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Schaeffler Debt Deal – Paving the Way for a Merger

The Schaeffler Group has moved one step closer towards a merger with Continental AG after reaching an agreement with banks to refinance 12 billion euros in debt. According to a Schaeffler statement, the ball bearing manufacturer’s credit lines have been split into two portions of 4 1/2-year and six-year maturities and will be implemented in several stages. Refinancing deals were arranged with UBS, Royal Bank of Scotland, Unicredit SpA’s HVB Group unit, Commerzbank AG and Landesbank Baden-Wuerttemberg.

19th August 2009/by Tyrepress Editors

Sapphire Opens New Chipping Facility

Sapphire Energy Recovery is opening a new tyre chipping facility at Western Tyres' Avonmouth headquarters in the South West. The business is leasing land at the Western Tyres facility in order to provide a secure outlet for used tyres for its customers across the South West.

18th August 2009/by Tyrepress Editors

Ruia Group Toys with European Acquisitions

The lights may still be out and the machinery standing idle at Dunlop India’s Sahaganj factory, but this isn’t stopping parent company the Ruia Group from eyeing up new acquisitions further afield. The Indian conglomerate is reportedly in “an advanced stage of talks” regarding the purchase of a European sealing systems company.

6th August 2009/by Tyrepress Editors

Ruia Group to Acquire TCI?

According to media reports, Dunlop India and Falcon Tyres owner the Ruia Group is in negotiations to acquire the government owned Tyre Corporation of India Limited (TCI). The West Bengal based TCI is said to currently possess only a limited tyre manufacturing capacity, and the government began the process of divesting the ailing manufacturer in 2007. The potential price tag of such an acquisition has not been disclosed.

3rd July 2009/by Tyrepress Editors

Sibur Still Interested in All of Amtel-Vredestein

Sibur Russian-Tyres is still moving towards an acquisition of Amtel-Vredestein’s (A-V) bankrupt Russian operations, with all parts of the fractured business remaining under consideration. Sibur Russian-Tyres initiated this approach in late January 2009 stating its interest in buying $600 million of Amtel-Vredestein’s $800 million debt. However earlier news reports, also published by Kommersant, suggested other parties are also interested and may be attempting to take control of certain assets.

2nd July 2009/by Tyrepress Editors

Winschiers Named Managing Director, Continental Tire Canada

Continental Tire North America (CTNA) has appointed Oliver Winschiers, formerly director, Corporate Purchasing for its Automotive and Rubber Groups in The Americas, to the position of managing director of Continental Tire Canada. Winschiers will be based in Ontario and take on responsibility for the profitable growth and overall operation of the company’s Canadian division.

Winschiers’ career with Continental began with the Siemens VDO acquisition – he joined Siemens AG in Stuttgart, Germany in October 1997 as a regional sales manager, and progressed through a number of roles. During his time with Continental, Winschiers has also been responsible for the direct material purchasing for Continental Tire North America, including the overall operation of the Aldora Mills cord fabric plant in Barnesville, Georgia.

23rd June 2009/by Tyrepress Editors

Sapphire Energy Recovery Acquires Willow Tyres

Sapphire Energy Recovery is securing a reliable source of end of life tyres through the acquisition of a regular supplier. The company intends to purchase Surrey based Willow tyres following the announcement that founder and current owner Ray Bates plans to retire later this year.

“Willow has been a long trusted and reliable supplier of around 1.4 million tyres a year to Sapphire, and it was important to us that we could maintain that security of supply despite Ray’s retirement,” explained Clive Roberts, who is supply chain manager for Sapphire Energy Recovery.

18th June 2009/by Tyrepress Editors

The Delivery Company Wins RMA Green Fleet Award

The Delivery Company has confirmed its credentials as an environmentally-friendly company by scooping the Green Fleet Award presented by the Retread Manufacturers Association (RMA). The Award was presented to Douglas Wright of the Delivery Company by RMA Director David Wilson at the Rubber Industry Dinner held Chesford Grange in Kenilworth on 15 May. The Green Fleet of the Year Award is presented by the RMA to recognise fleets who have been particularly supportive to the retreading industry.

The Delivery Company is a trading division of PaperlinX Services (Europe) Ltd) and has a fleet of 350 vehicles operating throughout the UK delivering paper, board and plastics. As part of an initiative to reduce their carbon footprint, the Delivery Company not only adopted a managed, new and remould, tyre policy, they also introduced a number of other actions aimed at reducing emissions.

15th June 2009/by Tyrepress Editors

Lanxess Underpins its BRIC Strategy with Two Acquisitions

Lanxess is currently in the process of acquiring two new companies in Asia. And while, admittedly, these new acquisitions will not deal directly with the firm’s tyre industry chemical supply business, Lanxess says the purchase “is underpinning its long-term growth strategy in the BRIC countries.” The companies to be acquired by Lanxess are India’s Gwalior Chemical Industries Ltd, which comes with an 82.4 million euro price tag, and Chinese company Jiangsu Polyols Chemical Co Ltd, which is to be acquired for an undisclosed sum.

“These acquisitions in India and China are further milestones in our company’s long-term growth strategy in the BRIC countries,” said Axel C. Heitmann, chairman of Lanxess’s Board of Management. “Gwalior’s business complements the portfolio of our Basic Chemicals business unit and our first acquisition in India will strengthen our production base in this exciting market.”

10th June 2009/by Tyrepress Editors

SRT to Buy Bankrupt Amtel-Vredestein Factories?

According to a Reuters news brief, Sibur Russian Tyres is seeking to acquire the Russian tyre factories belonging to the bankrupt rival Amtel-Vredestein. The company’s deputy head is reported as saying this acquisition would take place with co-financing from the state.

4th June 2009/by Tyrepress Editors

Pineville Tire Now Carolina Tire

North Carolina’s Pineville Tire & Service Center has changed its named to Carolina Tire & Service Center. In addition, the dealer has added Continental Tire North America as its “preferred tyre vendor.”

Carolina Tire is owned by XL Tire Inc., owned and managed by president and CEOP Jim Seidel, a business that also includes online tyre sales. XL Tire acquired Pineville Tire in late 2008. The Pineville location covers 7,000 square feet and has 13 bays.

“With the growth of population in South Charlotte, the South Carolina border as well as having the new LYNX train nearby, we no longer just service the Pineville area”, said Seidel. “Sales have increased steadily since our acquisition and are in step with our business plans. With our plan on track, we are now searching for another location in the Carolinas.” (Tire Review/Akron)

27th May 2009/by Tyrepress Editors

Goodway Reports Full-Year 2008 Loss

Goodway Integrated Industries Bhd registered 12,559 million Malaysian ringgits of pre-tax loss in the year ended 31 December 2008, compared with 6,702 million ringgits of pre-tax profits in 2007. Chief operating officer Alison Wong Ping Kiong told Malaysian Insider: “It was difficult for us to pass down the cost to customers as the prices fluctuated so much that by the time we price in the extra cost, the rubber prices increased again and vice-versa.” Wong said 75 per cent of the company’s revenue were derived from rubber compound while the remaining 25 per cent came from tyre retreading focused in the local market.

11th May 2009/by Tyrepress Editors

Vredestein Banden Bought by Apollo Tyres

Apollo Tyres has agreed to buy Vredestein Banden following approval from the trustee in bankruptcy at the Almelo Court in the Netherlands which rubber stamped Apollo Tyres’ offer to acquire a 100 per cent stake in Vredestein Banden B.V. (VBBV), a 100 per cent subsidiary of Russia’s largest tyre manufacturer Amtel-Vredestein NV (AVNV). No details of price or further conditions have yet been released, however, according to an official statement on the matter, the parties will only be in a position to disclose this after “certain conditions have been met and certain approvals, including regulatory and statutory approvals are granted, wherever required.”

According to a statement Apollo Tyres’ board of directors gave their approval to the management to proceed with the acquisition of Vredestein Banden today (29 April 2009). Dutch newspaper, De Twentchse Courant Tubantia quoted Vredestein Banden CEO Rob Oudshoorn as saying: “We are relieved and happy…We have had good connections with Indian market leader Apollo for 15 years.”

29th April 2009/by Tyrepress Editors

Dubai Group Voices Interest in Conti’s Clairoix Plant

A Dubai based company has been named as a potential purchaser of Continental’s soon to be closed Clairoix factory in France. Representatives from both the tyre manufacturer and the Moaffaq Al Gaddah (MAG) Group have confirmed talks are already underway between the two parties, although specific details are still under wraps.

28th April 2009/by Tyrepress Editors

Ruia Pledges Dunlop India Stake to Refinance Loan

It has been revealed that the Ruia Group has pledged 51 per cent of its 74.5 per cent shareholding in Dunlop India with a private bank in order to raise Rs 6 billion (US$125 million) to refinance a hedge fund debt. Although this deal was arranged with the Singapore branch of ICICI bank in October 2008, details of the transaction were only made public in April 2009.

27th April 2009/by Tyrepress Editors