Several media outlets plus supporting information from Tyres & Accessories’ own sources are reporting that at least two private equity firms are preparing considering bids for Warburg Pincus LLC's majority stake in Alliance Tire Group (ATG). The potential deal is said to be valued at around US$400 million.
In his guidance for next year, Titan International’s Maurice Taylor bragged that 2012 delivered “record revenue, net income, gross margins, operation margins – just everything.” He also boasted about his golf handicap. Perhaps news of the company’s vitality and Taylor’s prowess on the green will provide some comfort to the 60 or so workers reported to have been laid off at Titan Tire’s Freeport, Illinois factory in the US. According to local newspaper the Journal Standard, the Titan International subsidiary confirmed on 17 December that employee lay-offs had occurred; while the Journal Standard says Titan officials were “unavailable for comment”, it writes that David Young, executive director of the Northwest Illinois Development Alliance, attributes the job cuts to a seasonal reduction in demand.
US wholesaler Tire Group International has expanded its international sales team with the appointment of Luis Torres as the company’s new vice-president of international program sales. Torres, who has more than 25 years of experience within the tyre industry, joins TGI from the Alliance Tire Group, where he served as export sales manager. Prior to this he was director of export sales at Hercules Tires International. According to TGI, Torres boasts a vast amount of experience in all tyre segments, with particular emphasis on agricultural, industrial and OTR.
As of January 2013, US-based vehicle manufacturer General Motors will partner with the National Tire Research Center on projects to improve fuel economy, including through optimising rolling resistance. The new facility, to which GM contributed US$5 million, uses state-of-the-art tyre performance machinery that will enable automotive and tyre manufacturers to replicate real-world emergency events and improve vehicle highway safety.
Premier south east distributor of car parts SC Motor Factors Ltd, has accepted a significant investment from HgCapital. The investment will enable the company to accelerate plans to expand its current network. The company has strong links with The Parts Alliance, whose members include two other recipients of investment in order to expand their operations since August, CES (UK) and Allparts Automotive.
Noting the value of service plans in retaining a customer base, UK automotive business group The Parts Alliance says that the plans it offers through its national garage network of Alliance and Servicesure Autocentres allow independent garages to compete with franchise dealers, national network chains and car supermarkets. Helping to build customer retention and highlighting the high quality service and repair offered by the garages, The Parts Alliance espouses the benefits of monthly payments from the motorist to ensure a steady, guaranteed income for garages.
The Parts Alliance has announced that Motex Automotive Distribution Ltd has joined, becoming the latest member to join the Group. Formed in 1971, Motex Automotive Distribution has a turnover of £8m, employing more than 100 staff and distributes quality products from strategically located sites throughout Essex and East London.
Buckinghamshire-based aftermarket supplier, Allparts Automotive Ltd will accelerate its branch network expansion following what it says is a significant investment from HgCapital. The company said its founder, Steve Fulford will continue to support the Allparts management team and retain his position as chairman of The Parts Alliance. As a founder of The Parts Alliance, Allparts stated that it would remain a committed and active member. Managing director, Mark Darvill, will continue to lead the Allparts board of directors and management team. Independent investment firm, HgCapital has assets under management of over £3.8 billion, and a strong interest in the automotive aftermarket. Allparts’ Parts Alliance colleague CES (UK) Ltd is also part of its investment portfolio, and the new investment will lead to greater collaboration between the companies, though both parties made clear that they intend to remain separate entities.
Vehicle parts supplier group, The Parts Alliance, is working with data supplier Autodata to offer a wide range of vehicle data via its AlliCat system. The partners are said to be offering this uniquely through The Parts Alliance.
CES (UK) has opened a new branch in Manchester, beginning its planned expansion phase. Located in the south of the city, the new branch will serve customers across the south Manchester belt, linking in with their existing network. The area had previously been served by the company’s Northwich, Cheshire branch. Managing director Steve McCann says local garages will benefit from the company’s new area branch.
Five local charities have been given a cash boost thanks to the world class business achievements of employees at the Michelin factory in Ballymena. The Ballymena factory recently became the second Michelin site in the world to achieve stage two in the 'Michelin Manufacturing Way' initiative, an internal business scheme set up to develop and empower its employees. To recognise this impressive achievement, the company awarded each department within the factory a sum of money to donate to a charity of their choice.
The point S network has extended its presence in North America by joining forces with Pneus Unimax, on of the largest independent Canadian networks. Pneus Unimax operates in Quebec, the Atlantic Provinces and Ontario, and is owned by 77 independent tyre dealers who manage 133 outlets under the Unipneu banner. This alliance with Pneus Unimax means that point S is now present in 27 countries worldwide with 2,500 points of sale and combined annual purchases of 15 million tyres.
The RMI Petrol Retailers' Association (PRA), which represents independent forecourts across the UK, urges the UK Government to follow France in cutting fuel prices.
The French government and the major oil companies have agreed to cut fuel prices by up to 6 euro cents per litre for three months to help drivers hit by a recent increase in prices, said Finance Minister Pierre Moscovici.
Agricultural customers in the US had the chance to get up close to Titan Tire and Alliance Tire Group’s latest offerings at the Farm Progress 2012 Show in Iowa this week, reports Tire Review. New on the scene from ATG are the Galaxy Muddy Buddy, the Alliance 354 Radial R1-W in increased flexion size IF380/90R46, and the Alliance 354 in increased flexion size IF480/80R50; Titan displayed the Goodyear IF Ultra Sprayer and the Goodyear IF DT830.
CES (UK) Ltd, one of the country’s leading distributors of car parts, has announced that it has accepted “significant investment” in order to accelerate plans to expand its current network and further strengthen its position in the UK automotive aftermarket. Founders Howard Warren and Charles Colton will continue to support the CES strategy for growth whilst, the existing board of directors, led by managing director Steve McCann, will continue to manage the company operations.
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