MAM Software has announced it will exhibit at Automechanika Frankfurt between 16 and 20 September. The company’s show presence will be located in the SMMT Pavilion in hall 5.1 at stand E95, and the company says it will use the event to identify new market opportunities for its cloud-based enterprise management software, data and e-commerce solutions.
US Department of Commerce proceeding with tyre import tariff case
The US Department of Commerce Department is proceeding with the US United Steelworker’s case against Chinese tyre imports into America. The union is pushing for new import duties similar to those that were introduced in 2009 and has hailed the news that the case is continuing and as a significant step forward in the process.
European tyre markets up across all segments in 1H 2014
The European Tyre and Rubber Manufacturers Association (ETRMA) has published figures showing that is members experience sales increases across all segments in the first half of 2014.
Following the withdrawal of Orion Engineered Carbons’ IPO, which was first launched in April, the carbon black specialist has launched a slightly restructured IPO on the NYSE. The entire US405 million float will now be based on the almost 90 per cent stake in the company owned by the Rhone Group and Triton Capital through Kinove Holdings. Kinove aims to sell 18 million shares at a price range of $21 to $24. Taking the midpoint of this price range, Orion Engineered Carbons would command a market value of $1.3 billion.
Directors of The Goodyear Tire & Rubber Company have declared a quarterly dividend of US$0.06 per share of common stock. The dividend is payable 2 September 2014, to shareholders of record on 1 August 2014. The payout represents an annual rate of $0.24 per share.
Top ten tyre manufacturer, Giti Tire has confirmed its first GT Radial original equipment homologation fitments for the European passenger car and light truck market. Both Renault Nissan and PSA Peugeot Citroen will fit the manufacturer’s tyres on European models, with the latter’s Peugeot Partner and Citroen Berlingo models running on GT Radial in Western European markets.
Federal-Mogul completes Honeywell Friction business purchase
Federal-Mogul Holdings Corporation announced yesterday that its Motorparts division has completed the acquisition of certain business assets of the Honeywell Friction Materials business. The Honeywell Friction Materials business is headquartered in Glinde, Germany, with significant operations in Romania and China. With the business acquisition, Federal-Mogul Motorparts takes on the Jurid brand name.
Is Unipart Automotive being lined up for sale to Euro Car Parts?
With numerous sources reporting that loss-making parts firm Unipart Automotive is just days away from a rescue plan (which you might read as a sales of the company), and with at least three bidders being associated with the deal, fast-growing rival Euro Car Parts could be seen as a front runner. But first a little background. Following the initial news reports Unipart Automotive was close to calling in the administrators on 8 July, a day later minority shareholder Unipart Group clarified its relationship to Unipart Automotive:
Exide makes appointments, working to bring recycling plant back into operation
Exide Technologies’ Vernon automotive lead battery recycling plant in the US state of California has stood idle since March 2014, when the company was denied an extension to comply with a new air quality regulation (District Rule 1420.1 from the South Coast Air Quality Management District, or AQMD) that requires the plant’s furnaces to operate under continuous negative pressure from 10 April. Mothballing the facility saw 20 salaries employees and 104 hourly workers receiving temporary layoff notices. The company has now released a statement regarding the board’s approval of new orders and Exide’s plans in relation to the Vernon facility.
Continental to discontinue football World Cup sponsorship
According to a German newspaper, Continental plans to step down as a World Cup sponsor. The Hannoversche Allgemeine (HAZ) writes that in future the tyre maker intends instead to solely sponsor regional confederations, such as Europe’s UEFA. This change to the company’s multi-million commitment is also said to apply to the next World Cup. “We have nothing more to do with the coming events in Russia 2018 and Qatar 2022,” the newspaper quoted a Continental spokesperson as saying.
GT Radial quartet to cycle Le Mans 24 Hour for Marie Curie
A quartet of riders from GT Radial are to tackle the Circuit Bugatti in the Le Mans 24 Hour Cycle Race. Brian McDermott, country manager UK for Giti Tire, manufacturer of GT Radial; Ellis Hadley, senior test engineer; Martin Gibson, senior test engineer; and Bertrand Saint-Supery, OEM EU technical director make up the team who will be training hard and raising funds for Marie Curie Cancer Care.
Reports on FT.com suggest that Unipart Automotive may be close to securing a rescue deal that will save the British car parts supplier from a bankruptcy that would put 1,500 jobs at risk. The company has filed an intention to appoint KPMG as administrators, but its owners are hopeful of reaching a deal for a takeover of the business from one of three shortlisted bidders.
Kumho US plant to specialise in original equipment tyres
As Kumho Tire announced on 1 July, construction of its facility in the US state of Georgia is recommencing after a seven year delay. The tyre maker says the first tyres will be produced in the US$413 million Macon plant in early 2016, and 100 per cent of the tyres manufactured there will be supplied to OEM customers. Kumho adds that when the 4 million tyres a year capacity plant is complete, the company’s overseas manufacturing capacity will be larger than its capacity within Korea.
It appears Germany’s ZF Friedrichshafen may be looking to acquire US-based automotive parts supplier TRW Automotive Holdings Corp. A statement issued by TRW Automotive yesterday confirms that it “received a preliminary, non-binding proposal to acquire the company,” however the statement didn’t go beyond saying it was evaluating the proposal. TRW Automotive did not give any details about the interested party; Bloomberg named ZF Friedrichshafen based upon information it says comes from people with knowledge of the matter.
Russian petroleum industry colossus Rosneft reports the closure of its agreement to purchase a 50 per cent share in holding company Camfin S.p.A., which owns a 26.19 stake in Pirelli & C. S.p.A. This acquisition gives Rosneft a 13 per cent indirect share in the tyre maker and the right to nominate candidates for Pirelli’s Board of Directors – a right the company chose to exercise immediately. Five new Rosneft-nominated individuals joined the Board of Directors on 10 July, filling vacancies created by five resignations that were tendered that same day.
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