mergers and acquisitions Archives - Page 3 of 5

Schrader group sold to Sensata for US$1 billion

Sensata Technologies Holding NV, a wholly owned indirect subsidiary of Sensata Technologies BV, has agreed to buy TPMS Schrader group of companies from Madison Dearborn Partners, LLC for a total enterprise value of US$1 billion. Schrader is the global leader in tire pressure monitoring sensors (TPMS). According to the company, the transaction provides TPMS and additional low pressure sensing capabilities, adding to Sensata’s “industry-leading sensing position”. The transaction is subject to regulatory approval but is expected to close during the fourth quarter of 2014.

18th August 2014/by Chris

European Commission approves Bekaert acquisition of Pirelli steel cord business

The European Commission has approved the proposed acquisition of the steel tyre cord business of the Italian company Pirelli by its Belgian-based rival NV Bekaert SA under the EU Merger Regulation. According to an official statement dated 31 July, the commission concluded that the acquisition “would not raise competition concerns as the merged entity’s customers, which are large, multinational tyre companies, have countervailing buyer power which is further strengthened by over-capacity in the steel tyre cord market.”

4th August 2014/by Tyrepress Editors

Unipart Automotive branches’ fate – full list

Company News, UK News

33 Unipart Automotive sites were transferred to Andrew Page and The Parts Alliance in a deal that saved 361 jobs. The full list of sites taken on by Andrew Page and the Parts Alliance is published below, while the remaining 147 sites that are currently inactive follow.

24th July 2014/by Andrew

Andrew Page, The Parts Alliance buy 33 Unipart Automotive branches

Company News, Premium, UK News

Automotive parts business Andrew Page has rescued around 350 jobs, spearheading a deal with The Parts Alliance to takeover 33 branches of Unipart Automotive, which entered administration today. Andrew Page has taken 21 branches and The Parts Alliance a total of 12, with the terms of the deal as yet undisclosed. Andrew Page rejoined major UK and Ireland buying and distribution group The Parts Alliance following a six year absence on 8 July, coinciding with Unipart Automotive’s announcement that it had put the administrators on standby, a clear signal that some kind of move was on the cards. Tyrepress estimated Andrew Page possessed a growing share of the automotive parts market of around seven per cent at the time; the company will expect today’s news will help to grow that share quickly, having increased its existing network of 93 branches by 23 per cent.

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24th July 2014/by Andrew

Jumbo merger in automotive components sector?

Company News

It appears Germany’s ZF Friedrichshafen may be looking to acquire US-based automotive parts supplier TRW Automotive Holdings Corp. A statement issued by TRW Automotive yesterday confirms that it “received a preliminary, non-binding proposal to acquire the company,” however the statement didn’t go beyond saying it was evaluating the proposal. TRW Automotive did not give any details about the interested party; Bloomberg named ZF Friedrichshafen based upon information it says comes from people with knowledge of the matter.

11th July 2014/by Tyrepress Editors

The Parts Alliance acquires Bromsgrove Motor Factors

Career Tracks, UK News

The Parts Alliance business group has completed its acquisition of the Worcestershire-based Bromsgrove Motor Factors (BMF). It follows the acquisition of The Parts Alliance by HgCapital, the investment company with a £2 billion automotive fund. The Parts Alliance’s new chief executive Peter Sephton said he was excited to be welcoming new colleagues from BMF to the HgCapital backed Parts Alliance group ‘family’.

23rd June 2014/by Andrew

MRF looking at growth options

International News

Indian tyre maker MRF Ltd. is eyeing several acquisition opportunities but remains cautious over committing itself to inorganic expansion, chairman and managing director K.M. Mammen told The Times of India. Referring to the aborted deal of major Indian rival Apollo Tyres, whose acquisition of Cooper Tire & Rubber Co. came undone, Mammen told the newspaper, “You can acquire like how my dear friends did and then get slapped.” He added: “There is a way of acquiring. You should acquire what you can swallow. A bad acquisition can kill you.”

2nd April 2014/by Tyrepress Editors

Volkswagen set to buy rest of Scania

Company News

The German automotive group Volkswagen looks set to acquire the entire stake in Swedish commercial vehicle maker Scania for €6.7bn (£5.59bn). The company currently holds a total of 89.2 per cent of the voting rights and 62.6 per cent of the capital of Scania.

17th March 2014/by Tyrepress Editors

ATD pays up to $365 million for Terry’s Tire Town

International News

ATD has announced it will pay $345 million, with the possibility of another $20 million depending on certain provisions, in a deal to acquire Terry’s Tire Town, US publication Tire Review reports. The deal comes fewer than three weeks after closing a deal to buy Hercules Tire & Rubber Co. The deal gives ATD 11 […]

21st February 2014/by Andrew

Nasmyth Group acquires Arden Precision

UK News

Engineering products and services supplier Nasmyth Group has acquired the trade and certain assets of Solihull-based Arden Precision. Arden provides precision machining including CNC turning, CNC milling, four and five-axis milling and 3D machining, as well as CMM inspection facilities suited to a range of components destined for aerospace applications. Peter Smith, chairman and chief […]

20th February 2014/by Andrew

ContiTech buys former Goodyear business Veyance Technologies for 1.4 billion euros

Company News

Continental has concluded an agreement with equity firm The Carlyle Group to purchase Veyance Technologies Inc for roughly 1.4 billion euros. Veyance operates globally in the field of rubber and plastics technology and in 2013 recorded sales of approximately 1.5 billion Euro, around 90 per cent of which were achieved outside the automotive industry. Veyance has 27 plants around the world and a workforce of about 9,000 employees at the end of 2013. The Carlyle Group announced it had bought what was formerly Goodyear’s Engineered Products division for US$1.475 billion on 23 March 2007.

10th February 2014/by Tyrepress Editors

Parts Alliance reorganises leadership

Career Tracks, UK News

Peter Sephton, who joined as Parts Alliance group CEO in August 2013 has announced some senior appointments. Sephton is aligning the four businesses into two regional alliances, the Western Alliance formed from GMF and CES and the Eastern Alliance, formed by SCMF and Allparts. Each Alliance will share resources, systems and best practice to accelerate growth, facilitate new branch openings, develop staff training and invest in tools to take customer service to world leading standards.

27th January 2014/by Tyrepress Editors

Titan still open to Goodyear Amiens Nord deal

Company News, International News

This week’s agreement between Goodyear Dunlop Tires France and the CGT union over the tyre maker’s Amiens Nord factory removes the major obstacle that blocked Titan International’s acquisition of the Amiens Nord agricultural tyre business. After hearing that the two parties have buried the hatchet, Titan CEO and chairman Maurice Taylor indicated he’s once again prepared to do business.

24th January 2014/by Tyrepress Editors

Was a rival Cooper bid the elephant in Apollo’s room?

Company News

As late as 15 November, Cooper Tire & Rubber wrote in a statement that it “continues to seek the expeditious closing of the merger with Apollo Tyres.” Yet Sunam Sarkar, chief financial officer at Apollo Tyres, opines that Cooper’s fidelity as a partner was in question from the very start – a point that only came to light later on.

10th January 2014/by Tyrepress Editors

No deal – Cooper terminates Apollo merger agreement

Company News, Premium

The curtain has come down on a saga that made tyre industry headlines last year. On 30 December, Cooper Tire & Rubber announced its termination of the merger/acquisition agreement between it and India’s Apollo Tyres. The US tyre maker gave word of its action a day before the agreement was due to expire.
“It is time to move our business forward,” wrote Cooper chairman, chief executive officer and president Roy Armes in a statement. “While the strategic rationale for a business combination with Apollo is compelling, it is clear that the merger agreement both companies signed on June 12 will not be consummated by Apollo and we have been notified that financing for the transaction is no longer available. The right thing for Cooper now is to focus on continuing to build our business.”

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2nd January 2014/by Tyrepress Editors

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