Pirelli has welcomed the president and chief executive officer of Formula 1 to Circuito Panamericano, the tyre maker’s most advanced proving ground. Stefano Domenicali is currently visiting the region to attend this weekend’s Brazilian Grand Prix, and during yesterday’s tour of the facility was accompanied by Mario Isola, Pirelli’s head of F1 and Car Racing, and Cesar Martin Alarcon, Pirelli’s chief executive officer and executive vice-president of the LatAm region.
More than 250 million euros will be invested into Pirelli’s business in Latin America over the next three years in order to reinforce its ‘High Value’ strategy within the consumer tyre segment. The investment plan was announced by Marco Tronchetti Provera, executive vice-chairman and chief executive officer of Pirelli, during his visit to the company’s […]
The announcement that the current president of Goodyear’s Latin America business, Jean-Claude Kihn, will soon become president of its EMEA region coincides with the news that Goodyear Tire & Rubber will merge its North America and Latin America businesses into one Americas business unit, effective 1 January 2016. The combined business will be known as the Americas business unit and be led by Stephen R. McClellan, currently president of Goodyear’s North America business. Marcelo Toscani, now vice-president of global manufacturing, will serve as president of the company’s Latin America operations and report to McClellan.
The tyre market in Costa Rica is forecast to grow during the next few year due to “expanding vehicle fleet and upcoming government reforms to boost growth in construction and transportation sector”, according to the “Costa Rica Tyre Market Forecast & Opportunities, 2020” report published by TechSci.
The Trelleborg TM700 ProgressiveTraction will be showcased in Latin America for the very first time at next week’s Agrishow 2015 in Brazil. The tyre will take centre stage on Trelleborg’s 150 square metre stand, flanked by products such as the TM1000 High Power and TM3000, plus Trelleborg’s new Gardener tyre in size 15×6.00-6 TL 2PR.
According to a report emanating from Goodyear’s hometown, the tyre maker intends to bring its regional headquarters for Latin America back to company headquarters in Akron (Ohio, US) next year. The Akron Beacon Journal wrote on 16 December that efforts to relocate the headquarters in São Paulo, Brazil will begin early in 2015 with the transfer of senior management to Akron. Goodyear will spend several months evaluating which other positions it will move from São Paulo to the US, the Akron Beacon Journal added. The headquarters has been based in São Paulo since 2005, after it was moved from Akron.
Show organisers are hailing the 2014 Latin Auto Parts Expo (held at the ATLAPA Convention Center, Panama, Republic of Panama) was a huge success with NEARLY 200 quality exhibitors and approximately 3,200 qualified visitors from over 60 countries.
The organiser of the Latin American & Caribbean Tyre Expo reports that 3,880 visitors from at least 78 countries attended the Panama-based trade exhibition between 23 and 25 July. A total of 233 exhibitors were also present at the show, and organiser Latin Expo Group LLC says feedback from exhibitors and visitors indicates that 95 per cent had a “positive business experience at the show.” The 2014 show was the fifth time the exhibition has been held; it will take place again at the Atlapa Convention Center in Panama between 16 and 18 July 2015.
At the end of May, Goodyear Tire & Rubber shared details of its plans to increase its consumer tyre capacity in the Americas by 12 million units a year between 2013 and 2019 by erecting a new factory and upgrading existing plants. Further details on these projects have been published by “agência latinapress”; on 27 June, it reported Goodyear’s Latin American region president Jamie Szulc as saying the tyre maker is looking at sites in Brazil, Columbia, Mexico and the US for its greenfield facility, which will have an annual capacity of 6 million tyres. Szulc is also quoted as saying that investments in Goodyear plants in Venezuela, Peru and Columbia are on the cards.
Due to a strong free cash flow in 2013, Goodyear Tire & Rubber is reallocating approximately US$1.1 billion of its 2014-2016 cash flow – $300 million of this will go towards establishing a new consumer tyre facility in the Americas. Goodyear aims for the plant to begin production in the first half of 2017 with an annual capacity of around six million tyres, an amount that will be expandable as demand increases. Site selection to identify a suitable location for serving North and Latin American customers is now underway. Total plant investment will be in the vicinity of $500 million.
The next Recaufair exhibition takes place in São Paulo between 23 and 25 April 2014. The leading tyre show in Latin America is being held in the Brazilian city for the 11th time and the organiser expects the show will again attract more than 10,000 visitors. More than 70 exhibitors are expected to display “products and […]
Financial analysts have responded positively to Pirelli’s full-year 2013 financial results, with some reiterating their “outperform” guidance. The upbeat response was markedly different to the warnings of some market observers 24 hours earlier, which suggested the emerging market exposure (and its linked foreign exchange fluctuations) and Russian volatility in particular could undermine the company’s 2014 and 2015 outlook.
Pirelli & C. SpA today reported full-year 2013 consolidated revenues of 6,146.2 million euros on 31 December, an increase of 1.2 per cent from 6,071.5 million euros a year earlier. Tyre revenues, which account for almost all of the company’s sales totalled 6,115.8 million euros in 2013, an increase of 1.4 per cent from 6,031.3 million euros. Full year tyre-derived pre-tax profits (EBIT) were 822.0 million euros, an increase of 1.2 million euros (+0.1 per cent) compared with 820.8 million euros in the same period a year earlier, with a margin equal to 13.4 per cent (13.6 per cent in 2012). However, whether it will be enough to allay pre-release market fears that emerging market exchange rates and particular Russian market instability remains to be seen.