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Trelleborg Group Buys PSS

The Trelleborg Group has signed an agreement with Smiths Group Plc of the UK to acquire its operations in polymer-based precision seals (Polymer Sealing Solutions – PSS). PSS has annual sales of approximately SEK 5.5 billion (599.37 million Euro) and some 6,000 employees, mainly in Europe and North America. Following the acquisition, the annual sales of the Trelleborg Group are expected to total SEK 22.5 billion (2.45 bn Euro), with approximately 21,000 employees in some 40 countries. The acquired operations will form a new business area within the Trelleborg Group.

29th July 2003/by Tyrepress Editors

Bosal UK Sells Four Wholesale Exhaust Branches

Bosal UK is to sell four of its 19 Silencer Distributors (UK) Limited exhaust wholesale branches to its long-time customer Southern Exhaust Supplies Ltd. The deal was described as “a multi-million Pound agreement” and SES has the option to purchase further SDL sites in the future. Bosal acquired SDL out of Receivership following the collapse of SDL parent company Finelist in December 2000. The purchase was made to ensure continued supply of Bosal exhaust products to the UK aftermarket in the short and medium term and was always described by Bosal as “a holding manoeuvre”.

29th July 2003/by Tyrepress Editors

Birla Tyres In Agreement With Pirelli

Indian tyre company Birla Tyres has made an arrangement with Pirelli to sell 10,000 radial tyres a month. When asked how long the arrangement was for, Chairman B. K. Birla said that he hoped Pirelli would pick up one lakh tyres (100,000) a year.

27th June 2003/by Tyrepress Editors

Alcoa Announces Clean Air Act Agreement in Texas

Alcoa, the U.S. Department of Justice, the Environmental Protection Agency, the State of Texas, and citizens groups have announced a Clean Air Act agreement under which the company will further reduce sulfur dioxide and nitrogen oxide emissions from its Rockdale Operations lignite-fired power generating units near Rockdale Texas. The total effect of Alcoa’s previous and latest commitments would reduce the company’s emissions of sulfur dioxide by at least 52,000 tons per year and emissions of nitrogen oxide by at least 17,000 tons per year.

11th April 2003/by Tyrepress Editors

Apollo And Modi End Production Agreement

The agreement signed last August between Indian companies Apollo Tyres and Modi Rubber, whereby the Modi factory would produce for Apollo, is off. Apollo says that its requirements for increased capacity are “being satisfied through our own expansion and through other sources.” An Apollo spokesman also said that the company “was not averse to buying into the tyre business of Modi Rubber”, providing the right deal can be struck. The Modi factory has been closed for over 18 months.

1st April 2003/by Tyrepress Editors

Collaboration Between Goodyear And TRW Automotive

Goodyear and TRW Automotive have signed a five-year agreement for a joint study of tyres, braking, suspension and steering systems. Goodyear will share its design and manufacturing expertise in conventional and EMT run-flat tyres, while TRW is a leader in the design of braking, steering and suspension systems. Both companies said they were excited about the potential for product improvement and development which the agreement would bring.

7th March 2003/by Tyrepress Editors

Goodyear Gets Loan Extension

Goodyear Tire & Rubber has announced that the company has been granted an extension on its loan agreements. The waivers were due to expire on March 7, but the extension is until April 4. Goodyear has secured agreement from JPMorgan and Citigroup to underwrite a new, three-year, $1.3 billion asset-based credit facility and this, says Robert W. Tieken, Goodyear’s executive vice president and chief financial officer, “provides additional liquidity that offers financial and operational flexibility for our businesses.”

5th March 2003/by Tyrepress Editors

Continental To Acquire Stake In Sime Darby

German tyre giant Continental has signed a joint venture with Malaysian industrial conglomerate Sime Darby Bhd and is taking a 30 per cent stake in Sime Darby’s tyre operations – DMIB Bhd and Sime Tyre International Malaysia Sdn Bhd (STI). Continental’s equity stake will be in a new company – SDC Tyre Sdn Bhd – that will become the holding company of both DMIB and STI. The agreement also provides the option for Continental to obtain a further 21 per cent (controlling) share in the new company in two years time. The JV is aimed at better equipping the companies to capitalise on opportunities in the Asian Free Trade Area (AFTA).

26th February 2003/by Tyrepress Editors

SmarTire Signs With Hyundai

SmarTire Systems, the manufacturer of tire pressure and temperature monitoring technology (TPMS), has signed an agreement with Hyundai Autonet Co. to develop, manufacture and distribute TPMS products to the Korean OE and replacement markets.

21st February 2003/by Tyrepress Editors

Hayes Lemmerz Reorganisation Plan

Hayes Lemmerz, the wheel manufacturer who filed for bankruptcy protection under Chapter 11 of the US bankruptcy code in December 2001, has reached agreement in principle with the Official Committee of Unsecured Creditors over a plan for reorganisation. The company hopes that the agreement will enable it to make progress and emerge from Chapter 11 within a few months.

7th February 2003/by Tyrepress Editors

Michelin To Buy 10 Per Cent Of Hankook

Michelin and Hankook have signed a partnership agreement, involving co-operation in R&D, manufacturing and distribution. Hankook will be licensed to produce Michelin’s PAX run-flat technology as part of the agreement. Michelin will take a 10 per cent stake in the Korean company, which, based on the share price when the deal was signed, is estimated to be worth just over US$ 33 million. Shares in Hankook rose almost five per cent on the news, nearly four times better than the market in general.

28th January 2003/by Tyrepress Editors

Continental Becomes Official 2006 World Cup Partner

In Hanover, Continental has signed an agreement, making the company an official partner of the 2006 FIFA World Cup, which will be held in Germany. The agreement was signed by Manfred Wennemer, Chairman of Continental’s Executive Board, and Joseph Blatter, President of FIFA. Other guests at the ceremony included footballing legend and president of the 2006 organising committee Franz Beckenbauer.

22nd 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

Nokian And Amtel Sign Joint Venture Agreement

Nokian and Russian company Amtel Holdings have formally signed the joint venture agreement to produce and sell passenger and light truck tyres in Russia and CIS countries under the Nordman and Amtel brands. 900,000 tyres will be produced next year and 3,600,000 the year after. Upgrades of Amtel factories will require investments of US$ 25 million and the two partners intend to build a greenfield factory in Russia to produce premium tyres under the Nokian brand. The target is an annual production of 1.2 million tyres within three years of the start of the project.

30th December 2002/by Tyrepress Editors

Galaxy And Trayal Sign Off-Take Agreement

Galaxy Tire & Wheel has signed a five-year, $27.5 million off-take and technology sharing agreement with Yugoslavian company Trayal. Trayal will produce Galaxy and Constellation skid steer and industrial tyres and the two companies will develop a line of off-road radials to replace Galaxy’s current line of port tyres. They will also collaborate on a line of special trailer radials and, when these are available, Galaxy will market wheel/tyre assemblies to OE trailer manufacturers.

2nd December 2002/by Tyrepress Editors