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Apollo Tyres to source 100 percent of its natural rubber from companies committed to new sustainability guidelines

Apollo Tyres is now sourcing 100% of its natural rubber supplies from companies who have committed to sustainability throughout the supply chain, aligning with the code of conduct set out by the Global Platform for Sustainable Natural Rubber (GPSNR). The new initiative, which came into full effect recently, and forms part of Apollo Tyres’ Global Sustainability Strategy, applies to the supply of natural rubber to the company’s two European production facilities in the Netherlands and Hungary.

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Myers Industries reports first quarter earnings

First Quarter 2023 Financial Highlights include Net sales of $215.7 million compared to $225.5 million in the prior year period. Gross margin of 32.9%, up 100 basis points versus the prior year period. GAAP net income per diluted share of $0.35 compared to $0.47 in the prior year period. Adjusted earnings per diluted share of $0.38 compared to $0.50 in the prior year period. Cash flow provided by operations was $25.8 million and free cash flow was $16.7 million.

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Evonik reports lower sales for first quarter

The first quarter was characterized by muted economic activity and weak demand, with customers still destocking, especially in the first weeks of the new year. Overall, sales fell 11 percent to 4.0 billion euros. Volumes declined by 14 percent. Higher prices offset some of the volumes lost and compensated for inflation effects. Earnings before interest and taxes, depreciation and amortization (adjusted EBITDA) declined by 44 percent to €409 million.

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Goodyear’s largest shareholder recommends changes to restore investor confidence

Elliott is one of Goodyear’s largest investors because it has strong conviction in the significant value-creation opportunity achievable at the Company, the letter said. Despite the Company’s strong brand, leading market share and favorable industry tailwinds, Goodyear’s stock has meaningfully and consistently underperformed. The Company’s poor stock performance is a direct result of its significant margin erosion, suboptimal go-to-market strategy, and unfocused brand strategy, which have collectively led to a loss of investor confidence, according to the letter.

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