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Arconic divesting Alcoa Corp. shares in debt-for-equity swap

Arconic Inc., the company created to house the Alcoa wheel business and other metal manufacturing functions following the separation of Alcoa Inc. into two entities last November, is divesting its stake in the other entity, Alcoa Corporation, which is engaged in the mining and manufacture of raw aluminium. The debt-for-equity exchange of Alcoa Corporation common stock will see 12,958,767 shares swapped for debt held by Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC.

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Related news:

  1. Arconic repurchasing $200M in common stock
  2. Alcoa wheels to join Arconic following separation
  3. Arconic begins search for new CEO after Kleinfeld’s sudden departure
  4. Alcoa now a Howmet Aerospace brand
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STARCO divests South African subsidiary

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Four years ago, STARCO established a new subsidiary in South Africa together with its local distributor, Mac and TireCity. The company has now decided to divest its 50 per cent shareholding and exit South Africa in order to strengthen its focus on its core business and OEM customers across Europe. STARCO’s shareholding has been transferred to a newly-established company owned by Mac and TireCity.

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Related news:

  1. Simplify and grow – STARCO restructures in order to increase its OE focus
  2. STARCO takes further step into OE with phase out of traditional aftermarket activities
  3. STARCO responds to rising material costs with price increase
  4. STARCO appoints Agriest its aftermarket distributor in France
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Trelleborg’s divestment of Vibracoustic shares finalised

Following the necessary approval from relevant authorities, Trelleborg has divested all its shares in the Vibracoustic joint venture to former partner Freudenberg. As of 5 July the Swedish company has received a payment of approximately SEK 6.2 billion (£556.4 million) for the shares, and the remaining 10 per cent of the purchase price is subject to Vibracoustic’s forecast sales performance this year and in 2017. Accordingly, Trelleborg reports that the final consideration “may be somewhat higher or lower than SEK 6.8 billion (£610.7 million).” In addition to the purchase price, Trelleborg received a dividend of approximately SEK 1.4 billion in December 2015.

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Related news:

  1. Trelleborg prepares for JV with organisational changes
  2. Trelleborg Wheel Systems posts positive 2013 results
  3. Trelleborg divests automotive rubber component facility
  4. Pirelli/Trelleborg – Three New Tyres
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Kesoram to invest almost £30M in PCR tyre production

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The chief financial officer of Kesoram Industries reports that the company will invest Rs 3 billion (£29.3 million) into passenger car radial tyre production. Tridib Kumar Das told Indian financial daily Business Standard that the investment will be made in addition to the Rs 5 billion already spent on the car radial project, and that the company intends to bring its passenger car radials to market in May 2016.

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Related news:

  1. JK Tyre acquires Kesoram subsidiary, tyre factory
  2. Birla Tyres plant acquisition talks ‘speculative’, says Kesoram Industries
  3. India’s competition authority approves Warburg Pincus’ investment in Apollo Tyres
  4. Kesoram asked to clarify Birla tyre plant ‘revival’ news
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Trelleborg divests automotive rubber component facility

Swedish firm Trelleborg has signed an agreement to divest a facility that manufactures rubber drive shaft and steering boots for light vehicles. The business operation is based in Spain and is part of the Trelleborg Industrial Solutions business area. The buyer is the French Group Delmon Industrie S.A.

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Related news:

  1. Trelleborg’s divestment of Vibracoustic shares finalised
  2. Trelleborg to produce agri tyres in US
  3. Official opening for Trelleborg’s US tyre plant
  4. Trelleborg acquires tyre operation in Germany
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