The shareholders of US wholesaler, TBC Corp, have approved the company’s purchase by Sumitomo Corp of America. Sumitomo America, a subsidiary of Japan’s Sumitomo Corp will pay $35 in cash per TBC share. Including debt, the total acquisition value is about $1.1 billion. The transaction is expected to close later this week, the company said in a statement
(Akron/Tire Review) Cooper Tire & Rubber Co has commenced a cash tender offer for specified series of its outstanding debt, and is offering to purchase up to $175 million in an aggregate principal amount of its outstanding 7-3/4 per cent notes due 2009, 7-5/8 per cent notes due 2027, and 8 per cent notes due 2019. The tender, said Cooper, will expire at the close of business on 13 December.
Unipart Automotive has teamed up with Omitec to offer garages a 5 year “all inclusive” modular integrated diagnostics solution. According to the company, the deal has no hidden costs and allows garages to invest cost-effectively in a lucrative area of vehicle repair work.
ARS spol s.r.o. has opened a brand-new facility close to major highways in the Bratislava area. The inauguration was part of an Open House event held on 22 September 2005 and was attended by the management of Bandag Europe, Middle East and Africa (EMEA).
The new premises combine a state-of-the-art Bandag retreading workshop, a huge service outlet for trucks and the company’s new offices. Customer benefits include faster, much-improved service and easier access.
North Eastern Tyres and Exhausts’, North Tyneside branch has received a prestigious Michelin award, as part of the manufacturer’s prestigious accreditation scheme. According to the manufacturer, the standard certifies high quality premises, expert staff and exemplary customer service.
NETE is the first centre in the North of England and one of just sixteen centres to have achieved this level anywhere in the UK. According to the company, the Michelin accreditation programme is designed to raise the standards of the tyre distribution industry in the same way that the famous Michelin Guide has done for restaurants and hotels over the past 100 years.
When Tyres & Accessories exclusively reported on the launch of the Michelin accreditation scheme back in February, programme development manager Jonathan Brett said he expected between 50 and 100 branches to be on board by the end of the first year. As that timeframe draws to a close Mr Brett explained that he is pleased with the programme’s development.
“It has gone really well. There is signage on about 16 depots, but this is fast moving and could change by next week. Fifty more are involved in the accreditation process.” Perhaps the scheme won’t reach the 100-mark that Mr Brett had hoped for this year, but in his words, the introduction of a new scheme was “never going to be a sprint, but a marathon.
Online tyre company rubberball.co.uk has published research showing that 10 per cent of British motorists will be driving with at least one faulty tyre this winter. Only 9 per cent of drivers surveyed were aware that the minimum legal tread depth is 1.6 millimetres and a further 10 per cent believed that their tyres were still safe below this level.
Performance Fibers today announced that its Asian subsidiary has signed an agreement that will give it full ownership of the company’s operations in Kaiping, China. The subsidiary, Performance Fibers Asia, LLC (PFA), has signed an agreement with Guangdong Kaiping Chunhui Co Ltd (Chunhui) to acquire Chunhui’s 30 per cent equity share in Performance Fibers Kaiping Company Limited (PFK).
(Akron/Tire Review) In its third quarter financial results, Titan International released the names of those who are serving on its special committee to conduct sale negotiations with One Equity Partners.
Columbus McKinnon Corporation, Sarasota Florida Operations and e&Resources of Seoul, Korea are proud to announce the sale of the first CM Primary Tyre Shredder and CM Liberator to be installed in Japan. The equipment has been purchased by the Takahashi Shoji Corporation, which is located on the north island of Hokkaido in the city of Obihiro.
Newcastle is home to one of the top six Michelin accredited tyre centres in the UK, the manufacturer has announced. North East Tyre and Exhausts’ new centre on the Silverlink Business Park, Wallsend, North Tyneside has just received Michelin accreditation, a standard which certifies high quality premises, expert staff and exemplary customer service.
(Akron/Tire Review) Late yesterday morning, Titan International announced that it was extending the deadline for the completion of its planned purchase of Goodyear Tire & Rubber Co.’s agricultural tire business. The new deadline is 1 November. The previous deadline of 1 October came and went without a public announcement by the Des Moines, Iowa, tire and wheel maker. Titan said it filed for the extension on 30 September.
The extension is the third Titan has taken since it announced its plans to buy all of Goodyear’s agricultural tyre business – including its Freeport, Illinois, agricultural tyre plant – for some $100 million. As required by Goodyear’s contract with the United Steelworkers (USW) union, Titan must reach an agreement on a new contract for the plant’s 800 workers before the sale can be completed.
Vellco has been short listed as one of three finalists by the York Evening Press as Environmental Business of the Year and will shortly be visited by an independent judging assessor at their headquarters in Weaverthorpe, North Yorkshire. The winners will be announced at a special awards ceremony at the Voltigeur Suite at York racecourse on 17 November.
Alcoa has announced that it has offered to purchase the remaining 18 per cent of the Belaya Kalitva (BKMPO) fabricated aluminium plant in Russia still held by shareholders following its acquisition from Rusal in January 2005.
Metro Tyres has suggested that it might consider going public in order to fund a possible acquisition of Falcon Tyres. The news follows the company’s recent admission that it was interested in purchasing Falcon Tyres.
(Akron/Tire Review) For the second time in as many months, Titan International has extended the deadline for completion of its purchase of Goodyear Tire & Rubber Co. agricultural tire business. It is believed that the second extension – until 1 October – is due to slow moving negotiations between Titan and the United Steelworkers (USW).
Under terms of the contract it signed with Goodyear in 2003, any company purchasing a USW-represented Goodyear plant must negotiate a new deal with the union before the sale can be consummated.
The purchase, announced last February, includes Goodyea’rs agricultural tyre plant in Freeport, Illinois.
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