The Goodyear Tire & Rubber Company has reported full-year 2021 net sales of $17.5 billion, a 42 per cent increase on 2020. According to Goodyear, this was primarily due to “the Cooper Tire merger, higher volume, improvements in price/mix and increased sales from other tyre-related businesses.”
The completion of Goodyear’s takeover of Cooper on 7 June this year brought with it the first indications of the scale of Cooper’s sales in the Europe Middle East and Africa (EMEA) market. Before that point, Cooper only reported sales figures for their “International Tire Operations”, which includes sales generated worldwide outside EMEA.
The Goodyear Tire & Rubber Company has published figures that show its third-quarter 2021 sales were $4.9 billion, up 42 per cent compared with a year ago. Of course, much of this increase was driven by the company’s acquisition of Cooper Tire, but growth still came in at 16 per cent with the benefits of the Cooper merger excluded. At the same time, Goodyear executives also reported that the company now expects circa 50 per cent greater Cooper merger-related synergies than before. Specifically, this means a benefit of $250 million in run-rate synergies by mid-2023 up from an initial forecast of $165 million. And what’s more, the company expects to realize approximately $20 million of these savings in 2021. No estimates for 2022 synergies are being released until at least the end of 2021 and more likely February 2022 when full-year 2021 data has been processed.
Birla Carbon will increase the price for all products produced in the Europe, Middle East and Africa (EMEA) region by 97 euros per metric tonne. All shipments made on or after 1 June 2021 are subject to the price increase.
In January 2019, the ground was broken on the US$614 million Roadbot tyre plant in Abu Dhabi. Local news sources described the project as a milestone in the capital of the United Arab Emirates as recently as January 2020. However, the project has since hit a roadblock as a result of the coronavirus pandemic.
Tyres & Accessories has seen documents that show how recent progress has been limited, though initial steps seem to have progressed well. Specifically, the official letter from Roadbot Tyre Industries dated July 2020 confirms that all the necessary planning applications, architectural designs and structure drawings have been approved and completed. Yet critical machinery work came to a standstill in March 2020.
Continental has merged its passenger and truck tyres replacement businesses in Europe, the Middle East, and Africa. Philipp von Hirschheydt, former head of the passenger tyres replacement business in the EMEA region, leads the new business unit. This transformation started on 1 January, 2020, becoming effective on 1 July, 2020. Conti states that it has merged the businesses to “increase customer centricity while increasing the overall efficiency of the organisations.” In making this organisational change, Conti has shifted its structure to align with customer groups rather than product categories.
Following news that Exide Technologies entered Chapter 11 bankruptcy protection on 19 May 2020, Exide has been bought by long-term lenders who have injected cash, but remains up for sale until the end of July. Specifically, the new owners of Exide EMEA and Asia-Pacific are subject to conditions outlined in the transaction document to “maintain continued employment of the company’s workforce in these regions”. For example, as part of the agreement, the ad hoc lender group has provided additional liquidity of up to $75 million. The agreement also includes a “go-shop” period with a bid submission deadline and auction to be held in early July 2020.
On 19 May battery manufacturer Exide Technologies entered chapter 11 bankruptcy protection, announcing “a comprehensive strategy to best position its businesses in North America, EMEA, and Asia-Pacific to benefit its employees, customers, suppliers, and other stakeholders across the globe.” In short, the strategy puts the Exide’s US business in chapter 11 and sells the Europe Middle East and Africa (EMEA) to the firm’s long-term lenders.
Various road and climatic conditions are encountered within the Continental Tire division’s Europe, Middle East and Africa (EMEA) business, and for this reason, it is introducing commercial trailer tyres that reflect regional requirements. The first of these is the Conti Hybrid HT3 WR.
In January 2019, construction of the United Arab Emirates’ (UAE) first tyre plant began. Now, the best part of a year later, sources operating in the Middle East and Africa region report that the Roadbot factory, which is being built in KIZAD’s China-UAE Industrial Capacity Cooperation Demonstration Zone by Tirebot, is nearing the completion of its initial stage of development. During the ground-breaking of the plant in January, company representatives said the factory would become operational in October 2020. As much as US$600 million is reportedly being invested in the project.
Cooper Tire & Rubber Company Europe has appointed Michiel Kramer as its marketing director for central and eastern Europe, Middle East and Africa. In this newly created role, Kramer, a 12-year tyre industry veteran formerly with Apollo Vredestein, will be responsible for marketing, pricing, business intelligence and product management. He reports to Luis Ceneviz, Cooper’s managing director of Latin America Tire Operations and managing director of Europe Tire Operations.
Following the acquisition of all necessary approvals on 28 July, Bridgestone EMEA has completed the 100 per cent acquisition of fast fit network Speedy France. Bridgestone EMEA announced its plan to acquire the French retail chain on 30 May 2016.
The Goodyear truck tyre website for customers in the EMEA region – Europe, the Middle East and Africa – has been re-launched and is now available in a range of local languages. The updated truck.goodyear.eu site provides information on new and retreaded tyres, the Europe-wide TruckForce service network, the internet-based FleetOnlineSolutions management programme and the location of truck tyre dealers throughout the region.
Jean-Claude Kihn has been named president of Goodyear Tire & Rubber’s Europe, Middle East and Africa business. The president of the Latin America business will fully assume his new role on 1 January 2016, succeeding Darren R. Wells, who will leave Goodyear in early 2016.