A British Hercules C-130 aeroplane, carrying the new British Ambassador to Afghanistan, Stephen Evans, was completely destroyed when a tyre burst on landing, sending debris into the engine, which then caught fire. Everyone escaped safely from the aircraft and there were no casualties.
(Akron/Tire Review) Hercules Tire & Rubber Co. has a new address for its corporate headquarters. The tyremaker moved to a bigger building not far from its previous headquarters in Findlay, Ohio. The new address is 16380 E. U.S. Route 224, Suite 200, Findlay, OH 45840. Hercules’ phone and fax numbers – 419-425-6400 and 419-425-6403 (FAX) – will not change.
(Akron/Tire Review) Hercules Tires & Rubber Co has officially announced that its senior management has “partnered” with private equity firm FdG Associates to acquire the Findlay, Ohio-based private brander and distributor. Hercules’ 33 dealer shareholders voted to sell their share to FdG
According to its statement, Hercules said the transaction was financed with equity from FdG’s second institutional fund, FdG Capital Partners II LP, and “will provide Hercules with the capital to further expand its Hercules branded private label program, solidify its industry position and capitalize on opportunities for continued growth and acquisitions.” Details of the deal were not disclosed.
(Akron/Tire Review) A press statement issued today by FdG Associates, a private equity company based in New York City, indicated that it is assisting Hercules Tire & Rubber Co. to “recapitalise its business in partnership with management.”
According to the statement, “This transaction will allow Hercules to strengthen its financial base, further develop its private label programme, solidify its position in the distribution of private label and branded tyres, and capitalise on growth opportunities. Hercules’ relationships with its customers and suppliers will remain unchanged.”
No other information was made available, and, according to the statement, “further details will be made available shortly when the transaction closes.”
Treadway Exports Limited, one of the largest tyre wholesaling companies in North America, has announced that it will be changing its name. From 1 November the company will be known as Hercules International. According to Treadway, the name change is designed to align the parent company with its export division.
Hercules Tire & Rubber Company has appointed Bruce Campbell to the newly created position of Director of Commercial Sales. His task will be to develop new business and increase current commercial business with Hercules stockholders, distributors and commercial tyre dealers. Mr. Campbell has an extensive background in the commercial tire business, most recently with TCI/Michelin.
Cooper Tire & Rubber Co. announced the intention, as of June 30, 2001, to purchase certain manufacturing assets used in Hercules’ retread operation and will soon begin to supply retread products to customers formerly served by Hercules. This purchase will significantly increase sales in the Oliver Retreading Systems and Products unit, which is a part of Cooper’s new commercial division. Also included in this sale are certain assets of the Cedco equipment division, which will benefit Oliver’s Salisbury equipment operation. The final price is subject to certain valuations at closing but will not exceed $8.5 million.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
