Orion S.A. reported a net loss of USD 20.2 million in the third quarter of 2024, primarily due to a USD 42.5 million loss resulting from a fraud incident.

Despite the impact of fraud, the company’s adjusted EBITDA increased four percent year-over-year to USD 80.1 million.

Orion has revised its full-year 2024 guidance to reflect the impact of the fraud and other factors. The company now expects adjusted EBITDA to be between USD 305 million and USD 315 million and adjusted diluted EPS to be between USD 1.65 and USD 1.75 per share.

The company continues to focus on its core business, including speciality carbon black and rubber carbon black segments. While the rubber carbon black segment faced challenges due to lower demand in certain regions, the speciality carbon black segment performed well, driven by an improved product mix.

JK Tyre & Industries reported Q3 FY25 consolidated revenue of INR 36.94 billion, with operating profit at INR 3.35 billion and EBITDA margin at nine percent, pressured by rising raw material costs.

“Operating profit stood at INR 3.35 billion, with a margin of nine per cent, which was impacted by an increase in the raw material cost, particularly in the natural rubber. To mitigate that, we have taken measures to reduce costs. We are continuously revising our prices and enhancing our product mix and cost optimisation drive going ahead,” said Anshuman Singhania, Managing Director of JK Tyre.       

“Going forward, we see that the demand in the replacement market is going to be promising. The OEM market is on the path of recovery now, and our exports were sustained worldwide despite the challenges in the global scenario of uncertainty.”

JK Tyre witnessed a two percent increase in raw material costs in Q3, prompting a one percent product price increase. Management indicated plans for additional 2-3 percent raw material cost increases ahead. The company has implemented cumulative price hikes of four percent this fiscal year.

When asked what the impact of US President Donald Trump’s plans to impose 25 percent traffic on Mexico, where JK Tyre’s subsidiary- JK Tornel- is located, Singhania said, “In fact, they (US) have kept that (tariff) on hold for one more month. We believe a serious negotiation will be between the Mexican and the US governments. We will still await results on that, so there has not been any concrete percolation of the tariff.”

The company’s Mexican subsidiary contributed INR 5.07 billion to quarterly revenue, while its Cavendish unit added INR 10.25 billion.

Sanjeev Aggarwal, CFO of JK Tyre, said the tyremaker secured a USD100 million sustainability loan from IFC. USD 50 million was allocated for PCR and TBR expansion projects, and the remainder was used for refinancing existing debt.

“We have successfully completed our INR 800 crore expansion plan. The company is progressing on its INR 14 billion expansion plan across various facilities,” added Aggarwal.

JK Tyre & Industries appointed Arun Kumar Jaura as Chief Technology Officer, strengthening its technology and research capabilities as part of a succession plan.

Prior to the role, Jaura was the Chief Technology Office of Hero MotoCorp and beofre this he was also with Michelin India for seven years.

Jaura, who joined the Indian tyremaker on 3 February, brings over 40 years of experience in research and development, sustainability and automotive product development across global markets.

He previously held senior leadership positions focusing on hybrid vehicle engineering both in India and internationally.

The Harvard Business School-educated executive has been involved with India's National Mission of Electric Mobility since its inception in 2013. He currently serves in leadership roles at the Indo-French Chamber of Commerce & Industry and the European Advisory Committee for Sustainable Development.

Jaura holds a PhD from Canada's Concordia University, where he was awarded a gold medal, and a master's degree from the Indian Institute of Technology Madras.

The German Rubber Industry Association (wdk) criticised the lack of concrete economic policies in the manifestos of the parties contesting the upcoming federal election.

“This is all far too little and far too vague,” said wdk President Michael Klein in a statement. “The parties have obviously still not fully recognised the seriousness of the situation. Germany, as an industrial location, is at acute risk!”

In the election manifestos, Klein specifically pointed to the neglect of small and medium-sized enterprises (SMEs). “There seems to be no awareness that we also have an industrial small and medium-sized business in Germany that urgently needs relief,” he said.

The wdk is calling for a significant reduction in bureaucracy, advocating for a “one in, two out” approach to regulatory burdens at both the national and European levels. The association also emphasised the need for competitive electricity prices, proposing a long-term cap on energy prices for industrial users.

“You cannot reduce reporting obligations with a ‘one in, one out’ approach. That only works at the German and European level with a binding ‘one in, two out’ approach,” Klein said.

To highlight these concerns, the wdk conducted a large-scale banner campaign at the House of the Rubber Industry.

Yokohama Rubber completed its acquisition of Goodyear Tire & Rubber’s off-road tyre business, adding a unit with USD 678 million in annual sales to boost its mining and construction product lineup.

The Japanese tyremaker will consolidate the business, which employs about 500 people, into its results starting from the first quarter of 2025, according to a statement.

 The deal adds tyres ranging from 25 inches to 63 inches in diameter to Yokohama’s portfolio.

The purchase from Akron, Ohio-based Goodyear, which reported revenue of USD 20.1 billion in 2023 and has approximately 68,000 employees, is part of Yokohama’s strategic plan through 2026.