After recently selecting Bridgestone as exclusive tyre partner for its upcoming Ocean all-electric SUV, Fisker Inc. has signed a Memorandum of Understanding (MOU) that covers Bridgestone’s provision of comprehensive aftersales and related maintenance solutions, beginning in France and Germany. Bridgestone will leverage its retail and service network to provide aftersales services to Fisker customers in these countries through the Speedy, Pitstop and Reiff-ABS networks.
Established in 2020, AZuR is a German-based innovation network for end-of-life tyre recycling with a membership list that includes retreading and recycling firms, academia and state agencies. After receiving financial support from Germany’s government for the first ten months of its existence, AZuR has been self-funded under the patronage of the German Rubber Manufacturers Association (wdk) since June 2021. The network recently began a major study into the ecological and economic aspects of retreading, and reported yesterday that the German Federal Environmental Foundation (DBU) has committed to support this work.
German tyre distributor Reifen Krieg GmbH, part of the Fintyre Group of companies (Fintyre) active in tyre distribution and retail in Germany and Italy, filed bankruptcy proceedings on the evening of 6 February in Frankfurt, with lawyer Miguel Grosser appointed trustee. Tyrepress reported on Monday that the group’s chief executive officer, Claudio Passerini – who is also the CEO of the group’s umbrella organisation in Germany, Fintyre Group GmbH – had written to Fintyre’s German employees to inform them of restructuring necessary for the short-term to ensure its sustainable continuation in the wake of missed salary payments in January.
Tyre wholesaler European FinTyre Distribution (EfTD), a Bain Capital company, reports a turnover of 1.1 billion euros for the 2018 financial year, a 46 per cent year-on-year increase. EBITDA reportedly rose 83 per cent year-on-year. This positive net cash flow helped finance its acquisition of RS Exclusiv, which was completed in May 2019 and increased the group’s turnover to approximately 1.2 billion euros. According to chief executive officer Mauro Pessi, the company anticipates a turnover of 1.3 billion euros this year.
A further step towards consolidation within Europe’s tyre wholesaling sector has been taken with the European Commission approving the sale of Reiff Reifen und Autotechnik to US private equity fund Bain Capital Investors LLC. The new owner states its intention to become a regional leader within this business.
Further consolidation has taken place within the tyre trade, and Germany’s Reiff Reifen und Autotechnik will soon be a sister company to Italian tyre wholesaler Fintyre. London-based platform European Tyres Distribution Ltd., parent company of Fintyre, has entered into a binding agreement with Germany’s Reiff Group to acquire its tyre and car technology business area.
Germany’s Reiff Group, whose business portfolio includes tyre and wheel wholesale and retail activities, has reported that “two negative influences” affected its business in 2013: A one-off effect of €4.9 million and a drop in margins in its tyre business. Group turnover fell 3.6 per cent year-on-year to €509 million, with €358 million coming from its tyre and auto business. The company reported a net loss of €8.7 million; in 2012, it achieved a net profit of €0.6 million.