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Euro Car Parts Not For Sale Despite Reports

Representatives of Euro Car Parts, a leading British aftermarket distributor, have rebutted reports over the weekend that the business is up for sale. According to reports posted on thisismoney.co.uk, the founder of Euro Car Parts, Sukhpal Singh had appointed adviser Robert W Baird to conclude a sale could see him receive “more than £200 million” from a total price of up to £250 million. This report pointed out that Sukhpal Singh started the company with £5,000 in an outlet in north London and has recently seen profits triple to £17 million compared with £6.6 million the year before on sales that increased from £145.1 million to £186.9 million.

However, the company’s press representatives said the report’s conclusions “couldn’t be further from the truth” and even questioned the above sales and profit figures. They confirmed that the company has “definitely not been put up for sale and is currently experiencing record trading.” On the subject of Robert W Baird’s involvement the added: “Robert W Baird is an investment company, which has been working with Euro Car Parts for almost 18 months now, exploring ways of expanding the business organically.”

17th May 2010/by Tyrepress Editors

Toyo Waives Inter-Company Debt

Toyo Tire & Rubber states its Board of Directors has approved the company’s decision to waive a US$35.8 million inter-company debt owed by Toyo Automotive Parts. By writing-off this debt, Toyo says it seeks to enable this wholly-owned North American automotive parts manufacturing subsidiary to proceed with the restructuring of its business operations.

7th April 2010/by Tyrepress Editors

Von der Heyde: Between Tradition and High Tech

The roots of W. von der Heyde GmbH (Stade) run about 130 years deep. When the company receives a smaller order from the Elbe-Weser triangle region of Germany, employees are reminded that the company founded its reputation as a machinery manufacturer as a forge. In the meantime, “VDH” is primarily equipped for high tech solutions in the specialty machinery industry. Without the traditional craftsman-like background repair jobs of rather simple, but often times very old mechanical devices for which drawings and spare parts no longer exist, as well as very complex machines with highly automated processes, would not be conceivable.

26th March 2010/by Tyrepress Editors

European Zeetex Dealers Visits Thailand with S&H Tyres

European dealers of Zeetex brand automotive parts have returned from an all-inclusive trip to Thailand organised by Simon Klapwijk on behalf of S&H Tyres, on which the group visited the factory that produces Zeetex batteries and spent a day at the test track, sampling the new Zeetex HP102 tyre. During a welcome dinner, Klapwijk explained the marketing concept and the expansion of the size range for 2010 in both passenger car and truck and bus segments, opening the European Zeetex Convention 2010.

16th March 2010/by Tyrepress Editors

Euro Car Parts More than Doubles Pre Tax Profits

Aftermarket parts supplier Euro Car Parts (ECP) has reported pre-tax profits of over £17 million in 2009, two and a half times the £6.6 million figure it reported in 2008. According to the company, this has been achieved through partnerships with many leading original equipment brands. In 2009, ECP entered into a long term agreement, which added TMD's PAGID friction brand to a portfolio, which already included the likes of Bilstein, Bosch, Continental, Denso, Exide, Sachs and Valeo, amongst others. For 2010 and beyond ECP is actively engaged in further expanding this partnership with other blue-chip automotive brand names, so that all parties can benefit from the partnership.

Company representatives report that the plan is to accelerate this programme during 2010, with the ultimate aim being coverage of 98 per cent of the UK market – three quarters of which ECP aims to provide with delivery of parts "within-the-hour". ECP's biggest investment in its future is the building of its new 400,000 square foot logistics facility.

3rd March 2010/by Tyrepress Editors

Veco Brand Sales “Growing Steadily” for Universal Automotive

Sales of the Veco brand, available from automotive parts distributor Universal Automotive, are reportedly “growing steadily”, with year-on-year sales predicted to increase by 10 per cent in 2010. According to the distributor, this growth is to come from garages looking to their suppliers to provide “reliable products with matching OE quality, but at competitive prices” – the company says that the Veco range “ticks all of these boxes”.

2nd March 2010/by Tyrepress Editors

UK Vehicle Makers Looking for Home Grown Supply Chain

The majority of volume car manufacturers with UK plants are showing strong interest in sourcing more locally-built components. That’s the view of the latest independent research commissioned by the Society of Motor Manufacturers and Traders (SMMT), which highlights the tactical advantages of UK component sourcing including: benefiting from a favourable exchange rate; minimising the vulnerabilities and logistical costs associated with an extended supply chain; and the UK’s flexible labour force and positive industrial relations as reasons for looking for supply options within the UK.

The report recognised the significant opportunities arising from the transition to a low carbon economy, but also identified some conventional technologies that manufacturers would like to source more of in the UK. This list included what are described as “basic automotive components” such as: alloy wheels, alternators and starter motors, brake components, castings and forgings, fasteners, nuts and bolts, plastic mouldings in general, large stampings, sheet steel and aluminium, transmission components and wring harnesses. So called high technology areas included: electronic control units (ECUs) in general, satellite navigation systems, advanced air conditioning and safety systems especially airbags.

9th February 2010/by Tyrepress Editors

Conti Shares Up 10% After Rights Issue

Continental AG shares rose over 10 per cent yesterday, following the start of a widely expected 1.1 billion euro rights issue. About three quarters of the new shares are said to have been placed with investors already. The offer also has the dual effect of diluting Schaeffler’s stake in the company to just over 75 per cent. Strategically, this is something Schaeffler (which previously indirectly controlled 90 per cent of Conti) shares is likely to be happy with as it is still firmly in control of the company’s stock.

8th January 2010/by Tyrepress Editors

Mitsui Chemicals, Sinopec to Build China Synthetic Rubber Facility

Sales of cars in China increased more than 84 per cent in September, and for the first time passed the one million unit mark. In order to meet increasing demand from for automotive parts, Mitsui Chemicals and China Petroleum & Chemical (Sinopec), Asia’s largest oil refiner, plan to spend 60 billion yen (£406 million) to build two chemical factories in Shanghai. One of the plants will produce the synthetic rubber EPT, which is widely utilised in vehicle components.

4th November 2009/by Tyrepress Editors

Viking International Making Operational Improvements

Viking International says that it has made a number of positive developments over the last year to streamline efficiency and improve customer service. Kevin Parker was appointed as Group managing director at the start of the year, and has been entrusted with heading the Viking brand as well as retaining responsibility for sister company, National Fleet. Parker believes that the companies have the potential to deliver a fruitful collaborative effort, providing an increased service offering to customers, from wholesale tyres and automotive parts, right the way though to fleet solutions for its dealers.

5th October 2009/by Tyrepress Editors

YH America Expands Power Steering Hose Business

Yokohama Rubber has announced the expansion of the power steering business operated by it US affiliate YH America, Inc. In making the announcement, Yokohama states “in the changing US automotive market environment, no company can survive the power steering hose market without high product quality and cost competitiveness.” The company notes that, recognising this situation as an opportunity for improving its position in the market, YH America increased its production capacity in May by leasing a plant in South Carolina. This move should propel YH America into the top position on the US power steering hose market.

25th September 2009/by Tyrepress Editors

Positive Feedback for Automechanika Malaysia

The organiser of the Automechanika Malaysia exhibition has reported on the success of this year’s show. Messe Frankfurt states that the exhibition, held at the Kuala Lumpur Convention Centre between March 25 and 28, attracted 133 exhibitors from 14 countries and regions, plus 4,521 visitors. The top five visitor countries and regions outside Malaysia were Singapore, China, Thailand, Korea and Egypt.

Receiving official recognition can substantially boost a show’s standing, and Messe Frankfurt comments that the Malaysian government “understands the needs of having an automotive parts and aftermarket trade fair to boost the industry”. Malaysia’s Deputy Minister of International Trade & Industry, YB Dato’ Jacob Dungau Sagan officially opened Automechanika Malaysia. He is quoted as saying: “I am happy to note that Messe Frankfurt Hong Kong proceeded with this event although the automobile industry is experiencing a bumpy ride.”

15th April 2009/by Tyrepress Editors

Bridgestone Opens Giant Florida Distribution Centre

Bridgestone Americas opened the doors to its new 1 million square foot distribution center in Jacksonville, Florida.

Calling it “state-of-the-art tyre,” the company said the new facility has a capacity of more than one million tyres and will supply tyres and automotive parts to customers in Florida, Georgia, South Carolina and North Carolina. It will also supply the entire U.S. with tyres produced in Latin America, and the eastern half of the U.S. with tyres from Japan and other Asian countries.

Bridgestone Americas operates seven distribution centres across North America. (Tire Review/Akron)

26th March 2009/by Tyrepress Editors

Mandelson Announces £2 billion Automotive Industry Loan Scheme

Yesterday the government announced a package of measures designed to defrost more than £2 billion automotive industry credit that has frozen as a result of the global economic downturn. The measures include guarantees to unlock loans of up to £1.3 billion European Investment Bank (EIB) guarantees for investment in lower carbon initiatives and loans or loan guarantees to support of up to £1 billion of lending for lower carbon initiatives for non-EIB backed projects. Shadow Secretary of State for Business, Enterprise and Regulatory Reform, Ken Clarke, criticised the measures for being “small beer.”

But will the funding offer assistance to UK tyre manufacturers? Here’s what the small print has to say: The measures will “apply to projects over £5 million.” Crucially the announcement specified that UK-based automotive parts suppliers with an annual turnover of £25 million or more could also be considered. UK-based manufacturers of construction equipment (such as diggers and bulldozers) and suppliers that meet the criteria of the framework will also be eligible to apply. The catch is that loan guarantees will only apply to “low carbon” projects. No date for the commencement of loans and loan guarantees under the framework has yet been set since it is dependent on European Commission clearance.

28th January 2009/by Tyrepress Editors

Automechanika 2008 Already Breaking Records

A record breaking 1,600 exhibitors have already confirmed to attend the fourth Automechanika Shanghai show to be held in Shanghai, China from Dec. 10-12, 2008. Hall space at the Shanghai New International Expo Center will increase 80% to 92,000 square meters, compared to last year’s 51,000 sqm. The show is also the world’s second largest Automechanika after Automechanika Frankfurt, which celebrates its 20th anniversary in September. Altogether, there are 13 Automechanika trade shows around the world.

“With more than 1,600 exhibitors from 17 countries for Shanghai we have already surpassed our 2007 figure of 1,250 exhibitors,” said Fiona Chiew, group manager of trade fairs for Messe Frankfurt Hong Kong. We expect a final figure of 1,800 exhibitors, spread over eight halls and more than 30,000 visitors for the show this year. This reflects the tremendous interest in China’s automobile industry and its automotive parts, equipment and service supplier sector.”

In line with the Automechanika global brand format, a complete range of products from low to high-end and basic to hi-tech will be displayed in five categories: Parts Systems, Accessories Tuning, Repair Maintenance, IT Management, and Service Station Car Wash. (Tire Review/Akron)

28th August 2008/by Tyrepress Editors