acquisition Archives - Page 88 of 90 - Tyrepress

Posts

Bekaert Grows In Central Europe

NV Bekaert SA (Kortrijk/Belgium) has announced that it has made an agreement with Penta Investments Limited and Majetkovy Holding a.s. to acquire 100 % of the shares of Drotovna Droty a.s. and Drotovna Kordy a.s. in the Slovak Republic. Both Drotovna Droty a.s. and Drotovna Kordy a.s. were incorporated in 1999 as a result of a restructuring of Drotovna at Hlohovec, 75 km North East of Bratislava. The present owners have been going through a rationalisation process which will give Drotovna Droty a.s. a capacity of approx. 60,000 tonnes of various steel wires for the Central European market and Drotovna Kordy a.s. a capacity of approx. 9,000 tonnes of tire cord and approx. 8,000 tonnes of bead wire. The acquisition of both companies will increase Bekaert’s market share and strengthen its competitive position in the fast growing Central European market. The completion of the purchase is subject to the approval of the Antimonopoly Office of the Slovak Republic and the full implementation of the rationalisation programme.

10th January 2003/by Tyrepress Editors

Michelin To Buy Viborg

Michelin has signed an agreement to buy the Viborg distribution chain for the sum of 300 million Euros to add to its Euromaster chain. Viborg operates from 465 sales points in Germany, Denmark, Switzerland, Austria and The Netherlands and the acquisition will add around 570 million Euros to Michelin’s tyre distribution sales, pushing them over 2 billion Euros. Viborg employs 3,400 staff. The deal is subject to approval by the European Commission.

30th December 2002/by Tyrepress Editors

Cord Deal At Michelin

The Hyosung Corp. has announced that it has won a $350 million order from Michelin to supply tyre cords and has also agreed to acquire a U.S. cord plant from Michelin for an unspecified amount. Hyosung, which is the world’s largest polyester tyre cord maker, said its U.S. unit, Hyosung America Inc, would acquire Michelin’s tyre cord plant in Virginia. The acquisition would enable Hyosung to “secure a production point to enter the North American market”.The South Korean company said in the statement it expected to increase its North American market share of tyre cords to 20 percent from the current 13 percent, while global market share would rise to 24 percent from 20 percent.

26th November 2002/by Tyrepress Editors

Goodyear And The Dunlop Acquisition

Related news: Goodyear Top Management Under Pressure Goodyear And The Dunlop Acquisition Michelin to Use Pneu-Logic Tyre Inspection Technology Kisby’s Easy Autocentres Acquires 27 HiQ Outlets

5th November 2002/by Tyrepress Editors

Goodyear And The Dunlop Acquisition

Related news: Goodyear Top Management Under Pressure Goodyear And The Dunlop Acquisition Michelin to Use Pneu-Logic Tyre Inspection Technology Kisby’s Easy Autocentres Acquires 27 HiQ Outlets

5th November 2002/by Tyrepress Editors

Positive AGM For Cooper

At Cooper Tire’s AGM chairman, president and chief executive officer Thomas A. Dattilo emphasised the successful implementation of the Company’s strategic plan and post-acquisition restructuring. “Investors are recognising our accomplishments and our future opportunities and the improvement in our share price is beginning to reflect that,” he said. Shareholders reelected Edsel D. Dunford and Dennis J. Gormley to new three-year terms as members of the Board and elected John F. Fiedler to his first three-year term as a director.Following the Annual Meeting, the board of directors declared a quarterly cash dividend of 10.5 cents per share on common stock, payable June 28, 2002, to stockholders of record on June 3, 2002.

13th May 2002/by Tyrepress Editors

Gajah Tunggal

Gajah Tunggal was established in 1951 to produce bicycle tyres and inner tubes. 20 years later production of motorcycle tyres began, followed in 1981 by car tyre production. Gajah Tunggal produced its first car and light truck radial tyres in 1989, and was listed on the Jakarta Stock Exchange in 1990.In the past ten years Gajah Tunggal has grown by acquisition of suppliers such as GT Petrochem, a producer of tyre cord and nylon filament, Langgeng Bajapratma, a wire manufacturer, and Meshindo Alloy Wheel Corporation. These developments linked to constant improvements in quality control, gaining ISO 9002 quality certification in 1995, along with TÜV Certification from Germany, helped create Gajah Tunggal as one of the leading tyre manufacturers in South East Asia.The Gajah Tunggal radial tyre plant gained ISO 9001 in 1997 and has also received quality certification from several countries i.e. E-Mark from the European Community, TÜV CERT from Germany, quality testing certification from the U.S. Department of Transportation, the BPS from the Philippines and a similar certification from the Government of Brazil.Currently Gajah Tunggal sources 36% of its raw materials from its subsidiary companies. Further vertical integration and synergy of its group activities to develop higher technology and higher value-added products, are a key policy in future development of the business operation.The company has entered into an off-take agreement with Pirelli to manufacture tyres for North America and Europe.

25th March 2002/by Tyrepress Editors

Turnover And Profits Rise For Stapleton’s

Stapleton’s Tyre Services, the UK-based wholesaler, has released financial figures for the year 2001. Turnover rose 15 per cent over 2000 to 86 million Pounds (141.15 m Euro) and profit before tax was 1.55 million Pounds (2.5 m Euro). Stapleton’s recently completed the acquisition of rival wholesaler WSTyremasters; a deal which will add another 36 million Pounds (59 million Euro) to annual turnover.

4th March 2002/by Tyrepress Editors

Stapleton’s Acquires WSTyremasters

The news is now official; Letchworth-based Stapleton’s Tyre Services has completed the acquisition of WSTyremasters (WST), one of its largest competitors. This makes Stapleton’s by far the largest UK car tyre wholesaler. Neither side would reveal any financial details of the transaction. The agreement, reached between Stapleton’s and ATS Ltd, WST’s parent company, covers all of WST’s trading interests. It has also been fully supported and endorsed by Michelin, which owns ATS. The deal includes six WST distribution centres in Bristol, Watford, Dereham, Burton, Manchester and Glasgow, 115 members of staff and the exclusive UK distribution rights to the Ambassador budget tyre brand. The agreement has been rumoured for some time, but was only formally concluded on Tuesday. “This is a highly significant strategic acquisition for Stapleton’s which gives a very clear demonstration of our ambitious expansion and development plans for the UK,” said managing director Ashley Croft.

13th February 2002/by Tyrepress Editors

Hayes Lemmerz Completes Sale of its System Service Division

Hayes Lemmerz International announced the sale of its non-core System Service business to Schedl Automotive System Service Beteiligungsgesellschaft mbH & Co. Verwaltungs-KG, in Germany. Terms of the transaction were not disclosed. Hayes Lemmerz acquired the System Service business in 1997 in connection with the acquisition of Lemmerz Holding GmbH. The business has approximately 250 employees and operates five tire and wheel assembly operations, one of which is a 49% joint venture (51% Continental in Portugal). These facilities are located in Belgium, Germany, the Czech Republic and Portugal.

15th January 2002/by Tyrepress Editors

NTS Definitely Sold to Management

It is now official: In a MBO, the retail chain NTS and the wholesaler Viking International, have been sold to their top executives. Although neither side wishes to comment on the price, it is now common knowledge that the price is more likely to be 40 million Euro than 50 million Euro. At the end of the 80s the Continental group bought the chain from Michelin for 140 million pounds Sterling because the Monopolies and Mergers Commission signalled that it would not accept the total acquisition by the French company. Continental managers are convinced that the details of the sale will ensure further co-operation with the new owners. Continental is convinced that it will consolidate, or even improve its current position in Great Britain through co-operation with the now independent retailer NTS, under the umbrella of the now named Axle Group.

9th January 2002/by Tyrepress Editors

New Board Member For Continental

Continental AG is set to expand its management board by creating a new post covering finance, controlling and legal matters. These are currently handled by Klaus Friedland, who is also responsible for Human Resources. Recent developments, such as the acquisition of Temic, has pushed Conti’s payroll up to 68,000 workers and increased the necessity for a full-time HR officer. No specific candidates are being considered for the Financial post at the moment, according to Conti.

28th December 2001/by Tyrepress Editors

Retreading Movement in USA

Following Michelin’s acquisition of several retreaders in the USA last year forced Bandag, the largest competitor in that market, to take over some erstwhile franchises, we are now hearing of successes for Goodyear’s retreading system, Treadco. The retreading business of Oliver (Oliver is part of the Cooper-Group) seems to be suffering significantly under the growing pressure.

30th November 2001/by Tyrepress Editors

German Acquisition For Watts

Watts Industrial Tyres has strengthened its European operations by the acquisition of Kollenbach, of Rheinberg, Germany. Said Jean-Paul Mindermann, MD of Watts-Industrie Reifen: “We had outgrown our own premises in Langenfeld and the Kollenbach acquisition has enabled us to double our operation in the Ruhr area.”

30th November 2001/by Tyrepress Editors

Acquisition In The Automotive Field Planned By ThyssenKrupp

Last year there were rumours concerning a possible hostile takeover bid for Continental by ThyssenKrupp. However, ThyssenKrupp was not able to bring its steel subsidiary company to the stock exchange as planned and it seemed that the acquisition pressure had been halted. On January 15th, the ThyssenKrupp management mentioned during a press conference that they are planning “a bigger acquisition in the automotive field”. No further details were made available.

30th November 2001/by Tyrepress Editors