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Investors Buy US Wheel Maker Weld Racing

A Chicago, US based investor group has purchased aluminium manufacturer wheel Weld Racing LLC for an undisclosed sum. Included in the buyer group is Weld Racing management members Kyle Fickler, and Scott Rider, the latter engineering and motor sports group manager for American Racing/Weld Motorsports.

The 41-year old company, which 100 per cent manufactures and designs its wheels in Kansas City, Missouri, was bought out of bankruptcy by American Racing Equipment Ltd in October 2006 for US$24.4 million. According to Fickler, the investment group has carved out the assets of Weld Group from American Racing, allowing Weld to once more stand on its own.

19th November 2008/by Tyrepress Editors

Affinia Complete China Buy

Affinia has completed the acquisition of 85 per cent of Chinese brake component maker HBM Investment Ltd., owner of Longkou Haimeng Machining Co. Located in Shandong, China, Longkou Haimeng produces brake drums and rotors, and has a strong OE and aftermarket presence in Asia and Europe. (Tire Review/Akron)

13th November 2008/by Tyrepress Editors

S&P Lowers Goodyear’s Credit Rating

On November 5 Standard & Poor’s lowered Goodyear Tire & Rubber’s credit rating outlook from “positive” to “stable” due to decreasing demand for tyres. Goodyear’s long-term corporate rating remains at BB-, three grades below investment quality, the financial market intelligence provider said in a statement.

7th November 2008/by Tyrepress Editors

New Car Tyre Factory Proposed in Yemen

Abdul-Galil Shaif al-Shaibi, vice chairman of the Yemen General Free Zones Authority and Aden Free Zone (AFZ) met with a delegation from the UAE on on 25 October. During the meeting the delegation, chaired by director of Bin Sooda Investment Companies Kareem Far’a reportedly “expressed a desire to establish a factory for producing cars tyres in Aden Free Zone.”

According to Yemeni news reports, the factory is initially expected to serve markets in the Middle East and the Horn of Africa. Abdul-Galil Shaif al-Shaibi reportedly indicated that AFZ may offer investment opportunities and facilities due to the Port of Aden’s strategic importance in the region.

27th October 2008/by Tyrepress Editors

Darren Wells Named Goodyear CFO

On October 17 Goodyear announced that W. Mark Schmitz, executive vice president and chief financial officer, has elected to leave the company to ‘pursue other interests’. Replacing him as CFO, effective immediately, is Darren R. Wells, previously senior vice president of finance and strategy. This announcement was made by Goodyear chairman and chief executive officer Robert J. Keegan.

Schmitz, 57, held the position of CFO for 14 months. Wells, 42, is considered by Goodyear to be of the key leaders and architects of the company’s financial restructuring since joining the company from Visteon Corp. six years ago as Goodyear’s vice president and treasurer. Wells was promoted to senior vice president business development and treasurer in May 2005, and to his most recent position in March 2007.

17th October 2008/by Tyrepress Editors

ATD Acquires Gray’s Wholesale Tire Distributors

American Tire Distributors has acquired the assets of Remington Tire Distributors (dba “Gray’s Wholesale Tire Distributors”), further enhancing ATD’s service level to tyre retailers across the states of Texas and Oklahoma, according to the company. Gray’s operated two wholesale distribution centres in Texas, one in Houston and one in Fort Worth. These distribution centres service over 3,000 customers across Texas and Oklahoma.

“American Tire Distributors began servicing tyre retailers across Texas and Oklahoma in July of 2004,” said Richard Johnson, chairman and CEO of ATD. “Since that time, we have invested in our facilities, our people and our customers and, as a result, we have gained new customers and market share. The acquisition of Gray’s is another investment that will enable American Tire Distributors to better serve our customers in these two states.” (Tire Review/Akron)

9th October 2008/by Tyrepress Editors

TyreCheck Launches Work Management Module

Internet based tyre management company TyreCheck has announced the launch of its Work Order Management Module, which will effectively reduce the overall cost of tyres on a fleet whilst also improving the fleets’ availability. By implementing this innovative module a tyre fitter will be able to carry out an inspection on a truck’s tyres, correct pressures and replace any damaged tyres. At the same time any tyre that will need re-grooving in the near future can also be recorded. All these tasks can be carried out both swiftly and efficiently without the use of paper and the results can be immediately available online for reference.

30th September 2008/by Tyrepress Editors

Tiger Wheels under Provisional Liquidation

Tiger Wheels, the JSE-listed wheel manufacturer (Tiwheel), has gone provisionally into liquidation following an order from the High Court, which – the company reports – has appointed joint provisional liquidators.

South African news sources reported that earlier this year, the investment arm of the Nedbank group, Nedgroup Investments, served a notice of motion to apply for the liquidation of the company. The basis of this motion was based on Tiwheel’s liability on the financing of the property occupied by one of Tiwheel’s subsidiaries, ATS Light Alloy Wheels SA. Tiwheel agreed to underwrite any losses that the Nedbank group could incur in the financing arrangement.

The multinational ATS group went into liquidation, affecting its worldwide interests including the South African operation, which was now to be sold off either in part or whole.

26th September 2008/by Tyrepress Editors

Bridgestone, Goodyear Receive NC Incentives

Bridgestone and Goodyear are to receive up to 30 million US dollars, following the approval by the North Carolina Department of Commerce of state incentive plans. The grants from the Job Maintenance and Capital Development Fund are designed to give companies the incentive to upgrade existing manufacturing facilities, therefore preventing jobs from being lost through firms’ wandering eyes.

Since both companies employ over 2,000 (at Goodyear, Fayetteville and Bridgestone, Wilson) the necessity to secure the jobs in their current location is clear. However, the cash incentives have not been without their critics, who call attention to the fact that the companies are not required to create new jobs, but merely maintain those already in existence. Goodyear must retain 2,398 workers and invest 200 million US dollars by 2012 to receive the whole 30 million, while Bridgestone must invest the same by 2010, while retaining 2,083 staff members.

18th September 2008/by Tyrepress Editors

Canadian Tire sells 11 stores for $164 million

Canadian Tire Corp. has sold 11 stores to two Canadian real estate trusts for $164.6 million. Canadian Real Estate Investment Trust, commonly known as CanReit, will buy eight properties for $137 million. Charter Real Estate Investment Trust will purchase three other stores for $27.3 million. Canadian Tire will continue to run the stores but will now lease these facilities and pay rent to the two companies.The properties are spread across Canada. CanReit, for example, is getting three stores in Alberta, two in Quebec and one each in British Columbia, Nova Scotia and Ontario. Canadian Tire will remain as the stores’ operators for at least the next 15 years, reducing the chances that either trust will need to find a new tenant for these properties.

9th September 2008/by Tyrepress Editors

Hankook Australia Launches New Website

Hankook Tyre Australia has launched a refreshed and revamped website in an effort to regenerate the company’s brand in the domestic market.

José Angeles, the associate marketing manager of Hankook Tyre Australia stated that “The renewed Australian website incorporates key visuals, structure and localised content consistent with the global website… This website is a user-friendly experience suitable for anyone, be they a young racer searching for the latest street-legal performance tyres or an elderly couple looking for the closest Hankook dealer.”

21st August 2008/by Tyrepress Editors

Mahindra & Mahindra forms JV with Chinese Tractor Maker

Mahindra & Mahindra Ltd, one of India’s largest vehicle manufacturers, has bought a 51 per cent stake in the third largest Chinese tractor company (in terms of volume) Jiangsu Yueda Yangcheng Tractor Company. The value of the net assets transferred to the joint venture is said to be around US$50 million and Mahindra & Mahindra Ltd’s investment is expected to be around US$26 million.

19th August 2008/by Tyrepress Editors

National Fleet is Best Fast-Fit Company 2008

National Tyres and Autocare’s Fleet Division has been awarded the prestigious title of Best Fast-Fit Company 2008 by The Institute of Transport Management. National Tyres and Autocare received the award for its high level of expertise, customer service and safety awareness over and above numerous competitors within the industry.

Patrick Sheedy, ITM’s Media and PR Director, commented: “National Tyres and Autocare has been singled out by the Institute for raising its head above the parapet through its commitment to customer satisfaction and the development of a premium service to the fleet aftermarket. When companies display such excellence within the fleet solutions industry, the Institute of Transport Management is duty bound to acknowledge these companies and their achievements.”

13th August 2008/by Tyrepress Editors

Schaeffler “Very Satisfied” With Bank Meeting

As report suggest investment banks have walk away from rescuing Continental AG from the Schaeffler Group’s hostile takeover, Reuters that the ball bearing maker has successfully arranged a 16.1 billion euro loan. Schaeffler is reportedly “very satisfied” with a bank meeting on the subject of raising the enormous loan. The sources said about 20 banks participated in the meeting.

11th August 2008/by Tyrepress Editors

Recyclatech Researches Using Microbiology in Tyre Devulcanisation

The Recycling Commercialisation Centre has awarded funding to Scottish tyre recycling company, Recyclatech, to further develop a technique designed to make rubber easily bondable with natural or synthetic rubber. According to a Plastics & Rubber Weekly report, the rubber can then be reused in car tyres and products such as basic underlay for carpets, soundproofing materials for apartments and Wellington boots. Furthermore, Recyclatech’s process is said to be ideal for disposing of waste tyres. In this process worn out tyres are crumbed into small particles, which are then put through the microbiological technique.

24th July 2008/by Tyrepress Editors