The sale of a controlling interest in Kumho Tires may or may not happen. The group of investment banks that own a 42 percent share of Kumho Tire voting stock decided last year they wanted to sell this share.
This began a flurry of rumors regarding who was and wasn’t bidding. Continental, Michelin and several Chinese firms have all been spoken about as bidders. In November there was a leak that a preferred bidder had been settled on. Qingdao Doublestar Tyre Co.’s bid may have been all for nothing. Traction News reached out to Kumho Tire about this recently.
Read the source article at Traction News
INDIANAPOLIS—Firestone Building Products Co. L.L.C. reached a definitive agreement Feb. 15 to acquire Gaco Western.
Gaco produces silicone roofing systems and provides waterproofing and spray foam insulation products for a variety of commercial and residential applications.
Firestone said the acquisition strengthens its position in commercial roofing and offers positions in residential and commercial building products.
Financial details of the transaction are not being disclosed. Firestone said the deal is expected to close before the end of the first quarter 2017, subject to regulatory approvals and other customary closing conditions.
Read the source article at home.rubbernews.com
London – Continental Tyre Group officials rolled into London on 22 Feb to show off recent UK acquisition Bandvulc and explain some of parent Continental AG’s plans for the retread tire sector.
Acquired last summer, the Ivybridge, Devon-based truck tire retreader is seen as representing a ‘missing piece in the jigsaw’ for the German group – a relative newcomer to this sector.
Embarking on a strategy to offer a ‘full life-cycle package’ to the tire market, Conti…
Read the source article at European Rubber Journal
Falken, one of Sumitomo Rubber Industries brands, recently won the Tire Technology of the Year Award at the annual awards for innovation and excellence.
The Tire Technology International Awards for Innovation and Excellence are the prestigious awards in the world in the field of tire development and manufacturing. The awards are presented in five main categories after judging by a panel of independent international experts in the field.
The brand received the award at the tenth edition of the edition of the awards for its use of Advanced 4D nano Design technology. The winners for the awards were selected by eminent panel of 27 international tire industry experts drawn from different parts of the world. The company received the award on 15 February 2017 at the Tire Technology Expo in Hannover, Germany.
Read the source article at tiresandparts.net
Tokyo – Bridgestone Corp. has posted a sharp drop in earnings and revenue for 2016, as the Japanese yen gained strength and the cost of raw materials grew.
In its full-year financial statement on 17 Feb, the tire maker said its sales dropped 12% year-on-year to Yen3.3 trillion (€27.5 billion), with sales of tires showing a 13% decline to Yen2.7 trillion.
Bridgestone also registered an 8% decline in sales of diversified products to Yen585 billion.
Read the source article at European Rubber Journal
TORONTO — Ontario Minister of Economic Development Brad Duguid said Canada is “fortunate” to begin a NAFTA dialogue with the Trump administration “from a position of absolute strength.” Over the first three quarters of 2016, Ontario’s real GDP growth has outpaced that of Canada’s and all other G7 countries. The province’s unemployment rate is also at its lowest in eight years, Duguid said.
Read the source article at Front Page
Feb 20 Yokohama Rubber Co Ltd, Japan’s third-biggest tyre maker, on Monday forecast a 12 percent increase in 2017 operating profit despite soaring prices of natural rubber and other raw materials. Asia benchmark rubber futures on the Tokyo Commodity Exchange (TOCOM) hit their highest in more than five years late last month, boosted by Chinese […]
The post Yokohama Rubber forecasts higher 2017 op profit despite soaring rubber prices appeared first on Global Rubber Markets.
Read the source article at Global Rubber Markets News
As a business leader and manager, you’re tasked with many of the same duties as professional politicians – building consensus, communicating a shared vision, dealing with the public and staying visible within your community.
And as a tire dealer, you have far more political expertise and influence than you may realize. Your voice, experience and wisdom are highly valuable to your community and your industry. From serving on boards and councils locally to speaking on industry issues before the House and Senate – even running for office – tire dealers have a reputation for getting involved.
Read the source article at Tire Review
Research and Markets has announced the addition of the “Research Report on Tire Export in China, 2017-2021” report to their offering.
In 2016, China’s tire export reached CNY 468.48 million, increasing by 5.4% YOY. Export value was USD 12.89 billion, decreasing by 6.9% YOY. Average unit export price was USD 27.52, decreasing by 11.65% YOY.
Read the source article at Stock Market Quotes and News
TOKYO—Yokohama Rubber Co. Ltd. suffered a 22.4 percent drop in operating income for the fiscal year ended Dec. 31 on a 5.3 percent decline in sales.
The Japanese tire maker cited “adverse conditions” in overseas tire markets, including the appreciation of the yen and declining prices, for the earnings decline.
Operating income slid to $398.4 million, while sales dropped to $5.61 billion despite the addition of six months of revenue from Alliance Tire Group. The operating ratio dropped one and a half points to 7.1 percent.
Net income fell 48.3 percent to $177 million.
Read the source article at Rubber and Plastics News