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Blackcircles Partners With RAC in Online Tyre Deal

Leading motoring organisation RAC has teamed up with Blackcircles.com to create RAC Tyres, an online tyre retail portal offering “hassle free online tyre service” to RAC’s seven million members and any visitors to the RAC website. Blackcircles.com will power the motoring organisation’s new tyre retail operation, RAC Tyres (accessible at both www.rac.co.uk and www.ractyres.co.uk). The service will enable visitors to order tyres through the website and have them fitted at any of the over 900 garages in the Blackcircles network.

Announcing the news, company representatives described the agreement as a “landmark deal” and pointed out that the move follows a period of sustained growth for Blackcircles.com. According to an interview with the Financial Times published in early April, company founder Mike Welch believes the recession could benefit Blackcircles as customers seek a lower cost tyre alternative.

Blackcircles.com has grown to a turnover of in excess of £10 million since it was launched in 2001. In the earlier report, FT quoted Welch as saying sales were as much as 80 per cent up year-on-year. While year-on-year sales growth is currently quoted at 60 per cent it remains nonetheless impressive.

17th April 2009/by Tyrepress Editors

Watts Now Owns Profix GmbH

Watts Industrie Reifen, the German subsidiary of Watts Tyre Group has announced the acquisition of Profix GmbH at the end of March. Current Profix director Volker Scholze will join Watts Industrie Reifen and manage operations from the tyre service and distribution business’s Zittau office. Profix manager Udo Rottke will also join Watts as tyre services manager responsible for the mobile fitting service across the country.

14th April 2009/by Tyrepress Editors

TMD Friction Acquired in Equity-backed Management Buy Out

On 3 April TMD Friction was bought out in an all equity acquisition led by its senior management team and Pamplona Capital Management, a London-based investment fund. According to a company statement, the move will safeguard approximately 3,800 jobs worldwide. Completion of the acquisition is expected by the end of April.

TMD Friction manufactures disc brake pads and drum brake linings for passenger cars and commercial vehicles, together with brake pads for racing cars, and friction materials for industrial and rail applications. TMD Friction supplies global automotive and commercial OEMs across a wide range of vehicle platforms. The company is also one of the largest suppliers to the global aftermarket with its Textar, Pagid, Mintex, Don, Cobreq, and Cosid brands. The company operates from locations across Europe, the US, Brazil, Mexico, China and Japan.

9th April 2009/by Tyrepress Editors

Klarius Invests £1.2 million in UK Manufacturing

Klarius Group, the exhaust manufacturer, reports that it is currently enjoying success despite the challenging market having invested £1.2 million in its UK manufacturing and R&D facilities over the last 18 months. According to the company, the investment has gone into moving production arrangements over to lean manufacturing, fast track product development for exhausts and catalytic converters and in-house logistics facilities.

The Klarius Group was formed in August 2007 following the acquisition of the Emissions Control activities of ArvinMeritor Light Vehicle Aftermarket Europe. In its final year of trading prior to the acquisition (2006/2007), the Emissions Control division registered a £7 million operating loss. However, since the Klarius takeover this has been turned around, as evidenced by the Group’s first set of accounts which reveal that Klarius moved into profit well within its first full year of trading. Favourable euro exchange rates have also combined with a strong international sales approach to secure new supply agreements and install new distribution facilities and warehousing across Europe.

8th April 2009/by Tyrepress Editors

ATD to Sell 37 Retail Outlets

US based tyre wholesaler and distributor American Tire Distributors Holdings (ATD) intends to sell the 37 retail outlets it acquired in 2008 as part of its purchase of Am-Pac Tire Distributors. In a financial filing with the US Securities and Exchange Commission, the company states: “The acquisition of Am-Pac Tire also added 37 retail stores, predominately in the St. Louis, Missouri and Southern California areas. As these stores are not core to the Company’s business, management’s intention is to divest of these stores during 2009.”

7th April 2009/by Tyrepress Editors

Amtel-Vredestein Receives “Binding Offer” for Vredestein Banden

A buyer for Vredestein Banden has been found. In a written statement released on April 1, holding company Amtel-Vredestein N.V. says it has received a “binding offer from an industry player” for the purchase of the total share capital of Vredestein Banden BV. According to company CEO Rob Oudshoorn, the agreement is “very binding”, and it is “highly unlikely” that an acquisition of Vredestein shares would fail.

3rd April 2009/by Tyrepress Editors

A Global Concern

The increasing globalisation of the automotive industry is an indisputable fact. Today’s leading companies, such as Toyota, General Motors, Renault/Nissan, Volkswagen and a handful of others, view expansion into as-yet untapped markets as a means of ensuring the profitable growth that established – and increasingly saturated – markets cannot deliver. A replacement for the masses of two and three wheeled vehicles still serving as family transport in various parts of the world is a well recognised need, and in several emerging markets the race is on to introduce “people’s car” that offers the right blend of modernity, efficiency and price. Exactly who will be first to produce such a widely-accepted car remains to be seen: It may be one of the smaller international manufacturers that seizes the inititave, or perhaps an emerging market company such as India’s Tata or China’s Chery. What is more certain, however, is that the the companies best placed to grow in the future are those that locate their centres of production in the markets where growth is taking place – and this is every bit as true for wheels as it is for the vehicles they are fitted to.

24th March 2009/by Tyrepress Editors

Plimsoll Reports Suggest Acquisition “Opportunity”

Plimsoll analysts have announced a new report suggesting that the UK tyres, exhausts and batteries industry is rife with opportunity, despite a record number of companies losing money, and overall business values plummeting to the extent that almost half are now worth less than half their value of 12 months ago. The new study suggests that the current economic downturn represents “one of the biggest opportunities in a generation, if you have the courage and the capital.”

The study rates each of the UK’s leading 1,000 tyres, exhausts and batteries companies on their acquisition attractiveness, finding 103 companies “ripe for the picking” based on a combined scoring system incorporating overall financial strength, ownership, valuation and future potential. These 103 companies are all privately owned, yet are showing a serious deterioration in the financial performance. Given the reluctance of the banks to lend more, their time, money and options are running out.

20th March 2009/by Tyrepress Editors

Micheldever Buys Tyreweb’s 3 Branches

Micheldever Group has announced that it purchased Tyreweb on 2 March 2009. According to a statement detailing the acquisition, Tyreweb founder Karl Webber, decided “the time is right for somebody else to invest in taking the business forward” and has chosen to put his trust in Micheldever Tyres. Micheldever has supplied Tyreweb for many years and the two companies have reportedly built up a “very strong relationship.” Webber will now stay on with Micheldever and assist in taking the busines he built up forward. The three branches (two in Ashford and one in Folkestone) will continue trading under the Tyreweb name for the time being.

Jon Cowles, group acquisitions director at Micheldever commented: “This is another example of providing an exit opportunity to a valued customer. There have been a number of opportunities for us to look at in the market over the past 12 months, many of which have proved not to be appropriate as they conflicted with our wholesale customer base, however, we have a strong pipeline of acquisitions coming through over the next year and it is great to kick 2009 off with an acquisition of this quality.”

18th March 2009/by Tyrepress Editors

Accuride CFO Announces Departure Plans

Accuride Corp. has announced that David Armstrong, senior vice president and CFO, will leave the company and accept a three-year overseas assignment with The Church of Jesus Christ of Latter-day Saints in Lima, Peru. Armstrong, who joined the company in 1998 as general counsel and who has served as CFO since 2007, will leave in April. The Company plans to appoint an interim CFO while it completes a search to secure a permanent replacement. Armstrong, who has been active in leadership roles and unpaid ministry in The Church of Jesus Christ of Latter-day Saints for many years, will be serving as the area legal counsel for the church in South America.

“During his 11 years with Accuride, Dave has assisted the company through several significant challenges and transformations including the acquisition of TTI in 2005, numerous bank negotiations, and the recent transaction with Sun Capital. We wish Dave well in his new role and thank him for his years of dedication and service to Accuride,” said Bill Lasky, Accuride’s president, CEO, and chairman of the board. (Tire Review/Akron)

10th March 2009/by Tyrepress Editors

Will Past Dealings Hinder Schaeffler’s Bailout Chances?

The German government is said to be in a difficult position….The Schaeffler Group, part-owner of Continental AG, has sought debt assistance, and the government seemed ready to help – until allegations of the company’s dealings in the Nazi era came to light.

At the end of February, the group issued the findings of independent research into its activities during the Third Reich, and this report shows Schaeffler to have widely used forced labourers in its Poland based armaments factories. The company released the findings in light of rumours circulating on the internet that its factories also utilised hair taken from inmates at Auschwitz, a charge Schaeffler vigorously denied.

3rd March 2009/by Tyrepress Editors

Reports: Schaeffler Being Pushed Out of Conti

The German federal state of Lower Saxony wants Schaeffler Group to cut its stake in Continental AG to 10 per cent, according to Reuters. At the same time German daily Frankfurter Allgemeine Zeitung (FAZ) has reported that the banks that supported Schaeffler Group’s acquisition of Conti are discussing a possible unwinding of the transaction. According to the newspaper, the lenders are discussing a plan to absorb all the Conti stock Schaeffler currently holds. This scenario would reportedly also include diluting the stake held by the banks to less than 50 per cent by virtue of a capital increase. FAZ reports that Continental will discuss the plan at its supervisory board meeting on 6 March.

Meanwhile Christian Wulff, chief minister of Lower Saxony told the Handelsblatt newspaper: “The owner-family can still play a small role if need be, perhaps with a stake of around 10 per cent.” On the subject of state aid Wulff said: “[It] is possible at the earliest when the company has presented a concept on how synergies of its Continental acquisition could be achieved and how the overall company would look.”

2nd March 2009/by Tyrepress Editors

Schaeffler Pressurised to Reduce Conti Stake

The Reuters news agency has reported tha the German federal state of Lower Saxony wants Schaeffler Group to cut its stake in Continental AG to 10 per cent. At the same time, German daily Frankfurter Allgemeine Zeitung (FAZ) has reported that the banks that supported Schaeffler Group’s acquisition of Conti are discussing a possible unwinding of the transaction. According to the newspaper, the lenders are discussing a plan to absorb all the Conti stock Schaeffler currently holds. This scenario would reportedly also include diluting the stake held by the banks to less than 50 per cent by virtue of a capital increase. FAZ reported that Continental is to discuss the plan at its supervisory board meeting on 6 March.

Meanwhile Christian Wulff, chief minister of Lower Saxony told the Handelsblatt newspaper: “The owner-family can still play a small role if need be, perhaps with a stake of around 10 per cent.” On the subject of state aid Wulff said: “[It] is possible at the earliest when the company has presented a concept on how synergies of its Continental acquisition could be achieved and how the overall company would look.”

2nd March 2009/by Tyrepress Editors

Conti Automotive Appoints New Romanian R&D Head

As of February 1, research and development for Continental Automotive in Romania is being headed up by Dr. Christian von Albrichsfeld. The 12-year Conti veteran is coordinating the research and development activities of Continental in Romania at a national level in its Timisoara, Sibiu and Iasi sites. Dr. von Albrichsfeld has taken over this position from Christian Ruediger, who was in charge of the team in Romania for two years and finished his term in the position on January 31.

19th February 2009/by Tyrepress Editors

Michelin May Still Be Interested in Conti

Michelin joint-head Michel Rollier, may have said that the company is facing market challenges head-on by cutting capital expenditure to 700 million euros, but that doesn’t mean it has ruled itself out of buying economically priced competitors. Speaking at a press conference on Friday 13 February, Rollier said the French tyre manufacturer would consider Continental AG again, if the company ever comes back on the market. Coming just days after Continental AG’s major shareholder appealed for investors and state support, commentators are speculating that Michelin has an acquisition strategy.

Asked what Michelin would do if Schaeffler were to look for a buyer for Continental, Rollier told journalists: “Obviously Michelin wouldn’t be absent. I can’t tell you more than that.” Rollier’s interest appears to stretch beyond Continental alone to any other strategic advantageous tyre marker: “There are many smaller tyre companies in the world, and it’s not impossible that the crisis can lead to mergers. Here too, we certainly won’t absent.”

13th February 2009/by Tyrepress Editors