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Plimsoll: 45 UK Companies Will Finish 2009 in Difficulties

At the end of a turbulent 2009 analysts of Plimsoll are predicting 45 UK tyre manufacturers and distributors will be struggling to see 2010 out: “Having clung on through the bad times many of these struggling companies are going to run out of time and fail just before the recovery really takes hold. Sadly, some of them are just too weak to carry on and there will be a spike of failures in the New Year. On the flipside, their demise will bring a welcome reduction in competitive pressure for those left”.

Pattison is convinced the market is due a prolonged period of consolidation with the number of companies in trouble leading to heightened takeover activity. He explains: “With too many companies chasing weakened demand it is inevitable that there are likely to be a number of high profile mergers and takeovers. In all honesty it’s long overdue. Once demand started to flag it was inevitable companies would be caught out. This period of consolidation is needed to sort out the dead wood. We have named 21 companies as the best acquisition prospects in the market”.

3rd November 2009/by Tyrepress Editors

JK Tyre Reports 1.369 billion rupees Operating Profit

JK Tyre & Industries Ltd. (JK Tyre) reported quarterly operating profits (EBITDA) of 1.369 billion rupees (£17.769 million; 19.670 million euros; US$29.1 million) from sales of 9.38 billion rupees, publishing the details on 30 October. First half (April to September 2009) results show the company achieved post tax profits of 1 billion rupees against net sales of 18 billion rupees.

2nd November 2009/by Tyrepress Editors

YHI International Names New CEO

Singapore based alloy wheel manufacturer YHI International Limited has appointed a new CEO of its YHI Manufacturing Group. Taiwan national Thomas Lee commenced in the role on October 7, and brings to the job more than two decades’ experience: Between 1985 and 2007 Lee was employed by aluminium wheel and casting tooling producer Lioho Machine Works in the capacity of senior vice president and chief of China operations.

15th October 2009/by Tyrepress Editors

Florida Tire Bought by Pep Boys

(Tire Review) Pep Boys has agreed to acquire Orlando-based Florida Tire for $4.4 million, the latest in a series of deals that has seen 90 independent tyre dealer locations change hands over the last 60 days. Florida Tire has ten locations in the Orlando are, and posts annual sales of $14 million. The acquisition is expected to close 30 October. Since the beginning of September, four other independent dealers have sold some or all of their businesses. Erlanger, Kentucky-based Bob Sumerel Tire sold its 30-store retail tyre business to an Ohio arm of AAA. Terms of the deal were not released, but the deal did not include Sumerel Tire’s commercial tire division, which includes 12 commercial tyre centres and four mixed commercial/retail locations. Greensboro, North Carolina-based Snider Tire Inc. acquired Greenville, South Carolina-based Consolidated Tires Inc., with six commercial centres in South Carolina and Georgia, and one retread plant in South Carolina.

14th October 2009/by Tyrepress Editors

Kal Tire Buys Majority Stake in OTR Tyres

Kal Tire of Canada has bought a majority stake in Alfreton, Derbyshire-based OTR Tyres, creating the world’s first Global Earthmover Tyre Service company. This means the company will two companies will be rebranded under one name at some point in the future. This means “a gradual migration to a new brand over time.” OTR’s Alfreton head office will continue to be an administrative hub for the various OTR businesses.

12th October 2009/by Tyrepress Editors

Conti Expresses Concerns over MAG Group Clairoix Acquisition

Continental has voiced concerns over MAG Group’s proposed acquisition of the German manufacturer’s beleaguered Clairoix facility following its receipt of the Syrian company’s letter of intent, reports Reuters. Mail-based discussions are ongoing, says the report, with MAG vice-chairman for strategy and finance Fawaz Sabri quoted as saying, “We sent… an amended version of the letter of intent and are awaiting their response. We have put everything down and all our concerns,” he told Reuters. Conti spokesman, Alexander Luehrs said that the main points of contention were the price and the transference of technology. The German manufacturer clearly wishes to protect its technology against producing a potential competitor.

2nd October 2009/by Tyrepress Editors

Vellco Appoints Former Michelin Man

Tyre recycler, Vellco has announced the appointment of Dave Martin, whose expertise will reportedly aid the organisation of – and bring expertise borne out of long-term employment by the Michelin Group – the company’s Truck & Passenger Car Casing business. Martin had a career spanning thirty years with Michelin, in which he held a variety of positions, most recently working on quality guarantee standards for Remix and Encore products. This experience in process application, training and development – along with his vast technical knowledge – brings an invaluable asset to Vellco, states the recycler. This experience will be utilised as the company maintains its current business and attempts to continue its upward trajectory in the years ahead.

29th September 2009/by Tyrepress Editors

Magnum Ships First Shredding Unit to New Landfill Facility

In August, following the acquisition of a new facility in the US state of Colorado, Magnum D'Or Resources procured a multiple stage shredding system for use at the site. On September 28 the company announced the equipment will be shipped to the Hudson, Colorado site “this week” and installed upon final permit approval. This system will allow Magnum to commence initial operations that include acceptance and processing of tyres at the facility.

29th September 2009/by Tyrepress Editors

Acquisition Boosts Reclaim’s Presence in Australian Tyre Recycling

Following a recent acquisition, Reclaim Industries Ltd has become Australia’s largest tyre recycler. The publicly traded tyre recycler and rubber manufacturing company purchased the Sydney based Renaza tyre processing plant for AU$621,000 from the bankrupted ReVived Rubber Technologies and Renaza Resources – an acquisition that comes at a time when Reclaim is seeing business increase 27 per cent over the 2009 financial year.

29th September 2009/by Tyrepress Editors

Yokohama Launches Tyre Mould Business

Yokohama Rubber has established a tyre mould manufacturing and sales company through its acquisition of Hashiba Tire Mold’s tyre mould manufacturing business in July. The aim of setting up this new company, Yokohama comments, is to further reduce costs through increasing the self-supply ratio within the Yokohama Rubber group.

25th September 2009/by Tyrepress Editors

Titan to Purchase Goodyear European Agri Assets

Titan International has signed a non-binding letter of intent with Goodyear Tire & Rubber to purchase certain farm tyre assets, including the Goodyear Dunlop Tires France (GDTF) Amiens North factory. The agreement is subject to the French Goodyear operation’s “satisfactory completion” of a social plan related to consumer tyre activity at the Amiens North facility, along with completion of due diligence, a definitive acquisition agreement and other standard acquisition approval requirements.

24th September 2009/by Tyrepress Editors

Goodyear Trying The Right Thing

Goodyear has hired recruitment firm The Right Thing to help it recruit and hire future employees nationwide.

1st September 2009/by Tyrepress Editors

McConechy's Reports Dip In Profits

According to the Herald Scotland website, Ayr-based tyre retailer McConechy's Tyre Service has posted pre-tax profits of £485,685 for the year to the end of April, down on the figure of £1.2 million for the previous year.

1st September 2009/by Tyrepress Editors

Conti Completes 100% Acquisition of Matador Rubber

Continental has completed its acquisition of Slovakian company, Continental Matador Rubber S.r.o. following the purchase of the 34 per cent stake held by the Cyprus-based minority shareholder, M.I.L. Investments Ltd for $67 million (£41.1 million).

28th August 2009/by Tyrepress Editors

Bendix, SmarTire Deal Done

Bendix Commercial Vehicle Systems has completed its acquisition of parts of Canadian TPMS-maker SmarTire Systems. Bendix is taking on SmarTire’s commercial truck TPMS business.

21st August 2009/by Tyrepress Editors