2013 - Page 92 of 159 - Tyrepress

Nankang pursues UK growth with West Bromwich distribution site

With a product range encompassing a good range of high and ultra high performance fitments at an economical price-point, Taiwanese manufacturer Nankang’s potential in the UK market has always been clear. However, the brand’s UK representatives believe that its profile and perceived brand positioning in the country could be raised in line with its European activities. Committing to achieve these goals, the brand’s dis-tributor in the UK, Westlands Ltd, has taken up the new name Nankang Tyre UK, and joint managing directors Steve Smith and Scott Graham will head up the project.

13th June 2013/12,345 Comments/by Tyrepress Editors

Despite no legal markings, Cumbria council declares part-worns ‘safe’

Cumbria County Council has declared the purchase of part-worn tyres “safe” on its patch following visits to part-worn tyre traders in the region by officers from Cumbria Trading Standards and the Police. The council says officers carried out 22 visits to premises in Cumbria between February and May in response to a TyreSafe survey that showed 98 per cent of examined tyres did not meet current legal requirements.

13th June 2013/12,345 Comments/by Tyrepress Editors

Bartec releases update for Bartec 400SD tools

Bartec USA, LLC has released the R50 software update, which adds the ability to program popular aftermarket sensor solutions from Alligator and Orange in addition to the Schrader EZ-sensor range to the Tech400SD.

Bartec reports that it first developed and created the process of using a TPMS scan tool to program these sensors. It was also said to have been the Bartec range of TPMS tools that first programmed the Schrader EZ-sensor and according to Scot Holloway, Bartec CEO, “Bartec’s experience and expertise in sensor programming keeps us at the forefront of TPMS innovation; now you can add the Alligator Sens.it and the Orange Electronic ID Clonable sensors to a growing and distinguished list of programmable sensors our tool covers.”

13th June 2013/12,345 Comments/by Tyrepress Editors

Bipaver joins Retread Tire Association

European retreading industry organisation Bipaver is one of the five latest entities to join the Retread Tire Association. Membership in the US-based retreading association has now passed the 300-mark and, upon announcing the latest additions, Retread Tire Association managing director Harvey Brodsky commented that “we continue to be very pleased and gratified at the amount of support our exciting new association continues to receive from retreaders and others in the retread and tyre industries.

13th June 2013/12,345 Comments/by Tyrepress Editors

Dunlop sale/Cooper purchase unlinked, says Apollo

Apollo Tyres executives have denied there is any link between the recent sale its Dunlop operations in Africa and its later purchase of Cooper Tire. Apollo agreed to sell most of its South African operations to Sumitomo Rubber Industries Ltd. for $60 million last month. However, speaking minutes after the company announced it had agreed to buy Ohio-based Cooper Tire for $2.5 billion, Apollo vice chairman and managing director Neeraj Kanwar told The Times of India that two moves cannot be directly linked:

13th June 2013/12,345 Comments/by Tyrepress Editors

Conti360° rolled out in Malaysia

Earlier this month, Continental’s Malaysian operation, Continental Tyre PJ Malaysia Sdn Bhd, announced the official local launch of the Conti360° Fleet Services tyre management system. Currently the programme is offered in ten Malaysian states – Kedah, Penang, Perak, Kelantan, Terengganu, Pahang, Selangor/Kuala Lumpur, Negeri Sembilan, Malacca and Johor – and Continental says it will expand Conti360° Fleet Services to the states of Sabah and Sarawak in the near future.

13th June 2013/12,345 Comments/by Tyrepress Editors

Apollo share price falls 21% after news of Cooper deal

Shares in Apollo Tyres Ltd plunged by up to 21 per cent the day the company announced its purchase of Cooper Tire. According to local news sources, it has been over 20 years since the share price fell this much. The negative sentiment is likely to related to the price Apollo has agreed to pay for Cooper, which at $35 a share, is far higher than the company’s 11 June closing price of $24.56 and potential price tags of around $25 that were mooted around the time rumours of the deal emerged in October 2012.

13th June 2013/12,345 Comments/by Tyrepress Editors

Cable appoints ex-Ford boss as Automotive Investment Organisation head

Business secretary Vince Cable has appointed Joe Greenwell, the former chairman of Ford, as head of the Automotive Investment Organisation (AIO). Funded with up to £3 million over the next two years, the AIO will spearhead the campaign to attract inward investment to the UK. Continuing to attract investment from overseas into the UK is one of the main themes of the automotive industrial strategy to be published shortly. The automotive sector is one of 11 key areas that the government is working collaboratively with industry on a long-term plan to deliver economic growth and prosperity.

13th June 2013/12,345 Comments/by Tyrepress Editors

Apollo to raise $2.1 billion debt via bonds for acquisition

Further details of Apollo’s Cooper Tire acquisition have been published by Indian brokerage house Angel Broking. In its 13 June market outlook report, Angel Broking notes that Apollo Tyre’s acquisition of Cooper Tire & Rubber will be funded entirely through debt. Apollo, it elaborates, plans to form a new holding company in the Netherlands involving Cooper and Vredestein, which would raise US$2.1 billion in debt via bonds. The major portion of the debt will be backed by Cooper and Vredestein’s assets. The remaining debt $450 million debt will be raised at Apollo’s Mauritius subsidiary and serviced by its standalone business, says Angel Broking.

13th June 2013/12,345 Comments/by Tyrepress Editors

Michelin cuts its losses in Colombia

In response to what it describes as “more than a decade of substantial annual losses in Colombia”, a situation it says “repeated investments have failed to stem”, Michelin has decided to discontinue the manufacturing operations of its local subsidiary Icollantas. The tyre maker singles out the unit’s insufficient size and other local economic factors as the reasons behind Icollantas’ lack of competitiveness.

13th June 2013/12,345 Comments/by Tyrepress Editors

Pirelli taking 500 tyres to Silverstone

During the second half of June, Silverstone is going to see a lot of Pirelli rubber laid down; while the Northamptonshire circuit will host Formula One’s British grand prix on 28-30 June, this coming weekend (15-16 June) will see the manufacturer take more than 500 tyres to the home of British motorsport. Pirelli Tyre UK motorsport operations manager Matthew Corby predicts that the triple-header of the Pirelli Ferrari Formula Classic, the Pirelli Ferrari Open and the Porsche Club Championship will make for a “flat out” weekend.

12th June 2013/12,345 Comments/by Tyrepress Editors

The Cooper/Apollo gossip was right

When the rumour mill began grinding in the last quarter of 2012, Apollo did little to counter speculation that it was preparing to buy US tyre-maker Cooper Tire. With the gift of hindsight it seems the gossip was exactly right. Back then, as Tyres & Accessories as well as other observers suggested there was a strong rationale for such a move, but with no-one breaking ranks it was difficult to be more definite.

Now, following confirmation of the move, the purchase is being presented as a strategic merger. But it is also a complex manoeuvre. Apollo, founded in 1972, has an increasing reputation for fast development and particularly with regards to its Apollo and Vredestein brands, which have been able to attain OE contracts with leading carmakers and tuners. Cooper, the 11th-largest tyre company in the world by revenue, was founded in 1914 and supplies numerous brands around the world such as Cooper, Mastercraft, Starfire, Chengshan, Roadmaster and Avon, which is particularly popular in the UK.

12th June 2013/12,345 Comments/by Tyrepress Editors

Cooper shares up 40% following acquisition announcement

In premarket trading on 12 June, shares in Cooper Tire & Rubber Co. surged 40.3 per cent to US$34.45 per share following news of Apollo Tyres Ltd’s agreement to acquire the company for around $2.5 billion, or $35.00 a share, in cash. Shares in rival tyre maker Goodyear Tire & Rubber Co. also rose six per cent following the Apollo/Cooper deal’s announcement.

12th June 2013/12,345 Comments/by Tyrepress Editors

Apollo to buy Cooper for US$2.5 billion

Apollo Tyres has finally confirmed speculation that the India-based manufacturer is to buy US firm Cooper Tire in a friendly takeover. According to the company the US$2.5 billion deal makes the firm the seventh largest tyre manufacturer in the world with combined revenues of US$6.6 billion. It also gives the manufacturer access to the North and South American markets currently uncovered by its global presence. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cooper stockholders will receive $35.00 per share in cash. The transaction represents a 40 per cent premium to Cooper’s 30-day volume-weighted average price, according to an announcement detailing the news. We will add further details to this developing story as we receive them. Look out for complete coverage in the July issue of Tyre & Accessories magazine and online at Tyrepress.com.

12th June 2013/12,345 Comments/by Tyrepress Editors

NTDA announces TAFF Awards 2013 shortlist

The National Tyre Distributors Association has unveiled its 2013 shortlist for each of the five balloted categories in the Tyre & Fast Fit Awards. The Association also called for nominations for the Innovation Award and for the Tyre Centre of the Year Award, entering its third year as part of the annual British tyre industry Oscars. Voting this year will be 100 per cent online, with NTDA members and non-members alike eligible to vote. The Awards are sponsored by speciality chemicals group Lanxess for the second successive year, and the media partner is Tyres & Accessories magazine.

12th June 2013/12,345 Comments/by Tyrepress Editors

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