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Kwik-Fit Sells Insurance Business for £215 million

Kwik-Fit Group Limited has announced that it has agreed to sell its UK Insurance business (KFIS) to Fortis UK Limited for £215 million, a division of Belgium-based Ageas. The transaction is subject to the usual regulatory approval, but is expected to be completed in the third quarter of 2010. According to the company, the transaction marks the successful completion of a strategic review for the KFIS business announced in February 2010.

Proceeds from the sale will be used to repay debt which, together with funds injected into the business as part of the recently completed covenant reset exercise at the end of 2009, will reduce net bank debt to £486 million. In an official statement on the matter, company representatives said the move leaves the business “in a strong position to exploit growth opportunities in its core fast-fit businesses.” It will also go some way towards halting speculation that the company’s private equity owners (PAI) are looking to sell the entire business as the rumours themselves appear to have been based on the size of Kwik-Fit’s debts.

2nd July 2010/by Chris

Solideal Names John Howe as New UK Sales Manager

Solideal, the UK’s leading player in the industrial tyre segment, recently appointed a new UK sales manager. John Howe (30), who has worked for the company since he left school at 16, attained his promotion as part of the ongoing restructuring of the international company’s UK division. Based at the firm’s UK headquarters in Bridgend, South Wales, Howe will be managing the company’s expanding sales team.

“The company has really gained momentum in the last few years,” said Howe. “With all that recent changes I see my new position as one of driving the business forward in our established areas of business but also focusing on building the business in our new target areas.”

1st July 2010/by Tyrepress Editors

Michelin Marks Four Decades at Ardmore Site

Michelin North America has celebrated the 40th year of production at its Ardmore plant in Oklahoma. The first tyre rolled off the line in 1970, and since that time the facility has grown considerably. Today the Ardmore factory covers almost 140,000 square metres of manufacturing operations and employs more than 1,700 people in the production of passenger car and light truck tyres.

28th June 2010/by Tyrepress Editors

Apollo Does “Good Business” with Vredestein – Purchase Price Revealed

It is not just Apollo Vredestein CEO Rob Oudshoorn that considers Apollo Tyres’ acquisition of the Dutch tyre maker to have been “good business”.

25th June 2010/by Tyrepress Editors

Halfords Sales Reach £831.6 million Supported by Nationwide Acquisition

Company News, News, UK News

Halfords Group Plc has reported preliminary full year 2010 results (April to April) showing sales of £831.6 million, up 4.6 per cent on 2009 and up 0.7 per cent like-for-like. The company’s gross margin grew to 54.4 per cent, while operating profit shot up 17.5 per cent to £119.7 million, representing 14.4 per cent of sales (2009: 12.8%).

The acquisition and “successful integration of Nationwide Autocentres” – four of the network’s branches are already said to have converted their livery – were clearly important parts of the company’s strong results. David Wild, Chief Executive, commented: “Halfords has had an excellent year…Sales growth in core areas, margin expansion and disciplined cost control has led to the delivery of 25 per cent earnings growth…In addition we made our first acquisition, Nationwide Autocentres, which represents a natural extension of Halfords service proposition in the car aftermarket and is already making a good contribution to the Group.”

10th June 2010/by Chris

Trelleborg Increasing Industrial Tyre Prices 7 – 10%

Trelleborg Wheel Systems S.p.A. will announced worldwide price increases on its industrial and construction tyres, which from the 1 July will see price hikes of 7- 10 per cent in Europe, Asia-Pacific and Africa. The increase will be between 5 and 7 per cent in North and South America, according to Trelleborg’s Industrial Tires Business Unit. Trelleborg last increased this segment’s tyre prices 5 – 10 per cent on 1 March 2010, following an announcement on 13 January.

4th June 2010/by Tyrepress Editors

Capture Footprints with TireScan

Next time you’re sitting in the dentist’s chair getting your teeth checked, you may spare a moment to consider how many degrees of separation stand between yourself and the tyre industry. It may be fewer than you think. American firm Tekscan Inc, which developed its TireScan system in conjunction with Goodyear, admits the basic technology behind the system was originally created for use in dentistry. “However, it was recognised that the principle concept could be adapted for numerous other applications, the tyre industry being just one of them," explained the company's international sales manager, Jason Marcouillier.

28th May 2010/by Tyrepress Editors

Chinese Auto Parts is World’s Most Profitable Vehicle Industry

The automotive parts industry in China has reportedly become the world’s most profit making industry of its kind. According to a survey report produced by AlixPartners, the profits of auto parts enterprises in China topped its counterparts in 2009. Average profit levels were 8 – 10 per cent, which is apparently double the global average. In 2009, the revenue of auto parts enterprises in China is said to have reached 1,140 billion yuan, an increase of 23 per cent over 2008. However, supplier sales are said to ahve lagged behind the OEM growth because of a higher decline in exports. Several major domestic auto-parts suppliers are emerging as winners, with companies entering the top 100 global suppliers by revenue.

However, says the study, in order to maintain their profitability, suppliers need to effectively manage rising cost pressures, upgrade their technology, build their aftermarket capabilities and, significantly, find ways to recruit and retain qualified people in what has become a very competitive labour market.

28th May 2010/by Tyrepress Editors

Euro Car Parts Not For Sale Despite Reports

Representatives of Euro Car Parts, a leading British aftermarket distributor, have rebutted reports over the weekend that the business is up for sale. According to reports posted on thisismoney.co.uk, the founder of Euro Car Parts, Sukhpal Singh had appointed adviser Robert W Baird to conclude a sale could see him receive “more than £200 million” from a total price of up to £250 million. This report pointed out that Sukhpal Singh started the company with £5,000 in an outlet in north London and has recently seen profits triple to £17 million compared with £6.6 million the year before on sales that increased from £145.1 million to £186.9 million.

However, the company’s press representatives said the report’s conclusions “couldn’t be further from the truth” and even questioned the above sales and profit figures. They confirmed that the company has “definitely not been put up for sale and is currently experiencing record trading.” On the subject of Robert W Baird’s involvement the added: “Robert W Baird is an investment company, which has been working with Euro Car Parts for almost 18 months now, exploring ways of expanding the business organically.”

17th May 2010/by Tyrepress Editors

We’re Back on the Road to Success, Conti Shareholders Told

Addressing the company’s Annual Shareholders’ Meeting, held in Hannover, Germany on April 28, chairman of the Continental AG Executive Board, Dr. Elmar Degenhart, stated “if you wanted to summarise the year 2009, you could boil it down to a simple notion – state of emergency.” The major events affecting the market, he added, resulted in the most dramatic economic crisis in the post-war era.

28th April 2010/by Tyrepress Editors

Sold – American Tire Distributors Changing Hands for $1.3 Billion

North America’s largest independent tyre distributor has changed hands for approximately US$1.3 billion. In a deal announced on April 21, Equity firm Texas Pacific Group (TPG Capital) has purchased American Tire Distributors from Investcorp, Berkshire Partners and Greenbriar Equity Group, who acquired the distributor for $500 million in 2005. The transaction is expected to close in the second quarter of 2010. Pursuant to the acquisition, American Tire will suspend its planned public offering and listing on the New York Stock Exchange.

23rd April 2010/by Tyrepress Editors

Micheldever Put Up for Sale, Wholesaler Could Reach Over £200 million

The UK’s largest tyre wholesaler Micheldever Tyre Services (MTS) could be about to change hands for over £200 million, more than twice the price paid for the company when it was sold in an equity-backed management buyout for £85 million in 2006. According to reports published in the 11 April issue of the Sunday Times, the sale would include 50 Protyre depots – Micheldever’s growing retail chain. MTS an annual turnover of £275 million, a roughly 20 per cent market share and employs almost 900 people.

13th April 2010/by Tyrepress Editors

Yokohama Tire’s Jim MacMaster to Retire

Following a tyre industry career spanning 39 years, Yokohama Tire Corporation executive vice president and chief operating officer Jim MacMaster has announced his intention to retire in June. MacMaster, who also served as chairman of the Rubber Manufacturers Association from 2007 – 2009, began his career with a three-year stint in the Navy, followed by work in the defence and computer industries and then ten years on the manufacturing and dealer side of the tyre business. He ultimately joined Yokohama in January 1981.

8th April 2010/by Tyrepress Editors

Bekaert Completes Acquisition of Bridgestone Tyre Cord Plants

On March 31 Bridgestone and Bekaert signed a Closing Memorandum confirming Bekaert’s acquisition of Bridgestone’s Bridgestone Metalpha Italia S.p.A., based in Sardinia, and Guangdong Province based Bridgestone (Huizhou) Steel Cord Co., LTD. steel cord manufacturing subsidiaries, a transaction first announced on February 1. According to Bekaert, its integration of the two plants and the long-term supply agreement arranged with Bridgestone come into effect immediately.

7th April 2010/by Tyrepress Editors

Halfords/Nationwide Autocentres Increase Sales 5%

Just a month after Halfords bought Nationwide Autocentres for £73.2 million, the new owners have reported that like-for-like sales have grown 5 per cent since the buyout. According to the company, the integration plan is “progressing well” and the programme of rebranding the centres under the Halfords moniker will be rolled out during 2011.

David Wild, chief executive officer, commented: “Halfords retail performance continues to be robust, with full year earnings now anticipated to grow by approximately 25 per cent. The acquisition of Nationwide Autocentres, completed during the quarter, logically extends our successful service proposition and provides a further opportunity for future growth.”

23rd March 2010/by Tyrepress Editors