Titan Says It is Considering Offer, But No Action Yet
(Akron/Tire Review) Titan International has said that it is still reviewing the $18 per outstanding share offer it received in October 2005 from One Equity Partners, a JP Morgan Chase & Co. unit.
(Akron/Tire Review) Titan International has said that it is still reviewing the $18 per outstanding share offer it received in October 2005 from One Equity Partners, a JP Morgan Chase & Co. unit.
There is still a possibility that Continental AG can make an amicable agreement with the German works council over job-cuts at its Hanover-Stoecken tyre factory, the AFX news agency has reported. Workers at the Stoecken plant are expected to meet management today. At the same time Continental employees across Germany have been asked to protest against the planned 320 job cuts – around 10 per cent of the work force. The cuts, which are planned to take place by the end of 2006, were announced in November due to lower-than-expected growth in car tyre sales.
The Honda Racing F1 Team has signed its first commercial association of 2006 – a “long-term” agreement with Snap-on Tools, who become official tool consultant to the team.
(Akron/Tire Review) Tire and wheel maker Titan International Inc has settled a dispute with the City of Brownsville, Texas, home of its now closed tyre plant, agreeing to give the city 73.5 acres of land. The agreement ends a two-year lawsuit filed by Brownsville in the wake of Titan’s sudden closing of the plant in 2003.
Pirelli Tyres Australia (PTA) has recently awarded their domestic logistics activity to TNT Logistics for a minimum 3 year period. Under the terms of the Agreement, TNT Logistics will service Pirelli’s customer base from a central warehouse in Sydney with cross dock facilities established in Melbourne, Adelaide and Brisbane and Pirelli will be part of TNT’s new 25,000 m² logistics centre completed in August 2005 which is located in Erskine Park. TNT Logistics will also procure and manage on behalf of PTA a pool of purpose built stillages designed specifically for tyre storage to PTA’s specifications. “Pirelli is an important customer to TNT Logistics and we are delighted to further develop this relationship with Pirelli tyres in Australia,” emphasises Chris Demetriou, Director Business Development for TNT Logistics in Australia.
(Akron/Tire Review) Amtel-Vredestein NV has completed an agreement to sell its Volgograd-based subsidiary, Amtel-Carbon, for $21 million, according to Russian and European news reports. Amtel-Carbon primarily produces carbon black used in tyre production. The buyer’s name was not disclosed, but the decision was described as part of the manufacturer’s strategy to focus on tyres for premium and mid-range vehicle segments.
(Akron/Tire Review) The Freeport (Illinois) Journal-Standard reported that United Steelworkers (USW) workers at Goodyear Tire & Rubber Co.’s Freeport agricultural tyre plant will vote 21 December on a new labour agreement that could pave the way for Titan International to acquire the plant.
(Akron/Tire Review) Despite claims that it has reached an agreement with the United Steelworkers that would pave the way for the completion of its planned purchase of Goodyear Tire & Rubber Co’s agricultural tyre business, Titan International has filed for its fifth extension for the deal. The new deadline set by Titan is 31 December.
Michael R Wessel, an attorney with many years experience as a policy and international trade advisor in Washington, DC, has been elected to Goodyear Tire & Rubber Company’s board of directors.
Hayes Lemmerz International, Inc. has confirmed that it has sold Hayes Lemmerz International – Cadillac, Inc, a wholly-owned subsidiary that operates its Cadillac, Michigan facility. The Cadillac operation was sold to a group of private investors and will now be renamed Cadillac Casting, Inc.
SmarTire Systems Inc has launched a new wireless gateway product line that will carry the SmartWave(TM) brand. This SmartWave brand will apply to all products developed under SmarTire’s wireless gateway architecture. Under the SmartWave brand, the company will initially introduce three versions of its tyre pressure and monitoring systems to meet the varying needs of fleet customers.
(Akron/Tire Review) Canadian Tire Corp has reached agreement for the sale and leaseback of two of its distribution centres, located in Brampton, Ontario and Calgary, Alberta, to H&R Real Estate Investment Trust. The $229 million deal involves Canadian Tire leasing the facilities back.
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.
Titan Tire Corporation, a subsidiary of Titan International, Inc, has reached a tentative agreement with United Steelworkers (USW) Local 745L on a new contract for workers at The Goodyear Tire & Rubber Company’s farm tyre manufacturing facility in Freeport, Illinois. The USW will schedule a ratification vote in the coming weeks. Titan Tire entered into a definitive agreement to purchase Goodyear’s North American farm tyre assets on 28 February 2005.
The statutory negotiations between Nokian Tyres and labour union leaders regarding possible lay-offs ended in a mutual agreement the day after they began.
Both parties agreed that a maximum of 700 staff in the car tyre production segment of the business would be gradually laid off during this year and next.
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