Early 2016 opening for BKT R&D centre
Every year, Indian off-road tyre specialist Balkrishna Industries Ltd. invests three to four per cent of its turnover into research and development, and through this focus the company is able to bring 60 to 80 new types of tyre to market annually. The reported average development time for these tyres is six to eight weeks.
Continue ReadingCanadian agency fines Toyo Tire for bid-rigging conspiracy
Tyre and rubber component manufacturer Toyo Tire & Rubber has been fined CA$1.7 million by Canada’s Competition Bureau for its participation in an international bid‑rigging conspiracy related to the supply of anti‑vibration components to Toyota Motor Corp, and on 9 December pleaded guilty to three counts of bid rigging under the country’s Competition Act.
Continue ReadingSailun to build all-steel, OTR tyre plant in Vietnam
The Sailun Jinyu Group has informed the Shanghai Stock Exchange about plans for its wholly-owned Vietnamese subsidiary, Sailun (Vietnam) Co., Ltd, to invest up to US$200 million in all-steel belted tyre and off-highway tyre production. At a meeting held on 8 December, the Sailun Jinyu Board of Directors unanimously approved the project.
Continue ReadingPep Boys to Bridgestone: New deal or no deal
The Board of Directors at US automotive aftermarket retailer The Pep Boys – Manny, Moe & Jack has declared the US$15.50 per share merger agreement received by Icahn Enterprises superior to the $835 million Bridgestone Retail Operations was prepared to pay, not least because it isn’t subject to due diligence or financing conditions, and it contains a ‘hell or high water’ anti-trust covenant. Pep Boys have now lobbed the ball back into Bridgestone’s court, and the tyre maker has two days to come back with a better offer.
Continue ReadingZenises, ZC Rubber give to schools
The Zenises Foundation, the child-focused charity associated with the Zenises tyre brand, and Goodride tyre brand manufacturer ZC Rubber have shared details of separate projects undertaken with schools in Africa and the Caribbean.
Continue ReadingMichelin to supply European markets from newly-expanded site in Hungary
In 2016 Michelin intends to develop its logistics centre in Vác, Hungary into a centre for tyre distribution within Europe, and to realise this aim has undertaken a €7 million expansion of the site. In a Hungarian-language press statement the tyre maker reports that the 30,000 square metre facility has been handed over and is ready for its new responsibilities; from 1 January 2016 it will supply tyres to 15 countries in Central and Southern Europe (Michelin names the Czech Republic, Albania, Austria and Bulgaria as four of these), and will receive tyres from all of Michelin’s European factories.
Continue ReadingIcahn offer would result in ‘Superior Offer’, says Pep Boys board
US automotive aftermarket chain The Pep Boys – Manny, Moe & Jack gives word that its Board of Directors have determined the proposal from Icahn Enterprises L.P. to acquire Pep Boys for US$15.50 per share in cash would be expected to result in a “Superior Proposal” (as defined in the companys agreement and plan of merger with Bridgestone Retail Operations, LLC). This opinion was reached after consultation with the company’s independent legal and financial advisors, however at this stage Pep Boys are still on track to take up the Bridgestone share offer.
Continue ReadingKumho relocating Nanjing tyre plants in 2016
The timetable for the relocation of Kumho Tire’s factory in Nanjing, China has been set out. The shift to a new site will take place in stages throughout 2016 and will see the plant set up in an economic development zone in Pukou, some 19 miles (30 kilometres) from the original factory site. Both the passenger car tyre factory and the truck and bus tyre factory should be relocated to the new location by the end of next year.
Continue ReadingSteinmetz Bridgestone Americas’ new HR chief
As of 7 December, Jan Steinmetz has taken over as chief human resources officer at Bridgestone Americas. He succeeds Christine Karbowiak, who held the position since February in addition to her roles as the company’s chief administrative officer and chief risk officer. Steinmetz will lead the company’s international human resource programming for nearly 55,000 employees, and is located at Bridgestone’s Nashville-based Americas Support Center and headquarters.
Continue ReadingIcahn offers counterbid for Pep Boys
Bridgestone Americas’ cash tender offer to acquire US automotive service and retail chain The Pep Boys – Manny, Moe & Jack for US$15.00 a share has been challenged by Icahn Enterprises L.P. The New York-based master limited partnership and owner of automotive aftermarket distributor Auto Plus has written to the Pep Boys’ board, proposing to pay a cash sum of $15.50 per share to acquire the entire outstanding stake in the company – an offer it believes “clearly superior” to the Bridgestone transaction.
Continue ReadingBridgestone CEO accepts Thai investment advisor position
The chief executive officer and chairman of the board at Bridgestone Corporation, Masaaki Tsuya, has been appointed honorary investment advisor to the Thailand Board of Investment (BOI). The role was established last month with the purpose of assisting the BOI in promoting Thailand as an attractive investment destination both in Southeast Asia and throughout the world.
Continue ReadingAlliance appoints new head of marketing, Europe
Alliance Tire Group (ATG), has appointed Ole Baek as head of marketing, Europe, based in Halsteren, Netherlands. He started on 1 November 2015.
Continue ReadingJK Tyre production affected by Chennai flooding
Following Apollo’s admission that flooding in Chennai had affected its tyre factory, JK Tyres has reportedly experienced disruption to eight of its shifts. This equated to roughly 700 tons of tyres, according to the local Business Standard newspaper.
Continue ReadingVW Group sales down 20 per cent
While November saw a rise in car sales, SMMT figures show that it was far from a good month for the VW Group in the UK: Volkswagen sales in Britain tumbled in November with new car registrations of VW-branded models falling 20 per cent year-on-year in the wake of the diesel emissions rigging scandal.
Continue ReadingGoodyear Wranglers fitted to anti-poaching vehicles
Rangers on the Forever Wild Rhino Protection Initiative team have fitted Goodyear Wrangler tyres to their vehicles. This is the fourth year that the tyre manufacturer is sponsoring the rugged, all terrain 4x4 tyres to help give the anti-poaching teams an advantage when patrolling the countrys nature reserves.
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