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Yokohama, Kumho follow MoU up with R&D master agreement

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The Board of Directors at Yokohama Rubber and Kumho Tire have resolved to enter into master technological alliance agreement. This agreement is the result of discussions between the two companies following their signing of a Memorandum of Understanding on 29 November 2013; Yokohama says the newly-signed agreement defines the framework and purpose of the technology alliance the two tyre makers will share, and it paves the way for further discussion of the details of the their proposed technology tie-up.

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  1. Kumho, Yokohama extend cooperation with R&D agreement
  2. Kumho takeover implosion isn’t the end of market consolidation attempts
  3. Yokohama Rubber ends technology tie-up with Kumho Tire
  4. Kumho Tire to aid Pakistani firm’s entry into tyre manufacture
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Valeo Service UK joins GROUPAUTO Distribution Centre

Valeo Service UK has reached an agreement with GROUPAUTO to have a strong product presence in the group’s national distribution centre (NDC), used to supply the membership of motor factors nationwide. Initially, Valeo’s top 250 clutch references will go into GROUPAUTO’s NDC, based in Bradford.

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  1. £300k generated for network in AutoCare ‘Win a Car’ promotion
  2. New CV clutch catalogue from Valeo
  3. National to unveil product group expansion at Automechanika Birmingham
  4. Euro Car Parts adds more Peugeot vans to its nationwide delivery fleet
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US extends off-road tyre tariffs

On 6 January, six U.S. International Trade Commission commissioners unanimously voted not to revoke the antidumping and countervailing duty orders on certain off-the-road tyres produced in China. The ITC says the decision was taken to retain the orders as their repeal “would be likely to lead to a continuation or recurrence of material injury within a reasonably foreseeable time.”

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  1. Delorio Retires From Giti Tire
  2. WTO rules against parallel US duties on Chinese OTR tyres
  3. Retention of Chinese tyre tariffs a “good outcome”, says US union
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Trelleborg extends credit facilities

TrelleborgAB, parent company of Trelleborg Wheel Systems, and Trelleborg Treasury AB have jointly concluded an agreement regarding an extension of the existing syndicated credit facilities that were established in 2011. The extended credit facilities total €750 million and US$625 million, have a tenor of five years and will mature in December 2018, with an option of extension thereafter for a maximum of two further years.

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  1. Hayes Lemmerz Reorganisation Plan
  2. Bankruptcy Court Confirms Hayes Lemmerz Reorganisation Plan
  3. Trelleborg Wheel Systems Sales Down for 2009
  4. Trelleborg refinances through new syndicated loan
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A.T.U. sold in restructuring deal

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German-owned fast-fit network A.T.U. reports reaching a “decisive milestone in its financial repositioning.” The loss-making company’s management and majority shareholder (private equity group KKR) have reached a lock-up agreement with more than 80 per cent of its key bond creditors to reduce A.T.U.’s debt by more than €600 million and inject some €100 million of fresh equity into the firm. In addition, A.T.U. has received a senior secured, 2018-due credit line of more than €75 million from HayFin Capital Management.

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Related news:

  1. Mobivia Groupe to complete acquisition of tyre retailer A.T.U. this month
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Pirelli emissions control JV dissolved

The joint venture agreement Pirelli subsidiary Pirelli & C. Ambiente SpA signed with Clean Diesel Technologies, Inc. (CDTi) in February has been dissolved. Eco Emission Enterprise Srl (E-Cube) was established to market and sell emissions control products for both petrol and diesel applications in Europe and the CIS countries, however the operation hasn’t performed according to expectations.

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USW deal brings Cooper closer to Apollo agreement

A merger-facilitating deal has been struck between Cooper Tire & Rubber and the United Steelworkers Union. On 30 October, the tyre maker entered into a tentative agreement with the United Steelworkers and United Steelworkers (USW) Local 207L (representing workers at the company’s Findlay plant) and Local 752L (Texarkana), along with USW Local 556L (Clarksdale). Details of the tentative agreement have not yet been disclosed –the agreement must first meet with Apollo’s approval and be ratified by union members.

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Mitas extends Continental trademark license until 2019

Mitas AS has will continue to be able to produce Continental-branded tyres under licence until the end of 2019, following an extension of the company’s trademark licence for an additional five years. Mitas acquired the agricultural tyre business unit from Continental AG in 2004 and is currently producing Mitas- and Cultor-branded tyres as well as Continental tyres under licence.

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Pirelli shareholder block evaluating early agreement dissolution

In a press statement dated 21 October, Pirelli & C. SpA shares that the leadership of its Shareholder Block Agreement met that day and decided, at the proposal of Marco Tronchetti Provera, to mandate Alessandro Pedersoli to launch consultations amongst all shareholders belonging to the Shareholder Block Agreement ahead of its expiry on 15 April 2014, with a view to evaluating the possibility of its early dissolution.

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Kumho extends Australian V8 series supply

The organiser of the Australian V8 Touring Car Series has confirmed Kumho Tyres Australia will continue as control tyre supplier until at least 2016. The supply agreement’s renewal continues an arrangement that began in 2008; as before, during the next three seasons Kumho will provide on-track support to competitors during all rounds.

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  1. Kumho Australia appoints NSW motorsport tyre distributor
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  4. Kumho continues Ecowing tree programme
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Site secured for Bridgestone’s new Turkish plant

A site has been found for Bridgestone’s second plant in Turkey. On 4 October the company announced that Brisa Bridgestone Sabancı Lastik Sanayi ve Ticaret A.Ş has reached an agreement with Aksaray Province Organized Industrial Zone regarding the acquisition of land for the construction of the new passenger car radial factory.

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Kumho OE on Mercedes G-Class

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The latest version of the most serious Mercedes-Benz 4×4 offering, the G-Class, is now fitted with Kumho’s Solus KL21 as original equipment. The Korean firm has begun supplying the Solus KL21 in size 265/60 R18 110H, adding another string to its Mercedes-Benz original equipment agreement bow.

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Lawyers still working on F1 supply renewal contract, says Hembery

Pirelli’s already done much to indicate it will remain the sole Formula One tyre supplier in 2014 and beyond, but so far no official agreement to this effect has been formalised. Yet the tyre maker’s motorsport director Paul Hembery says that much of the work towards a new agreement is complete.

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  1. Joining Pirelli a ‘Great Privilege’ – Heidfeld
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  4. Performance the public can’t see – Hembery’s take on a F1 tyre war
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Kumho US plant back on track

On 5 September, representatives from Kumho and leaders of Macon-Gibb County in the US state of Georgia jointly announced that an agreement has been reached that will allow the tyre maker’s Kumho Tire Georgia, Inc. unit to begin construction of its tyre plant. Kumho will initially invest around US$200 million to build the plant on a 150 acre site within the Sofkee Industrial Parklocated in Macon, Georgia. The plant will employ more than 300 people and mainly service the North American markets.

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  1. Third delay for Kumho’s US plant
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  4. Kumho still committed to US plant
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Union members ratify Bridgestone contract

Members of the United Steelworkers (USW) voted to ratify a new four-year contract with Bridgestone Americas, which covers 4,500 workers at six facilities. Following several months of negotiations, the union and tyre maker reached an agreement on a new contract in late July, and USW union members have now voted to accept the new agreement by a margin of 2 to 1.

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