The Fintyre Group has grown considerably since Bain Capital first acquired Italian tyre wholesaler Fintyre early in 2017, but what does the future hold? Tyrepress.com understands that the company has told its employees in Germany that a restructuring of the Fintyre Group is taking place, and that this measure is now being felt in a very tangible way.
Nynas AB (publ) filed for “company reorganisation” in Sweden at Södertörn’s District Court today (Monday 16 December 2019). According to a company statement, Nynas’s banks have refused to continue to extend loans to the company and therefore “Nynas cannot pay due debts forcing the company to apply for a reorganisation”.
Sweden’s Trelleborg Group is implementing organisational changes with the aim of improving profitability and focusing the company on selected segments. It says the intention is to “continue to develop and strengthen already well-performing and well-positioned business areas that have sizeable global businesses.” This will involve reducing the number of business areas from five to three, Trelleborg Wheel Systems is one of the three businesses under this structure.
Online tyre distributor Delticom AG has announced a number of measures aimed at returning the company to profitability. These measures already include discontinuing some businesses and may lead to an investor acquiring Delticom or a significant share of the firm.
More than eight per cent of Continental’s current global workforce may be affected by measures introduced over the coming decade to reduce its gross costs by 500 million euros a year from 2023. Continental says up to 20,000 jobs worldwide are expected to be affected by this restructuring programme over the coming ten years; around 15,000 of these by the end of 20
As of 1 July, Bridgestone Europe’s Central Europe region will grow to include the four countries currently grouped as the Nordic region. Denmark, Finland, Norway and Sweden will join Austria, Germany in Switzerland in the enlarged regional operation.
Tatneft reports that structural changes have been implemented in its Kama Tyres tyre manufacturing business. The Russian company reports that its OOO Nizhnekamsk Truck Tyres Factory has now joined together with the OOO Nizhnekamsk SSC Tyre Factory. It says the aim of this change is to improve the efficiency of the company’s petrochemical production process management system.
The global automotive and industrial supplier Schaeffler, which employs over 92,000 people worldwide, proposes to reorganise its UK business activities as part of its excellence programme “Agenda 4 plus One”. This programme includes a global footprint initiative that is examining the strategic and economic competitiveness and long-term sustainability of all Schaeffler locations worldwide. As part of this initiative the Executive Board has decided to reorganise its activities in the UK.
Major organisational changes proposed by Continental AG have gained the blessing of the company’s Supervisory Board. At a meeting today, board members approved the creation of a new Continental AG holding structure, ‘Continental Group’, and also gave the green light to making an independent legal entity out of the company’s Powertrain division ahead of its partial initial public offering (IPO) in mid-2019.
Tyre maker and automotive technology firm Continental says it will be “one of the largest organisational realignments” in its history: The Executive Board of Continental AG has announced plans to create a holding structure under a new umbrella brand, Continental Group, and support this holding structure with three new business sectors – Continental Rubber, Continental Automotive and Powertrain. These sectors will succeed the current Automotive Group and Rubber Group.
Despite a company restructuring that includes the closing down of the private joint-stock company (PJSC) Rosava, the Rosava factory in Bila Tserkva, Ukraine is currently gearing up to begin production of 19-inch tyres following the installation of new plant equipment.
Solvay will cut 600 jobs as part of a broad restructuring program aimed at simplifying the organization. On 29 March the firm announced that job cuts related to the restructuring include 160 redundancies in France, 90 in Portugal and 80 in Brazil.
As of 1 January 2018, Michelin is restructuring its global organisation into ten newly-created regions. The UK finds itself in what has been named the Michelin Europe North region, along with Austria, Denmark, Finland, Germany, Iceland, Ireland, Norway, Sweden and Switzerland. Covering the former sales regions for Germany/Austria/Switzerland, the UK and the Nordics, the new regional operation is led by Anish K Taneja, who from the start of the year holds the post of chief executive officer, Michelin Europe North.
In response to a contracting market in 2013 and 2014, Italian wholesale giant Fintyre underwent a reorganisation, involving relocation north from Empoli to Seriate, Bergamo and a staff reduction of 60 employees. The overhaul of the company structure did not end there; it started a process in 2015, completed in late 2016, which has changed the face of Fintyre. This, it states, has consolidated its position as the leader of the Italian market with a share of around 25 per cent. In 2015, British investment firm BlueGem Capital Partners, which at that point held a 90 per cent share in Fintyre after its original 2009 investment, was recapitalised following a major financing agreement with GSO Capital Partners. The company then made two major acquisitions – Pneusmarket and Franco Gomme – which have helped to increase turnover from 255 million in 2014 to an estimate of more than 400 million euros in 2016.
Motor Wheel Service Distribution (MWSD) has restructured its senior management in preparation for future growth. The changes follow the launch of MWSD’s German division and the impending implementation of the EU Roadworthiness Act. Company founder and owner John Ellis becomes chief executive and Matthew Mardle, who joined the business earlier this year as operations director, takes the title of chief operating officer. Kevin Ryan maintains the specialist product development and client advisor role as chief technical officer, and Clive Maudsley is now chief financial officer. Michael Payton maintains his position as marketing director.