Tag: investment
Nokian Tyres: Investment in capacity, R&D on schedule
Plans announced over the past year and a half to extend the Nokian Tyres commercial factory in Nokia, Finland and construct a new R&D centre on the site are “taking shape on time”, reports the tyre maker. Nokian expects the R&D facility to be ready this year and for the factory to achieve full capacity in 2021.
Northvolt raises US$1 billion for Europe’s first gigafactories
Northvolt has raised US$1 billion of capital to build Europe’s first homegrown gigafactory for lithium-ion battery cells - Northvolt Ett, in Skellefteå, Sweden. At the same time, in cooperation with the Volkswagen Group, the company also announced plans to establish a second gigafactory with an intended location in Lower Saxony, Germany. The news of both factories was announced on 12 June 2019.
Conti investing 100 million euros expanding OTR tyre production in Portugal
Continental is investing roughly 100 million euros in the expansion of its Lousado, Portugal radial earthmoving and port tyres production facilities. As a result of the investment, the newly-expanded plant, which will continue to focus on production of tyres with diameters over 24 inches, more than 100 new jobs will be created.
Japanese giant Mitsubishi invests in UAE online tyre retailer
PitStopArabia.com, a UAE-based online tyre retailer, has announced that Mitsubishi Corporation has become a strategic partner and a shareholder in the company. The e-tailer described the investment as a "significant milestone" that will be used to bolster market share by expanding regionally. The value of the investment has not been disclosed.
Kerr’s Tyres & Auto creates 20 new jobs in £2.5 million investment
Northern Ireland’s Kerr’s Tyres & Auto is investing£2.5 million in a new company HQ, featuring a distribution centre and retail centres. According to the company, the expansion project will create 20 jobs, bringing the total number of employees in the company to over 100.
Horiba MIRA’s new £4m propulsion test centre
Horiba MIRA has opened a new Propulsion Test and Development Centre at its UK headquarters in Nuneaton. The centre has been specifically developed in response to the need for OEMs to meet ever-stringent emissions standards since the introduction of the Real Driving Emissions (RDE) test in 2017.
Hyundai, Kia invest 80M euros in Rimac, establish technology partnership
Hyundai Motor Company and Kia Motors Corporation have jointly invested 80M Euros in Rimac Automobili (Rimac) - the Croatian high-performance electric vehicle technology and sportscar company. The companies have announced a strategic partnership to collaborate on the development of two high-performance electric vehicles by 2020.
The growing influence of autocentres on tyre retail
In recent years autocentres have been selling more tyres than ever. At the same time, specialist tyre retailers – such as those featured on our annual table, have moved towards additional servicing and mechanical repairs in order to increase sales. This is especially the case at the top of the table, amongst the largest tyre retail chains where as much as 45 per cent of annual turnover is now made up of non-tyre sales.
Bridgestone Europe completes acquisition of TomTom Telematics
Bridgestone Europe has completed the acquisition of TomTom Telematics (Telematics) for €910 million. The deal passed the relevant regulatory stages, had full approval from TomTom’s shareholders, and received a positive response from TomTom’s works council, the tyre manufacturer states. Tyres & Accessories spoke with Bridgestone about the thinking behind the acquisition when it was announced in January.
Will new battery production capacity replace car production in the UK?
While the UK new car manufacturing business has taken something of a battering in recent months, The Sunday Times reports that government ministers are considering offering state support for a huge shared electric vehicle battery “giga factory” modelled on Tesla’s enormous US battery manufacturing plant in the Nevada desert. That plant, which is known as Gigafactory 1, is set to have the biggest factory footprint in the world and already employees 3000 people. The UK project has so far been valued at around £1.7 billion.
Bigger tyres, less jobs: Goodyear announces bittersweet investment for Germany
Goodyear is investing 106 million euros (£90.6 million) to modernise two of its tyre plants in Germany. The investment in the Hanau and Fulda facilities will increase their capacities to produce tyres for 17-inch and larger rim diameters; Goodyear Dunlop Tires Germany intends to add an extra 2.5 million units to its annual capacity in this segment. But it isn’t all good news – the company reports that these modernisation measures will lead to the loss of approximately 1,100 jobs.
Borbet investing in pad printing technology
Alloy wheel manufacturer Borbet intends to invest around 5 million euros in the expansion and modernisation of its Bad Langensalza plant in Germany. According to local media sources, the project includes the installation of a pad printing centre. This facility will enable Borbet to keep abreast of the trend towards more individualised rims. Construction work is expected to be completed in June.
Pirelli expands Romania factory and warehousing
Pirelli has commissioned Belgian industrial property developer WDP to construct a new 62,000 square metre warehouse alongside the tyre manufacturer’s existing Slatina, Romania manufacturing operation. According to WDP, the news comes as part of “an expansion of the tyre manufacturer’s existing production facility”. WDP predicts that the project will cost around 40 million euros.
Reports: General Tyre Pakistan planning US$200 million investment in new factory
General Tyre and Rubber Company of Pakistan Limited is planning to invest around US$200 million on a new plant, local government officials told The News International on Saturday 2 February.
The thinking behind Bridgestone’s TomTom Telematics acquisition
Bridgestone’s successful acquisition of TomTom Telematics follows earlier reports that both Michelin and Bridgestone were vying to buy the Telematics business unit from Netherlands-based company TomTom. In addition, according to Dutch financial daily Het Financieele Dagblad, Michelin was one of four in the running. For its part, Michelin was allegedly aiming to add the business into its Michelin Solutions portfolio. Clearly, in order to maintain its original plans and to compete with Bridgestone, Michelin will now have to find an alternative way of moving forward.