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Apollo, Sumitomo close African deal

International News

The sale of Apollo Tyres South Africa (ATSA) to Sumitomo Rubber Industries has been closed, report Sumitomo and Apollo Tyres. In exchange for US$60 million, the Japanese firm now holds the rights to the Dunlop tyre brand in a further 30 African and two Indian Ocean region countries. Also included in the deal is the 9,600 tyre per day Ladysmith PCR factory that Apollo acquired as part of its Dunlop South Africa purchase in 2006, the ATSA distribution and sales network, and the ATSA distribution, sales and head office teams. Apollo retains the 2006-acquired Durban factory, which manufactures TBR and off-road tyres.

2nd December 2013/by Tyrepress Editors

Columnist highlights lenders’ role in Apollo/Cooper problems

Writing on Reuters Breakingviews, corporate finance columnist Una Galani draws attention to how financial institutions contributed towards the current tensions between Apollo Tyres and Cooper Tire & Rubber. She opines that Apollo’s move to renegotiate its Cooper acquisition deal and seek a buying price less than the US$2.5 billion originally offered was pushed by attempts from Apollo’s lenders to extricate themselves from the takeover agreement.

22nd November 2013/by Tyrepress Editors

Cabot completes Nhumo acquisition

Cabot Corporation has completed its acquisition of the equity stake owned by Grupo Kuo S.A.B. de C.V. in its Mexican carbon black manufacturing joint-venture, Nhumo, S.A.de C.V. The company says Nhumo is Mexico’s leading carbon black producer and the acquisition of Kuo’s interest strengthens Cabot’s global carbon black business and will help meet growing demand throughout North America. The Nhumo business will now be integrated into Cabot’s Reinforcement Materials segment. Under the terms of the agreement, Cabot will pay Kuo US$105 million, of which $80 million was paid upon closing. In addition, at closing, a special dividend payment will be paid to Nhumo shareholders, of which Cabot will receive $14 million.

21st November 2013/by Tyrepress Editors

Michelin shows hard surface tyre at Agritechnica

Next year, Michelin plans to extend its tyre line-up to fully cover all phases of the crop cycle and adapt to new types of use, and at this week’s Agritechnica show the tyre maker is presenting the new products joining its portfolio – on of these is the BibLoad Hard Surface, a new range for compact and telescopic loaders.

13th November 2013/by Tyrepress Editors

Trelleborg eyes expansion through Italian acquisition

Trelleborg Wheel Systems has signed an agreement to acquire the industrial tyre business belonging to Italian firm Pircher Alfred s.a.s. The business specialises in the distribution and service of industrial tyres, such as those fitted on forklift trucks. Trelleborg says the acquisition further strengthens and enlarges its European industrial tyre distribution network, and offers the opportunity to further grow the Interfit industrial tyre service business that the company took on through its acquisition of Watts Tyre Group in early 2011.

12th November 2013/by Tyrepress Editors

No ‘buyer’s remorse’ – court rules Apollo not in breach of agreement

A US court has ruled that Apollo Tyres hasn’t intentionally delayed its acquisition of Cooper Tire & Rubber or breached the terms of its acquisition agreement. The preliminary ruling delivered by Judge Sam Glasscock III on 8 November opines that while Apollo has demonstrated effort in its negotiations, plaintiff Cooper cannot demonstrate it has satisfied all the conditions of the $2.5 billion deal or met all obligations in regards to closing the deal on its original terms.

11th November 2013/by Tyrepress Editors

Delticom Q3 results – net income down 47.5%

Delticom’s full report for the first nine months of 2013 shows net income significantly down compared with the same period of 2012 despite growing revenues.

8th November 2013/by Tyrepress Editors

Amiens Nord workers protesting again

International News

One hopes Maurice Taylor knows what he may be getting himself involved with. Goodyear’s Amiens Nord plant in France, scheduled to be closed and the subject of a potential acquisition by Titan International, is once again making the news – complete with photos of flaming tyres. Workers protesting the final meeting in the consultation process with employee representatives made their feeling known today when they blocked entry to the plant and set fire to piles of tyres.

7th November 2013/by Tyrepress Editors

Apollo Cooper takeover on the rocks

Company News, International News

Apollo Tyres’ planned takeover of Cooper Tire appears to be in serious jeopardy as the latest court proceedings reveal the depth mistrust between the two companies. Cooper’s suggestion that Apollo has “buyer’s remorse” and is using the industrial dispute at Cooper Chengshan as a way of sabotaging the deal is the clearest example of this yet. The question of whether or not Apollo is putting everything it can into closing the deal is at the centre of the case. Apollo says it is doing everything it can despite the Chengshan and USW issues. Cooper says these are being used as delay tactics.

7th November 2013/by Tyrepress Editors

Chengshan wanted to acquire Cooper Tire, court hears

International News

Yesterday the court case between Apollo Tyres & Cooper Tire & Rubber began in the US. The case is scheduled to run until tomorrow, and on the first day Cooper chairman, chief executive officer and president Roy Armes shared why relations with the partner in its Cooper Chengshan joint venture operation turned sour once the Apollo acquisition deal became known.

6th November 2013/by Tyrepress Editors

Titan releases Q3 results, hints at ‘opportunities on the horizon’

During the third quarter of 2013, Titan International recorded net sales of US$497.5 million, a 22.9 per cent year-on-year increase, while net sales for the first nine months of 2013 were $1,669.2 million, 25.8 per cent higher than during the same period of 2012.

29th October 2013/by Tyrepress Editors

Titan aiming ‘to be like Apple’ in Europe – Taylor

Now that Maurice Taylor is making peace with France and workers in the country’s tyre sector, it appears Titan International’s French connection is not its only European interest. The Financial Times reported over the weekend that Titan is “weighing bids for three additional plants in Europe in deals that would take its sales in the region from US$750 million in 2012 to $1.3 billion.”

29th October 2013/by Tyrepress Editors

French union wants Titan talks over Amiens Nord

Company News, International News

Reuters is reporting union leaders at a closed Goodyear plant in northern France have agreed to talks with Morry Taylor, Titan International chairman and CEO. Taylor infamously said earlier in 2013 that the plant wasn’t worth saving, but reports suggest he is reconsidering his abandoned takeover bid for the plant. The French union wants give their demands directly to Taylor in his US office, Tire Review reports.

24th October 2013/by Andrew

Titan shows renewed interest in Amiens Nord

Maurice Taylor may take some of those ‘so-called workers’ after all. A text published by Agence France Presse yesterday says Titan International has made an offer regarding Goodyear’s Amiens Nord site.

22nd October 2013/by Tyrepress Editors

Cooper lawsuit to go ahead

A Delaware Chancery Court judge has turned down Apollo Tyres’ bid to have Cooper Tire & Rubber’s lawsuit against it dismissed. Judge Sam Glasscock III stated during a telephone hearing that both parties should “prepare for trial” if they can’t settle their differences alone.

22nd October 2013/by Tyrepress Editors