Shanghai Michelin Warrior Tire Shares Transferred
According to an announcement made by Shanghai United Assets and Equity Exchange’s, Michelin is the transferee of the 30 per cent of the shares held in Shanghai Michelin Warrior Tire Co. Ltd. (SMWT) at the price of RMB 170,180,000 (₤15.6 million). A statement released by Michelin notes that “all of the parties agree that the transaction is in their best interests and is beneficial to the sustainable growth of SMWT and Warrior Brand”.
Continue ReadingLanxess Celebrates Five Years as Listed Company
February 1 marks the fifth anniversary of specialty chemicals group Lanxess debuting on the Frankfurt Stock Exchange, and the company reports that some 14,600 employees around the globe will mark the occasion. The first price quoted for Lanxess shares on January 31, 2005 stood at 15.75 euros. Five years later, on February 1, 2010, the opening price was 27.42 euros.
Continue ReadingApollo Q3 Performance “Remarkable” – Kanwar
Apollo Tyres’ Onkar S Kanwar has called the company’s performance in the third quarter of the 2009-10 financial year a “remarkable performance”. The company chairman had ample ground for such praise – year-on-year net profit ballooned from Rs 89 million (₤1.2 million) to Rs 1.8 billion (₤24.4 million) on the back of a Rs 22.96 billion (₤311.0 million) net profit, an increase of 108 per cent from the third quarter of the 2008-09 financial year.
Continue ReadingBekaert Acquires Two Bridgestone Steel Cord Plants
On January 31 Bridgestone Corporation entered into a definitive agreement to sell 100 per cent of the shares held in its Italian and Chinese steel cord manufacturing subsidiaries to Belgium’s NV Bekaert SA. The manufacturing subsidiaries to be sold are Bridgestone Metalpha Italia S.p.A. (BMI), based in Sardinia, and Guangdong Province based Bridgestone (Huizhou) Steel Cord Co., LTD. (BSSH). As part of this transaction, Bridgestone has entered into a long-term tyre cord supply agreement with Bekaert to ensure a stable supply of quality cord. Bridgestone and Bekaert will complete the transactions once all applicable governmental and regulatory approvals are received. The transaction has an enterprise value of approximately 70 million euros, and is expected to close in the second quarter of 2010.
Continue ReadingMomentive Takes Over Conti R&D Facility
The purchase of a number of assets and sublease of laboratory space from Continental Tire North America has enabled Momentive Performance Materials USA to set up a 2,000 square metre tyre research and development laboratory. The Charlotte, North Carolina site is said to offer state-of-the-art capabilities and will help Momentive provide faster innovation for customers in the tyre and rubber industry while helping the company reduce new product development cycle times. Momentive has also employed five ex-Conti R&D personnel to work at the facility.
Continue Reading“Great Interest” Shown in Conti Capital Increase
Continental AG reports that its capital increase and the 31 million new shares it released have been met with “great interest” by free float shareholders. The company announced on January 26 that free float shareholders purchased 99.4 per cent of the 3,408,130 new shares allotted to them. The remaining new shares for, which subscription rights were not exercised and which were placed already with investors on January 6 and 12 under a reservation of rights being exercised by a bank syndicate headed by Deutsche Bank AG, Goldman Sachs International and J.P. Morgan Securities Ltd., will now be issued. The final delivery and settlement will be executed on January 28, 2010. With the capital increase, Continental AG achieved gross proceeds of some €1.114 billion.
Continue ReadingAmerityre to Leave Nasdaq February 4
Amerityre Corporation has announced the delisting of its common stock from the Nasdaq stock exchange as of February 4, in compliance with Securities and Exchange Commission rules. The company reports it is unable to meet the minimum requirements needed to remain listed on the Nasdaq, such as a minimum US$2.5 million stockholders’ equity, listed securities to a market value of $35 million, or $500,000 in net income from continuing operations. As of September 16, 2009, Amerityre’s stock had been trading below $1 for 30 consecutive business days, violating another Nasdaq listing requirement.
Continue ReadingConti Overhauls German Market Management Structure
Continental is setting up a management structure in its home market with a stronger gearing towards customer and regional demands. The company says its Continental Reifen Deutschland GmbH operation will “step up its exploitation of the experience gained in the passenger tyre industry and trade business, with the aim of more fully satisfying the needs of business partners.” Several new key appointments will facilitate the company’s plans in Germany, Austria and Switzerland, the three lands serviced by Continental Reifen Deutschland.
Continue ReadingPirelli Shareholders’ Agreement Renewed
Pirelli & C. SpA, parent company of Pirelli Tyre, reports that its “Sindacato di Blocco Azioni Pirelli & C. SpA” shareholders’ agreement has been renewed for approximately three years. No changes to members or shares have been conferred. The agreement’s new expiry date is April 15, 2013. All the members in the shareholders’ agreement, Pirelli adds, have expressed the will to renew the agreement within the deadline contractually determined for withdrawal, 15 January 2010.
Continue ReadingConti to Boost Junior Staff Numbers in 2010
Just days after announcing plans to use football as a means of highlighting its attractiveness as an employer, Continental has outlined plans to “put stock in fresh expertise, new ideas and, thus, increasing innovative prowess in the form of highly qualified junior staff” during 2010. “This year we plan to hire around 1,000 university graduates and young professionals worldwide,” reported Continental Executive Board member Heinz-Gerhard Wente. A quarter of these new recruits will be employed in Germany, he added. The automotive supplier says that while it will primarily focus upon hiring engineering and natural science majors, it is also looking for business and economics graduates.
Continue ReadingBrisa Approves Factory Upgrade Investment
Turkish tyre manufacturer Brisa has confirmed that approval has been given for the TL272 million (£113.5 million) investment specified in the company’s 2009-2014 Mid-term Business Plan, and planned for in its Investment Incentive Certificate for the years of 2010-2014. While Brisa international marketing manager Aylin Erdil states that specific details cannot be legally disclosed at this time, she commented that the investment “covers the modernisation and expansion of the factory.”
Continue ReadingCarlisle Merges Tire & Wheel, Power Transmission Belt Businesses
On January 20 Carlisle Companies Incorporated announced it has combined its tyre and wheel business with its power transmission belt business. Explaining the decision, company chairman, president and CEO David A. Roberts commented: “We announced plans to sell our power transmission belt business in April 2008. We were close to selling the business to a strategic buyer late last year when our transaction was derailed by the financial crises. During our extended sales process, we also considered retaining the belt business, which has remained profitable, and combining it with one of our other businesses. Though we recently received an offer near book value, the decision was made to retain and combine the belt business with our tyre and wheel business.
Continue ReadingBridgestone Group Companies Donate to Haiti Relief Efforts
Bridgestone Corporation, together with two of its subsidiaries, Bridgestone Americas and Bridgestone de Costa Rica is donating a total of approximately seven million yen (more than US$75,000) to assist with relief efforts following the January 12 earthquake in Haiti. Bridgestone will donate 2.5 million yen (approximately US$27,000), through the Japanese Red Cross Society. Bridgestone Americas, through the Bridgestone Americas Trust Fund, will donate 2.25 million yen (US$25,000) to the relief efforts through the Clinton Bush Haiti Fund.
Continue ReadingSnap-on Equipment Invests in New Customer Service Van Fleet
Snap-on Equipment, whose brands include Hofmann, John Bean, Cartec and Blackhawk, has invested in a new nine-strong fleet of Vauxhall Vivaro customer service vans. Providing mainland UK-wide coverage, Snap-on Equipment’s specialist engineers offer installation, calibration, servicing and training for the company’s entire garage equipment portfolio.
Continue ReadingBridgestone UK Aiming for Top Positions in Every Segment
When he’s not taking responsibility of Bridgestone’s UK operations, managing director John McNaught’s remit also includes the Republic of Ireland and the Nordic markets of Denmark, Sweden and Finland. For the purposes of the exclusive interview given to Tyres & Accessories/tyrepress.com at the end of 2009 McNaught generally spoke in his UK capacity, however while the questions centred on the UK, the answers give an insight into the general thinking behind the company’s recent development. John McNaught has worked for over 30 years within the tyre industry, gaining wide experience in equity distribution with a major focus on the truck tyre business. Here he has used this experience to help support Bridgestone to be one of the key players within the UK.
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