Continental invests in object recognition start-up

BERLIN (Reuters) – German automotive parts maker Continental AG said on Tuesday it had acquired a minority stake in German-U.S. start-up Recogni, as it deepens its expertise in autonomous driving technology.

The start-up is working on a new chip architecture for object recognition in real time based on artificial intelligence, Continental said, adding that it expects chip architecture rollout production in 2026.

Financial details were not disclosed.

Read the source article at reuters.com

Orion Engineered Carbons Announces Its 2021 Annual General Meeting

HOUSTON–(BUSINESS WIRE)–$OEC #AGM–Orion Engineered Carbons S.A. (NYSE: OEC), a worldwide supplier of specialty and high-performance carbon black, today announced that it will hold its annual general meeting of shareholders on Thursday, June 24, 2021, at 2:00 P.M. Central European Time at the company’s office, located at 6, Route de Trèves, L-2633 Senningerberg (Municipality of Niederanven), Grand Duchy of Luxembourg. The company also set its record date for the admission of the company’s shareholders to its annual general meeting for April 29, 2021, at 11:59 P.M. Central European Time.

 

Read the source article at Home – Collision Repair Magazine

Cooper Tire & Rubber Company Reports Fourth Quarter and Full Year 2020 Results

Mon., February 22, 2021, 7:04 a.m.·22 min read
 

Cooper Tire & Rubber Company (NYSE: CTB) today reported full year 2020 net income of $143 million, or diluted earnings per share of $2.83, compared with net income of $96 million, or $1.91 diluted earnings per share, for the prior year.

Full Year 2020 Highlights

  • Global unit volume decreased 13.0 percent compared to the prior year.

  • Net sales were $2.52 billion compared to $2.75 billion the prior year.

  • Operating profit was $231 million, or 9.2 percent of net sales, compared to $174 million, or 6.3 percent of net sales, in 2019.

Read the source article at Yahoo Finance

Trelleborg: Interim report and Year-end report 2020

“Strong end to the year – toward a better 2021”

“Like most companies in 2020, Trelleborg was impacted to a high degree by the ongoing pandemic. Priority was assigned to measures to protect our personnel, while we succeeded in offsetting the reduction in sales through a flexible cost base and structural improvements. Despite the circumstances, we were able to deliver a good result, with an improved operating margin and record-strong cash flow compared with 2019, for both the full year and the fourth quarter.

Our employees at all levels of the Group have made the best of a difficult situation and we have adapted our operations and way of working in line with the new reality in an exemplary fashion. Our decentralized approach enabled rapid operational action throughout the organization.

We closed 2020 with a strong quarter. Organic sales declined by 3 percent, meaning that demand continued to improve sequentially. We had a strong currency headwind, which accounted for a 7-percent fall in sales. Cost reductions and structural improvements during the year, combined with slightly better demand, led to the best fourth quarter to date for the Group, in terms of both EBIT and operating margin. This favorable result was achieved despite a negative currency impact on EBIT amounting to SEK 96 M. Cash flow was even stronger, namely the strongest ever for a single quarter.

That said, we continued to be affected by the Coronavirus pandemic. Local outbreaks…

Read the source article at news.cision.com

Toyo Posts Sales, Income Losses for 2020

Toyo Tire Corp. posted net sales and operating income losses during 2020. The company’s sales declined 8.9% from 2019 levels and its operating income fell 5.5% versus the previous year.

Specifically, Toyo’s tire business unit experienced a decline of 7.9% in sales versus 2019 levels. (The company also has an automotive parts business unit, which suffered a decline in sales during 2020, as well.)

Read the source article at Modern Tire Dealer

Michelin CFO sees two major changes post-Covid: More durable materials and electrification

Yves Chapot, chief financial officer at Michelin, discusses the company’s full-year 2020 results.

Against the backdrop of a global pandemic, the Group reported sales of €20 billion, down 15%, and segment operating income of €1.9 billion, representing 9.2% of sales.

Watch the Video at MSN Canada.

Read the source article at MSN.com

Bridgestone FY2020: First net loss in 7 decades

The corona crisis has left its mark on Bridgestone Corporation, with the Japanese firm reporting for the 2020 fiscal year its first net loss in 69 years, a loss of 23.3 billion yen (£159.2 million). The operating result also fell significantly: While revenue decreased 14.6 per cent to 3.0 trillion yen (£20.5 billion), adjusted operating profit plummeted 35.0 per cent to 222.9 billion yen (£1.5 billion), representing a 7.4 per cent return on sales.

 

Read the source article at Tyrepress

Cabot (CBT) Surpasses Earnings and Revenue Estimates in Q1

Cabot Corporation CBT recorded a profit of $60 million or $1.06 per share in the first quarter of fiscal 2021 (ended Dec 31, 2020) compared with a profit of $41 million or 70 cents per share in the year-ago quarter.

Barring one-time items, adjusted earnings per share were $1.18 in the reported quarter, up from 69 cents in the year-ago quarter. The figure topped the Zacks Consensus Estimate of 87 cents.

Read the source article at nasdaq.com

Phoenix Investors Acquires Former Titan Tire Plant

MILWAUKEE , Nov. 23, An affiliate of Phoenix Investors (” Phoenix “), a national private commercial real estate firm headquartered in Milwaukee, Wisconsin , announced its acquisition from Titan International, Inc. (“Titan”) of its former plant in Brownsville, Texas . The plant is located at 6700 Paredes Line Road (“Property”) and totals approximately 1,040,000 square feet on 108 acres. The Property was originally built in 1997.

Read the source article at PR Newswire

Pyrolyx USA Indiana files for bankruptcy

Pyrolyx USA Indiana LLC Thursday filed for Chapter 7 bankruptcy — a liquidation bankruptcy — in the U.S. Bankruptcy Court District of Delaware.

The company lists debt to creditors at more than $49.9 million.

While the company lists more than $61.14 million in assets, more than $58.5 million is in machinery and equipment and land. Included in that, Pyrolyx lists the value of its plant and land at 4150 E. Steelton Drive in Terre Haute as $7,562,202, according to its bankruptcy court filing.

Read the source article at tribstar.com