acquisition Archives - Page 54 of 90 - Tyrepress

Posts

Sibur assets go to Pirelli/Russian Technologies for 222M euros

On July 25 Pirelli, Russian Technologies and Sibur Holding signed an agreement to transfer the former Amtel-Vredestein Kirov passenger car and light commercial vehicle tyre plant to the joint venture formed by Pirelli and Russian Technologies on November 26, 2010. The transfer is to take place before November 2011; the agreement signed on July 25 also entails the transfer of further assets that should lift the joint-venture’s production capacity from seven million units – the Kirov plant’s capacity – to a total of 11 million units by 2014. The transfer of all these assets will take place in exchange for a total consideration of 222 million euros, divided on a pro-quota basis between the partners, with a payment of 55 million euros in 2011 and 167 million euros in 2012.

26th July 2011/by Tyrepress Editors

Evonik carbon black becomes Orion Engineered Carbons

Evonik Corporation’s divestiture of its carbon black business is expected to be complete by 1 August 2011, but with it will also come a name change. Announced earlier this year, Evonik divested itself of it Carbon Black Business Unit and sold it to affiliates of Rhone Capital and Triton. According to the company, the new business will be known as Orion Engineered Carbons. All of the silica-based products (Aerosil, Aeroxide, Acematt, Sipernat) will continue to be manufactured and sold by Evonik Inorganic Materials.

25th July 2011/by Tyrepress Editors

Nexion introduces new Corghi tyre changer

The Nexion Group’s Corghi brand has introduced its new tyre changer line, named Master Code. Corghi explains the name was chosen “to recall that Corghi has the tyre changer evolution in its DNA”. Master Code was presented in Bologna at Autompromotec 2011, as a worldwide preview, and the company was encouraged by the interest shown by attendees. It will next be exhibited in Paris at Equip’auto and in Las Vegas’s SEMA show, the latter being its North American debut .

22nd July 2011/by Tyrepress Editors

EC clears Evonik carbon black acquisition

The European Commission has cleared the proposed acquisition of German chemical company Evonik’s carbon black business under the EU Merger Regulation. This approval under the EU Merger Regulation means that the business’ purchase by US based firm Rhône Capital and Jersey’s Triton is not considered one that will significantly alter the structure of the carbon black market or significantly impede effective competition in the European Economic Area (EEA); the Commission reached this decision as neither firm has any existing ownership interests in any business that manufactures or sells carbon black.

20th July 2011/by Tyrepress Editors

Conti acquisition of Modi Tyres completed

International News, News

On July 15, India’s Modi Rubber Ltd notified the Bombay Stock Exchange that the sale of its Modi Tyres subsidiary to the Continental Group has been completed. It informed the BSE that the entire shareholding in Modi Tyres Company Limited, a total of 56,046,680 equity shares, changed hands for a share purchase consideration of Rs 1,176,189,838 (£16.1 million) and a non compete fee, net of withholding tax, of Rs 172,295,100 (£2.4 million). Modi Tyres Company Limited is thus now a wholly owned subsidiary of the Continental Group.

18th July 2011/by Tyrepress Editors

ContiTech acquires Australian mining industry firm

ContiTech, Continental’s rubber and plastics technology division, has further expanded its global activities in the mining and raw materials industry through its Conveyor Belt Group’s acquisition of Australian trade company M.I.R.S. (Mining Industrial Resource Supplies). The agreement to purchase the Perth-based company was made on July 12 and backdated to July 1, 2011. Both sides have agreed not to disclose the purchase price.

14th July 2011/by Tyrepress Editors

Rhein Chemie buys Wacker’s tyre release agents business

Rhein Chemie Rheinau GmbH has opted to expand its product range for into tyre release agents by acquiring this part of Wacker Chemie AG’s operations on 8 July 2011. The two parties agreed to keep the purchase price confidential. According to the companies, Wacker’s tyre release agents business achieved sales amounting to a mid single-digit million euro amount in 2010. The acquisition reportedly makes Rhein Chemie the world leading supplier of tyre release agents. Rhein Chemie is itself a wholly-owned subsidiary of Lanxess from Leverkusen, Germany.

11th July 2011/by Tyrepress Editors

National Tyres adds 10 Broadway branches to its network

National Tyres reports that it has added 10 branches to its network this month as part of the company’s expansion strategy. According to National Tyres and Autocare, the 10 new branches are a group acquisition from Broadway Retail Ltd.

“This is a very exciting development for National Tyres and Autocare,” said chairman Alan Revie: “It is a testament to the strength and professionalism of our business that we are able to expand at a time when so many retailers are contracting. It also represents a significant acceleration of our growth plans, having already added eight new branches to our network in the last 12 months alone.”

5th July 2011/by Tyrepress Editors

Comment: A change will do you good?

As the July issue of Tyres & Accessories went to press, Kwik Fit Group announced the arrival of Stapleton's boss Kenji Murai as its new group head. Of course we are all aware of the fact that Itochu now owns both Stapleton’s and Kwik Fit (who could have missed all the coverage reporting the purchase from 2 March onwards?); and it is of course natural that a company will want to have their own people integrated into a business they have purchased (and congratulations and best wishes to the new boss); but there are at least two reasons why this news will raise some eyebrows.

4th July 2011/by Tyrepress Editors

Toyo’s Shandong Silverstone acquisition finalised

Company News, International News, News

Toyo Tire & Rubber’s acquisition of Chinese tyre maker Shandong Silverstone Luhe Rubber & Tyre, which was first announced on April 12, has now been finalised. The Japanese manufacturer reports the acquisition of 75 per cent equity in Shandong Silverstone has now been completed and the Shandong Province Industrial and Commercial Bureau has issued a business permit. Toyo’s paid in capital stands at RMB 330,138,000 (£31.8 milliion).

1st July 2011/by Tyrepress Editors

Stapleton's MD Murai now in charge at Kwik Fit

Kwik Fit Group has announced the arrival of Stapleton's boss Kenji Murai. Itochu, which owns Stapleton's, completed its acquisition of the fast fit giant this week. Itochu also announced the departure of chief executive officer Ian Fraser and group finance director Michael Healy. Itochu stated: “We would like to thank Ian and Michael for their work in establishing Kwik Fit as the clear market leader and creating a very strong position. The company has substantially developed under their leadership and we wish them well for the future.

1st July 2011/by Tyrepress Editors

Itochu officially completes Kwik Fit Group purchase

Itochu has just announced that it has officially completed the acquisition of the Kwik Fit Group for £637 million. While details of the purchase have been in the press and a popular part of market discussion for some time, up till now the deal had been subject to regulatory approval. However, with the issue of today’s statement Itochu can now say it has officially purchased the UK’s market leading automotive repair company from PAI Partners, which had owned the group since August 2005. The business received EC approval for the purchase back in May.

30th June 2011/by Tyrepress Editors

SAIC ‘in pole position’ to buy Opel

Industry analysts have suggested that Chinese OEM Shanghai Automotive Industry Corporation (SAIC) is in pole position to purchase GM’s Opel European operations. If the speculation that a large Chinese OEM is in position to purchase such a large European firm turns out to be correct, it also raises questions about what such a trend might mean for the tyre industry.

23rd June 2011/by Tyrepress Editors

Birla’s Columbian Chemicals acquisition cleared by EC

The European Commission has cleared the proposed acquisition of US-based Columbian Chemicals by Indigold Carbon, which is controlled by the Indian Aditya Birla Group, both worldwide producers of carbon black. Even though the Commission concluded that the merger would create one of the three largest companies in the carbon black sector, approval was granted under the EU Merger Regulation as it is believed European customers will “continue to enjoy healthy competition.”

16th June 2011/by Tyrepress Editors

Conti Matador invests in rolling resistance optimisation

In order to meet the global trend towards tyres with a stronger ‘green’ emphasis, Continental Matador Rubber states its factory in Púchov, Slovakia is gearing up for the production of low rolling resistance tyres. This production transition is scheduled to occur in two stages, the first of which is already underway with the gradual introduction of the ContiEcoContact 5 and ContiSportContact 5 into the plant’s production mix. Continental Matador says several sizes are already in serial production at the Púchov plant and further sizes will be introduced throughout the year.

9th June 2011/by Tyrepress Editors