Millbrook buys Test World
Millbrook, the well-known vehicle test, validation and engineering service provider, signed a contract to acquire specialist winter test centre Test World on 14 September. No price-tag has been publically released.
Millbrook, the well-known vehicle test, validation and engineering service provider, signed a contract to acquire specialist winter test centre Test World on 14 September. No price-tag has been publically released.
The acquisition of tyre, tube and flap manufacturer Cavendish Industries Ltd. has been approved by the Board of Directors at JK Tyre & Industries. The Indian tyre maker is acquiring 100 per cent equity in Cavendish from Kesoram Industries Ltd. for just under Rs 22 billion (£214.6 million). According to JK Tyre, it and other JK Group companies will fund the acquisition by a combination of debt and internal accruals, and JK Tyre’s financial exposure is expected to be some Rs 4.5 billion (£43.9 million). The deal is expected to close in December 2015.
Mitas will have its own physical sales presence in Australia before the end of this year following the company’s acquisition of local Mitas tyre importer and distributor, Mityre Australia Pty Ltd. The deal will come into effect in the fourth quarter of 2015.
The Carlstar Group has agreed to sell its Carlstar Belts Business to Timken Company. The transaction is expected to close in the third quarter of 2015 following customary government and regulatory approvals.
Auto Windscreens has acquired AA AutoWindshields, the AA’s automotive glazing business for an undisclosed sum.
The deal will see AA AutoWindshields’ Preston offices and its 200 staff and technicians integrated with Auto Windscreens and, under a 10-year partnership arrangement, the AA will continue to use Auto Windscreens to deliver glass repair and replacement services for AA members; its business-to-business and insurance customers.
Last year Michelin made news when it bought out the parent company of Germany’s largest wholesaler, Ihle Baden-Baden AG, and now the French tyre maker has increased its wholesale presence in Germany with the 100 per cent acquisition of Meyer Lissendorf, a wholesaler with a strong car tyre focus. Michelin has not disclosed the purchase price.
BorgWarner has entered into a definitive agreement to acquire Remy International, Inc. (Remy), a global producer of rotating electrical components. With key technologies and operations in ten countries on five different continents, Remy is strongly positioned to benefit from global growth. As of December 31, 2014 the company employed 6,600 people and, for the fiscal year, it generated sales of $1.2 billion.
Today, Magna International Inc. announced the signing of an agreement that will see it acquire the Getrag Group of Companies, one of the world’s largest suppliers of automotive transmissions.
The Tokyo-listed Horiba Group has acquired MIRA Ltd’s entire business operations for approximately £83.1 million. Horiba states it purchased the UK-based company in order to expand its vehicle development and testing business, and to further the development of next-generation mobility solutions, such as autonomous vehicles. A new firm, HRA International Ltd., was established in the UK on 5 June 2015; this took over MIRA’s assets yesterday and commenced operations as Horiba MIRA Ltd.
The US District Court in Delaware has dismissed the class action against Cooper Tire & Rubber that followed the unsuccessful Apollo Tyres acquisition attempt. The lawsuit, which was filed in January 2014, alleged the tyre maker, along with CEO Roy Armes and CFO Bradley Hughes, violated US federal securities laws by misrepresenting its financial condition, financial prospects, and the effectiveness of its internal controls. The action was filed by law firms Entwistle & Cappucci LLP and Bernstein Litowitz Berger & Grossmann LLP on behalf of Cooper Tire investors OFI Risk Arbitrages, OFI Risk Arb Absolu and Timber Hill L.L.C.
MAM Software has announced the acquisition of Origin Software Solutions Ltd (“Origin”), a UK-based provider of e-commerce solutions for the automotive aftermarket.
Indian manufacturer JK Tyre denies it is negotiating the acquisition of Birla Tyres with current owner Kesoram Industries. Responding to an article published by Indian financial daily The Economic Times earlier today, the tyre maker told BSE Ltd (the Bombay Stock Exchange) that “there is no transaction between JK Tyre & Industries Ltd. and Kesoram Industries Ltd.”
ChemChina (China National Chemical Corp) has gained European Union antitrust approval for Pirelli takeover. According to a Reuters report, the completed transaction would give the combined company a 10 per cent market share. As a result, ChemChina unit China National Tire & Rubber is now expected to go ahead with plans to set up a joint venture to acquire a 26.2 per cent stake from Italian holding firm Camfin and then make a mandatory takeover bid for the rest of Pirelli.
Mahle has acquired the thermal business of UK automotive supplier Delphi Automotive, following approval from antitrust authorities on 1 July 2015. The Stuttgart-based group is expanding its Thermal Management business unit, which it describes as “strategically important”. Mahle reasons that its increased commitment in the sector is due to a comprehensive, energy-efficient thermal management system being as much in demand for combustion engines as for electric drives or fuel cells.
Disc-Lock Europe, European distributor of the award-winning Disc-Lock Safety Wheel Nut, is to be acquired by UK owned, Tension Control Bolts Ltd (TCB), a leading designer, manufacturer and distributor of high strength, bolted systems for applications world-wide.
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