On 1 October 2015 Nexen Tire broke ground on the site of its new plant in Zatec, Czech Republic. The company has committed to investing more than 829 million euros in building the new plant on 650,000 square metres of land in Zatec.
Korean-based tyre manufacturer Nexen has announced that it has won a contract to supply original equipment tyres (OE) for all new Chrysler 200 cars. According to the company, the new 200 model has been produced at Chrysler’s Starling Heights assembly plant in Michigan, USA since 2011.
Carlisle based tyre brand Dmack has been awarded a place in the final of the Cathay Pacific China Business Awards. Local news source North West Evening Mail reports that the company is shortlisted in the Rising Star category. The awards recognise UK and Irish businesses demonstrating existing positive returns and ongoing plans for future investment in China and Hong Kong, with the Rising Star award given to those opening Chinese operations in the last five years.
Following the news of two new commercial vehicle tyre releases and another European show debut at Reifen 2014, GT Radial has announced that it will complete its new product line-up with a van and a car tyre too. Designed for the growing heavy duty, high speed van market, GT Radial will officially launch the Maxmiler Pro in Essen while revealing their new PCR tyre, designed for “all-round, premium comfort”.
TyreSafe has continued to spread its reach to all parts of the extended automotive sector by signing Evans Halshaw as its latest member. One of the UK’s largest dealer groups, Evans Halshaw’s 120 sites across England, Scotland and Wales will now have access to a wide range of tyre safety information and advice for use within its outlets, helping to keep its customers informed and safe on the road.
The abrupt end of Elke Strathmann’s career at Continental AG was made public earlier this month, and the company announced today that Strathmann has already relinquished her seat on its Executive Board. Dr. Ariane Reinhart has been named as Continental’s new Executive Board member for human resources and director of labour relations.
The tyres securing a podium place in German magazine tyre tests are almost invariably products from the ‘top-ten’ manufacturers. This is so often the case that one publication recently described the performance of rubber from outside this small circle of tyre majors as being “surprisingly good”. The magazine was Auto Bild, and the tyre in question is the Atlas Sport Green.
The prices of shares in Indian tyre manufacturers have fallen back after rallying last week prior to the Easter weekend. According to local news sources, the shares of tyre companies plunged by up to 8 per cent each. The fact that one of the largest domestic tyre makers, MRF, reported a decline in net profit for the quarter ended March 2014 was said to have been the main precipitating factor.
The share prices of India’s leading tyre companies surged in value on Good Friday prior to the Easter weekend. Overall shares of Indian tyre companies shot up by up to 17 per cent, accompanied by heavy volumes reportedly due to “expectations of higher revenue growth during the current fiscal”, according to local news sources. Apollo Tyres, Ceat, Goodyear India, JK Tyre Industries, Balkrishna Industries and TVS Srichakra all rose by between 4 and 17 per cent each on the Bombay Stock Exchange (BSE) during Friday’s trading.
Following the news that the government is consulting the market on the full implementation and enforcement of tyre labelling legislation in the UK, the NTDA has shared its views on both the process and its response to the consultation.
According to the NTDA, the government consultation proposal can be summarised like this: “The department has appointed a tyre enforcement authority (the National Measurement Office) which will be responsible for organising a risk-based market surveillance approach and for the application of appropriate enforcement measures that impose the minimum burdens necessary to meet our EU obligations.
The UK government has initiated a market consultation on the subject of tyre labelling. The consultation opened on the 10th April and runs until 11:45pm on the 23rd May. The news comes almost 18 months after tyre labelling came into effect in Europe and almost two years since the market formally started communicated labelling details between the various parts of the business. In response industry bodies such as the NTDA have been quick to urge members and other tyre industry professionals to participate in the open consultation regarding the UK enforcement of the tyre labelling regulations.
With less than three weeks to go, the 2014 CV Show and Workshop is sold out. Show organisers report that every available portion of Show space has been sold and the books are now closed. The 2014 Show exhibit space will measure just over 31,400m2 – an increase of almost 8 per cent over last year.
First Line’s Borg & Beck brand is expanding to encompass a comprehensive range of high quality rotating electrics. The brand is already an established player in the clutch sector and is increasing its interest in the braking market. The new programme contains more than 1,000 starter and alternator references.
Former Tesco chief executive Sir Terry Leahy has been appointed to the board of Blackcircles.com. Leahy has been a shareholder in the online tyre business for around six years and his stake in Blackcircles is now said to be 25 per cent. In his new role, Leahy will work with company founder and chief executive Mike Welch and chairman Graeme Bisset to identify and implement new means of financing ongoing growth within the business. One option that Leahy may be closely involved in is an IPO.
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.