (about £480 million; 540 million euros) proposed in the previous plan.
On 19 January, the European Commission extended anti-dumping duties on aluminium road wheels from China for a further five years. The extension follows an expiry review investigation, which showed that these wheels continue to be dumped on the EU market and that industry within the European Union would suffer significant harm if the measures were allowed to lapse.
Beissbarth Automotive Testing Solutions GmbH is taking over Beissbarth GmbH as a subsidiary of Stertil B.V., effective 1 January 2023. Most self-administration proceedings Beissbarth GmbH applied for in July 2022 are therefore complete. The parties have agreed not to disclose the purchase price.
Increased UK, EU new car registrations in December
According to the European Automobile Manufacturers Association (ACEA), new car registrations across the EU expanded 12.8% in December 2022, the fifth consecutive month of growth during the year. Despite this positive result, only two of the region’s four major markets recorded growth. UK registrations – counted separately from EU figures – grew 18.3% year-on-year in December, to 128,462 units.
Mobivia: Acquiring Michelin’s ATU shares makes sense from strategic standpoint
Yesterday we reported that Mobivia Group had reacquired from Michelin its 20% stake in ATU or would do so “in the next few days,” becoming once again sole owner of the German garage and automotive parts network. At the time, Mobivia hadn’t responded to requests for further information, but a statement from company headquarters arrived this morning and sheds some light on the reason behind the buyback. What’s more, further research suggests Michelin was unable to realise its purchase price when selling the stake.
Yokohama Off-Highway Tires notes that an erroneous report of a fire at its plant in Hadera, Israel has “caused confusion in the tyre industry.” Company officials confirmed today that there was no fire at the facility.
Hankook Tire is set to reduce costs and wastage in its production facilities thanks to a research collaboration with Korea Atomic Energy Research Institute and HM3DP, a 3D printing start-up. Working with these partners, Hankook has developed ‘Damaged Parts Restoration 3D Printing Technology’, which it will use to restore titanium alloy blades that are damaged while cutting tyre rubber during the production process.
Nokian Tyres: Romania contributing 99.55 million euros to factory project
The government of Romania has approved state aid of almost 100 million euros to Nokian Tyres PLC. The tyre maker intends to establish a new factory in Oradea, and the ad hoc regional state aid will finance the costs related to the factory’s establishment and address the financing gap related to this greenfield investment.
Analysts: Conti ’missed’ EBIT by 15%, notwithstanding better Tires performance
Following the news that Continental AG has pre-released fourth-quarter 2020/full-year 2022 sales, adjusted pre-tax profit (EBIT) margin and free-cash-flow figures, financial analysts immediately began sharing their verdict.
Five years ago, Michelin purchased a 20 per cent stake in German automotive parts and servicing network ATU for 60 million euros. The French tyre maker has now confirmed that majority shareholder, France’s Mobivia Group, will acquire the minority stake from Michelin “in the next few days” and thus become the retail chain’s sole owner
Vredestein sponsoring Alpine World Ski Championships
The Vredestein tyre brand is to become an Official Sponsor of the 2023 FIS Alpine World Ski Championships, which will take place in Courchevel Méribel, France, between 6 and 19 February 2023. Apollo Tyres, owner of the Vredestein brand, signed the sponsorship deal to “help drive awareness of the award-winning Vredestein winter and all-season tyre ranges.”