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Magowan’s £10.5 million tyre warehouse/software investment results in significant efficiencies

Chris Anthony, Tyre Industry Publications Ltd

In 2017 Daryl Magowan Snr. hatched the plan for a next-generation tyre warehouse and paperless warehouse management system. By 2019 plans were well underway, with the Magowan’s Tyres team cooperating closely with Mike Allen and the software professionals at Cam. Two years later, both the building and its cutting-edge software system are up and running at the bespoke site just outside Belfast. Tyres & Accessories recently toured the site in order to find out more about the warehouse, its software and the significant efficiencies they offer not only Magowan’s but the wider tyre wholesale business.

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Goodyear invests in US autonomous trucking firm

Goodyear will collaborate with US autonomous trucking firm Gatik to develop autonomous B2B short-haul logistics mobility. Goodyear said the multi-year collaboration will contribute to safer, more sustainable goods movement while reducing costs for Gatik’s customers in the B2B short-haul market nationwide. Goodyear is developing its suite of connected tyre management systems as part of the pathway to autonomous vehicles.

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Wrench: Bridgestone invests in US mobile service & tech firm

Bridgestone Americas has made a ten per cent minority investment in Wrench, a US-based mobile vehicle services and technology company. According to Bridgestone, the new partnership will accelerate both companies’ ability to meet the needs of car owners with best-in-class technology in the rapidly growing mobile vehicle inspection, repair and maintenance market.

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Michelin inaugurates 20 million euro reception building at Clermont-Ferrand Michelin HQ

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Michelin

Florent Menegaux, chair of the Michelin Group and Olivier Bianchi, Mayor of Clermont-Ferrand, and chair of Clermont Auvergne Métropole, along with a number of key stakeholders inaugurated the new reception building at Michelin’s Clermont-Ferrand head office as well as “a completely redesigned Place des Carmes” on 13 September 2021.

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Prometeon Tyre Group opens $15 million R&D Centre in Turkey

Prometeon Tyre Group has opened its largest global dedicated R&D Centre at its plant in Kocaeli, Turkey. The opening ceremony was held in the presence of Mustafa Varank, Minister of Industry and Technology of Turkey. Representing Prometeon were Roberto Righi, deputy general manager of Prometeon Tyre Group, Alexandre Bregantim, global chief technical officer of Prometeon Tyre Group, Lale Cander, chairwoman of Prometeon Turkey, and the entire management team of Prometeon Turkey. The event was held with a limited number of guests, in line with the ongoing pandemic measures.

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Modern Tyres invests £5.6 million in new Modern Wheel Solutions division

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Modern Tyres

Ireland’s Modern Tyres invested £5.6 million in the establishment of a new division, Modern Wheel Solutions division back in May. The new business will be situated at a 81,000 square foot purpose-built factory in Carnbane Business Park in Newry.

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Goodyear invests in EV charging provider AmpUp

Goodyear Ventures has made another mobility-related investment, becoming one of several parties to inject capital into US-based electric vehicle charging provider AmpUp. This funding, which also includes capital from Foothill Ventures and TechNexus Venture Collaborative, comes less than a year after AmpUp’s initial seed raise.

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Goodyear Ventures adds EV charging company to portfolio

Goodyear’s venture capital arm, Goodyear Ventures, has added AmpUp to its investment portfolio. The electric vehicle (EV) charging firm operates an advanced charging network and software solutions with operations across North America. AmpUp aims to make charging accessible and seamless for every EV driver. Goodyear Ventures focuses on future of mobility investments and partnerships with seed-to-growth-stage startups in emerging technologies.

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Jinyu: Further international tyre factories on the agenda

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Jinyu Tire

With an increasing number of countries and regional groupings implementing anti-dumping and countervailing policies against Chinese-produced, Chinese tyremakers are describing the situation as “not optimistic”. However, facing the harsh international trade environment head-on, Jinyu Tire reports that it has a number of solutions for the current market problems.

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Nynas changes hands again

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Nynas

After a turbulent few years, tyre industry supplier, Nynas AB has changed hands again signing a binding agreement with an investment vehicle managed by Davidson Kempner Capital Management LP for the acquisition of the entire equity stake (49.9%) in Nynas from Bitumina Industries Limited, making it the largest individual shareholder of Nynas.

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Kirkby Tyres invests 3.5 million euros expanding Irish operation

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Kirkby Tyres

Kirkby Tyres has invested 3.5 million euros in moving to new, larger premises in Dublin, Republic of Ireland in a move that was completed on Wednesday 21 July 2021. According to the company, “Kirkby Tyres Ireland operations serves all geographical areas in Ireland” and made the investment due to “increased sales activities and opportunities”.

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Continental invests in industrial sensing start-up Feelit

Continental has acquired a minority stake in Israel-based start-up Feelit Technologies Ltd. The investment took place as part of a round of Series A Funding valued at US$7 million, however, the exact amount of Continental’s holding hasn’t been disclosed. Continental anticipates that this new relationship with Feelit will benefit several business areas.

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Jiangsu General investing 400 million euros in Chinese car tyre factory

Morning Star

Jiangsu General Technology Co. Ltd, which is known as General Science or Jiangsu General, has announced plans to invest 3.061 billion yuan (£341.930 million; 399.958 million euros; US$473 million) in the construction of a 10.2 million tyre a year factory in Anqing, Anhui Province, China. The announcement of the new Chinese production base follow plans for investment in the construction of a separate factory in Cambodia.

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Camfin increases its stake in Pirelli to 14.1%

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Pirelli

Camfin S.p.A. (Camfin) and Longmarch Holding S.à.r.l. (Longmarch), an investment vehicle owned by the Chinese Niu family which owns Chinese tyremaker Hixih, have entered into an agreement concerning the acquisition of shares in Camfin shareholding by Longmarch. The agreement represents the fulfilment of an April 2020 accord between Camfin and Longmarch, which included a call option for 4.89 per cent of Pirelli and means Camfin now owns 14.1 per cent of Pirelli.

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Shareholders approve US$1 billion Linglong Tongchuan factory investment

Shareholders have voted in support of Linglong Tire’s US$1 billion investment in a largescale facturoy in Tongchuan City, Shaanxi Province, China.

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