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.
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.”
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
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
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.
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.
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.
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.
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.
TRELLEBORG, Sweden—Trelleborg has reported a 6.4 percent year-on-year decline in earnings for the third quarter of 2019, despite higher sales.
NOVI, Mich.—Cooper Standard intends to implement several restructuring initiatives to its global operations, including the closure of 10 global facilities.