Continental AG has at least $3.53 billion (3 billion euros) on hand for acquisitions to expand into Asian led automotive markets.
Wolfgang Schaefer, the company’s CFO, said Continental’s scope has become bigger as it has experienced “positive development,” according to an article from the Daily Mail. He said the company could make major acquisitions within the next year.
Read the source article at Tire Review
The global tire industry almost saw another big merger in 2017, but there was plenty of other activity keeping firms busy in the year. From new investments to new structures, here are four of the biggest events within the tire sector.
Doublestar tries to buy Kumho
It looked for a moment another big-time tire merger was about to happen.
Doublestar Tire Co. Ltd. had agreed to acquire Kumho Tire Co. Inc. for about $830 million in March, but in September Kumho creditors rejected the deal after Doublestar allegedly asked for the price to be reduced by 16 percent amid disputes over trademark rights.
The deal is on thin ice as both sides were…
Read the source article at Rubber and Plastics News
Bridgestone Tire Sales Korea Ltd. has joined in sponsoring the PyeongChang 2018 Education Program, which is expanding after already reaching 2 million Korean students.
The program, which teaches students about the values of the Olympics, has expanded to the Shin-Mang-Won Orphanage, located in the Gyeonggi Province of Yangpyeong-gun just 30 miles from the capital of Seoul.
Read the source article at Tire Review
Hankook has named 55-year old Soo-Il Lee as the new president and CEO, effective as of January 2018.
He brings with him a wealth of experience from various positions within the company. This includes his roles as MD of Hankook France (2001-2003); director of global marketing from 2006; COO of Hankook Tire America (2009-2012) and China (2013-2016); as well as chief of marketing and corporate management (appointed earlier this year) at the company’s global headquarters.
Read the source article at Tire Technology International
South Korean petrochemicals producer Kumho Petrochemical said Monday it has filed a lawsuit against the US government over the high anti-dumping duties imposed on the company.
In July this year, the US Department of Commerce placed anti-dumping duties of 44.3 percent on emulsion styrene butadiene rubber manufactured by Kumho Petrochemical and 9.66 percent on the products by LG Chem and other companies.
Read the source article at The Korea Herald
Sumitomo Rubber North America Inc. (SRNA) has won the 2017 Ventana Research Leadership Award in the Digital Technology category.
SRNA was honored for developing an iPad application that gives its sales personnel easy access to competitor pricing, fitments for popular vehicles in the area, and more. The app combines data from SRNA’s enterprise resource planning (ERP) and sales systems with tire market data to provide salespeople with the insight needed to do their jobs better, and help customers make informed purchasing decisions.
Read the source article at Modern Tire Dealer
More than 100,000 tons of rubber tires are disposed of every year in Argentina. The majority of them are burned, contributing to the country’s already huge air pollution problem. So, when Alejandro Malgor and two of his friends, Ezequiel Gatti and Nazareno El Hom, realized they wanted to start a business, they decided to focus on tackling the problem — and make shoes from the discarded tire scraps.
Read the source article at PRI.org
In 2017, Pirelli supported a wide range of different racing and rallying competition in Britain, including GT racing, F3 and rallying.
As is true on a global scale, GT racing forms a key part of Pirelli’s motorsport involvement in the UK, and in 2017 the British GT Championship entered its second season exclusively supplied with Pirelli tyres. After the success of Aston Martin with Derek Johnston and Jonny Adam last year, the 2017 season in the GT3 class was all about Bentley versus Lamborghini. Jon Minshaw and Phil Keen were the men to beat early on in their Huracan GT3 thanks to great speed in the sprint races, but they were pipped to the drivers’ crown post by Rick Parfitt Jr and Seb Morris, who were particularly strong in the Bentley Continental GT3 in the championship’s endurance races. That included victory in British GT’s blue riband event, the three-hour Silverstone 500 race.
Read the source article at Tyrepress
German auto supplier Continental AG said it has developed two battery charging systems that aim to tackle the obstacles of range, weight and cost often associated with charging technology. The first of the two is a wireless charging system that transfers power from a charging pad on the ground, to a receiver pad beneath an electric vehicle. The charging power is transferred inductively, and is able to supply one mile of driving for every 90 seconds of charging, the company said in a Wednesday.
Read the source article at Front Page