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Why Doublestar’s Kumho purchase is a good idea

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15 months after bidding got underway, Qingdao-based Doublestar and its consortium of Chinese banks and investors bought 45 per cent of the South Korean tyremaker Kumho Tire over the Easter weekend. Whatever other clauses are written into the deal, following the release of shares issued for the purpose of the sale, Kumho Tire’s creditors will own a 23.1 per cent shareholding in the tyre maker, down from 42.01 per cent. This makes the Chinese tyre firm controlling shareholders in South Korea’s Kumho Tire.

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Related news:

  1. Doublestar the only bidder left to buy Kumho
  2. Doublestar back in pole-position for Kumho purchase
  3. Kumho takeover implosion isn’t the end of market consolidation attempts
  4. Acquisition ugliness: Kumho Tire execs threaten mass resignation
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Millbrook buys Revolutionary Engineering

Test World owner Millbrook has announced its acquisition of US-based test service and equipment provider Revolutionary Engineering, Inc. The acquisition took place on 3 April. The company will continue to be led by Allen White, with backing by the wider Millbrook management team.

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  1. Millbrook buys Test World
  2. Millbrook’s Test World acquisition followed ‘strategic collaboration’
  3. Hankook building winter tyre proving ground in Finland
  4. Court dismisses Cooper Tire shareholder lawsuit
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Doublestar acquires 45% share in Kumho Tire

After months of uncertainty, union members within the Kumho Tire workforce voted on 30 March to accept the sale of a 45 per cent stake in the tyre maker to China’s Doublestar Tyre. It is understood that just over 60 per cent of voting union members were in favour of the sale, sparing Kumho Tire from receivership. The deal with unionised employees was sweetened by guarantees of their job security for at least the coming three years.

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Related news:

  1. Kumho Tire proposal ‘tentatively’ accepted
  2. Kumho Tire – can a Doublestar acquisition still take place?
  3. Doublestar back in pole-position for Kumho purchase
  4. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
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Axle Group investing £12 million in acquisition strategy

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The Executive Board of Axle Group Holdings Limited have ratified a £12 million, three-year inward investment strategy to help drive its business forward. Further announcements specifically relating to the firm’s acquisition strategy are expected.

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KDB dismissive of new offers on Kumho Tire

The clock is ticking, the labour union representing Kumho Tire’s workers still opposes the planned Qingdao Doublestar Tire acquisition, and creditor the Korea Development Bank (KDB) doesn’t think much of the alternative bid proposals announced this week. Time to find an alternative to liquidation is running out.

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Related news:

  1. Kumho Tire proposal ‘tentatively’ accepted
  2. New Kumho Tire asking price a chance for Park Sam-koo
  3. Kumho Tire – can a Doublestar acquisition still take place?
  4. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
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No extension for Kumho Tire receivership deadline

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Sale agreement or receivership – according to creditors, 30 March remains the deadline for Kumho Tire. Yonhap News Agency writes that Lee Dong-gull, chairman and chief executive officer of the Korea Development Bank, has ruled out an extension to this deadline. This means that should its labour union not agree to Qingdao Doublestar Tire’s purchase of a 45 per cent share in the company, from Monday 2 April Kumho Tire will be bankrupt and placed under court receivership.

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Related news:

  1. KDB dismissive of new offers on Kumho Tire
  2. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  3. New Kumho Tire asking price a chance for Park Sam-koo
  4. Kumho Tire – can a Doublestar acquisition still take place?
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Formula One Autocentres buys Equipe Autocare

Formula One Autocentres’ expansion programme continues apace with its recent acquisition of Equipe Tyre & Autocare centres. With nine local branches, Equipe Autocare is one of the North West’s leading tyre and autocare specialists, offering tyres, exhausts, servicing, MOTs, brakes, clutches and air-conditioning.

This acquisition sees the number of Formula One Autocentres’ nationwide branches reach over 100 in total. The company, which is one of the UK’s largest independently owned automotive chains, is continuing with ongoing expansion plans laid out for the coming months and years.

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Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?

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The latest news from South Korea suggests that local tyre distributor and retail network operator Tire Bank Co. Ltd. would like to purchase the Kumho Tire shareholding that China’s Qingdao Doublestar Tire is currently negotiating to acquire from creditors. The unexpected appearance of the Daejeon-based firm, which hinted it may bid together with one or more partners, further complicates an already drawn out and difficult transaction.

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Related news:

  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. Kumho Tire deadline approaching
  3. Doublestar acquires 45% share in Kumho Tire
  4. Doublestar acquisition of Kumho Tire completed
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ITRS buys Vulcan-Vulcap

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International Tire Repair Solutions (ITRS), a global distributor of tyre repair materials, has acquired Vulcan-Vulcap, a tyre repair and retread equipment manufacturer based in Toronto, Ontario, Canada. Vulcan-Vulcap specializes in curing equipment including section repair moulds, C clamps, spotters, retread equipment and the Vulcaflex OTR system.

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Kumho Tire deadline approaching

It won’t be a Good Friday for Kumho Tire if an agreement between its creditors and the labour union representing its workforce isn’t reached by the end of this week. Friday 30 March is the deadline set for a formal consensus regarding the sale of a 45 per cent share in the tyre maker to China’s Qingdao Doublestar Tire for KRW 646.3 billion (£421.7 million).

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Related news:

  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
  3. Kumho brand name off-limits to tyre maker’s potential purchaser
  4. Kumho Tire delisting as military supplier
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Michelin to acquire Fenner PLC

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Stating that such an acquisition would be “in perfect strategic alignment with its ambition to leverage its expertise in high-technology materials,” Michelin has announced its intention to purchase UK-based firm Fenner PLC.

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Doublestar back in pole-position for Kumho purchase

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Having previously been ruled out of the running to buy Kumho Tire, Qingdao, China-based manufacturer Doublestar Tire is once again in pole-position to buy the South Korean tyremaker. “Doublestar Tire is the best option in view of a fast restoration of Kumho Tire and its corporation in China and the minimization of our losses”, Kumho’s creditors said in a widely reported statement.

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Related news:

  1. Doublestar the only bidder left to buy Kumho
  2. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  3. Kumho Tire proposal ‘tentatively’ accepted
  4. Why Doublestar’s Kumho purchase is a good idea
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Kumho Tire – can a Doublestar acquisition still take place?

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The Korea Development Bank (KDB) has denied finalising the sale of a 42.01 per cent share in Kumho Tire to Qingdao Doublestar Tire, but that’s exactly what we’d expect it to do until all the ‘i’s are dotted and ‘t’s crossed. Negotiations between Kumho Tire’s creditors and Doublestar recently recommenced, however The Korea Herald has quoted a KDB official as stating “nothing has been finalised.”

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Related news:

  1. Kumho Tire proposal ‘tentatively’ accepted
  2. Doublestar acquires 45% share in Kumho Tire
  3. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  4. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
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FineLine Technologies acquires Ferm RFID Solutions B.V.

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FineLine Technologies has acquired Ferm RFID Solutions B.V., a Netherlands-based provider of RFID solutions for the automotive and aviation tyre industry.

As part of FineLine’s strategy to meet the unique item identification needs of today’s global supply chains, this acquisition enables the business to offer a complete range of barcode and RFID enabled tyre labelling solutions to the automotive and aviation industries.

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  1. Hexpol buys Valley Processing for $44 million
  2. FineLine Technologies buys Consolidated Printing Inc.
  3. Exide enters bankruptcy
  4. Solideal Names John Howe as New UK Sales Manager
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