German specialty chemicals company Evonik has announced plans to adopt a “new segment structure” and a “significantly leaner management model” that will lead to significant job cuts. From April 2025 its business units, currently grouped into four divisions, will be corralled into two segments – Custom Solutions and Advanced Technologies – and managed directly by members of the company’s Executive Board.
After 16 years, Felix Kinzer is stepping down as Hankook Tire’s Director Corporate Communications Europe and will take on a new role as Senior Director for Public Affairs. Filip Pawelka will succeed Kinzer, directing the newly created Marketing Communications department at Hankook Tire Europe.
The implementation of Bridgestone Corporation’s new global management structure, as announced earlier today, is accompanied by numerous changes in job title and responsibilities. All management changes mentioned here take effect 1 January 2024.
The Board of Directors of Bridgestone Corporation today approved a resolution to implement a new global management structure. This structure will take effect on 1 January 2024 and divide Bridgestone’s business into two regions, Bridgestone East and Bridgestone West. Each region will have its own Chief Executive Officer who will report to Global Chief Executive Officer, Shu Ishibashi.
Yesterday Goodyear shared initial details of how the firm plans to restructure its Europe Middle East and Africa (EMEA) business. Consultation is ongoing, but “around 1,200” jobs will be cut in the region.
Goodyear is significantly restructuring its Europe, Middle East and Africa (EMEA) operations in measures that will result in 1200 job cuts across the salaried workforce, the creation of 500 new positions and therefore a net job reduction of 15%. Tyres & Accessories understands that the “business transformation programme” centres on Goodyear EMEA’s salaried workforce. Furthermore, it does not impact the company’s manufacturing workforce, which has been addressed separately.
Tyre-related business profit at Sumitomo Rubber Industries (SRI) stood at 67.9 billion yen in 2016 and was still a respectable 41.4 billion yen in 2021, but last year dropped to 12.3 billion yen (£76.2 million). It’s therefore no surprise that SRI believes it has been investing too much capital in unprofitable businesses, and the company intends to change this.
Continental is “strategically realigning” its non-tyre ContiTech business to lay the groundwork for its “transition from a traditional product supplier to a provider of integrated solutions.” ContiTech will expand its industrial business while consolidating the automotive business, and will gain a CTO who will “drive the expansion of its materials expertise.” The changes take effect early May 2023.
In response to growth in recent years, Falken Tyre Europe GmbH has added a further tier to its management. As part of this restructuring, Andreas Giese and Mario Pannwitz join Keiichi Miyamoto in the Falken Tyre Europe executive team. Falken will add “additional key positions” to the management tier over the medium term.
German automotive and workshop equipment manufacturer Beissbarth GmbH is to be restructured by the end of this year and has filed an application with the Munich District Court (Amtsgericht München) to open self-administration proceedings.
Nynas has settled payments to trade creditors with claims remaining, after receiving an initial payment of 100,000 Swedish krone each following the completion of Nynas’s company reorganisation in January 2021. According to a statement published by the speciality oil refiner and supplier on 19 January 2021, those actions are “in accordance with the composition agreement between all creditors and as decided by the District Court of Södertörn”.
Continental has initiated a restructure of its management following a meeting of its Supervisory Board on Thursday. Board members Helmut Matschi and Frank Jourdan will leave the company prematurely. Matschi (58) and Jourdan (61) were originally to stay in position until 2024. As of January 1, 2022, the company will retain only five board members. The group will also integrate its activities into three corporate divisions: Automotive, Tires and ContiTech.
Springwater Capital has been confirmed as Italian tyre wholesaler Fintyre’s new shareholder, bringing with it 43 million euros of new capital – a figure that is in-line with reports suggesting Springwater’s involvement back in November 2020. Springwater Capital, founded in 2002 and led by managing partner Martin Gruschka, specializes in the turnaround of European Mid-Caps with a long-term investment horizon.
On 31 March, Pirelli & C. S.p.A. received a notification letter from China National Chemical Corporation Ltd. (ChemChina) stating that ChemChina had received a notice regarding its restructuring and that of Sinochem Group Co., Ltd., (Sinochem Group) from the State-owned Assets Supervision and Administration Commission (SASAC), a commission of the State Council of the People’s Republic of China.
Bridgestone Corporation has shared details of its Mid-Term Business Plan for the three-year period from 2021 to 2023, and this plan entails significant changes for the company’s manufacturing footprint. In a presentation given by chief executive officer Shu Ishibashi, Bridgestone outlines the direction this restructuring will take.
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Stephen Goodchild / Tyre Industry Publications Ltd
Arno Borchers/Profil-Verlag
Nynas
Fintyre
Bridgestone Corporation