Despite a 36.3 per cent increase in operating income to RMB 2.2 billion (£249.4 million) in the first quarter of 2017, Triangle Tire reports that its year-on-year net profit declined 2.6 per cent in the first three months of the year to RMB 156.9 million (£17.8 million).
Nokian Tyres has appointed Frans Westerlund vice president, CIO and Processes. He will join the company’s management team on 1 August 2017 and will report to the president and CEO.
Westerlund joins the Finnish tyremaker from global tools brand Fiskars where he is currently SVP, CIO, head of business processes and IT. He has been a member of the Fiskars management team since 2009.
Before joining the home, office and garden tool company, Westerlund held several information communications technology (ICT)-related positions at Nokia.
Andrei Pantioukhov, interim president and CEO of Nokian Tyres, commented: “Processes and ICT are strategic enablers for profitable growth of the company and digitalization adds value to both consumer and customer experience. Westerlund has strong expertise and experience in business transformation programs and building process and ICT platforms in consumer goods companies. We are happy to welcome him on board.”
MOOSUP, Conn.—Griswold L.L.C.’s board has elected David Natorski as the firm’s CEO, effective June 1. He will replace current CEO Daniel P. Mahoney, who is retiring.
“David has been intimately involved in every aspect of our business and has most recently led the company’s expansion into Asia,” said Henry Hortenstine, chairman of Griswold’s Board of Managers. “We are excited to have such an accomplished executive available to continue Griswold’s track record of success.”
Natorski has worked for Griswold for more than 33 years in various sales and management positions since being hired in 1984 by Larry Sarni, past president and co-founder of the company. He has spearheaded both the company’s growth strategy and its collaborative approach to product development.
Titan International has commented on the final results of the US Department of Commerce’s (DOC) review of imported OTR tyres from China in 2014 and 2015, which show the Chinese government increased the level of subsidies it gave tyre makers, enabling their products to continue selling in the US market at what the tyre maker calls a less than fair value.
“These results confirm our belief that the levels of government subsidisation had significantly increased and that the amount of dumping has continued,” said Paul Reitz, president and chief executive officer of Titan International. “The continued monitoring by the DOC of these orders and the imposition of accurate amounts of countervailing and antidumping duties is an important step in restoring conditions of fair trade. We will continue to work with the DOC to insure that any and all subsidisation and dumping by Chinese producers is met by appropriate duty levels. We have been fighting and will continue to fight against the unfair trade practices of any US trading partners.”
The results’ release updates the level of duties imposed on OTR tyre imports to counteract the most recent levels of subsidisation and dumping identified by the Department of Commerce. The identified levels of subsidisation have increased dramatically since they were last analysed. Specifically, the department found subsidy levels, which previously ranged from 2.52 per cent to 5.65 per cent, to be 34.46 per cent to 46.01 per cent in the recent review. The Department of Commerce has also continued to find that Chinese producers are selling at amounts significantly below their costs.
SHANGHAI — Chinese government-owned auto giants such as SAIC Motor Corp. and Dongfeng Motor Group Co. may see billions of dollars in profits evaporate if the government lifts protectionist measures and lets foreign companies operate without a local partner.
China requires overseas carmakers such as General Motors, Toyota Motor Corp. and Volkswagen AG to form joint ventures with locals in order to sell their brands in the world’s biggest market. The policy enacted two decades ago capped foreign investment at 50 percent, helping local brands develop manufacturing expertise while still profiting from sales of foreign marques.
Those alliances seem to be working for domestic automakers, which earned 67 billion yuan ($9.7 billion) with their partners in 2014, according to the latest China Association of Automobile Manufacturers statistics. Yet the government may relax the restriction as it tries to make state-run businesses more efficient and to respond to changes in trade policy being pushed by U.S. President Donald Trump.
“Automakers that aren’t competent enough would be destroyed by the policy change,” said Cui Dongshu, secretary general of the China Passenger Car Association. “Rising competition from not only the foreign joint ventures but also from homegrown makers has been weighing on the weak performers.”
The prospect for lifting the restrictions comes as carmakers meet in Shanghai this week for Asia’s biggest auto show. Ford Motor Co. and Hyundai Motor Co. are among the other foreign carmakers displaying models that compete with those produced by local partners.
Less than half the record 23.9 million cars and light trucks sold in China last year were local brands. Market share for Chinese-brand cars has stayed fairly constant, reaching 43 percent last year from 41 percent a decade ago, according to the state-backed manufacturers association.
With the Hungary plant going on stream, Apollo Tyres plans to increase its market share to 3.5 per cent in the next two-three years from the current 2.5 per cent in Europe. And, it plans to start supplying to major brands, including Volkswagen and Mercedes-Benz. It also said the US would be its next stop for building brands. Apollo Tyres Vice-Chairman and Managing Director Neeraj Kanwar said its Vision 2020 for Europe was to be a premium brand both in terms of size and price.
AKRON, Ohio, April 14, 2017 /PRNewswire/ — The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced it will redeem all of its outstanding $700 million in principal amount of 7.0% senior notes due 2022 on May 15, 2017.
The redemption price will be 103.50 percent of the principal amount of the notes being redeemed, plus accrued and unpaid interest to May 15, 2017.
Goodyear intends to use the net proceeds from its $700 million offering of 4.875% senior notes due 2027, which closed March 7, together with current cash and cash equivalents, to fund the redemption.
The transactions will result in annual interest expense savings of approximately $15 million beginning in 2018. Goodyear continues to expect interest expense to range between $340 million and $365 million for 2017.
Goodyear is one of the world’s largest tire companies. It employs approximately 66,000 people and manufactures its products in 48 facilities in 21 countries around the world. GT-FN
Trends in the global tire industry play to the strengths of The Goodyear Tire & Rubber Company and its strategy to drive profitable growth.
“The accelerating shift to high-value-added tires for both consumer vehicles and commercial trucks is the main product trend shaping the future of the tire industry,” Chairman, Chief Executive Officer and President Richard J. Kramer said at the company’s recent annual shareholder meeting.
On 13 April TP Industrial Holding – a company controlled by CNRC (the tyre division of ChemChina) – confirmed that agreements have been signed with CNRC, Aeolus and High Grade (HK) Investment Management Limited for the full integration of its controlled Industrial activities with the other assets of the sector belonging to CNRC, including Aeolus and Guilin Beili. The formal finalization of this integration is expected by the end of the year, subject to the approval by the relevant authorities, with the contribution into Aeolus of the 52 per cent stake held in Prometeon Tyre Group (formerly Pirelli Industrial).
As a result Aeolus, a company listed on the Shanghai stock exchange, is expected to take on the new English name of “Prometeon Tyre Group Co., Ltd.” upon final completion of the transaction.
DETROIT – The automobile industry these days increasingly prefers the open collar to a necktie and it is not just fashion statement, leading executives say, but a cultural shift steadily making engineering jobs in Detroit and Stuttgart more attractive to young talent previously drawn to the laidback lure of Silicon Valley.
“It’s on the way back,” saysVice President and Chief Technology Officer Jon Lauckner, who also heads the automaker’s venture-capital arm where he has an umpire’s view of startup and investment activity. “People are rediscovering the auto industry.”
Lauckner recalls launching GM Ventures nearly seven ago and “counting on one hand” the number of startups relevant to automotive, whereas today there is a hum of activity in highly germane fields such as artificial intelligence, microprocessors and materials science.