Are investors experiencing a case of schadenfreude towards the latest Apollo/Cooper developments? The Apollo Tyres share price took a nose dive following the announcement of plans to acquire Cooper Tire & Rubber, falling from a 52-week high of Rs 101.5 on 8 May to a 52-week low of Rs 54.6 on 21 June. Now, buoyed by speculation that the deal may fall apart, the Apollo share price looks set to rise.
Goodyear a Thomson Reuters Top 100 Global Innovator
The Goodyear Tire & Rubber Company has been named a Thomson Reuters 2013 Top 100 Global Innovator for the third successive year. “This recognition is further evidence of Goodyear’s ability to drive innovation,” stated chairman and chief executive officer Richard J Kramer. One of the world’s oldest tyre manufacturers, Goodyear has a lengthy history of innovations, including the first all-season radial tyre and environmentally friendly concepts like the use of soybean oil and BioIsoprene in tyres.
The relationship between Kumho Tire and the Los Angeles Lakers basketball team will continue for a fourth consecutive year. Kumho Tire USA has renewed its status as “Official Tire of the Los Angeles Lakers” for the 2013-2014 season; as such, it will be represented at home games on signage and will enjoy increased visibility on the Lakers.com website, which it claims is the “NBA’s most visited team site.”
Sri Lanka is one of Apollo Tyres’ fastest growing export markets – the company says sales there have increased more than 50 per cent year-on-year since the brand’s introduction into Sri Lanka in June 2011. The Indian tyre maker has now opened its first branded retail outlet within the country.
A news release from Bulgaria’s Ministry of Economy and Energy suggests that Nexen Tire intends to become the second Korean tyre maker with a manufacturing presence in the European Union. The Ministry reported that a meeting with a leading tyre maker took place during a visit to South Korea by Bulgaria’s Deputy Minister of Economy and Energy Krasin Dimitrov.
Bridgestone Americas’ project to evaluate the guayule plant’s suitability as a source of natural rubber for tyre applications has taken a step forward with the completion of the Agro Operations Guayule Research Farm. The facility in Eloy, Arizona has been set up to supply guayule biomass for rubber production at the company’s BioRubberProcessResearchCenter, which is currently under construction in Mesa, Arizona.
Visit Lidl for your groceries? What about for tyres? You could – if you live in Germany. The discount supermarket has introduced winter tyres to its online shop, and motorists can choose between a range that includes products from Goodyear, Hankook and Fulda.
As part of its efforts to promote, sponsor, and support cultural projects in Italy and around the world, Pirelli has established the ‘Pirelli Visiting Professorship in Italian Studies’ for a five-year term at Princeton University’s Department of French and Italian at Princeton University. The professorship’s stated aim is to support the dissemination of the study of Italian history and culture through new media and technology within Italian studies.
Hankook plans to situate its first US-based manufacturing facility in Tennessee, the manufacturer has stated. The new global manufacturing plant is expected to be backed by a total investment of US$800 million, and will provide additional capacity for its growing business in the country.
Continental Tire the Americas’ new PCR to light truck tyre manufacturing plant in Sumter, South Carolina is nearing completion, having broken ground on the site in mid-2012.
German wholesaler seeking distribution partners at Tyrexpo Africa 2014
German wholesaler Baro is making its first appearance at Tyrexpo Africa 2014, with the express purpose of seeking new distribution partners for its European manufactured ranges of car, truck and agricultural tyres.
Taking place at the Shanghai Everbright Convention & Exhibition Center, Reliable International Exhibition Services has staged another successful China International Tire Expo (CITExpo), the eleventh edition of the show. Tyrepress visited the show on 4-6 September, 2013 in its capacity as a media sponsor, speaking with many of the exhibitors on themes of increasing importance in the Chinese tyre industry, such as the post-boom development of tyre brands.
The organisers of the Bologna Motor Show have announced that the 38th edition has been cancelled. According to GL events, the central reason was “the total lack of the car manufacturer,” which are of course absolutely key to the presentation of an automotive exhibition.
Titan closes private placement of senior secured notes due 2020
Titan International has announced the closing of its offering of $400 million aggregate principal amount of 6.875 per cent Senior Secured Notes, due 2020.
Titan intends to use the net proceeds from the offering to finance the purchase of the Companys 7.875 per cent Senior Secured Notes due 2017 validly tendered pursuant to a tender offer and consent solicitation which it commenced on September 23, 2013, and to pay all consent payments, accrued interest, costs and expenses associated therewith.
News from the USA; Titan International Inc., in partnership with One Equity Partners (OEP) and the Russian Direct Investment Fund (RDIF), has closed the acquisition of a majority interest in Voltyre-Prom, a leading producer of agricultural and industrial tyres in Volgograd, Russia, from the principal owner, Cordiant, for approximately $94 million. This sum includes the assumption of debt, subject to various post closing adjustments over a period of three years.
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