(Reuters) – Finnish tyre maker Nokian Tyres Plc (TYRES.HE) said late on Tuesday its board has appointed Jukka Moisio as chief executive, taking over from Hille Korhonen, whose three-year tenure was marked by decline of almost 50% in the company’s value.
Moisio, who headed packaging firm Huhtamaki (HUH1V.HE) from 2008 to 2019, will start on Wednesday.
“Jukka Moisio has a proven record in successfully leading stock listed companies and company turnarounds, delivering strong financial performance and shareholder returns,” Chairman Jukka Hienonen said in a statement.
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With coronavirus lockdowns lifting around the world, heightened vigilance in social interactions is likely to continue for some time. One effect of this could be an increased use of private cars, as commuters eschew public transport options to limit their contact with other people. The economic reality of this suggests that those in the financial position to drive are even more likely to do so. And in turn these motorists are more likely to drive cars that require the fitment of larger tyres.
Read the source article at Tyrepress
Canada’s automotive trade groups are pressing the federal government to launch a scrappage incentive program to help the industry out of its COVID-19-related slump.
The Canadian Automobile Dealers Assn., Global Automakers of Canada and Canadian Vehicle Manufacturers’ Assn. have proposed that the government offer consumers between C$1,500 to C$3,000 ($1,090 to $2,180) when they trade in an old vehicle and replace it with a new one.
Read the source article at WardsAuto
The Yokohama Rubber Co., Ltd. posted a 90.4% decline in operating profit (1.2 billion yen, or about $11 million; down from 2019’s 12.878 billion yen, or about $120 million) in the first quarter of 2020.
The company also posted a 258 million yen (about $2.4 million) loss in Q1, compared with 9.1 billion yen (about $85 million) in profit in the same period of the previous year.
Read the source article at Tire Review
During the global pandemic, Camso has adjusted its Solideal On-Site processes to ensure an efficient and smooth tire installation service through contactless on-site procedures for forklift tire replacement.
Read the source article at Construction Equipment Headlines
SAVING JOBS WHILE REDUCING EMISSIONS
Brussels, 26th of May 2020. – For many decades, the European automotive sector has been one of the key pillars of the economic and social welfare of Europe. Indirectly, the sector provides employment to 13,8 million workers. The European assembly plants still produce 1 in every 4 cars worldwide. The sector is highly innovative and accounts for 20% of industrial research funding in Europe. Europe’s automotive sector has become a global leader with a strong export orientation. It is a stronghold of European industry and a driver for jobs and economic growth across Europe. As a result of the substantial economic interlinkages with other sectors along the value chain, its importance for employment and growth for the whole economy is clear.
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Bridgestone is temporarily shutting plants in Japan due to a decline in demand.
The plants that are being shut down cover tire production for cars, aircraft, motorcycles, trucks and buses.
In Fukuoka, the Kurume plant will shut its aircraft tire plant from May 27-June 1, June 3-4 and June 6-7, and the section producing tires for passenger cars will be shut from May 28 -June 1.
Read the source article at Tire Technology International
To help alleviate the pressures America’s food banks are facing to supply meals to communities impacted by COVID-19, Roll by Goodyear, an innovative new tire buying and installation provider in the greater Philadelphia and Washington, D.C. markets, will donate the cost equivalency of 100 meals to Feeding America for every tire sold. This donation will apply to all tires purchased through www.rollbygoodyear.com or at any Roll by Goodyear location through June 30.
Read the source article at Aftermarket News
MEXICO CITY (Reuters) – French tire maker Michelin resumed operations at its two plants in Mexico on Monday, saying that activity will be staggered at first. The Mexican government’s decision to classify the automotive industry as an essential activity made it possible to restart operations, Michelin said in a statement. The company, which reported an 8.3% drop in first-quarter sales worldwide, said it will resume operations in Mexico “based on production demand.”
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Australian scientists have created a new kind of rubber polymer that could make for more sustainable building materials. This versatile new material can be used on its own like regular rubber, or mixed with filler materials to create brand new composites. Then when the useful life of the product is over, the material can be recycled in an almost endless loop. The rubber polymer is made of sulfur and canola oil, and it has a unique chemical structure.
Read the source article at New Atlas