The AFX news agency has reported that Shanghai Tyre and Rubber Company has approved two separate investments totalling 263.55 million yuan (£17.2 million), to be put into a subsidiary and its current joint venture with Michelin.
Matador has completed a majority share purchase agreement with joint-stock company Pal-Inalfa from Vrable, Slovakia. The acquisition will now provide the group with access to the suppliers and producers segment of the car industry.
MAM Software has signed a deal to supply its Autowork software to Motor Parts Direct Limited (MPD) for use in their garage programme.
Banday has announced an increase in third quarter revenues of 12 per cent. The company says that higher international sales, favourable exchange rates and revenue generated from the acquisition of Speedco were behind the increase.
A-Z Formen and Maschinenbau GmbH Germany has sold its Rubber Extruder Division and the related IPR and know-how to VMI – AZ Extrusion GmbH Germany, a newly founded company which is part of the VMI Group. All staff have been transferred to the new company.
VMI is a supplier of tyre manufacturing and rubber compound handling machinery. Plants operating in Europe, North America and East Asia will now produce the systems. Following the acquisition the VMI Group is now in a position to supply products, process know-how and service to rubber extrusion and retread customers worldwide.
The new company’s production facility and headquarters will be based in Runding Germany, whilst its sales offices will remain in Munich and Akron USA at their existing addresses. Business contacts within both locations will remain the same, however Mr Florian Fischer, currently manager of the Machine Division of A-Z will now become the new general manager. Mr Auke Dalstra, currently VP and CFO of the VMI Group will assist him.
A-Z Formen and Maschinenbau GmbH, has been supplying molds and mold closing systems for the tyre industry, special machinery for tyre mold production and components for the aerospace and other industries for over 40 years and will now fully concentrate on this sector of its business.
Beru Aktiengesellschaft (Ludwigsburg, Germany) increased its total revenues in the first quarter of the 2004/05 financial year (1 April – 30 June, 2004) by 23.2% to €85.5 million (1 April – 30 June, 2003: €69.4 million). A high level of growth in the company’s youngest division, Electronics and Sensor Technology, made a decisive contribution (12.5% organic growth) to earnings achieved by the group, but not the tyre pressure monitoring system. Net income rose by 20.3% to €7.7 million after €6.4 million in the same period of last year. As a result, earnings per share reached €0.77 after €0.64 in the prior-year quarter.
Amcast Industrial Corporation, has completed the sale of the majority of assets from its Flow Control operation. The sale was made to the US subsidiary of Dutch group Aalberts Industries NV.
Elkhart Plumbing, Elkhart Industrial and Amcast Industrial Ltd were all included in the sale. It is reported that the sale was made in order to comply with provisions of the company’s loan agreements. The net proceeds of the sale equated to approximately $54 million and will be used to reduce debt.
With an expected turnover of around $130 million (£71 million) and a workforce of 430 employees, Elkhart Products Corporation (EPC), is one of the three biggest players in the North American market. The company has an estimated 35 per cent share of the wholesaling market and a 10 per cent share of the retail market.
The agreement puts the Dutch company at the top of the world market for copper fittings and provides it with a strong American base. With the acquisition of the three production facilities Aalberts will also gain an extensive sales network in the US and Canada.
In the 1st half of 2004, Michelin further improved its market position. Its continuous efforts to improve efficiency and successful price increases enabled the group to offset continually rising raw material costs and double income net to 328.9 million euros.
The recent acquisition of the AA by private equity groups CVC Capital Partners and Permira has led to management changes at Kwik-Fit. The initial impact was felt as soon as the purchase was made public when Kwik-Fit chairman, Sir Trevor Chinn, and chief executive, Tim Parker, announced that they would move to the AA on completion of the deal.
Goodyear Dunlop Tires Europe has completed its acquisition of the Dackia tyre retail group, in Sweden.
Crypton Technology Group has bought Traction Charger Company Ltd. The acquisition will see the group’s product portfolio expand to include battery charging equipment, says sales and marketing director, Walt Koloska.
Private equity firms Permira and CVC Capital Partners (CVC) have announced their acquisition of the AA. The companies have agreed to pay £1.75 billion, subject to regulatory approvals, for one of Britain’s best known motoring organisations.
Goodyear Tire & Rubber Company has completed its previously announced acquisition of the remainder of Sava Tires, a tyre manufacturing company in Kranj, Slovenia.
Bridgestone Europe (BSEU) has bought mould producers, Mecamold. Mecamold’s acquisition comes after a long working relationship between the two companies. The Belgian company had been working with BSEU for 35 years and were its main supplier.
In the 2003/04 financial year (ending March 31, 2004), BERU Aktiengesellschaft (Ludwigsburg) increased its sales revenues by 16.4% from €304.5 million to €354.5 million.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
