Springwater Capital has completed the strengthening of the capital structure of the large Italian tyre distributer Fintyre, reports our Italian sister website PneusNews. The transaction completes the process started in June 2020 with the request for an arrangement with creditors presented by Fintyre to the Court of Brescia after the exit of Bain Capital, the main shareholder.
Grupo Andrés Neumáticos will once again participate in The Tire Cologne when it runs from 24-26 May 2022. Grupo Andrés, which has invested in a significant-sized stand for the event, will be located at stand E038 Hall 8 at the Koelnmesse Exhibition Centre.
The evolution of its International Department is behind the recent growth in exports from Iberian Peninsula-based tyre distributor Neumáticos Andrés. Exports accounted for 25 per cent of its 2021 sales, with deliveries reaching customers in more than 30 countries around the world.
Grupo Andrés recorded tyre-related sales of 219 million euros in 2021, despite the Covid-19-related complications of 2020. According to the company, the results confirm both Andrés Neumáticos’s position as “the undisputed leader in the tyre distribution sector in the Iberian Peninsula” and its ongoing strategy.
Tire Group International (TGI) has turned 30 years old, and as part of the year-long celebration of three decades in the business, the US-based tyre and tube supplier is commemorating the clients, team members and friends that helped the company get to where it is today.
North American aftermarket tyre distributor TBC Corporation (TBC) has promoted Geoff Doster to the position of president and chief operating officer for TBC Brands and TBC International. In his new role, Doster will oversee all TBC Brands and TBC International sales initiatives, including customer service, commercial tyre sales, equipment as well as non-tyre sales and operations.
The Board of Directors at TireHub, the USA-wide tyre distributor jointly founded by The Goodyear Tire & Rubber Company and Bridgestone Americas Inc., has named Ted Becker the company’s chief executive officer, effective immediately. This announcement confirms Becker in a role in which he has served in an interim capacity following the departure of Peter Gibbons from the company in October 2021.
Swedish tyre wholesaler is now the exclusive distributor of the Vredestein range of car, light commercial and classic tyres in Sweden and Finland. Apollo Tyres will end direct sales to retailers of these Vredestein tyre categories as of 1 March 2022 and instead actively support Amring in further building the brand’s market share in these two markets. Apollo Tyres Nordic AB will continue selling Apollo TBR and OHT products directly in all Nordic markets.
Fintyre SpA’s creditor arrangement plans were approved by the Court of Brescia on 4 February 2022. The plans filed by Fintyre envisage, among other things, business continuity within the rules of Italian bankruptcy law to the benefit of the company’s approximately 250 employees, according to reports from our Italian sister publication, PneusNews.it.
20 per cent of Spanish tyre distributor Grupo Andrés’s sales are made outside Spain. And, with the company positioned as market leader in the Iberian peninsula along with investments in systems and infrastructure, sales are projected to grow.
European Tyre Enterprise Ltd (ETEL) has announced that CEO Shinjiro (Sean) Tanaka is taking on a new role as group chairman. Replacing him as CEO is Yutaka Kimbara, who is currently group director of the Europe & CIS General Products & Realty Group of Itochu Europe PLC, which is part of ETEL’s parent company Itochu Corp. of Japan.
Australia-headquartered tyre wholesaler National Tyre & Wheel Limited (NTAW) has completed its acquisition of Carters Tyre Service Limited, C.O. Tire & Retreading Co. Limited and Tyre Distributors New Zealand Limited (Carters). The acquisition was made through its wholly owned subsidiary, NTAW Holdings (NZ) Limited, and completed on 7 January.
European Tyre Enterprise Ltd (ETEL), which owns leading tyre retail and wholesale operations Kwik-Fit and Stapleton’s, has agreed the acquisition of Murfitts Industries, the country’s leading tyre recycling company. ETEL is buying 100 per cent of Murfitts Group Ltd, the parent company of Murfitts Industries. Murfitts operates a national network recycling the equivalent of around 20 million car tyres per year. Murfitts, which processes and recycles tyres into granulate, has been a long-term provider of post-consumer tyre collection and recycling services to ETEL.
So far, the majority of our ongoing Torque from the Top series of interviews with leading players in the UK tyre business have been with executives hailing from the manufacturing side of things. This month we redress the balance by engaging with Andy Fern who is the managing director of one of the UK’s largest tyre wholesale businesses, Stapleton’s. Here he talks us through the resilience of staff and customers during the turbulent couple of years we have all experience and details the “seismic shift in the market” that has come with increase online demand from consumers.
With multiple sources suggesting that the online tyre business broke new ground during 2020, but with data illustrating that trend less easy to come by, Tyres & Accessories caught up with Micheldever Tyre Services (MTS) wholesale director Graham Mitchell in order to get a leading tyre wholesaler’s perspective. Starting by setting the company’s recent online tyre business performance into the context of its recent history, our interview looks to the future of the online tyre business and touches on the importance of search engine marketing in the tyre trade.