The ContiTech Conveyor Belt Group, Northeim, is buying the conveyor belt operations of the Danish company Roulunds Tech A/S, Odense, subject to the approval of the antitrust authorities. In the special conveyor belt sector, Roulunds Tech A/S posted sales of approximately 10 million euros in 2005. The parties have agreed not to disclose the purchase price.
While India is home to one of the world’s fastest growing tyre markets, when it comes to exports the countries domestic manufacturers are wary of being caught out on quality control and having to face “extreme” insurance claims.
According to the Financial Express newspaper, India exports 20 per cent of its annual tyre production and some of the country’s largest producers are still struggling to ramp up exports for various reasons, including “liabilities arising of defective products” – Indian manufacturers simply cannot afford to be involved in a large scale product recall in either the European or US markets.
Vintage Tyres, has announced that from March the company intends to expand its delivery service and offer free delivery on all their products to any UK mainland destination. “Free delivery is the final stage in keeping with our total customer support ideals, orders taken before 3pm will be despatched on the same day and should arrive within 48 hours,” said managing director, Chris Marchant.
Tony Todd, the architect of 34 years of growth at Micheldever Tyre Services’, has sold the company to its management team. On 6 February Alan Baldwin, Phil Brookes, Ashley Croft, Mike Flood, Brian Kerswell, and Eric Noble became the new owners. A number of other companies, including Kwik-Fit, are said to have unsuccessfully approached the company.
The deal was backed by private equity company Graphite Capital and the Royal Bank of Scotland. Financial sources report that Graphite is taking a 72 per cent stake while the management will own the remaining shares. While details of the price-tag have not been released, estimates would have to be based on the £150 – £160 million of sales the company achieved in 2005.
Bekaert has acquired Delta Wire Corporation for an enterprise value of US$10 million. With almost 100 employees, Delta Wire Corporation, located in Clarksdale (Mississippi), is a major supplier of bead wire for tyre reinforcement, as well as of a wide range of specialized wire products for the North American market.
Marco V Molinari has been appointed executive vice president, HNI Corporation. Mr Molinari will continue as President, HNI International, responsible for international business, including HNI International, HNI Asia and the announced the acquisition of Lamex. Mr Molinari is responsible for driving aggressive profitable growth outside of the United States and Canada and will report to Stan Askren, chairman, president and CEO.
Cooper Tire & Rubber Company today announced that its acquisition of 51 per cent of Cooper Chengshan (Shandong) Passenger Tire Co, Ltd, and Cooper Chengshan (Shandong) Tire Company, Ltd. has been finalised with an effective date of 4 February 2006.
Goodyear Tire & Rubber Company has completed its acquisition of Ansell Ltd’s interest in their South Pacific Tyres (SPT) joint ventures. Goodyear now owns 100 per cent of SPT, the leading tyre marketer and manufacturer in Australia and New Zealand.
Amtel-Vredestein NV has acquired six multi-brand tyre sales and service centres from the Vils Group in the Perm region of Russia. The company currently operates outlets in and around Moscow. Perm is located approximately 1300 kilometres east of Moscow along the western slope of the Ural Mountains.
Amtel-Vredestein NV (AV), a pan-European tyre manufacturer with operating facilities in Russia and the Netherlands, today announced that its chief financial officer, Victor Nekrasov, will leave the company to join a leading international investment bank.
(Akron/Tire Review) The sale of Titan International Inc. to One Equity Partners, a private equity group of JP Morgan Chase & Co, should be completed by the end of February, according to Maurice Taylor Jr, Titan’s chairman and CEO. Taylor said the special board committee of Titan directors formed to pursue talks with One Equity will vote on the deal by the middle of February. Shareholders will vote at the end of the month, he said.
Falcon Tyres Ltd has said it will seek shareholders’ approval through postal ballot for the proposed indirect change in control of the company. In a notice to the Bombay Stock Exchange, Falcon Tyres said shareholders’ approval was required pursuant to the acquisition of all the shares held by the company’s current backers. The board has appointed Gopinath M R, a practising company secretary, as the scrutiniser for the postal ballot, the notice said.
Titan Tire Corporation, a subsidiary of Titan International, Inc., has announced the appointment of Jeff Vasichek as vice president of sales and marketing, responsible for all aftermarket and original equipment sales, effective 1 January 2006. In this position, Vasichek will be responsible for integrating the recent acquisition of Goodyear’s farm tyre sales and marketing with Titan’s tyre and wheel businesses.
(Brisbane/Australian Tyre Dealer) Two of the best-known names in Australian tyre retailing and associated services have joined forces to become a major power in the business. JAX Tyres was established in 1949 and Quick Fit Tyre Service in 1995, both proudly Australian owned. Combined, they have a current annual turnover of around $100 million.
SmarTire Systems Inc has expanded its manufacturing agreement with Vansco Electronics LP. Under the agreement, Vansco will manufacture key subsystems for SmarTire’s wireless gateway family of products. SmarTire also announced the termination of its contract manufacturing agreement with Hyundai Autonet Company, Ltd (“HACO”) in Korea, which was terminated as a result of HACO’s acquisition by Hyundai.
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