acquisition Archives - Page 50 of 90 - Tyrepress

Posts

‘Revolution’ – Corghi brings R.E.M.O. to Automechanika

In a recent press release, Italian machinery manufacturer Corghi declared that ‘revolution’ is occurring. This particular upheaval is taking place in the alignment business; on 21 January this year, after a six-year development period, Corghi released the R.E.M.O. – short for Robotic Equipment for Measuring by Optics. The R.E.M.O., whose name is also a nod to Corghi co-founder the late Remo Corghi, was conceived in response to the need to avoid all contact between a vehicle’s rim and an aligner’s clamps during measurement. Corghi says R.E.M.O. meets this goal completely, using artificial vision technology to measure toe-in, and complete 3D scanning of the wheel. This new product will be on display at Corghi’s Automechanika 2012 stand next week.

7th September 2012/by Tyrepress Editors

ECP adds crash repair warehouse, 10 new branches

Euro Car Parts reports that it has invested in a second storage facility, following the opening of its National Distribution Centre in Tamworth, Staffordshire in 2010. The 141,000sqft warehouse in Swadlincote, Derbyshire will primarily store crash repair stock including Platinum Plus product lines and the company has signed a 10-year lease agreement with GE Capital Real Estate for the Tetron Point distribution unit. ECP has continued to expand its network too, with 10 new locations announced. They are anticipated to open in the fourth quarter of 2012.

29th August 2012/by Tyrepress Editors

MRF looking at rubber acquisition options – but not rushing in

Almost a year ago, MRF chairman K M Mammen told journalists the tyre maker was considering acquiring or leasing a 100,000 hectare rubber plantation in Southeast Asia. Since then, little has been heard on the subject. In recent days, however, Indian newspapers the Hindu Business Line and Business Standard have both quoted MRF executive vice-president of marketing, Koshy Varghese, as saying the company is currently investigating its options.

27th August 2012/by Tyrepress Editors

Union seeking to bound into Titan negotiations

Regional newspaper the Journal Standard reports that the union representing workers at Titan Tire Corporation’s Freeport factory in the US has held “solidarity rallies” with a view towards discussing a renegotiated contract with the tyre maker. In an article published 23 August, the paper quoted the United Steelworkers union local chapter president Dale Sandell as saying “we have been under an imposed contract for about two years now. We’re trying to get back to the table.”

24th August 2012/by Tyrepress Editors

Terms agreed for Titan Europe share offer

News of Titan International’s moves to acquire Titan Europe PLC has been public for about a month now, but to fulfil Rule 2.7 of the Takeover Code, the company announced on 10 August its formal acquisition offer. In a statement, Titan International reports that agreement has been reached between the board of Titan International and the independent directors of Titan Europe on the terms of a recommended share offer for Titan Europe’s entire issued and to be issued share capital.

13th August 2012/by Tyrepress Editors

Titan’s Planet Group acquisition finalised

US off-road tyre and wheel specialist Titan International has closed on the purchase of Perth, Australia-based Planet Corporation Group. Titan acquired 56 per cent of Planet for US$22.9 million and paid-off the Australian firm’s outstanding credit facilities of $10.5 million at closing.

3rd August 2012/by Tyrepress Editors

Record year in sights after good H1, says Conti

On the back of its second quarter results, which nearly matched those attained in the first quarter, Continental sees itself “on track for another record year.” Commenting on the German tyre and automotive supplier’s performance to 30 June, Executive Board chairman Dr. Elmar Degenhart stated “based on the successful first half of the year, we are confident that we will comfortably achieve the goals we have set for the year. Nonetheless, we must continue to keep a close eye on the uncertainties on the global sales markets, the difficult economic situation in some European Union member states and the slowdown in global economic growth.

2nd August 2012/by Tyrepress Editors

Gajah Tunggal to build proving ground, start TBR production

Along with reporting its latest financial results on 1 August, Indonesian tyre maker PT Gajah Tunggal Tbk shared that in the second quarter of 2012 it completed the acquisition of some 100 hectares of land for around US$108 million. This purchase was financed with internal resources and Gajah Tunggal says acquiring this land, located in a new industrial estate in Karawang, Indonesia, serves two main purposes. Part of the land area will be used to build a tyre proving ground; groundbreaking will start in the coming months and is expected to be completed in two to three years’ time.

1st August 2012/by Tyrepress Editors

Sailun to exhibit at Automechanika, Moscow

Sailun Tyres has announced that it will be exhibiting at the MIMS Automechanika Show being held in Moscow in late August 2012. The show is held from 27-30 August 27th at the Moscow Expocentre fairground – Pavilions 2, 7 and 8 and the Forum. The Sailun stand is located in Pavilion 2, Hall 3 – stand D611.

31st July 2012/by Tyrepress Editors

Pirelli increases revenues, EBIT and margin in 2Q

Pirelli reports that the company closed the first half of 2012 with revenues of 3,021.8 million euros, an increase of 8.3 per cent compared with the 2,789.3 million euros published for the same period in 2011.

30th July 2012/by Tyrepress Editors

Sailun expansion leads to recruitment iniative

Sailun Tyres Europe reports that it has committed to increase its sales support and account management team following sales growth in the last year. With specific geographical emphasis on Central and Eastern Europe, Sailun is looking for professionals to “drive and develop sales and marketing initiatives and partnerships with existing and potential tyre distributor partners.”

27th July 2012/by Tyrepress Editors

Titan International proposes £115 million all-share offer for Titan Europe

Titan International is proposing an all-share offer for Titan Europe valued at more than £115 million. The deal amounts to one Titan International common share per 11 Titan Europe ordinary shares. According to the convoluted language of the official statement disclosing the proposed offer, Titan International is after not less than 51 per cent of Titan Europe shares and 51 per cent of its voting rights. The company already holds 21.67 per cent.

26th July 2012/by Tyrepress Editors

Sailun confirms Jinyu and Shenyang double acquisition

Company News, International News, News

Following earlier reports suggesting Sailun Company Ltd had bought two other Chinese tyre firms, Sailun representatives have confirmed that the Chinese tyre manufacturer has entered into a “framework agreement” to acquire equity in both Shandong Jinyu Industrial Co. Ltd and Shenyang Peace Radial Tyre Manufacturing Co. Ltd. The framework was agreed on 10 July 2012.

24th July 2012/by Tyrepress Editors

Sailun to grow through acquisitions

International News, News

On 10 July Sailun Co Ltd. announced its entry into an agreement to acquire another Chinese tyre maker and also purchase a large share in a third company. In separate statements, Sailun said it will buy Shenyang Peace Radial Tyre Manufacturing Co. Ltd. for about RMB 120 million (£12.2 million) and acquire 49 per cent equity in Shandong Jinyu Industrial Co. Ltd. for around RMB 200 million (£20.3 million). Shenyang Peace has annual capacity of 1.2 million all-steel radial truck tyres, while Shandong Jinyu has capacity to produce three million all-steel radials and 10 million semi-steel radials per year.

17th July 2012/by Tyrepress Editors

Klarius Group ranks 6th in Sunday Times Fast Track

The Klarius Group ranks sixth in the list of ‘top 10 manufacturers with biggest international sales’ published in The Sunday Times HSBC International Track 200 league table, where the company also achieved 62nd place overall. The league table ranks Britain’s privately owned companies with the fastest growing international sales. It is researched and compiled by Fast Track and was published in The Sunday Times on 8th July 2012. The published figures show 70 per cent of sales being generated outside of the UK, mainly in Continental Europe, with sales growing 58 per cent between 2008 and 2010.

12th July 2012/by Tyrepress Editors