The Delaware Supreme Court has approved Cooper Tire & Rubber’s request for an expedited hearing of its appeal against the partial bench ruling made by Delaware Chancery Court on 8 November and the letter of opinion dated 9 November.
The €143.85 premium that shares in Continental AG currently command (as of 1pm, 13 November) is the company’s highest-ever share price, yet US bank Citgroup anticipates a target price of €164 – and it has therefore given the company a “buy” rating. Analyst Philip Watkins writes that the tyre and automotive systems company continues to have the sector’s best business model, and opines that the company’s third quarter figures underline its technological leadership.
Toyo driver Masato Kawabata has won the 2013 D1 Grand Prix Series overall championship as well as the tan-sou championship. In the finale of six rounds of the 2013 D1 Grand Prix Series, held on November 9 at a specially built course in Odaiba, Tokyo, Masato Kawabata unleashed a powerful driving performance in the tan-sou finale contested by the top 16 racers.
On 6 November, Titan International completed the previously announced redemption of the outstanding US$137,681,000 aggregate principal in its ‘7.875% Senior Secured Notes due 2017’. The company redeemed the notes at a price of $1,059.06 for each $1,000 principal amount, or approximately $145.8 million in total, plus approximately $1.1 million of unpaid interest accrued to the redemption date. Titan says it did not incur any early termination penalties in connection with the redemption of the notes beyond the premium reflected in the redemption price, as described above.
Falken Tire has signed up as a partner to the series formed by the merger of the American Le Mans Series and Rolex Sports Car Series and announced earlier this year. Company officials signed the two-year deal with those from the International Motor Sports Association (IMSA) – which sanctions the new Tudor United SportsCar Championship – at the SEMA show in the US on 6 November. In addition to being a partner of IMSA and the Tudor Championship, Falken will serve as a tyre supplier for the open-supply GT Le Mans (GTLM) class, one of four classes included in the championship.
On the eve of EU-South Korea summit (7 November) the European automotive industry released a statement calling for more to be done to dismantle barriers to trade in South Korea.
Karlheinz Haupt (56) is now head of the Advanced Driver Assistance Systems (ADAS) Business Unit in Continental’s Chassis & Safety Division, effective 1 November 2013. He succeeds Friedrich Angerbauer (49) who has been appointed Head of Purchasing for the Chassis & Safety Division. The business unit is headquartered in Lindau, Germany.
A group of leading trade associations from the UK and Ireland have written to the European Parliament’s Transport Committee asking it not to damage highly efficient trade flows between the two countries by imposing unnecessary and unwelcome height restrictions on goods vehicles. The letter, alerting the Committee to the real threat posed to trade by a report which was presented to it today (5 November), received strong support from key members of the Transport Committee and from the European Commission.
At the EICMA motorcycle show in Milan, which opens to the media today ahead of its public opening on 7 November, the newly-created Mitas Moto business unit will introduce itself to the world. The new business unit will also introduce its first product, the Sport Force radial for sport, naked and touring bikes.
Czech manufacturer of steel pallets and tyre racks Avex is now operating under a slightly altered name: Avex Steel Products s.r.o. The change of name has also signalled another change for the firm; Avex is now operating with a new website at www.avexproducts.com.
Michelin says it wants its employees to be “more closely associated with the Group’s future growth and development”, and therefore the company is carrying out an offering of shares reserved for current employees of the company and those companies in which Michelin holds at least 50 per cent share capital. The share offer will be conducted in accordance with the conditions set out in the French Labor Code and the French Code of Commerce and is open to employees who are members of the Plan d’Epargne Groupe (Group Savings Plan).
Lobbyists are par for the course in US politics, and Goodyear’s senior registered lobbyist Isabel Jasinowski will retire in February 2014. The company has named her successor as head of its Washington, D.C. office as Brian Riley.
At present, Heuver Tyrewholesale is forming a customer support ‘expert team’ for the German speaking markets, and Gert Timmer, who currently manages the company’s agricultural business unit, will take on responsibility for the Bavaria and Austria regions as part of this team. He joins four other experienced customer support professionals in the new German markets team, and will be present with his colleagues at November’s Agritechnica show.
Car enthusiasts looking for a car that’s big on style and perfect for London’s busiest roads should head for the Regent Street Motor Show on November 2. One of the stars of the day will be the world’s smallest ever production car, the Peel P50, as driven by Jeremy Clarkson on BBC’s Top Gear.
This year’s SEMA Show is on track to be the largest in the event’s 47-year history, Tire Review reports. Already more than 2,500 exhibitors are set to cover more than one million square-feet of floor space at the show in Las Vegas, on 5-8 November. Additionally, more than 130,000 professionals from 130 countries are expected to attend.
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