By Nam Hyun-woo Hankook Tire CEO Cho Hyun-bum Domestic tiremakers were hit hard by the backpedaling in the global car market, with the top three companies each posting reduced 2018 earnings, their reports showed Friday. Hankook Tire , logged 703. 7 billion won ( $623.8 million ) in operating profit last year, down 11. 3 percent from a year earlier Sales also declined by 03 percent to 68 trillion won during the same period.
Giti Tires USA announced that its manufacturing facility in South Carolina has completed an audit by Volkswagen to supply two tire sizes for the 2019 Volkswagen Passat.
The plant can now officially begin producing the premium All-Season GitiComfort A1 in the 235/45R18 95H and 235/40R19 92H sizes for the popular Volkswagen sedan. Production of tires for Volkswagen will commence in the first quarter.
Continental has announced a new agricultural tire warranty in the United States and Canada offering customers up to 10 years of coverage from the date of purchase.
The warranty applies to all Continental brand radial agriculture tires including the Tractor70, Tractor85, TractorMaster and CombineMaster. General Tire brand agriculture tires, owned by Continental, are also included in the warranty with coverage up to five years from the date of purchase.
LITTLE ROCK, Ark.â€”The Arkansas legislature is considering a bill that would facilitate the recycling of off-the-road tires in the state.
Engineers explain how they developed a bespoke version of the Michelin Pilot Alpin 5 SUV tire for the Porsche Cayenne. In any typical original equipment project, Porsche first provides a design brief, then Michelin builds prototype tires. These are tested internally at Michelin’s test grounds on wet, dry and icy surfaces. The final result is a tire that hopefully meets and exceeds the expectations.
NORTH BAY – The Ontario government is providing drivers in the province with more options by allowing newer models of studded tires to be sold in Northern Ontario.
Parliamentary Assistant to the Minister of Transportation Kinga Surma and Nipissing MPP Vic Fedeli, were at Kal Tire in North Bay today to announce that Ontario is changing a regulation that prevented some new models of studded tires from coming to market.
Kumho Tire has been struggling appoint new company leadership after its previous chairman left following Doublestar’s purchase of the company.
According to Kumho Tire, the company will not appoint a new chairman at its pre-scheduled March shareholders meeting. Vice president Jeon Dae-jin will continue as the acting CEO in the interim.
Local news reports cite Kumho insiders as saying that Doublestar is working on finding a suitable candidate, but is “struggling” to find someone with the right combination of skill. According to the reports, in December Doublestar offered the role to former Korea Development Bank (KDB) senior vice president Lee Dae-hyun, but he declined following opposition from Kumho Tire’s union.
Shares in Michelin, which also reported better-than-expected results for 2018 late on Monday, were up 7.5 percent in early session trading. The stock was the best performer on France’s benchmark CAC-40 index.
“Michelin is able to sustain premium price points, while concurrently gaining market share – this is the perfect recipe for earnings growth,” analysts at Citigroup wrote in a note, keeping a “buy” rating on Michelin shares.
MONTREAL – Continental Tire the Americas has developed a directional winter tire, the VikingContact7, that it claims offers a balance of flexibility for slippery road conditions and stiffness for longer life.
The Marangoni Group has acquired a majority shareholding, 51 per cent, in the South African tread maker Leader Rubber Company SA (Pty) Ltd. The move is the latest development in the decade-long partnership between Leader Rubber and Marangoni. The Italian company acquired a 25 per cent share in the company in 2015 , a move it described as the “culmination of a partnership that has been ongoing for several years.”