Universal Tyres recently bought three Tyrework tyre retail branches from Kings Road Tyre Group (KRT). The branches based in Heathrow, Gatwick and Aylesford, were officially acquired on 6 January 2018 and bring the total number of Universal retail centres to 18 points of sale.
Creditors holding a 42.01 per cent share in Kumho Tire are going to look for a new owner – again. Some four months after Qingdao Doublestar Tire’s planned acquisition of the South Korean tyre maker collapsed, the Korea Development Bank (KDB) and the other creditors are said to be once more looking for an external investor.
Millers Oils Ltd, the independent blender and supplier of advanced oils, lubricants and fuel treatments to the automotive (including motorsport and classic), industrial and commercial vehicle sectors, is pleased to announce that the company has acquired 100 per cent of the share capital in Fuel Additive Science Technologies Ltd (FAST).
The Huf Group has agreed to acquire all shares in MHG (Thailand) Co. Ltd. from Australia’s MH Group. The Rayong-based automotive supplier engages in injection moulding and robotic painting and employs approximately people. Its main customers are Ford, Automotive Alliance Thailand (a joint venture between Ford and Mazda) and other automotive manufacturers in Thailand. The transaction is scheduled to be completed today.
South Korean conglomerate SK Group has denied speaking with Kumho Tire creditor the Korea Development Bank about a potential acquisition. The denial was issued in response to an article published by a South Korean business daily that suggested SK Group was interested in acquiring around 30 per cent in the tyre maker through a KRW 700 billion (£478.6 million) capital increase.
Could a conglomerate of South Korean interests be looking at acquiring Kumho Tire? According to the Financial Times, local publication the Korea Economic Daily reports that a conglomerate has shown interest in doing just that through a rights offering.
German aftermarket car parts and tools distributor Stahlgruber GmbH will soon have a new owner. LKQ Corporation has entered into a definitive agreement with Stahlgruber group management holding company Stahlgruber Otto Gruber AG to acquire the subsidiary for an enterprise value of approximately 1.5 billion euros. LKQ expects to complete the transaction late in the first quarter or early in the second quarter of 2018, subject to required regulatory approvals.
The management of Kings Road Tyres Group (KRTG) has welcomed the well-known wholesaler’s return to private ownership after reaching agreement to conclude its contractual arrangements with the Sailun Jinyu Group.
Sailun Jinyu Group has announced that it sold its Kings Road Tyres Group (KRT Group) tyre wholesale subsidiary to KRT Holdings Ltd in a November Shanghai stock market statement.
Through its Trelleborg Wheel Systems business, Sweden’s Trelleborg AB has acquired German earthmover tyre specialist White Baumaschinenreifen GmbH. The transaction was consolidated yesterday.
US-based truck service and tyre care chain Speedco now has a new owner following the finalisation of its acquisition by Love’s Travel Stops & Country Stores. Previously owned by Bridgestone Americas, the Speedco network contains more than 52 outlets across the USA; its acquisition means the number of Love’s-operated tyre service and lube facilities climbs to more than 320.
Euro Car Parts has welcomed the decision by the Competition & Markets Authority (CMA) to give approval to its proposed acquisition of Andrew Page, subject to the divestment of nine branches. The 9 branches are: Blackpool, Brighton, Gloucester, Liphook, Scunthorpe, Sunderland, Wakefield, Worthing and York. Swindon had also been identified during the provisional findings stage, but new evidence came to light which resulted in the group deciding that competition would not be affected in this area.
Michelin has bought well-known truck tyre supplier and service provider Tructyre. Michelin representatives confirmed that the deal had taken place on 22 October, but no details of when it was signed or how much money is involved have yet been released. Tructyre currently runs 26 service centres across the UK, but mostly situated in the South East of England.
Watling Tyres, which has been growing in recent years, has been restructured in moves that sees the directors take over 100 per cent of the company. The firm had previously been 49 per cent owned by universal. Watling Tyres was ranked 19th on Tyres & Accessories’2017 leading UK tyre retailers ranking.
Michelin has announced its acquisition of Lehigh Technologies, a US-based company that has developed a patented cryogenic turbo mill technology for transforming rubber from end-of-life tyres and industrial goods into materials for new tyres and other products. The acquisition was completed on 13 October.
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