After the completion of a reorganisation process, Nynas, a Swedish manufacturer of speciality naphthenic oils and bitumen products, aims at increasing its market share globally with the continuous focus on its core business. Now the company has a strong balance sheet with a 5-year secured financing.  Bo Askvik, Nynas President & CEO, in an interview with Sharad Matade, said, “We have long-term financing in place, giving us the necessary financing to build volumes and increase sales turnover. With the current financial position, we are now focusing on taking back market share across all our different segments and businesses. The reorganisation also required us to focus on the things we were managing and better control the business.  We are now back in the normalised operational mode that enables us to focus on supply reliability.” He also shared his view on opportunities in new mobility and lowering the supply of Group I base oils.

Last year was a challenging year for Nynas. The company went through a reorganisation process amid pandemic challenges. In January this year, the reorganisation was formally completed. Recalling last year’s challenges, Bo Askvik, Nynas President & CEO, said, “Like many other industries, we were impacted by the slowdown due to the global pandemic. The reorganisation process which was in place all of last year restricted our possibilities of supply somewhat. But we managed to maintain most supplies for our customers and operations during the last year.”

Surprisingly, Nynas managed to do better- than -the industry in 2020. The tyre oil industry, as per a report, had a volume loss of around 14 percent across all segments, whereas the company’s sales were down by six and a half percent in the comparable geographic regions. In the Asian region, Nynas managed to maintain its 2019 sales level, while sales in central Eastern Europe, Middle East, India, and Africa witnessed an uptick.

Askvik said, however, though Nynas may not witness sales of the pre-pandemic levels this year, the company, with its long-term business plans, will continue to focus on its core products to support the growth of the industry.

Nynas AB is a Swedish manufacturer of specialty naphthenic oils and bitumen products. It produces bitumen for paving and industrial applications, transformer oils, base oils, process oils, and tyre and rubber oils. The company has three refineries under its own management – in Nynäshamn and Gothenburg in Sweden, and in Harburg Germany and a bitumen refinery in the UK operated as a 50/50 joint venture between Nynas and Shell, as well as application labs for bitumen, greases, adhesives, rubber and the electrical industry.

In 2017, the US imposed sanctions on Nynas, and additional sanctions in 2019 restricted the company to procure heavy crude oil from Venezuela. Nynas applied for company reorganisation on December 13, 2019, after its banks did not extend the loans. The US lifted sanctions on Nynas AB in May 2020 after the ownership restructuring, which resulted in Petróleos de Venezuela SA’s stake reducing from 50 percent to 15 percent.  An independent Swedish foundation now controls the divested stake.

The reorganisation somehow proved to be a boon for Nynas. The Swedish company is now no longer restricted by the reorganisation regulations and can again hedge oil prices and currency exposures. The company reached a composition agreement with the creditors resulting in a 5-year secured financing and a strong balance sheet. The company has already obtained the necessary permits from the authorities needed for running new feedstocks, which secure supply.

“Now we have a solid balance sheet, much stronger than what Nynas had for many years. We have long-term financing in place, giving us the necessary financing to build volumes and increase sales turnover. With the current financial position, we are now focusing on taking back market share across all our different segments and businesses. The reorganisation also enabled us to focus on the things we were managing and better control the business.  We are now back in the normalised operational mode that enables us to focus on supply reliability. And that’s what customers are looking for. Now we have the same challenges the industry is facing at large, which is COVID-19,” said Askvik.

Despite the challenging time, Nynas remained aggressive on product launches to cater to its customers and markets worldwide. Askvik added, “We launched a series of new products, including the biobased products, and improved our existing products. So, we never lost our focus on developing the business.”

Askvik attributes the successful reorganisation to the company brand, loyal customers, and employees.

Disruptions in shipments is also another major challenge for any company in the current circumstance. Shipment durations have gone up with increasing costs. However, Nynas has always been at the forefront to have a superior supply chain worldwide to serve its customers. Currently, it has 44 depots globally, of which Antwerp, Houston and Singapore are central storage facilities and blending stations. “We have a firm base in the supply chain structure. We focus on how we can be most efficient and maximise shipments to reduce costs per tonne,” said Askvik.

Growing demand for technical higher refined base oils and increasing production cost are accelerating the closure of traditional Group I plants. In 2011, Group I represented about 57% of base oil production capacity, which had dropped to 37% in 2019. However, for tyre  applications, highly refined paraffinic Group II and III oils cannot substitute Group I and it´s derivatives due to limitations in viscosity range and chemical composition differences. “Naphthenic oils provide the solvency and polymer compatibility that group II and group III base oil cannot provide,” explained Askvik. “We always look at bringing value to the tyre and rubber applications”.

The Nynas executive sees that the faster-than-expected adoption of electrification will bring more business opportunities to the company. Though the number of rubber and oil products will reduce in EVs, Nynas bets on its solutions for lubricating greases and metalworking fluids for the different parts in the EVs. “We see a balanced substitution in the electrification of vehicles. Of course, electric vehicles will still be needing tyres for the foreseeable future. Apart from that, we must bear in mind that there are two types of batteries in electric vehicles. You still have a starter battery of the ICE vehicles in the electric vehicles. Where again, our naphthenic oils are an excellent tool to control both, the production as well as the properties of the isolating membranes used in that type of batteries,” said Askvik.

Increasing demand for lower rolling resistance in tyres, which leads to improving fuel economy and reducing CO2 emission, for ICE-driven engine vehicles will extend to electric vehicles as well, said Askvik. “Another element where we have good offering is when it comes to winter performance. That’s a core value of all our products with their performance in lower temperatures.”

To meet the demand for non-mineral oil-based products, Nynas introduced NYTEX BIO 6200, the company’s first tyre and rubber process oil to be produced using renewable feedstock to support its customers reaching their sustainability goals without sacrificing critical technical properties. “When we developed this bio-based tyre oil, we did not want to compromise on the things that Nynas stands for, and that are quality, consistency and performance. We are, I think, one of the few truly global tyre oil suppliers that understand the requirement for consistent quality. NYTEX BIO 6200 is a product that combines all the key benefits of naphthenic oil with low rolling resistance and the winter performance with the bio base component,” explained Askvik.

In the future, Nynas will continue to focus on sustainable products and regulatory demand for safe tyre oils and substitution for Group I oil products. Region-wise, Askvik bets high on the APAC region, a hub of tyre and vehicle manufacturing. “ For us, we will continue to focus on product development to launch new products and increase the performance of our existing products.  We are into niche segment whereas, for our competitors, tyre oils and bitumen are very small part of their business. We offer the customer our technical competence and help them improve their products and we consider this as both challenges and opportunities.” (TT)

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The European Tyre and Rubber Manufacturers’ Association (ETRMA), alongside 13 other European business organisations, has signed a Joint Statement urging the European Commission to ensure a strong and ambitious implementation of the Data Act.

The coalition, including numerous SMEs and Small Mid-Caps from the digital and industrial sectors of European companies, has urged the European Commission to uphold the regulation against pressure to dilute its core provisions, identifying it as a crucial framework for unlocking industrial data across the EU economy. The signatories contend that a robust implementation is vital for fostering a competitive market and unleashing innovation, particularly for smaller businesses.

The coalition highlights the Act’s benefits, which include empowering SMEs with data portability rights, protecting them from unfair contractual terms and mandating that data sharing occurs on fair, reasonable and non-discriminatory (FRAND) terms. A key provision requires cloud providers to facilitate switching through open standards, combating vendor lock-in. The statement expresses concern that lobbying efforts for delayed enforcement, weaker interoperability definitions and reliance on global standards without fairness guarantees threaten to undermine these objectives.

For the Data Act to be effective, the coalition insists on full implementation to open data markets to genuine competition and prevent SMEs from being excluded by legal complexity. The statement also calls for a proportionate approach, requesting practical guidance, standard contractual clauses and well-resourced enforcement authorities to support smaller companies. It notes that in certain sectors, supplementary legislation may be needed for full clarity.

The coalition concludes that strong enforcement is paramount, asserting that without it, the Act's rights will remain theoretical. They warn that any delay or softening of key provisions risks reinforcing the very market barriers the regulation was designed to eliminate. The signatories urge the Commission to ensure robust enforcement to secure a competitive and innovative Single Market for all companies.

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The Yokohama Rubber Co., Ltd. has been selected as the official tyre supplier for the groundbreaking FIA Extreme H World Cup, the world's first hydrogen-powered motorsport series. The company will supply its GEOLANDAR brand of tyres for the championship, which is scheduled to commence next month in Saudi Arabia. The company will also continue to supply GEOLANDAR tyres for the Extreme E off-road electric vehicle series, which holds its final event on 4–5 October in Saudi Arabia.

Central to both the Extreme H and Extreme E series is a shared mission to advance sustainability and equality. The championships serve as dynamic platforms to promote environmental awareness and demonstrate cutting-edge technologies while also enforcing a strict mandate for gender parity by requiring each team to field one male and one female driver. The Extreme H series will feature eight international teams operating the Pioneer 25, a cutting-edge hydrogen fuel cell vehicle capable of generating 550 horsepower and accelerating from 0 to 100 kmph in 4.5 seconds. The global significance of this new championship is expected to draw a worldwide television audience across multiple continents.

As the predecessor to Extreme H, the Extreme E series utilised the high-performance all-electric Odyssey 21 vehicle. All teams competing in the new hydrogen series will also participate in this final Extreme E event, marking the conclusion of the electric championship as it transitions towards a hydrogen future.

In alignment with the environmental principles of these series, Yokohama Rubber will provide a specially developed prototype tyre based on its GEOLANDAR X-AT model. This tyre has been engineered with a significantly increased ratio of sustainable materials, comprising 38 percent renewable and recycled content. It has also been fortified with enhanced durability characteristics to withstand the unique demands of heavy hydrogen-powered and electric off-road racing vehicles.

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Hankook Tire is advancing its future mobility leadership through strategic open innovation and collaborative design projects. This effort was showcased at the company’s recent Design Innovation Day 2025, held at its Pangyo Technoplex headquarters. The event serves as a platform to present new solutions integrating sustainability, innovation and design while reinforcing partnerships with global technology leaders.

A major focus was the unveiling of two key outcomes from Hankook’s ongoing Design Innovation Project. The first was ‘Sustainable Concept Tyre’, an embodiment of the company’s ESG vision. Developed using advanced 3D printing technology, it is constructed from renewable and recycled materials. Its distinctive organic design was realised in collaboration with Harvestance using specialised engineering software.

The second reveal was the WheelBot 2, a multi-directional mobility platform developed with robotics startup CALMANTECH. This advanced robotic wheel system, equipped with tri-axial spherical tyres, demonstrates new possibilities for movement. Its potential was illustrated through a live demonstration of the PathCruizer, a two-seater pod concept powered by the WheelBot technology.

Beyond product reveals, the event highlighted Hankook’s commitment to knowledge sharing, featuring a presentation on 3D printing advancements from LG Electronics. These collaborations are central to Hankook’s strategy of strengthening its technology leadership. Since 2012, the company has partnered with world-renowned design universities and technology firms, consistently earning prestigious international design awards and solidifying the premium stature of its global brand.

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Indian tyre maker to pass full benefit of tax cuts to customers from 22 September

CEAT Limited said on Thursday it would reduce prices across its entire tyre range following the Indian government’s decision to cut goods and services tax (GST) rates on tyres, with the full benefit being passed on to customers.

The Mumbai-based tyre manufacturer said new prices would take effect from 22 September, covering commercial, agricultural, passenger vehicle and two-wheeler segments.

India’s 56th GST Council meeting approved significant reductions in tax rates for the tyre industry. GST on new pneumatic tyres was cut to 18% from 28%, whilst tractor tyres and tubes will attract a reduced rate of 5%.

“We thank the Government of India and the GST Council for their timely and progressive decision to rationalise tax rates in the tyre sector,” said Arnab Banerjee, Managing Director & CEO of CEAT Limited.

“The reduced GST slabs will greatly benefit the tyre industry and consumers alike. Not only will it lower the cost of owning and operating a vehicle for customers across various segments, but by making tyres more affordable to replace, it will also make our roads safer.”

Banerjee added the move would “spur formalisation and greater compliance, while also fostering sustainable growth in the sector.”

The GST rate cuts represent a significant policy shift for India’s automotive sector, where high taxation has been a longstanding concern for manufacturers and consumers.

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