Michelin Earthmover today announced the launch of two new sizes of the Michelin XHATM 2, a loader tire for small- and medium-sized wheel loaders used for material handling in quarries and mines, sand, gravel, logging and waste management. The 17.5R25 size is targeted for small-wheel loaders, while the 775/65R29 size is targeted for medium-wheel loaders.
Continental Tire the Americas is ending its sponsorship of the International Motor Sports Association (IMSA) at the end of the contract term in 2018. Michelin North America will serve as official sponsor of the series starting in 2019.
“The significance of this expanded partnership with Michelin, one of the world’s most recognized premium brands, cannot be overstated,” said Scott Atherton, IMSA president.
AKRON—Despite relatively lackluster first-half financial performances, tire makers for the most part are optimistic about their second half and fiscal 2017 earnings prospects.
AKRON —Status quo reigned over the 2017 global tire rankings, even as the estimated value of the entire industry declined for a third straight year.
AKRON — The world’s leading tire makers committed more than $7.3 billion in the past year toward new plants and capacity expansions, a measurable drop from record spending of $10 billion-plus in 2015-16 but still ahead of the annualized average for the past decade.
The investment sum was buoyed by nearly $3.3 billion in spending on acquisitions, deals that involved companies with collective annual sales of more than $2.5 billion — including Qingdao Doublestar Tire Co. Ltd.’s still-pending $830 million bid to buy what amounts to a controlling interest in South Korea’s Kumho Tire Co. Inc.
At this year’s Farm Progress show, which is taking place in the States, Michelin is showing off some of their latest tires, as well as the company’s plans for future agriculture tires.
“Tires are the only link between the ground and the machine,” said Laurent Le Dortz, director of marketing Michelin North America Agricultural and Compact product line. “Michelin is driving change through innovation. These prototype tires showcase our technical leadership in the agricultural industry and our commitment to customers to provide the best solutions for their challenges on and off the field.”
During the first half of the year, Michelin increased both sales and net income on the back of higher volumes. Net sales were up 7.5 per cent to 11.1 billion euros in the six months to 30 June, and while operating income declined 0.8 per cent year-on-year to 1.4 billion euros (with the margin down 1.1 per cent to 12.6 per cent), the tyre maker described this result as “stable and in line with the Group’s roadmap.” Net income rose 12.2 per cent to 863 million euros.
More than two years ahead of their target date, Michelin and the Fédération Internationale de l’Automobile (FIA) have secured commitments from all 50 U.S. states to include consistent tire-maintenance and safety information in their driver education programs. Michelin North America chairman and president Pete Selleck told C/D that it had once seemed like a daunting feat for the tire maker and the FIA, which partnered on a Beyond the Driving Test initiative with the goal of having all 50 states on board by 2020.
“We thought that was aggressive, and then we went to work and discovered some interesting allies in the fight,” Selleck said. Not only was support found in the traffic-safety community, but the states themselves also proved to be key partners, he said.
Russian rubber and petrochemicals manufacturer Nizhnekamskneftekhim signed an agreement to provide synthetic rubber to Michelin during a meeting held in late June.
A delegation from the Russian company, including Vladimir Busygin, chairman of the board of directors and other senior officials, visited Michelin’s R&D center in Clermont-Ferrand, France to discuss the supply of new brands of synthetic rubber to the tyre maker.
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