On July 22, Goldman Sachs Singapore PTE acquired 2,768,258 Apollo Tyres shares on the National Stock Exchange of India for Rs 69.70 per share. This gives the investment banking and securities firm a 0.55 per cent holding in the tyre maker.
On 17 July, Schaeffler Holding signed a new €3.875 billion credit agreement that it is said to offer improved terms. As part of the transaction, Schaeffler Holding intends to issue high yield bonds in euro and US dollar tranches, with an issue size equivalent to approximately €1.5 billion. This will go towards repaying the company’s debt. Schaeffler says these measures will further reduce borrowing costs and significantly improve capital structure at the holding level.
On 14 June, Russian tyre maker Nizhnekamskshina held its annual general meeting in Nizhnekamsk, Tatarstan. Shareholders were told that the company was developing and had “maintained a stable position as one of the tyre industry leaders in 2012,” and that of the 41.85 million tyres produced in the Russian Federation last year, 10.31 million, or 24.6 per cent, were manufactured by Nizhnekamskshina. The production plan for 2013 sets out a target output of 11.54 million tyres, a year-on-year increase of 11.9 per cent.
As a manufacturer of inflatable products, it could be considered rather apt that the world’s largest tyre-maker should use compressed air to its advantage in its promotional activities. Two new eight metre radius displays, utilised so far at Donington Circuit, the Yorkshire Show, Props and Pistons and the CLA Game Fair, are helping Bridgestone to increase its impact at outdoor events in 2013.
Seoul-based Korea IT Times reports that Hankook Tire’s holding company, Hankook Tire Worldwide, will increase its capital by issuing capital stock for noncash assets. This is being done in order to make Hankook Tire its subsidiary, the ICT journal explains. Through the capital increase, Hankook Tire chairman Cho Yang-Rai and his family will be able to strengthen their control over the company by doubling their stake in the holding company.
Bridgestone Americas is to break ground on construction of its Biorubber Process Research Center on 16 May. The research and development project in Mesa, Arizona, will investigate the use of the guayule plant as an alternative natural rubber source. Natural rubber from guayule has almost identical qualities to that harvested from the hevea tree, which currently is the primary source for the natural rubber used in tyre production.
Swedish tyre distributor and retreader, Colmec AB has announced that it is to establish a full service and sales organization in Finland. Operating under the name Colmec Oy, the company said that it views the new operation as an important, strategic and long term investment.
Goodyear has announced that construction work on the first of its new generation of airships has begun. The Zeppelin LZ N07-101 airship is being built by Germany’s ZLT Zeppelin Luftschifftechnik and will be assembled at Goodyear’s Wingfoot Lake Hangar near Akron, Ohio. LZ N07-101 and other craft built by Zeppelin will ultimately replace Goodyear’s fleet of blimps.
Further details of the new factory Bridgestone will build in China to replace its Shenyang plant have been announced, including the tripling of investment plans.
Michelin North America reports that tyre manufacture on it Lexington passenger and light truck plant’s expanded production line began on 12 October, marking a key milestone in the completion of a US$200 million investment. Once fully implemented, this investment will add 270 workers to the Lexington plant.
On 1 October Apollo Tyres gave word that its Board of Directors has approved the raising of US$150 million through placement of shares to qualified institutional buyers. In a filing to the BSE, Apollo said its board has also approved increasing the investment limit of foreign institutional investors from 30 per cent of the company’s paid up capital to 40 per cent.
The Liberal Democrats voted overwhelmingly in favour of widespread 20mph limits, and government investment in this, at their party conference, which is taking place this week.
They called for local authorities "to give active consideration to introducing 20mph limits in existing residential and other suitable roads over the next few years, with schemes to be designed in consultation with local residents" and for a minister within the Department for Transport to be responsible for working with local authorities to achieve this.
A motorcycle repair centre opened by Altrincham-based insurance specialist Carole Nash is celebrating its tenth birthday. The Carole Nash Repair Centre opened in August 2002 following a £250,000 investment. Since then it has rescued and repaired thousands of bikes nationwide which were damaged in accidents or through attempted thefts.
New photovoltaic plants installed at Rösler’s headquarters in Dortmund, Germany, are expected to be able to provide for 13 per cent of the site’s future electricity requirements. Two 99,840 watt plants have been installed, and Rösler says that together they are capable of producing sufficient power for 40 bungalows. Company managing director Martin Rösler commented that this investment in solar technology represents more than just an active commitment to environmental protection; he says it will also enable Rösler to retain some independence in the face of increasing energy prices.
According to the Indonesia Investment Coordinating Board, or BKPM, Pirelli intends to invest US$126 million in a new tyre factory within the company. Reuters reports Chatib Basri, who was appointed chairman of the Board in June, as saying “we gave approval a few days ago for Pirelli to invest in Indonesia. They want to build a tyre factory."
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