Hexpol acquires US retreading supplier Robbins
Swedish polymer group Hexpol has acquired US retreading industry supplier Robbins. The US$89.2 million deal covers the purchase of Robbins Holdings, Inc., including Robbins LLC.
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Name change draws Tire Curing Bladders closer to Rhein Chemie
NewsEarlier this year, Rhein Chemie strengthened its position as a tyre industry supplier through the acquisition of US company Tire Curing Bladders, LLC. The company reports that on 1 October it took a step in the process of integrating Tire Curing Bladders into Rhein Chemie by renaming it Rhein Chemie Little Rock.
Tructyre Fleet Management buys PK Commercial
Career TracksTructyre Fleet Management has nearly doubled its size following the strategic acquisition of one of its competitors, the PK Commercial group of companies. Based just off the M3 near Winnall in Winchester, Trucktyre Fleet Management manages and maintains tyres on large commercial fleets of trucks and vehicles for customers such as large supermarkets, hauliers and other transport companies, principally covering the south coast up to the M4 and London and Weymouth to Portsmouth.
Apollo's Cooper plan stalled by concerned shareholders
Career TracksIndia’s Economic Times reports that Apollo Tyres has “put on hold its plans of going ahead with the acquisition” of Cooper Tire & Rubber Co. Tire Review writes that the newspaper, which first reported about the possible acquisition deal back in October, reported yesterday that “sources with direct knowledge” said the plan was put on ice because Apollo “did not get a favorable response to its qualified institutional placement (QIP) from the institutional investors who were worried about the end-use of the funds.”
Apollo Tyres Q2 net profits up 96 per cent
Career TracksApollo Tyres has released its unaudited financial figures for the second quarter of the company's financial year 2012-13 (July to September). Net sales were up 18 per cent year on year at 33.7 billion Rupees (US$ 612.29 million), operating profit rose 55 per cent to Rs 3.8 bn (US$ 135.33 m) and net profit was up an impressive 96 per cent to Rs 1.5 bn (US$ 27.62 m).
Klarius Group sells QH Ireland to CD Group
Company NewsThe Klarius Group has concluded an agreement with Irish auto parts distribution company, CD Group, to sell its Quinton Hazell Ireland operation. QH Ireland will continue to operate as a stand-alone entity within the CD Group of companies distributing QH and Klarius branded products to the Irish market. Customers can continue to deal with the people that they always have done at QH in Dublin and place orders through the normal channels.
Cooper reports record operating profit of US$130 million
Career TracksCooper Tire & Rubber Company has reported record net sales and operating profits in its third quarter 2012 financial results. According to the company, sales of US$1.1 billion (up 4 per cent) were a record. The company also reported record operating profit of $130 million, $82 million higher than in third quarter 2011 results and representing 11.8 per cent of net sales. Net income was also a significant improvement on last year’s $17 million, with the company posting a third quarter record of $74 million or $1.17 per share on a diluted basis.
CGS buys Savatech
Career TracksOn 25 October Czech rubber company CGS Holding a.s. announced that it has acquired the rubber manufacturing division Savatech, d.o.o., and related assets from Sava, d.o.o., which is based in Slovenia. Savatech makes motorcycle tyres, rubber compounds and components for home appliances and the automotive industry, among others. According to the company, Savatech has eight sales subsidiaries, and in 2011 it had consolidated revenues of 123.2 million euros. CGS’s consolidated sales were 537.1 million euros in 2011. No details of how much was paid were released in the sale announcement.
Marangoni reports increased truck and EM profitability in the first 9 months
RetreadingDuring a recent sales meeting, Marangoni Spa truck and earthmoving division’s management reported that, despite the market and overall demand not being expected to pick up over the coming months, this part of the business has achieved increased market share and profitability in the first nine months of 2012. Furthermore company representatives report that the development plans put in place mean they expect positive results achieved this year to continue into 2013.
Marangoni Meccanica completes TRM acquisition
RetreadingMarangoni’s retreading machinery business, Marangoni Meccanica reports that the company has completed the acquisition of retreading equipment manufacturer TRM. According to the company, this development represents the achievement of its targets of the “rationalization and innovation” of its business although further details about exactly what this means have not been released.
Marangoni calls for reductions in hours for all 350 Rovereto employees
RetreadingLast week, Marangoni asked unions to approve a restructuring plan and proposed investment of 2.7 million euros into its retreading operations. According to Tyrepress.com’s Italian sister site PneusNews.it, the proposal includes a major revision of the Rovereto location’s truck tyre retreading operation. Marangoni Group ended 2011 with 7.9 million euros of losses, which are said to be mainly due to financial charges and the tax burden.
Maxion Wheels doubles capacity in Turkey
NewsThe world’s largest vehicle wheel manufacturer, Maxion Wheels, has completed its project to double production of cast aluminium wheels in Manisa, Turkey, near the city of Izmir. With this week’s official opening ceremony for the facility – which is promoted as a second plant – annual capacity has increased to four million units. This means the Manisa site is not only the company’s largest in this product segment, rather it is – along with the Borbet facility in Bad Langensalza, Germany – the industry’s largest plant in Europe.
Acquisition report pushes Cooper shares upwards
Company NewsShares in NYSE listed tyre maker Cooper Tire & Rubber Co. gained seven per cent yesterday following the publication of news regarding a potential acquisition by India’s Apollo Tyres. Neither Cooper Tire nor Apollo Tyres has commented on the acquisition reports.
Apollo buying Cooper Tire, report sources
NewsIndian financial daily The Economic Times states that Apollo Tyres is “in the process” of acquiring Cooper Tire & Rubber Company. The publication’s 11 October news is based on “sources with direct knowledge” of the deal; these sources indicated to The Economic Times that the acquisition could be valued at between US$600 and $800 million and give Apollo a majority share. When Tyres & Accessories contacted Apollo Tyres directly in relation to the news, the tyre maker’s Corporate Brands & Relations manager Rohit Sharan said Apollo “would not comment on market speculation.”
Profile Tyrecenter UK Ltd aims for 1000 branches in Britain
News, UK NewsTyrenet UK Ltd and Benelux-based Profile Tyrecenter are entering into a joint venture that will see the two companies cooperate in the execution of the ambitious goal of becoming the largest tyre retail network in the UK. The goal is 1000 branches in the UK. And what’s more the partnership of the leading independent tyre dealer network and the award winning tyre retail leader in Benelux is seeking to get a foothold in the lease and fleet services market currently dominated by other leading players, while focusing on service excellence through the deployment of its unique ICT solutions across the new chain.
