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Long awaited Cooper 2013 3Q report reveals Apollo, Chengshan damage

Cooper Tire has released its 2013 third quarter financial report, carrying with it the scars of the failed Apollo Tyre deal and the linked issues with the Cooper Chengshan (Shandong) Tire Company (CCT) joint venture. Cooper could not report before now as a result of unrest and lack of cooperation at CCT’s Rongcheng facility in reaction to Apollo’s attempted acquisition. The company said that it will produce Q4 and full 2013 financial reports later in March.

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Related news:

  1. Cooper lawsuit to go ahead
  2. Cooper not yet ready to resume financial reporting
  3. Today is ‘D-Day’ for Cooper/Apollo deal
  4. No ‘buyer’s remorse’ – court rules Apollo not in breach of agreement
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Stirred up for growth – Apollo Vredestein prepares for a greater European presence with new tandem mixer

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Yesterday, Apollo Vredestein introduced an addition to its Enschede factory that will save energy and costs and at the same time enable the company to manufacture the products it plans to introduce in coming years. The new ‘Mixer 8’ tandem mixer was officially brought into operation by Apollo Tyres’ chairman Onkar Kanwar together with Drs Theo W. Rietkerk, who is responsible for economy, energy and innovation within the government of Overijssel Province in The Netherlands.

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Related news:

  1. No deal – Cooper terminates Apollo merger agreement
  2. Hungary confirmed for first Apollo greenfield factory outside India
  3. Apollo Tyres opens €475 million greenfield Hungarian plant
  4. Cooper appoints ex-Apollo exec Ceneviz
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Apollo entering Qatar tyre market

Apollo Tyres has announced plans to enter the growing Qatar tyre market in the Middle East region. According to the company, the market entry was marked with a product introduction to the Business Partners in Qatar, in the presence of Indian Ambassador to Qatar, H E Shri Sanjeev Arora, late evening yesterday.

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Related news:

  1. MRF Limited
  2. Europe to head Apollo PCR research following restructuring
  3. Own power plant to supply Apollo’s Oragadam factory
  4. Apollo opens global R&D and branding centres
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Lopez leaves Apollo Vredestein

Next month, Apollo Vredestein’s German operation will likely gain a new marketing manager following the departure of Michael Lopez at the end of February. Lopez is leaving the tyre maker to take on a new role within Germany’s tyre trade. A company representative told our sister publication Neue Reifenzeitung that Lopez’s decision to leave Apollo Vredestein was unexpected. Lopez has worked for Vredestein and later Apollo Vredestein for 14 years.

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Related news:

  1. Tread depth measurers – the new speed camera?
  2. Masinelli appointed global brand head Vredestein
  3. Vredestein posts 27% 2012-13 profit
  4. Maloya returns – but only in Germany for now
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Further growth for Apollo Tyres in prior quarter

For the third quarter of its financial year – October to December 2013 – Apollo Tyres reports an 8.0 per cent year-on-year rise in consolidated revenue to Rs 34.75 billion (£336.1 million). Operating profit increased 51.2 per cent to Rs 6.19 billion (£66.7 million), a result that includes exceptional items of Rs 1.12 billion (£10.8 million) from non-operational income, and a 17.8 per cent operating margin. Net profit, including the aforementioned non-operational income, rose 86.7 per cent to Rs 3.38 billion (£32.7 million).

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Related news:

  1. Apollo net profit up 44% in June-September quarter
  2. Annual Profits More than Double for Sibur-Russian Tyres
  3. Annual Profits More than Double for Sibur-Russian Tyres
  4. Apollo Tyres Sales Up 60%
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Apollo Tyres building UK dealer network at ‘iconic venue’ events

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Apollo Vredestein UK managing director Stuart Jackson revealed several strategic details with which Apollo plans to grow its brand in the UK. Apollo is to introduce a truck and bus tyre range and expand its passenger car tyre lines into a fourth generation, with a sizeable investment in UK marketing “to support brand growth.” The tyre manufacturer will also develop its links with Manchester United, both as a partner in a sports facility initiative and as a significant branding opportunity, with video and print marketing materials featuring the purple of Apollo and the red of the Stretford team.

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Related news:

  1. Apollo Tyres extends Manchester United partnership to 69 countries
  2. Algarve Product Experience extends Davanti’s first-year hot streak
  3. Long-term trend shows winter tyres receding, all-season rising in UK
  4. Conti launches WinterContact TS 850 P winter tyre in Austrian alps
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Apollo Tyres says yes to Eastern Europe, Asia, and no to China

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It appears to be a case of once bitten, twice shy for Apollo Tyres. Following its experience with Cooper Tire & Rubber, and particularly its joint venture subsidiary Cooper Chengshan, the Indian tyre maker seems ready to give China a wide berth for the time being.

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Related news:

  1. Today is ‘D-Day’ for Cooper/Apollo deal
  2. Chengshan wanted to acquire Cooper Tire, court hears
  3. Cooper brand tyre manufacturing set to resume in China, say US firm
  4. Cooper not yet ready to resume financial reporting
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Cooper the target of securities class action lawsuit

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A securities class action lawsuit has been filed against Cooper Tire & Rubber and certain of the company’s senior executives by a number of investors. The lawsuit was filed in the US District Court for the District of Delaware. The complaint alleges that Cooper violated the federal securities laws by issuing a series of materially misleading statements and omissions in connection with the proposed acquisition of the company by Apollo announced on 12 June, 2013. In addition, the complaint alleges that Cooper misrepresented Cooper’s financial condition, financial prospects, and the effectiveness of the Company’s internal controls.

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Related news:

  1. No ‘buyer’s remorse’ – court rules Apollo not in breach of agreement
  2. USW deal over Cooper plants reached, says source
  3. Court dismisses Cooper appeal
  4. Cooper not yet ready to resume financial reporting
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Cooper not yet ready to resume financial reporting

Although production of Cooper brand tyres at the Cooper Chengshan (Shandong) Tire joint venture facility will soon recommence, Cooper Tire & Rubber has cautioned that returning to normal financial reporting may take a little longer.

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Related news:

  1. Today is ‘D-Day’ for Cooper/Apollo deal
  2. Cooper lawsuit to go ahead
  3. Chengshan wanted to acquire Cooper Tire, court hears
  4. Was a rival Cooper bid the elephant in Apollo’s room?
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Cooper brand tyre manufacturing set to resume in China, say US firm

Cooper Tire & Rubber Company is suggesting that production of Cooper branded tyres is set to restart at the company’s Cooper Chengshan (Shandong) Tire (CCT) joint venture facility in Rongcheng, China. Production was halted when the workers at the Chinese joint venture company became embroiled in a significant industrial dispute with the US firm linked to the erstwhile Apollo Tyres takeover bid.

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Related news:

  1. Today is ‘D-Day’ for Cooper/Apollo deal
  2. Court delays Cooper Chengshan anti-merger case
  3. Chengshan wanted to acquire Cooper Tire, court hears
  4. Apollo Tyres says yes to Eastern Europe, Asia, and no to China
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Apollo Vredestein spoiler for Porsche 911 Turbo

Under an exclusive partnership with Porsche, the research and development team at Apollo Tyres has developed a new, variable front spoiler for the recently introduced Porsche 911 Turbo and 911 Turbo S. The patented spoiler, branded as ‘Air Master by Vredestein’, is an integrated part of the Porsche Active Aerodynamics system.

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Related news:

  1. European operations a highlight of Apollo results
  2. Measuring tread depth at speed possible with new Apollo Vredestein facility
  3. Apollo Vredestein participating in rubber-alternative research
  4. Vredestein has sights on OE market
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Was a rival Cooper bid the elephant in Apollo’s room?

As late as 15 November, Cooper Tire & Rubber wrote in a statement that it “continues to seek the expeditious closing of the merger with Apollo Tyres.” Yet Sunam Sarkar, chief financial officer at Apollo Tyres, opines that Cooper’s fidelity as a partner was in question from the very start – a point that only came to light later on.

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Related news:

  1. Court delays Cooper Chengshan anti-merger case
  2. Today is ‘D-Day’ for Cooper/Apollo deal
  3. Cooper unlikely to meet financials deadline
  4. Columnist highlights lenders’ role in Apollo/Cooper problems
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Apollo share price hits all-time high

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While shares in Cooper Tire & Rubber have begun 2014 at roughly the same price they traded for a year earlier after climbing as high as $34.79 and dipping to $20.55 in between, former prospective purchaser Apollo Tyres’ share price has risen to an all-time high following the breakup of negotiations between the two companies […]

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Related news:

  1. Cooper uncertainty good for Apollo share price
  2. Separate Cooper contracts required before Apollo deal proceeds
  3. Chengshan wanted to acquire Cooper Tire, court hears
  4. Court dismisses Cooper appeal
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What next for Cooper and Apollo?

While it is clear that each side is effectively blaming the other for the collapse of the deal, the actual cost of the defunct courtship ritual is somewhat more opaque. We know that Cooper’s lawyers will be defending the firm against claims for the $50 million it agreed in the business equivalent of a pre-nuptial agreement, but several newspapers report that Apollo has to fight off claims for a significantly bigger $112 million break-up fee. And of course none of this puts a price on the large sums of money spent out on corporate lawyers or even more importantly on lost time. So what’s next for the two companies?

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Related news:

  1. Apollo Commissions Dunlop Zones TV Ads in South Africa
  2. Cooper appoints Southern and Eastern African distributor
  3. Reports: Apollo sells South Africa operation
  4. Apollo invests in Zimbabwe plant – for Vredestein production?
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Apollo launches UK, India ad campaign

Apollo Tyres has commenced a new corporate advertising campaign in the UK and India that draws on the company’s three-year agreement with Manchester United F.C. for these two markets. The campaign covers television, cinema, print, digital and outdoor mediums and focuses on the shared values of both football club and tyre maker, specifically ‘going the distance to achieve the best’.

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Related news:

  1. Apollo Tyres appoints London-based global media agency
  2. Apollo – We Want to Do Something for Indian Tennis
  3. Apollo signs on new creative partner
  4. Apollo: 30% Increase in Exports to Europe Planned
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