Protyre network expands with Bathwick Tyres acquisition
Micheldever Tyres Services Ltd has announced the completion of a deal to acquire regional retailer, supplier and fast-fit specialist Bathwick Tyres Ltd.
Micheldever Tyres Services Ltd has announced the completion of a deal to acquire regional retailer, supplier and fast-fit specialist Bathwick Tyres Ltd.
Automotive parts manufacturer Federal-Mogul is changing hands for US$5.4 billion. The new owner is vehicle ride performance and clean air products manufacturer Tenneco Inc., which yesterday signed a definitive agreement to acquire the business from Icahn Enterprises L.P. The acquisition is to be funded through cash, Tenneco equity and assumption of debt and is expected to close in the second half of 2018, subject to regulatory and shareholder approvals and other customary closing conditions.
15 months after bidding got underway, Qingdao-based Doublestar and its consortium of Chinese banks and investors bought 45 per cent of the South Korean tyremaker Kumho Tire over the Easter weekend. Whatever other clauses are written into the deal, following the release of shares issued for the purpose of the sale, Kumho Tire’s creditors will own a 23.1 per cent shareholding in the tyre maker, down from 42.01 per cent. This makes the Chinese tyre firm controlling shareholders in South Korea’s Kumho Tire.
Team BRIT has spent a day receiving coaching from key sponsor Giti Tire’s test engineers at leading UK research and development facility, Horiba Mira. The team aims to become the first ever all-disabled team to compete in the Le Mans 24 hour race with its revolutionary use of adaptive technology.
Bridgestone has launched two new Battlax tyres respectively for the touring and adventure segments. The Adventure A41 is designed to provide improved wet grip and handling to help trail on-road bikers take on varied conditions. Meanwhile the manufacturer states that it has upgraded its motorcycle line-up with the launch of Battlax Sport Touring T31.
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Daniel Lloyd claimed victories in both opening rounds of the inaugural TCR UK Series at Silverstone. In changeable conditions, series tyre supplier Yokohama said it was happy with the performance of its A005 slick and A006 wet tyres.
After months of uncertainty, union members within the Kumho Tire workforce voted on 30 March to accept the sale of a 45 per cent stake in the tyre maker to China’s Doublestar Tyre. It is understood that just over 60 per cent of voting union members were in favour of the sale, sparing Kumho Tire from receivership. The deal with unionised employees was sweetened by guarantees of their job security for at least the coming three years.
The Executive Board of Axle Group Holdings Limited have ratified a £12 million, three-year inward investment strategy to help drive its business forward. Further announcements specifically relating to the firm’s acquisition strategy are expected.
Goodyear’s latest concept tyre, introduced at the 2018 Geneva International Motor Show in March, once again sees the company look forward in a bid to lead discussions relating to the future of mobility. However, this also has an inevitable impact on the future of the tyre industry – which is where Goodyear’s FACE (Fleet Autonomous Connected Electric) acronym comes in. More on that later. First, the headline grabbing products – the Oxygene and the EfficientGrip Performance with Electric Drive Technology.
Formula One Autocentres’ expansion programme continues apace with its recent acquisition of Equipe Tyre & Autocare centres. With nine local branches, Equipe Autocare is one of the North West’s leading tyre and autocare specialists, offering tyres, exhausts, servicing, MOTs, brakes, clutches and air-conditioning.
This acquisition sees the number of Formula One Autocentres’ nationwide branches reach over 100 in total. The company, which is one of the UK’s largest independently owned automotive chains, is continuing with ongoing expansion plans laid out for the coming months and years.
The latest news from South Korea suggests that local tyre distributor and retail network operator Tire Bank Co. Ltd. would like to purchase the Kumho Tire shareholding that China’s Qingdao Doublestar Tire is currently negotiating to acquire from creditors. The unexpected appearance of the Daejeon-based firm, which hinted it may bid together with one or more partners, further complicates an already drawn out and difficult transaction.
With an investment of approximately 290 million euros, Hankook Tire is adding a truck tyre production unit to its factory in Rácalmás, Hungary. Work on this expansion project – the fourth since the plant opened in 2007 – will begin in June, with production expected to commence in June 2020. The truck tyre production unit will have the capacity to make 550,000 tyres a year, and its opening will create around 150 new jobs.
The GitiSynergyE1 has been selected as original equipment for the Seat Arona in size 205/60R16 92H. It is the third vehicle based on Volkswagen’s MQB A0 small car platform to roll out on a Giti Tire. The latest model in the steadily growing small SUV segment, the Arona is produced in Seat’s Martorell plant in Spain alongside the Ibiza.
MWheels will meet with the Department for Transport (DfT) and DVSA to understand why the EU Roadworthiness Directive, and its section on CV wheels, has not been incorporated in UK law. The DfT’s draft Heavy Goods Vehicle Inspection Manual, due to come into force from 20 May 2018, shows “no major changes” to section 06, Road Wheels and Hubs. This is despite the British firm’s eight-year campaign, which saw major input in both Periodic (2014/45/EU) and Roadside (2014/47/EU) documents. Both were expected to be fully adopted by all 27 Member States as part of the EU’s drive to create standardised inspection procedures.
Stating that such an acquisition would be “in perfect strategic alignment with its ambition to leverage its expertise in high-technology materials,” Michelin has announced its intention to purchase UK-based firm Fenner PLC.
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