Avon marks 2019 as ‘transformational’ year

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Melksham, England—Avon Rubber has finished its 2019 fiscal year on a high note, having secured $340 million worth of long-term contracts and made a multi-million-dollar acquisition in the US.

Read the source article at Rubber and Plastics News

Hankook earnings down 3.2% in Q3 despite higher sales

SEOUL, South Korea — Hankook Tire & Technology Ltd. reported a 3.2% drop in pre-tax operating income for the quarter ended Sept. 30 on 4.4% higher sales, citing “weakened consumer confidence caused by the global economic downturn” for “intensified tire market sales competition.”

Read the source article at Tire Business

Toyo Tire Corp. Sells Portion of its Stock in Bridgestone

Toyo Tire Corp.’s President and CEO Takashi Shimizu and its Board of Directors resolved to sell a portion of its stock holdings in Bridgestone

Corporation, with whom Toyo Tire maintains business and capital

alliances.

The company will sell 50% of its holdings of over 3 million shares worth 4,000 million yen on the Tokyo Stock Exchange. The sale is expected to be completed by Feb. 29, 2020.

Under a 2008 framework of business and capital alliances, Toyo

Read the source article at Tire Review

Pirelli to cut costs, ‘contain’ investment under new plan

Milan, Italy – Pirelli & C SpA is to reduce costs and contain investment under a 2020-2022 industrial plan, to be presented in the first quarter of next year.

As well as a continuing focus on the high-value segment, the plans will “bring significant reinforcement to the competitiveness of [the] business model,” Pirelli said in a third quarter financial report.

Read the source article at European Rubber Journal

Why Financial Markets’ New Exuberance Is Irrational

Owing to a recent easing of both Sino-American tensions and monetary policies, many investors seem to be betting on another era of expansion for the global economy. But they would do well to remember that the fundamental risks to growth remain, and are actually getting worse.

 

 

Read the source article at project-syndicate.org

Reuters poll: Trade truce unlikely in 2020 but U.S. recession fears recede – economists

BENGALURU (Reuters) – The U.S.-China trade war is unlikely to see a permanent truce over the coming year, and while concerns have eased over a U.S. recession, an economic rebound is also not expected any time soon, according to a Reuters poll of economists.

 

Read the source article at uk.reuters.com

Continental, Osram cut costs as autos downturn hits suppliers – Reuters

FRANKFURT (Reuters) – Auto suppliers Continental (CONG.DE) and Osram (OSRn.DE) plan deeper cost cuts after reporting weaker results on Tuesday, as a global slowdown hits the car industry. Demand in China, the world’s biggest auto market, has fallen for 15 months, while carmakers are under pressure to invest in cleaner and self-driving technologies set to reshape the industry.

Read the source article at reuters.com

Cabot reports lower profits in challenging environment

Boston, Massachusetts – Cabot Corp. has posted a 4.8% decline in earnings for its reinforcement materials segment for the financial year ended 30 Sept, due mainly to the challenging Chinese business environment.

Earnings for the segment, which supplies rubber and speciality carbon blacks for the rubber and plastics industries, fell to $266 million (€240 million) during the 12-month period, on 22.5% higher sales of $1.8 billion, Cabot reported 5 Nov.

Read the source article at European Rubber Journal

Trelleborg profitability down, despite higher sales

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TRELLEBORG, Sweden—Trelleborg has reported a 6.4 percent year-on-year decline in earnings for the third quarter of 2019, despite higher sales.

Read the source article at Rubber and Plastics News

Cooper Standard to shut down 10 facilities as part of restructuring effort

NOVI, Mich.—Cooper Standard intends to implement several restructuring initiatives to its global operations, including the closure of 10 global facilities.

Read the source article at Rubber and Plastics News