LKQ Corporation, purportedly the largest provider of aftermarket and recycled collision replacement parts in the US and Canada, has acquired Euro Car Parts. The initial purchase price was £225 million, however in addition the purchase agreement provides for the price to increase by a further £55 million if Euro Car Parts meets certain growth targets.
Kwik Fit has announced that its new parent company (Itochu) is considering moving its retail head office to Letchworth, raising questions about what this means in practice. Could it even mean putting the two businesses into the building that is currently the home of the wholesale wing – Stapleton’s Tyre Services? When questioned on the subject, the relevant spokespeople told T&A it was too early to say.
Dr. Benjamin Franklin Goodrich, who as born in Ripley, New York in 1841 and died in 1881, was a pioneering figure in the United States tyre industry. When his business idea of producing rubber products failed to enthuse, in 1870 he established his own Akron, Ohio-based firm – which later became famous as B.F. Goodrich. The company introduced the first US-made mass produced tyre in 1896, the first tubeless tyre into North America in 1946 and the first radial there in 1965. In 1977, B.F. Goodrich delivered tyres for the first prototype Space Shuttle.
Yokohama Tire Corporation’s sponsorship contract with three high-profile American football teams has been renewed for a further year. The 2011 season is now getting underway and the tyre maker is back as sponsor to the National Football League’s (NFL) Dallas Cowboys, Denver Broncos and Baltimore Ravens. To kick off its return for the new season, Yokohama is holding a “Home Team Pride” programme between September 26 and November 6. During this time consumers can receive a free official replica Cowboys, Broncos or Raven jersey with the purchase of four Yokohama tyres from participating local dealers.
Only a few months after Japanese trading concern Itochu Corporation acquired UK fast-fit giant Kwik-Fit, the British company’s French subsidiary Speedy is, according to French media reports, up for sale. The resale of the Speedy fast-fit chain admittedly doesn’t come as a complete surprise, as from the outset Itochu expressed its main interest as being in the UK and Dutch markets.
Midas stores across the US will soon have access to Kumho brand tyres thanks to a new deal between the service retailer and Kumho Tire USA, reports Tire Review. The new “partnership program” reportedly gives rebates to Midas stores purchasing Kumho tyres, and tyre distributors will get a 1 per cent credit for administering the program.
"Commercial vehicle sales remain strong with around 23 per cent growth in August. Whilst economic uncertainty is ever present, truck and van sales are retaining their strength with all sectors in the market performing better than last year." said Sue Robinson, Director of the RMI National Franchised Dealers Association which represents commercial vehicle and franchised car retailers across the UK, commenting on the SMMT’s van and truck registration figures.
Financial analysts have raised their estimates for Yokohama Rubber after reviewing their raw material assumptions. Their rationale is that, “while not as smoothly as peers, Yokohama Rubber is passing costs on to customers, and despite uncertainties (downturn in US/Europe), we expect it to report 30 per cent growth in adjusted full year…earnings on lower raw material prices and full-year contributions from price hikes.”
Kwik-Fit Fleet has appointed Martin Towers to lead its 13-strong sales team. The new corporate and national sales director takes on responsibility for managing both sides of Kwik-Fit Fleet’s sales departments, namely corporate account managers, who handle relationships with contract hire and leasing companies, and area sales managers, who manage partnerships with outright purchase fleets.
Stapleton’s managing director Kenji Murai and trading director, Steve Parker, have resigned from their positions as directors of Stapleton’s. Yutaka Kimbara has now been appointed as managing director of the leading tyre wholesale business and take over the leadership of the company with immediate effect. The news followed a board meeting yesterday (26 July 2011), which resulted in Stapleton’s directors communicating “a number of changes to its composition.”
The European Commission has cleared the proposed acquisition of German chemical company Evonik’s carbon black business under the EU Merger Regulation. This approval under the EU Merger Regulation means that the business’ purchase by US based firm Rhône Capital and Jersey’s Triton is not considered one that will significantly alter the structure of the carbon black market or significantly impede effective competition in the European Economic Area (EEA); the Commission reached this decision as neither firm has any existing ownership interests in any business that manufactures or sells carbon black.
Although Delticom reports the summer tyre trade in Europe has so far “lagged behind expectations”, the company behind mytytres.co.uk and some of Europe’s other best-known online tyre retail portals increased its year-on-year revenues and earnings during the second quarter of 2011. April was admittedly described as being a comparatively weak month for Delticom, yet the company says it managed to offset this with positive figures in May. The following month delivered a noticeable year-on-year increase in tyre sales, Delticom added.
For the first time, run-flat fitments have been added to Bridgestone’s replacement market portfolio in Japan. The first run-flat made available to aftermarket consumers in the tyre maker’s home market is the Potenza S001 RFT, introduced in four sizes on July 1. Run-flat variants of the Potenza S001 had their public debut at the Geneva Motor Show in March; according to Bridgestone, European replacement market customers will be able to purchase the Potenza S001 RFT as of August, with global market availability to follow.
ContiTech, Continental’s rubber and plastics technology division, has further expanded its global activities in the mining and raw materials industry through its Conveyor Belt Group’s acquisition of Australian trade company M.I.R.S. (Mining Industrial Resource Supplies). The agreement to purchase the Perth-based company was made on July 12 and backdated to July 1, 2011. Both sides have agreed not to disclose the purchase price.
Kwik Fit has announced a 2011 banded pay settlement for 4,400 employees in its 676 UK centres. The settlement provides an increase of 3 per cent for fitting staff on the standard company salary for their grade, affecting the majority of the workforce. All other staff, including managers, supervisors, MOT testers and service technicians, will receive a 2 per cent increase. Kwik Fit said the agreement was reached after amicable discussions with the trade union Unite. The pay increase will be backdated to 1 January 2011.
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