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Sumitomo Company to Purchase US Sporting Goods Maker

SRI Sports Ltd., a division of the Sumitomo Rubber Group, has announced that it will acquire the US company Cleveland Golf Co. for US$132.5 million. The Japanese sporting goods maker will buy all outstanding shares in the California based company, the fifth-ranking maker of golf clubs in the United States, from Quiksilver Inc. SRI Sports hopes to complete the share acquisition procedures by the year-end. Through the acquisition, SRI Sports, which makes Dunlop brand golf and tennis goods, is aiming to expand its business in the United States.

13th November 2007/by Tyrepress Editors

Micheldever CEO Runner-up for Director of the Year

Micheldever Group Ltd CEO, Paul Fox, was pipped to the post for the Institute of Director’s (IoD) Director of the Year Award in the £25 million+ turnover category. Jonathan Neame of Shepherd Neame brewery won the award, with Steve Barber of technology company Xyratex also nominated. The results were announced at a Dinner and Awards ceremony held on 8 November in the Nash Room of the Institute of Directors, 116 Pall Mall, London.

Paul Fox joined Micheldever in February 2006 (as result of the Graphite Capital-backed management buyout) along with finance director Richard Sawney. In December 2006 Graphite Capital backed the first acquisition by Micheldever Tyre Services since the company was bought in February 2006. In this move Micheldever acquired two large retail sites, Cambridge and Stortford Performance Tyres, from the Company’s private owners, who retired upon completion. According to an official statement, this purchase demonstrated Micheldever’s intention to pursue similar transactions in the future.

9th November 2007/by Tyrepress Editors

MP Calls For Action On Tyre Dump

A report in the Eastern Daily Press tells of North Norfolk MP Norman Lamb, who has been trying for many years to clean up a dump of thousands of illegally-dumped tyres on the Tatterset Business Park, near Fakenham. Previous attempts by the District Council and the Environment Agency to have the dump cleared have foundered due to changes in ownership and difficulties in contacting Highstar Properties; the most recent owner of the site.

5th November 2007/by Tyrepress Editors

Conti Q3 Growth Below Predictions

Continental AG has announced a third quarter profit increase of 7 per cent, largely attained through the strong performance of the company’s tyre division. However this result has fallen short of market expectations of a 17 per cent rise in profit. Third quarter EBIT was 426.1 million euros, up 8.1 per cent over Q3 2006, while the quarter’s net profit was 251.5 million euros, a figure that failed to meet analyst predictions of 274 million euros.

The company’s consolidated sales for the first nine months of 2007 rose by 8.9 per cent to 11.92 billion euros; before changes in the scope of consolidation and exchange rate effects, consolidated sales were up 6.4 per cent. During the nine-month period EBIT rose by 19.8 per cent to 1.34 billion euros and the return on sales increased by 11.2 per cent; before changes in the scope of consolidation and special effects, EBIT rose 15.8 per cent to 1.38 billion euros. The adjusted return on sales amounted to 12.0 per cent, up from 10.9 per cent last year. The net income attributable to shareholders of the parent increased 25.3 per cent to 825.2 million euros, with earnings per share higher at 5.63 euros, as opposed to last year’s 4.51 euros.

30th October 2007/by Tyrepress Editors

Focus on Tyres, says Pirelli Shareholder

The investment fund Centaurus Capital, holder of a 3.2 per cent stake in Pirelli & C SpA, has sent a letter to the group asking them to maintain tyres as a primary focus. According to an article published in the Italian newspaper La Repubblica on October 20, the fund is pushing for Pirelli to reacquire the 39 per cent stake in the tyre business it sold last year to a consortium of banks, a purchase that could cost as much as double the 740 million euros originally paid for the share.

22nd October 2007/by Tyrepress Editors

Bidvest Believed to Behind TiAuto Buyout Announcement

Bidvest, 20 per cent shareholders in Tiger Automotive Ltd (TiAuto), who in turn own a 51 per cent share in Yokohama High Performance Tyres in the UK, is believed to have shown interest in acquiring all of the company’s retail and wholesale aftermarket wheel and tyre business. In mid-October TiAuto’s board announced: “Shareholders of Tiger Automotive are advised that the board has received a proposal which may result in an offer to acquire the entire issued share capital of the company.”

22nd October 2007/by Tyrepress Editors

Apollo Tyres Unveils Smart Retail Outlets

Apollo Tyres Ltd has launched its first branded retail store in Patiala, India. The company now plans to take these stores to all the metropolitan and class A cities in the country in the coming months.

The first store to sport the new look is National Tyres, Patiala, one of Apollo’s leading retailers in the state of Punjab. Speaking at the inauguration, Mr Satish Sharma, Chief, India Operations, Apollo Tyres Ltd, said: “There’s much happening in the Indian retail space and it’s the right time for us to give our customers the same best-in-class experience. We are creating outlets where women feel comfortable making a purchase. In an environment where the consumer can make an informed decision and is backed by quality service levels and knowledge. These stores look and feel different and will finally bring in the global tyre-buying experience into India.”

19th October 2007/by Tyrepress Editors

Cassie Hits the Road with NGK BoxClever

NGK is once again hitting the road with its BoxClever van, and this year ‘BoxClever Girl’ Cassie will be adding her enthusiastic support to what NGK hopes will be an exciting national tour. Every week Cassie and the BoxClever van will be travelling to different parts of the country, visiting garages and inviting mechanics who have not already done so to participate in the BoxClever promotion as well as providing the opportunity for all to win additional free ‘spot prizes’.

Since NGK first launched BoxClever in the autumn of 2004, its growth in popularity has been such that thousands of garages across the UK have taken part in the promotion, winning van loads of free gifts varying from NGK merchandise to hi-fi and computer games.

18th October 2007/by Tyrepress Editors

AIM Share Placing Planned to Double Capacity

Rising Tyre Co Ltd has announced it intends to raise as much as £16.2 million, including expenses, through a share placing, ahead of its Alternative Investment Market debut on October 30. The company said proceeds from the placing will primarily be invested in its new production facilities

Rising Tyre is the British Virgin Islands incorporated holding company for its wholly owned subsidiary Linyi Unique, a China based firm principally engaged in the manufacture of tyres and inner tubes for bicycles, motorcycles and mopeds. Linyi Unique acquired the production assets and business of Shandong Zhengxing, on 7 February 2007.

18th October 2007/by Tyrepress Editors

Snap-on Sells 1000th Modis

Snap-on Tools has sold its 1,000th flagship Modis hand-held diagnostic tool in the UK to James Gibb, the diagnostic technician at Beauley Motor Services of Southville. To celebrate the UK brand leader in diagnostic tools, software and information for the automotive market, made a special presentation of a Snap-on Tools voucher. Introduced in 2003, the Modis is aimed at providing a complete diagnostic solution to any UK garage or bodyshop. It reportedly continues to be in demand as the UK garage trade “realises the benefits to be gained from upgrading to top-of-the-range hand-held diagnostic tools.”

18th October 2007/by Tyrepress Editors

Bekaert Acquisition Talks in Russia Abandoned

International News

Following several months of negotiations Bekaert has opted to withdraw from talks with Russian firm ZAO Uralkord regarding a possible takeover. The Russian manufacturer, located in the industrial city of Magnitogorsk, produces steel cord products for domestic tyre manufacturers and was viewed as a suitable vehicle through which the Belgian firm could strengthen its position in Russia. As recently as late July Bekaert CEO Bert De Graeve told media that the group was hopeful of closing a deal by the end of the year, adding that about 50 million euros had been offered for the purchase of Uralkord.

Despite this optimism, the deal fell through within three months of De Graeve’s announcement. The reason for this, Bekaert outlined in a statement, is that during “the course of the difficult and protracted negotiations, it became clear that no agreement could be reached with the current shareholders of ZAO Uralkord that would meet Bekaert’s criteria for pursuing its strategy of sustainable profitable growth in Russia.”

15th October 2007/by Tyrepress Editors

Conti to Close Credit Facility for Siemens VDO Purchase

Continental AG is closing the syndication of a €13.5 billion loan package, supported by a consortium of international banks. The credit facility will provide the long-term financing for its purchase of the Siemens VDO Automotive unit. Despite what Conti calls ‘challenging conditions in the financial markets’, the transaction was well received and will be healthily oversubscribed. Continental further adds that a total of 39 banks are participating in the financing, which has been led by Citi and Goldman Sachs.

15th October 2007/by Tyrepress Editors

European Commission sets Deadline for VDO Purchase Inquiry

The European Commission has announced that its inquiry deadline for Continental AG’s proposed 11.4 billion euro acquisition of the VDO Automotive Division from Siemens has been set for November 15. No further details were given at the time.

12th October 2007/by Tyrepress Editors

Nexen Chairman Commemorates Stapleton’s Anniversary

The chairman of Nexen Tire Corporation, Mr. Byung Joong Kang, has presented Stapleton’s commercial director Peter Allen with a commemorative plaque to congratulate the tyre wholesaler on its 70th anniversary year. Speaking at the presentation, Mr Byung Joong Kang said: “We wanted to mark this special anniversary by presenting a plaque to Stapleton’s in appreciation of the years of its dedicated efforts and outstanding accomplishments in promoting the Nexen brand in the UK Market.

“Since the beginning of our commercial relationship, Nexen Tire Corporation has been extremely proud of working with Stapleton’s and we consider the company to be one of the leading and most creative partners in the tyre business.”

12th October 2007/by Tyrepress Editors

Beaurepaires Indroduces ‘Climate Neutral’ Tyres to Australia

One of Australia’s largest tyre retailers, Beaurepaires, is calling on motorists to help reduce the environmental impact of their cars and tyres through the use of climate neutral tyres. For the first time, Australian motorists can purchase climate neutral tyres at no extra cost thanks to the Beaurepaires Climate Neutral campaign the retailer is running across its 300-store national network during October.

If the 11 million passenger vehicles on Australian roads were fitted with climate neutral tyres, more than 10.5 million tonnes of CO² emissions could be prevented from entering our atmosphere. This is equivalent to the volume of 2.3 million Olympic sized swimming pools or more than 1.6 million households switching to clean energy for one year.

Beaurepaires has also produced a set of tips to help motorists reduce the environmental impact of their cars and tyres on a day-to-day basis. Managing director and CEO of Beaurepaires, Judith Swales, urged motorists to do their bit to lessen the environmental damage caused by their vehicles.

5th October 2007/by Tyrepress Editors