Continental’s Vitesco expects margins to take a hit from electric shift – Reuters

REGENSBURG, Germany (Reuters) – Vitesco, the powertrain division of auto supplier Continental (CONG.DE), faces margin pressure as it shifts its business beyond combustion engines, which make up 90% of revenues, to capture growth from electromobility, Chief Executive Andreas Wolf said. “Electrification is a huge change for the company but also a massive opportunity,” Wolf told Reuters in an interview.

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Goodyear declares dividend on common stock

Directors of The Goodyear Tire & Rubber Company have declared a quarterly dividend of US$0.16 per share of common stock. The dividend is payable 2 March 2020 to shareholders of record on 3 February 2020. The payout represents an annual rate of 64 cents per share.

Read the source article at Tyrepress

Goodyear to Advance Future Mobility with Launch of New Venture Capital Fund

LAS VEGASJan. 7, 2020 /PRNewswire/ — Today at the 2020 Consumer Electronics Show, The Goodyear Tire & Rubber Company (NASDAQ: GT) announced a new venture capital fund, Goodyear Ventures, with $100 million targeted for new investments in future mobility solutions over the next 10 years. 

Goodyear Ventures will continue and expand Goodyear’s growing relationships in new mobility, with a focus on partnering and investing in startups with a shared vision of sustainable, safe and new mobility experiences that make life’s connections easier every day. 

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Bridgestone cuts stake in Nokian Tyres to 3%

NOKIA, Finland — Bridgestone Corp. has reduced its shareholding in Nokian Tyres P.L.C. to 3% from 9.96%, the Finnish tire maker disclosed recently.

Read the source article at Tire Business

Michelin implements partial share buyback management agreement

An investment services provider has been called upon to implement the share buyback programme authorised by Michelin at its Annual Shareholders Meeting on 17 May 2019. An agreement to this effect was signed on 7 January 2020.

Read the source article at Tyrepress

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