Court dismisses Cooper Tire shareholder lawsuit
The US District Court in Delaware has dismissed the class action against Cooper Tire & Rubber that followed the unsuccessful Apollo Tyres acquisition attempt. The lawsuit, which was filed in January 2014, alleged the tyre maker, along with CEO Roy Armes and CFO Bradley Hughes, violated US federal securities laws by misrepresenting its financial condition, financial prospects, and the effectiveness of its internal controls. The action was filed by law firms Entwistle & Cappucci LLP and Bernstein Litowitz Berger & Grossmann LLP on behalf of Cooper Tire investors OFI Risk Arbitrages, OFI Risk Arb Absolu and Timber Hill L.L.C.
Continue ReadingCamoplast Solideal is now Camso
Off-road tyre, wheel and track specialist Camoplast Solideal has rebranded itself as Camso. The new name comes five years after Camoplast’s acquisition of Groupe Solideal and is said to represent “the best of Camoplast and Solideal”. According to Pierre Marcouiller, company CEO and chairman of the Camso board, the launch of Camso “highlights the success” the company has achieved in just a few years.
Continue ReadingGame theory: talk of a Grexit teaches us to expect the unexpected
The Greek people just voted “no” in their recent referendum on whether to accept bail-out terms that would have meant tougher austerity measures for the domestic economy. At the time of going to press, the consensus is that this move will be interpreted as a no to the euro and it has prompted much speculation that Greece will be forced to leave the eurozone, return to the drachma, create a new currency and/or some combination of the above. Of course, any economic change of this scale is bound to have an impact on the way business is done across European boundaries. But as well as the direct practical implications, a number of key features of the saga provoke wider comparisons.
Continue ReadingEarly redemption for Continental USD bond
Continental reports the planned early redemption of the $950 million, 4.5 per cent coupon USD bond that company subsidiary Continental Rubber of America, Corp. issued in September 2012. The redemption will now take place on 15 September 2015, four years earlier than the original maturity date, with a redemption price of 102.25 per cent.
Continue ReadingGoodyear Dunlop Tyres UK MD on proposed closure of Wolverhampton plant
Following Goodyear Dunlop Tyres UK’s proposal to close its Wolverhampton mixing and retreading facility, Tyrepress spoke to the managing director of Goodyear Dunlop UK, Erich Fric, who explained the business reasons for the decision. “We’ve taken the decision to put this proposal forward based on the economic environment, and in order to keep our companies competitive in the long term,” Fric said.
Continue ReadingEU gives ChemChina green light for Pirelli purchase
ChemChina (China National Chemical Corp) has gained European Union antitrust approval for Pirelli takeover. According to a Reuters report, the completed transaction would give the combined company a 10 per cent market share. As a result, ChemChina unit China National Tire & Rubber is now expected to go ahead with plans to set up a joint venture to acquire a 26.2 per cent stake from Italian holding firm Camfin and then make a mandatory takeover bid for the rest of Pirelli.
Continue ReadingAntitrust authorities approve Mahle’s Delphi Thermal acquisition
Mahle has acquired the thermal business of UK automotive supplier Delphi Automotive, following approval from antitrust authorities on 1 July 2015. The Stuttgart-based group is expanding its Thermal Management business unit, which it describes as “strategically important”. Mahle reasons that its increased commitment in the sector is due to a comprehensive, energy-efficient thermal management system being as much in demand for combustion engines as for electric drives or fuel cells.
Continue ReadingMoody’s lifts Continental AG rating to Baa1
Moodys Investors Service has upgraded its rating for tyre and automotive systems manufacturer Continental AG, and removed the restriction that the company’s rating must remain within three notches above that given to major shareholder Schaeffler AG. This upgrade applies to both the long-term Issuer Rating and the senior unsecured ratings of Continental and its rated subsidiaries, and sees it rise from Baa3 to Baa1.
Continue ReadingPro-Align a ‘five-star’ Hunter Platinum Partner
Wheel servicing specialist Pro-Align has been awarded a five-star rating by leading garage equipment manufacturer Hunter Engineering for the first time. Pro-Align said this reflected the significant progression and development of the Hunter brand in the UK. The company was also presented with Hunter’s “Platinum Partner” award for the ninth consecutive year, indicating the Towcester-based company as one of Hunter’s most successful and important global distributors.
Continue ReadingMichelin launches the first cloud-based tyre content syndication platform
On 15 June Michelin launched what it says is the tyre industry’s first cloud-based content syndication platform. According to the company, the digital platform will allow partner dealers to access any kind of official digital content provided by the manufacturers in real time in order to automatically update their own sites.
Continue ReadingVMI named best performing TKH Group company
VMI Holland BV has once again been named best performing subsidiary by parent company TKH Group NV. For the third time in five years, the developer and manufacturer of machinery for the tyre, rubber, canning and care industries has received the ‘Best Performing Company in TKH Group’ award. VMI reports that it won the award for 2014 due to its financial results and for its performance in three other key areas – innovativeness, entrepreneurship and excellence in production improvements.
Continue ReadingArval signs MoU to buy GE Capital Fleet Services in Europe
Vehicle leasing specialist Arval has signed a Memorandum of Understanding with GE Capital to acquire the latter’s European fleet management business. The scope of this acquisition covers more than 160,000 vehicles in 12 European countries, of which France, Germany and the UK represent more than three quarters; vehicle assets amount to €2.4bn as of Q1 2015. Parent company BNP Paribas states that the transaction will “significantly reinforce” Arval’s leading market position in Europe.
Continue ReadingTension Control Bolts acquires Disc-Lock Europe
Disc-Lock Europe, European distributor of the award-winning Disc-Lock Safety Wheel Nut, is to be acquired by UK owned, Tension Control Bolts Ltd (TCB), a leading designer, manufacturer and distributor of high strength, bolted systems for applications world-wide.
Continue ReadingNo Wolverhampton redundancy plans in place yet – Goodyear Dunlop
Goodyear Dunlop UK has no plans in place regarding redundancies at its Wolverhampton mixing and retreading factory. Responding to a report issued by Wolverhampton Express & Star journalist Peter Madeley, Goodyear Dunlop UK managing director Erich Fric told Tyrepress that the company would wait until after the scheduled consultation on the immediate future of the […]
Continue ReadingBridgestone releases 2015 environmental report
Bridgestone Corporation has published the English-language version of its Environmental Report 2015. Titled “Looking Ahead to the World in 2050,” the 16-page document presents an overview of the company’s environmental activities, and provides details of Bridgestone’s efforts last year as well as its future plans. The report can be downloaded here.
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