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SPX Completes Teradyne Purchase

On 22 May SPX Corporation announced that it had completed the acquisition of Stockport-based Teradyne Diagnostics Solutions. Teradyne Diagnostics is a global supplier of diagnostic solutions for transportation OEMs and automotive dealerships, tier-one suppliers and independent service providers. Terms of the purchase have not been released, but the transaction includes operations near Manchester, Brussels, Munich, Detroit and Tokyo. Teradyne employs about 200 employees and generated revenue equivalent to $40 million in 2010.

25th March 2011/by Tyrepress Editors

Halfords promises to tell it like it is

Halfords Autocentres has pledged to make customers' lives easier by championing the use of 'plain English' in its garages, following a poll of 2,000 motorists carried out for Halfords which revealed a high level of confusion around mechanical jargon and the need for simple and un-patronising language when dealing with motorists.

Over nine out of ten car owners (91 per cent) say they are left bewildered by terminology used by mechanics and almost half of motorists (48 per cent) admit paying for a service or repair without understanding what it was for.

14th March 2011/by Tyrepress Editors

Stapleton’s Confirms NETE Purchase

Company News, News, UK News

Stapleton’s Tyre Services has officially confirmed that on 28 February 2011 it acquired all the shares of North Eastern Tyre & Exhaust Limited (NETE). However, an official statement issued by the company reported that NETE will continue to trade as a wholly-owned subsidiary of Stapleton’s Tyre Services. Stapleton’s representatives said the company intends to complement NETE’s “professional approach to the market and their excellent customer service in order to ensure the future success of both companies.” No further details of the price or the terms have yet been released.

14th March 2011/by Tyrepress Editors

Conti to support ‘double-digit’ 2011 growth with increased investment

Following a 2010 in which set targets were “clearly surpassed”, Continental AG says it aims to achieve double-digit growth this year. At the company’s Annual Financial Press Conference, held on March 3 in the German city of Frankfurt, CEO Dr. Elmar Degenhart reported a sales growth of almost 30 per cent, to 26 billion euros. This represents record sales for the automotive supplier, a personal best also matched by a record operating result.

3rd March 2011/by Tyrepress Editors

Itochu's Kwik-Fit and Stapleton’s to be run as separate entities

Following the news that the Japanese conglomerate that own Stapleton’s Tyre Services has bought Kwik-Fit, Itochu has clarified that while the group is interested in “know-how” synergies between the businesses, they will continue to be run as completely separate entities.

3rd March 2011/by Tyrepress Editors

Kwik-Fit confirms Itochu is new owner

Company News, News, UK News

Kwik-Fit Group has confirmed earlier reports that PAI Partners has sold the fast fit chain to the Japanese Itochu Corporation for £637 million. The purchase price is said to include £457 million of debt, which will be paid off in full at completion, according to a Financial Times report. The deal is reportedly Itochu’s biggest investment in the UK and follows its acquisition of Stapletons in 1994. The company is also already talking about the potential synergies between the two businesses:

3rd March 2011/by Chris

Itochu Buys Kwik-Fit for £637 million

Company News, News, UK News

Kwik-Fit has reportedly been sold to the Japanese conglomerate that owns Stapleton’s, Itochu Corporation. According to a City AM report, the deal follows the signing of a three digit million pound deal yesterday (1 March 2011). The article suggests Kwik-fit’s former owner, private equity firm PAI Partners” has “cashed out” of its six-year ownership of the chain for “£637 million, which includes net debts of £457 million.” A Kwik-Fit spokesman refused to confirm or deny the reports when Tyres & Accessories asked for confirmation of the news. Either way, the reports suggest the deal is still subject to regulatory approval.

2nd March 2011/by Tyrepress Editors

Trelleborg buys Hebei plant, expands into Chinese specialty tyre market

Trelleborg has acquired an operation in Xingtai, Hebei Province, eastern China, in a move designed to facilitate the group’s expansion in the Chinese market for specialty, primarily agricultural tyres.
Trelleborg has acquired an existing facility from a Chinese company, part of the US Group Maine Industrial Tire LLC, and will also transfer approximately 180 employees. The acquisition and investments total approximately 100 million Swedish krona (£9.641 million; 11.45 million euros; US$15.54 million) over a three-year period. Production under the Trelleborg name is expected to commence during the second quarter of 2011.

17th February 2011/by Tyrepress Editors

Matador sells share in Addis Tyre

Ethiopia based newspaper Addis Fortune reports the sale of a majority share in the country’s sole tyre maker, Addis Tyre SC. According to “reliable sources” that spoke to the English language weekly, Matador AS has sold its 69 per cent share in Addis Tyre to Horizon Plantations Ethiopia Plc. This purchase comes more than two years after a Memorandum of Understanding for the acquisition was signed – Addis Fortune notes that the share transfer was put on hold as the Ethiopian government owns the remaining 31 per cent of shares and therefore the country’s Privatisation and Public Enterprises Supervising Agency had right of first refusal on Addis Tyre.

8th February 2011/by Tyrepress Editors

Trelleborg/Watts Acquisition Finalised

Trelleborg has announced that its acquisition of Lydney-based Watts Tyre Group was officially finalised on 4 February 2011. Watts has annual sales of approximately equivalent 300 million Swedish krone and about 210 employees. According to the company, the acquisition “strengthens Trelleborg’s world-leading position in industrial tyres, through geographic expansion and an increased presence in the aftermarket.” The operation will be integrated into Trelleborg Wheel Systems business area.

7th February 2011/by Tyrepress Editors

Cheng Shin diverts expansion energy to PCR plant

Plans for Cheng Shin Rubber to establish a new truck tyre plant have apparently been ditched in favour of a passenger car tyre facility. The China Economic News Service reports that due to delays in land acquisition the Taiwan based manufacturer of the Maxxis tyre brand is currently not proceeding with the Changnan County truck tyre plant project; instead, the company will focus its attention on passenger car tyres with a new plant in the town of Touliu. The first stage of the facility is being built with an investment of NT$6 billion (₤128.5 million) and production is anticipated to commence in the third quarter of this year. Daily output will be between 12,000 and 18,000 tyres, CENS adds.

2nd February 2011/by Tyrepress Editors

Birla Carbon acquires Columbian Chemicals

On January 31, India’s Aditya Birla Group disclosed it has entered into a definitive agreement to acquire US-based Columbian Chemicals Company from One Equity Partners, the merchant banking arm of J. P. Morgan Chase & Co. Aditya Birla has purchased One Equity Partners’ equity in Columbian Chemicals through its associates Alexandria Carbon Black Company and Thai Carbon Black Company Limited, along with SKI Investment, an Aditya Birla Group company.

31st January 2011/by Tyrepress Editors

Industrial Tyre Expert Thomas Philip Buckley Dies

Thomas Philip Buckley, founder and owner of Industrial Tires Ltd (ITL) in Mississauga, Canda, died on 14 January. "It was with sad hearts that we learned of Tom's passing," said John Ryder, a vice president with prominent materials handling equipment dealership JH Ryder Machinery Ltd in Mississauga. "Our relationship with Tom and the ITL organisation spanned four decades. His unique blend of a colourful personality, visionary leadership and intuitive business savvy will leave a significant legacy in the materials handling industry."

20th January 2011/by Tyrepress Editors

Focus on Selected Segments Continues with Further Trelleborg Divestment

The divestment programme underway at Trelleborg as part of the company’s strategy to focus on selected segments has taken a further step with the signing of an agreement to divest its brake hoses for light vehicles operation, which is located in Brazil and is part of the Trelleborg Automotive business area. The buyer is the French company Flexitech.

13th January 2011/by Tyrepress Editors

Analysts: UK Tyre Industry Will be Fragmented in 2011

New research by analysts at Plimsoll suggests the UK tyre market is polarised between “those getting it right and those struggling to recover.” David Pattison, senior analyst and author of the 2011 Plimsoll Analysis explained: “Now that the storm is lifting we have been able to assess the damage left behind. 38 companies are in parlous state and starting the New Year clinging on for dear life. We have rated them as Danger accordingly. Falling demand was the final nail in the coffin for many. The mistake they made though was to not make those painful cuts early enough to protect their business”.

7th January 2011/by Tyrepress Editors