Hankook & Company announced its 2022 financial results, recording KRW 1,089.7 billion in global sales and KRW 238.5 billion in operating profit, with year-on-year increases of 13.1 percent and 4.5 percent, respectively.

Hankook & Company Energy Solution (ES) Business Headquarters, which is in charge of lead-acid battery business of the holding company, achieved annual sales growth through strategic sales price operation in major global markets based on 'Hankook' and ‘AtlasBX’ brands, and strengthening premium Absorbent Glass Mat (AGM) batteries sales. In addition, the company established a new subsidiary in Europe and Germany, and further expanded its global sales network by acquiring new customers in North and Latin America.

As a holding company, Hankook saw a rise in operating profit and stable performance, reflecting the earnings of its major subsidiary, Hankook Tire. In addition, the company was recently recognised for its ESG efforts, winning the ‘Happiness Award’ in the donation category at the 9^th Annual Community Chest of Korea Grand Prize, hosted by Community Chest of Korea. Since 2003, the company has been actively engaged in community-based activities in conjunction with Community Chest of Korea and has donated approximately KRW 13.6 billion to underprivileged neighbours by 2022.

In 2023, it also aims to further accelerate its global growth by expanding the production and sales of AGM batteries and stabilising operations at its Tennessee plant in the United States. These efforts are intended to strengthen the company's fundamental business competitiveness.

Hankook Tire, a major affiliate of the group, achieved consolidated global sales all time high at KRW 8,394.2 billion. Operating profit stood at KRW 705.7 billion. The increase in the proportion of high-value-added products, effective pricing strategies and increased supply of Original Equipment Tires (OET) in major global markets were key factors contributing to its success.

Meanwhile in April 2021, Hankook merged with AtlasBX and became a business holding company, securing sales competitiveness in the global market by providing lead-acid batteries to approximately 450 companies in 100 countries worldwide. In the holding division, the company shares an integrated brand system that reflects its global brand ’Hankook’ with its affiliates and plays a crucial role in discovering new growth engines to realise the group's sustainable growth.

Hankook & Company consolidated financial results

 

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LANXESS, a specialty chemicals company, has successfully placed a six-year-tenor euro benchmark bond with a coupon of 0.0 percent in the European capital market.
The company, with about 14,800 employees in 33 countries, will use the funds to finance the planned acquisition of IFF, a US-based chemical company involved in microbial control.

The new bond is listed on the Luxembourg Stock Exchange in denominations of EUR 1,000.

Michael Pontzen, CFO, LANXESS, said, “We have secured the first step of financing already quickly after the announcement of the acquisition of IFF Microbial Control and are happy about the very receptive reaction of the capital market to our offering.” (TT)

Goodyear has launched its new RT-3B bead-to-bead tread in US and Canada in sizes 20.5R25 and 23.5R25 for off-the-road (OTR) tyres.

The new retread provides all-around performance for loaders and graders. Joining the existing lineup of premium off-the-road Goodyear tyres, the retread provides up to 60 percent savings compared to a new tyre.

Used extensively in gruelling OTR applications, retreading helps extend the life of tyres while delivering high traction and minimal tread wear. Additionally, retreading promotes sustainability by reducing unnecessary waste.

The new Goodyear RT-3B is cured in a mould and press method to generate low heat through long hours of usage via its 115-level tread depth. Strongly cut-resistant in nature, the centerline lugs and open shoulder provides optimal traction.

Loic Ravasio, General Manager, Global and Americas OTR, Goodyear, said, “We are always focused on delivering high value and low cost of ownership to our OTR customers. The RT-3B is a substantial addition to our retread portfolio providing another great option for operators to help drive efficiency, reduce costs and protect the environment.” (TT)

Anshuman Singhania, Dy. Managing Director of JK Tyre, has been appointed managing director of the company, effective October 21,2020.

Anshuman Singhania joined the Company as an Executive and over the years has been deeply involved in various activities of the Company in different positions, said the company.

Singhania is also Vice Chairman of ATMA

He is a graduate from Oxford Brookes University, UK and an alumnus of London Business School. As a young leader, he started his career from the shop floor as an apprentice and has held several positions in Planning, Production, Product Development, Quality Control, Stores & Purchase, Finance as well as Sales & Marketing. Being a techno-savvy person, he has played a key role in implementing the latest technologies in the manufacturing process at JK Tyre.

Yokohama Off-Highway Tires recently held the groundbreaking and foundation stone unveiling ceremony of its new plant at Atchutapuram, Visakhapatnam - Andhra Pradesh, India.

In the online event, Masataka Yamaishi , President & Chairman of the Board, Yokohama Rubber Co., Ltd broke the ground to commence construction work.

Yamaishi San unveiled the Foundation Stone virtually in the presence of Atao Kishi San: Chairman - ATC Tires Pvt. Ltd. and Managing Officer - The Yokohama Rubber Co., Ltd., Nitin Mantri – CEO and Anil Gupta – COO and the leadership team at Yokohama Off-Highway Tires.

The new plant will have a daily production capacity of 55 tons (rubber weight), with planned capital investment totalling US$165 million. The plant, which will be the company’s third plant in India, will manufacture its three brands ALLIANCE, GALAXY and PRIMEX brand tyres.

 Yokohama Off-Highway Tires currently has two tyre plants in India—the Dahej Plant in Gujarat and the Tirunelveli Plant in Tamil Nadu.