One Rock renames Eastman’s tyre additives business as Flexsys
On 1 November private equity firm One Rock Capital Partners LLC announced that it had completed the previously announced acquisition of the Eastman Chemical Company tyre additives business. Now the company is being renamed as Flexsys, a tribute to the legacy name of the business. The acquisition of Flexsys marks One Rocks sixth corporate carve-out transaction in 2021.
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Hankook Tire: Global issues affect Q3 2021 sales, profit
Consolidated sales and operating profit may have been down year-on-year during the three months to 30 September 2021, but Hankook Tire was nonetheless pleased to experience “qualitative growth” during the quarter.
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TRA urges UK to mirror Australia’s move to end unprocessed end-of-life tyre exports
The Tyre Recovery Association (TRA) has spoken out to endorse the move Australian government’s move to prohibit the export of most unprocessed end-of-life tyres from December 2021. The only exception will be casings suitable for retreading or validated reuse. In addition, Peter Taylor, secretary general of the TRA urged DEFRA Secretary of state George Eustice MP to closely study this change in Australian law and consider whether the UK should follow a similar path:
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Bridgestone Vietnam wins Best Supplier award from Toyota Motor Vietnam
Recently, Bridgestone Vietnam Tire Trading Co., Ltd and Bridgestone Tire Manufacturing Vietnam Co., Ltd (Bridgestone Vietnam) received the Best Supplier award in 2020 at the Toyota Motor Vietnam (Toyota Vietnam) annual conference.
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26 truck tyre service providers integrated with Bridgestone via TiDaex and Fleetbridge
A total of 26 commercial tyre service providers have successfully installed integration between Cam International’s TiDaeX and Bridgestone’s FleetBridge system. According to Cam International, the companies are using e-jobsheet to connect with FleetBridge in order to secure “greater shared data accuracy and efficiency between connected dealers and Bridgestone Europe”. The systemised link is said to make it easier to do business with the global tyre manufacturer, by markedly reducing the dealers’ admin workload where Bridgestone fleet work is concerned.
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NTAW gains Michelin retreading capability via Black Rubber acquisition
Australian tyre wholesaler National Tyre & Wheel Limited (NTAW) has signed the necessary paperwork for its acquisition of Black Rubber Pty Ltd and Black Rubber Sydney Pty Limited. The transaction, which took place yesterday and is valued at AU$26.3 million (£14.5 million), brings Black Rubber’s import and retreading businesses into the NTAW fold.
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New HQ for Nexen Tire America
The US-based subsidiary of Korean tyre maker Nexen Tire has relocated its headquarters from California to Richfield, Ohio. The tyre maker chose Richfield as the site is already home to its North American technical centre, opened in 2019 and one of three that Nexen Tire operates worldwide.
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Raw material as well as shipping costs to remain headwinds
At the start of 2021 we published a headline suggesting that “shipping costs [were] temporary” and “price increases less so”. While that article was based on the latest third-party data as well as the expert opinion of a leading wholesaler, it now looks like shipping cost woes are set to continue well into 2022 and that – while they have softened recently – raw material costs will remain headwinds during the next year or so as well.
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Australia banning waste tyre exports next month
From 1 December 2021, new laws in Australia will extend a ban on waste exports out of the country to tyres. It follows a cessation of unprocessed waste glass and mixed plastic exports earlier in the year. Reporting this measure, Tyre Stewardship Australia says the change is part of a broader commitment by the Australian Government to reduce waste, increase recycling rates and build capacity in Australia’s recycling industry.
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Tyron Runflat MultiBands to be fitted on additional UK police force vehicles
Tyron’s reports that its Runflat MultiBands have been selected to keep the fast pursuit vehicles of the Cumbria Constabulary and Cheshire Constabulary police safe in the event of a tyre blow-out at speed. The selection will see Tyron MultiBands rolled out to in-service pursuit vehicles that previously had run-flat tyres fitted.
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Goodyear retains UK police fleet tyre contract for four additional years
Goodyear is continuing its 25-year partnership with the UK Police Force by retaining the relevant tyre supply part of the Crown Commercial Service framework. This means Goodyear will “supply, service and maintain the government-operated fleet for an additional four years.” The Police tyre supply contract makes up a significant part of the overall Crown Commercial Services tyre supply framework which normally runs for four years at a time, but the last deal ran for five due to the pandemic and expired on 10 October 2021.
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ATD releases inaugural ESG report
American Tire Distributors (ATD), the largest replacement tyre distributor in North America, has published its first Environmental, Social, Governance (ESG) report. With its release, ATD commits to “identify opportunities and invest in solutions that are designed to improve its holistic community impact while delivering unmatched customer service to the entire replacement tyre ecosystem.”
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Trelleborg Wheel Systems: Lower Q3 2021 EBIT despite strong organic sales
Sweden’s Trelleborg AB shares that its Trelleborg Wheel Systems business achieved “strong” organic sales growth during the three months to 30 September 2021, with significant growth in all product categories and in most geographies. Overall net sales were up 14.2 per cent year-on-year, to SEK 2.37 billion (£201.36 million).
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Apollo Tyres: Cost of raw materials, chip shortage impacts on operating performance
For the three months to 30 September 2021, the second quarter of its 2021-22 financial year, Apollo Tyres reports consolidated revenue of Rs 50.77 billion (£493.84 million). This represents an 18 per cent increase over the same period of the previous fiscal year. EBITDA decreased 9.8 per cent year-on-year, to Rs 6.38 billion (£62.06 million) with a margin of 12.6 per cent (16.5 per cent in Q2 2020-21). Net profit amounted to Rs 1.74 billion (£16.93 million).
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Bridgestone withdrawing from conveyor belt business
Bridgestone Corporation announced today its intention to withdraw from the conveyor belt business as part of a restructuring of its diversified products business. The company will gradually reduce production and sales volume in order to “minimise the impact to the operations of its customers and suppliers” and will completely withdraw from the business by the end of 2024.
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