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Sale “out of necessity” – Further details of Yokohama’s purchase of Goodyear OTR

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Following the news that Yokohama Rubber will buy Goodyear OTR eight months after Goodyear put the business unit up for sale as part of its “Forward” rationalisation scheme, further details of the transaction have emerged. In short, Yokohama opted for a far lower valuation calculation in the purchase of Goodyear OTR than it did when buying Trelleborg Wheel Systems a year or so ago; has specifically gained Goodyear OTR brand rights; and the Goodyear Luxembourg OTR tyre operation does not form part of the sale to Yokohama.

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Related news:

  1. Yokohama confirms interest in Goodyear OTR
  2. Yokohama’s Prometeon bid: Delayed by Covid, but nearing completion
  3. Yokohama confirms 2.1 billion euro Trelleborg Wheel Systems acquisition
  4. Goodyear OTR, leadership changes and landslides
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GB Tyres buys Nordic Tyres

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GB Tyres

GB Tyres has bought Nordic Tyres (UK) Ltd. Nordic Tyres, which is based in Dumfries, Scotland, was established in 1999 and has become a well-known name in the UK agricultural and forestry tyre sectors. Alan Lindsay, managing director, Nordic Tyres will remain in the business.

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Related news:

  1. RH Claydon distributing Nokian agri & forestry tyres
  2. 2015 a winning year for Kirkby Tyres
  3. Pirelli truck tyres separating and merging with Aeolus/ChemChina
  4. Nokian Tyres building off-highway tyre R&D centre
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Yokohama confirms 2.1 billion euro Trelleborg Wheel Systems acquisition

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Trelleborg

Three months after we published the news, The Yokohama Rubber Co., Ltd., has confirmed that it has entered into a share purchase agreement with Swedish-based Trelleborg AB to acquire all outstanding shares of Trelleborg Wheel Systems Holding AB (TWS). According to Yokohama, TWS’s enterprise value is €2,040 million (about ¥265.2 billion). But the acquisition agreement includes a performance-linked earn-out clause, which could increase the acquisition price by up to €60 million depending on TWS’s 2022 financial results. And therefore Trelleborg refers to the sale as a 2.1 billion euro deal.

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Related news:

  1. Yokohama offers US$2 billion for Trelleborg Wheel Systems as global off-highway tyre segment consolidates
  2. Yokohama to buy ex-Pirelli commercial/industrial tyre business Prometeon
  3. Trelleborg group sales relatively good, but tyre sales impacted
  4. Trelleborg confirms acquisition interest from ‘external parties’
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Hexpol buys 80% of Mesgo for 168 million euros

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On 1 October Hexpol completed the acquisition of 80 per cent of the shares of Italian compounder Mesgo Group from previous owner Francesco Caldara and co-owners. Hexpol describes Mesgo as “an industry leader in high performance elastomers as fluorocarbons and silicone”. In addition, Mesgo also specializes in conventional rubber compounds and thermoplastics. The major customer segments Mesgo focuses on are industry, consumer products, transportation and automotive. Mesgo Group reports annual turnover of around 100 million euros, with around 180 employees in six facilities.

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Related news:

  1. Hexpol buys Valley Processing for $44 million
  2. Hexpol buys Trelleborg’s Czech compounding unit for 65 million euros
  3. Hexpol growth driven by compounding and exports
  4. Hexpol buys Preferred Compounding for $232 million
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Uni-Select completes £205 million Parts Alliance purchase

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Uni-Select Inc. has completed the acquisition of 100 per cent of the shares of PA Topco Limited (The Parts Alliance), the second largest national independent distributor of automotive aftermarket parts in the UK. As previously announced, the £205 million pricetag was fully funded with debt from available credit facilities.

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Related news:

  1. Broadway Bought By Traxx Tyres
  2. Trelleborg to Acquire UK’s Watts Tyre Group
  3. Andrew Page, The Parts Alliance buy 33 Unipart Automotive branches
  4. Uni-Select Inc. acquires The Parts Alliance Group
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Conti’s Bandvulc purchase results in UK market remoulding

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On the 4 July, as the USA began to celebrate its independence day, Continental AG’s UK subsidiary (Continental Tyre Group) announced it had bought Bandvulc (B.V. Environmental Ltd.), one of only two substantially sized independent retreaders left in the UK. Legally, the takeover establishes Bandvulc as a wholly owned subsidiary of Continental UK Group Holdings Limited. T&A understands Bandvulc’s existing management team are to continue to lead the business.

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Related news:

  1. Continental buys Bandvulc
  2. Continental and Bandvulc management comment on integration process
  3. Arthur Gregg new Bandvulc MD
  4. New-tyre/retread combination wins Ashcourt over to Continental tyres
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Reports: Pirelli being sold to an Asian partner

Italian news reports have led to a flurry of speculation that Pirelli is up for sale and could be considering working with an Asian partner. The speculation centres on reports published by Corriere della Sera suggesting Pirelli chairman Marco Tronchetti Provera is working on bringing in an Asian shareholder/partner/owner. Bloomberg named Yokohama Rubber Co. and Zhongce Rubber Co. as potential investors.

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Related news:

  1. Pirelli in talks with a number of bidders before ChemChina deal
  2. ChemChina (UK) Ltd founded
  3. EU gives ChemChina green light for Pirelli purchase
  4. Pirelli is now Chinese owned
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Cooper Tire closes Cooper Chengshan sale

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Cooper Tire & Rubber Company reports that it has completed the sale of its 65 per cent ownership in Cooper Chengshan (Shandong) Tire Company Ltd (CCT) to Chengshan Group Company Ltd on 1 December for approximately US$262 million net of taxes and including dividends in accordance with the previously announced option agreement. Earlier reports suggested […]

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Related news:

  1. Cooper: Chengshan worth US$440 million, say valuers
  2. Analysts: Cooper 3Q results surprise, but shares fall
  3. Chengshan to buy out Cooper for US$286 million
  4. Cooper counters Apollo offer reduction talk with statement
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Rosneft makes its mark on Pirelli’s board

Russian petroleum industry colossus Rosneft reports the closure of its agreement to purchase a 50 per cent share in holding company Camfin S.p.A., which owns a 26.19 stake in Pirelli & C. S.p.A. This acquisition gives Rosneft a 13 per cent indirect share in the tyre maker and the right to nominate candidates for Pirelli’s Board of Directors – a right the company chose to exercise immediately. Five new Rosneft-nominated individuals joined the Board of Directors on 10 July, filling vacancies created by five resignations that were tendered that same day.

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Related news:

  1. Nobody’s attempting to buy Pirelli, says Tronchetti Provera
  2. Pirelli share price spikes, eases back on acquisition rumour
  3. Rosneft reaches for Pirelli – but the power stays with Marco Tronchetti Provera
  4. Pirelli/Rosneft deal unchanged – Tronchetti Provera
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Up to a million shares to be acquired in Michelin buyback

Michelin says it has implemented a partial share buyback scheme and under this will acquire up to one million Compagnie Générale des Établissements Michelin shares. The company says it has “called on the assistance of an Investment Services Provider to meet certain objectives” of the share buyback programme authorised at Michelin’s Annual Shareholders Meeting on 17 May 2013.

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Related news:

  1. Michelin announces employee share offer
  2. Michelin Increases Stake in Hankook
  3. CBp Carbon Pyrolysis Rights Redistributed in Share Transfer
  4. Michelin amends share buyback agreement
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UK tyre retail: following pack growing fastest

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Continuing our coverage of developments in the UK tyre retail sector, Tyres & Accessories reports on the following 15 companies in its 2014 top 20 leading UK tyre retailers report. After the market leading five, the next five companies in the top 20 are the fastest growing in our ranking, and probably in the market as a whole. Like Micheldever/Protyre, McConechy’s Tyre Service has grown significantly since our last survey, adding seven branches to its number and pushing its total up to 52. This brings the company’s total back to pre-recessionary levels and could be read as another indication of improving conditions in the market.

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Related news:

  1. Retail: Hold it steady
  2. Kwik-Fit For Sale for £250 million?
  3. Pirelli Sells CPK Tyre Wholesale Business to Stapleton’s
  4. Micheldever CEO Runner-up for Director of the Year
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ContiTech sets goal of doubling turnover

Sales at Continental’s ContiTech division are expected to increase five per cent year-on-year in 2014, but the plan for the coming decade is for much larger growth. In an interview with German financial daily Handelsblatt, division head and ContiTech AG Executive Board chairman Heinz-Gerhard Wente shared on expansion plans for the newly-enlarged ContiTech: “The goal within the next ten years is to again double the turnover of ContiTech, including Veyance. This is by no means utopian.” This means turnover of around €11 billion.

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Related news:

  1. Pelmar Group Acquires Trelleborg Tyre/Rubber Machines
  2. ContiTech acquires Australian mining industry firm
  3. Conti to support ‘double-digit’ 2011 growth with increased investment
  4. Tyre aftermarket a growing focus for Conti
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Airport closure to facilitate Michelin expansion in Canada

Additional space to expand Michelin’s Waterville truck and OTR tyre plant in Canada has been found – at the town’s civilian airport. According to Tire Review, on 10 March councillors in Nova Scotia’s King County voted to close Waterville Municipal Airport on 30 September and make the airport land available for purchase by the province or Michelin. While the tyre maker has not confirmed any expansion, it is understood that the layout of the plant and its equipment is such that expanding onto the land currently occupied by the airport is the only option open to Michelin at the Waterville site.

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Related news:

  1. Pirelli Reports ‘Surge’ in Post-Recession Truck Tyre Demand
  2. Michelin X Works Z tyres launched in North America
  3. Triangle opening first US warehouse
  4. Magna Tyres Group expands into North America
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Michelin offering ‘gift card’ for motorcycle tyre purchases

Riders purchasing selected Michelin motorcycle tyres between 3 March and 30 April can look forward to receiving a part of their purchase price back from the tyre maker. Michelin is offering a £25 gift card when two (fitted) tyres are purchased in a single transaction and £10 for one (fitted) tyre from the Power SuperSport, Pilot Power 3, Pilot Road 4 and Anakee III ranges.

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Related news:

  1. Mistaken Identity?
  2. Michelin North America Ups Prices
  3. Fuel Voucher Promotion with Michelin Two-Compound Motorcycle Tyres
  4. Japanese study stresses value of web presence
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