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Kwik-Fit confirms Itochu is new owner

Company News, News, UK News

Kwik-Fit Group has confirmed earlier reports that PAI Partners has sold the fast fit chain to the Japanese Itochu Corporation for £637 million. The purchase price is said to include £457 million of debt, which will be paid off in full at completion, according to a Financial Times report. The deal is reportedly Itochu’s biggest investment in the UK and follows its acquisition of Stapletons in 1994. The company is also already talking about the potential synergies between the two businesses:

3rd March 2011/by Chris

Itochu Buys Kwik-Fit for £637 million

Company News, News, UK News

Kwik-Fit has reportedly been sold to the Japanese conglomerate that owns Stapleton’s, Itochu Corporation. According to a City AM report, the deal follows the signing of a three digit million pound deal yesterday (1 March 2011). The article suggests Kwik-fit’s former owner, private equity firm PAI Partners” has “cashed out” of its six-year ownership of the chain for “£637 million, which includes net debts of £457 million.” A Kwik-Fit spokesman refused to confirm or deny the reports when Tyres & Accessories asked for confirmation of the news. Either way, the reports suggest the deal is still subject to regulatory approval.

2nd March 2011/by Tyrepress Editors

Continental: Car patterns to feature on 4×4 tyres

When it comes to the development of the 4×4 tyre segment, there are still two sides to the market, according to a Continental UK analysis. But on one side at least there are clear signs of the car-ification of 4×4 tyre line, something that has developed in parallel with continued purchase of SUV type four wheelers.

25th February 2011/by Tyrepress Editors

Michelin presenting Ultraflex tyres at SIMA 2011

Serge Lafon, Michelin’s executive director of Agricultural Tyres World says that the company’s SIMA 2011 line-up provides “tangible proof of Michelin’s strategic commitment to enhancing the productivity of farmers and farming companies and boosting their bottom line.” The stand is presenting the CerexBib for harvesters, the SprayBib for row-crop sprayers and the AxioBib in a new size – IF900/60R42 – the market’s only 2.15-metre flotation tyre with “Improved Flexion”. Michelin says its tyres deliver “enhanced soil protection, considerably lower fuel consumption and greater longevity”, helping farms to be more profitable.

22nd February 2011/by Tyrepress Editors

Tesco-Tyres.com offers quadruple clubcard points

Tesco’s 13 million customers will be able to quadruple their Clubcard points for the first time on a single purchase following the launch of Tesco-Tyres.com. Tesco has joined forces with Blackcircles.com to launch the motoring venture that could see customers earn over 2300 Clubcard points on purchases of Pirelli, Yokohama and Hankook tyres. Double Clubcard points are being offered on all other brands.

18th February 2011/by Tyrepress Editors

Peter McMartin 1932 – 2011

With great sadness Maxxis International (UK) PLC has announced the loss of Peter McMartin the company’s founder and chairman. Peter McMartin passed away peacefully with family at his side, late in the evening of Monday 14 February, following a short battle with cancer.

Born in Falkirk, in 1932, Peter McMartin’s entrepreneurial career took off in the early 1970s when he began importing car and motorcycle parts from Japan. He then went on to focus exclusively on motorcycle parts before merging his company with distributor Bickers Anglia (Accessories) Limited in 1986. In 1998 Peter successfully completed the purchase of the company and went on to develop the business with the support of his directors and committed, loyal workforce. The company converted into PLC status for a short time before a new joint venture company was formed in March 2005, Maxxis International UK plc. Maxxis still uses the Bickers name to continue trading in the motorcycle industry, while using the Maxxis brand to trade in the automotive tyre sector. Peter had remained active as chairman until just a few weeks prior to his death, always maintaining a positive hands-on approach to the company he loved.

17th February 2011/by Tyrepress Editors

Trelleborg buys Hebei plant, expands into Chinese specialty tyre market

Trelleborg has acquired an operation in Xingtai, Hebei Province, eastern China, in a move designed to facilitate the group’s expansion in the Chinese market for specialty, primarily agricultural tyres.
Trelleborg has acquired an existing facility from a Chinese company, part of the US Group Maine Industrial Tire LLC, and will also transfer approximately 180 employees. The acquisition and investments total approximately 100 million Swedish krona (£9.641 million; 11.45 million euros; US$15.54 million) over a three-year period. Production under the Trelleborg name is expected to commence during the second quarter of 2011.

17th February 2011/by Tyrepress Editors

Starco begins online store rollout

Details of the comprehensive Starco range of tyres and related products have long been available in catalogue form, and the company has now taken the first step in transferring this information online. Customers in Germany are the first to experience the company’s new “STARCOshop” and Starco intends to roll out online catalogues for its aftermarket customers throughout the whole of Europe within two years.

17th February 2011/by Tyrepress Editors

Snap-on presents new N2 nitrogen generator

Snap-on Equipment has announced its new N2 Generator nitrogen inflation system, available under the Hofmann and John Bean brands. The mobile unit for motorcycle, car, caravan, 4X4 and LCV tyres generates nitrogen at a rate of 4,380 litres per hour. Snap-on says nitrogen inflation will help extend tyre life, lower fuel consumption and reduce tyre wear, therefore improving grip, handling and safety due to much slower tyre pressure loss, as nitrogen particles are larger than oxygen.

8th February 2011/by Tyrepress Editors

Matador sells share in Addis Tyre

Ethiopia based newspaper Addis Fortune reports the sale of a majority share in the country’s sole tyre maker, Addis Tyre SC. According to “reliable sources” that spoke to the English language weekly, Matador AS has sold its 69 per cent share in Addis Tyre to Horizon Plantations Ethiopia Plc. This purchase comes more than two years after a Memorandum of Understanding for the acquisition was signed – Addis Fortune notes that the share transfer was put on hold as the Ethiopian government owns the remaining 31 per cent of shares and therefore the country’s Privatisation and Public Enterprises Supervising Agency had right of first refusal on Addis Tyre.

8th February 2011/by Tyrepress Editors

Kumho creditors considering Daewoo share sale

Creditors of South Korea's Kumho Asiana Group, parent company of Kumho Tires, are said to be considering selling a 1.46 trillion won (₤818.8 million) stake in Daewoo Engineering & Construction Co Ltd held by the group's affiliates via a block trade. Group company Kumho Industrial Ltd holds 14.6 per cent of Daewoo Engineering & Construction and other units own the remainder, and the sale of a 24.7 per cent share in the contractor, as reported by Reuters, would join a number of other restructuring efforts aimed at aiding the cash-strapped company.

8th February 2011/by Tyrepress Editors

Sage Launches Mobile Payment System

In the US Sage Payment Solutions has launched a new mobile payment system for small and medium-sized retailers. Sage Mobile Payments comes bundled with a Sage merchant account to allow businesses to expand their payment options by accepting credit and debit cards on 400+ types of mobile phones and computing devices, across all major wireless carriers. Sage Payment Solutions is available for a monthly fee and no incremental mobile processing or transaction fees.

2nd February 2011/by Tyrepress Editors

Totrax Flexes Its Muscles With Cam Systems

Totrax has announced that it is introducing Cam Systems Cameo product to provide “greater flexibility and efficiency to its business through streamlining its day to day operating system.” By replacing its outmoded platform with the modern Cameo software system, Totrax aims to flex and grow the programme with its business, which has doubled in size over the past three years.

19th January 2011/by Tyrepress Editors

Toyo, Conti, Yokohama Settle GTY Dispute

Toyo Tire Holdings of Americas, Continental Tire the Americas and Yokohama Corporation of America have reached an agreement settling all claims relating to the lawsuit regarding Toyo’s forced exit from the joint venture GTY Tire Co. Last June, US publication Tire Review reported claims from Toyo that in December 2009 its GTY Tire partners Yokohama and Continental cut off Toyo’s requested 2010 allocation of 290,000 medium truck radials and had voted to dissolve the GTY partnership, citing Toyo’s “business and capital alliance” partnership with Bridgestone Corporation. Toyo, with a 16 per cent share in GTY Tire, was the ‘junior partner’ in the joint venture – Continental held a 51 per cent share and Yokohama a 33 per cent stake.

19th January 2011/by Tyrepress Editors

Michelin Launches Ag Tyre Spec Service at Lamma

Michelin has announced a new bespoke tyre specification service for farm vehicles, which will launch tomorrow at Lamma 2011. The service will run free of charge at all of the trade shows the manufacturer will attend this year, which will include the Irish Machinery Show, Grasslands & Muck, Cereals, Royal Welsh Show and Royal Highland Show. Michelin technical specialists will carry out a detailed technical appraisal, taking into account the precise machine model, individual tyre sizes, operating weights, desired applications and surface type. This information will then be used to determine the most suitable Michelin or Kleber fitments, together with recommended operating pressures.

18th January 2011/by Tyrepress Editors