With an investment of KRW 758.95 billion (£466.12 million), Hankook Tire & Technology will add truck and bus radial production to its site in Rácalmás, Hungary. The company expects the new production line to be completed by 2027, with an initial capacity to produce around 800,000 tyres annually. The expansion will create approximately 450 new jobs.
In 2020, chemical company BASF invested 16 million euros in Pyrum Innovations as part of its ChemCycling project and since then has purchased Pyrum pyrolysis oil, feed this into its production network for the manufacture of Ccycled products. BASF looks forward to significantly increasing the quantities of pyrolysis oil it uses when Pyrum brings planned new facilities online – and is now supporting this plant rollout through the signing of a cooperation agreement, under which it will initially provide Pyrum with 25 million euros of financing.
A years after opening Pirelli’s Digital Solutions Center in Bari is celebrating its first year of activity increasing its workforce to 80, up from the planned headcount of 50. Currently, Pirelli’s digital centre, which is run as a public-private-academic partnership totals 30 employees, mainly from the Apulia region. So far, Pirelli has invested about 4.5 million of the 9 million euros originally earmarked for the project up to 2024, part of which will be financed by the Apulia region.
Recently, Linglong revealed the latest situation of its Serbian factory. It is reported that for the business needs of the Serbian company, Linglong recently added a credit guarantee of approximately 18 million euros to the subsidiary. As of 30 September 2023, the total assets of the Serbian factory were about 7.94 billion yuan (about £893 million; €1.026 billion).
Financial analysts have responded positively to the news of Bridgestone’s investment in Halfords Group’s Avayler Software-as-a-Service (SaaS). Their analysis also reveals further details of the current scale and future plans associated with the Avayler business.
On 30 October, Sailun stated that it plans to invest 1.47 billion yuan (approximately £170 million; €190 million) to build a semi-steel radial tyre project in Cambodia with an annual output of 6 million units. According to the tyre manufacturer, as the competitiveness of tyre products at Cambodian factories has continued to improve in recent years, existing production capacity can no longer meet existing customer orders. It is reported that the newly added semi-steel radial tyre products will be mainly targeted at overseas markets such as North America.
The Saudi Arabian Public Investment Fund (PIF) and Pirelli Tyre S.P.A signed a joint venture (JV) agreement to build a tyre factory in Saudi Arabia. PIF will hold a 75 per cent stake in the JV with Pirelli holding the remaining 25 per cent and acting as “a strategic technology partner” offering both “technical and commercial assistance”. The plant is expected to start production in 2026.
On 21 October, Sentury said it had officially started constructing its tyre factory in Morocco. On 25 October, the tyremaker said it would add $193 million to its Morocco plant for 6 million semi-radial tyre production capacity. Sentury classified the additional investment as the second phase of the Moroccan tyre factory project. In other words, the total investment in Sentury’s Morocco factory has become US$490 million. After both projects are put into production, it will be able to produce 12 million semi-steel radial tyres annually.
Tyrepress China has learned that the second phase of the Pakistan tyre factory Service Long March (SLM) will be completed and put into production before the end of 2024. The factory is a joint venture between Chaoyang Long March and Pakistan-based Service Industries Limited. Information shows that the total investment in the SLM factory is US$250 million, with Chaoyang Long March accounting for 44 per cent.
moveero runs two manufacturing plants in Europe and four in the US, backed by “market-leading plants at Armstrong and Estherville in Iowa and at Wichita, as well as a Research, Development and Testing Center at Woodridge”. Around 18 months ago, the company went through a period of “quite dramatic and rapid change”. Along with a new business name, moveero also introduced a new mission and vision, all of which marked the start of a new chapter in its evolution. Now, work is underway on a new, fully automated weld cell at the company’s Estherville wheel plant, as a result of which, the company will double its production capacity of large wheels, up to 50” diameter for the agriculture sector.
More zero emission trucks are set to drive on UK roads thanks to a £200 million boost to decarbonise freight vehicles, drive innovation and create new jobs as part of a week of Government action to support the sector.
One in every five new vehicles on South African roads runs on Dunlop tyres and the Sumitomo Rubber South Africa production facility in Ladysmith supplies original equipment tyres to Toyota, Nissan, Isuzu, Hino, Tata, Scania and UD Trucks. Backed by parent company Sumitomo Rubber Industries, the local subsidiary has announced a “multi-billion rand investment project” to meet demand from OEMs.
Roads Minister Richard Holden has confirmed allocations for 64 local authorities across England from the £80 million investment in the Bus Service Improvement Plan+ (BSIP+) for 2024-25. Local authorities can use the funding to improve local buses by bringing in new services or routes, extending timetables through new morning or evening buses, or by making tickets cheaper.
Neptune Holding Company, a Cameroonian owned enterprise, is leading a bid to build the country’s first tyre factory in Bomono, near the city of Douala. The Cameroon Tires Factory (CTF) project, as it is known, expects to create 2000 and 2500 direct jobs plus as many as 5000 indirect jobs and is being planned in conjunction with Black Donuts.
Rolling Plus Chemical Industries Co. has committed €1 billion ($1.07 billion) of investment in a new tyre factory in Egypt. The investment is based on a contract signed between Rolling Plus Suez Canal Economic Zone. Egyptian Prime Minister Mustafa Madbouly attended the contract signing ceremony.