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Chinese Auto Market Stalled

The Chinese automotive market, expected to be the largest growth market for the coming decade has so far not lived up to expectations. Vehicle manufacturers are prepared to meet the expected demand but Chinese finance regulations have not been adapted to allow lending to facilitate purchase of cars. Currently only 10 per cent of private purchases are financed in Chine compared to 75 per cent in the USA. According to General Motors sales don’t start rising until financing packages are available from the manufacturers. Currently finance is only available from the rapidly expanding Chinese banks where automotive finance business has grown by over 50 per cent per year for the past three years.

3rd September 2002/by Tyrepress Editors

Goodyear Reacts to ‘Mini Tender’

The Goodyear Tire & Rubber Company said it has become aware of an unsolicited “mini tender” offer by TRC Capital Corp. to purchase up to five million shares of its common stock, or approximately 3 percent of Goodyear’s total shares outstanding, for $19.50 per share. Goodyear said it expressed no opinion on the unsolicited offer, but advised its shareholders to exercise extreme caution in considering the offer. “Mini tender” offers are not subject to many disclosure, filing and procedural protection requirements of the U.S. Securities and Exchange Commission and are often structured to obtain shares at below market prices. “Mini-tender” offers – tender offers for less than five percent of a company’s stock – have been increasingly used to catch investors off guard. Many investors who hear about mini-tender offers surrender their securities without investigating the offer, assuming that the price offered includes the premium usually present in larger, traditional tender offers. But they later learn that they cannot withdraw from the offer and may end up selling their securities at below-market prices. Goodyear urged its shareholders to review the terms of the “mini tender” offer carefully and to consult with their financial advisors before considering this offer.

27th June 2002/by Tyrepress Editors

Bandag Buys Stock

Bandag has agreed to purchase over 1.5 million of its shares from Lucille A. Carver, widow of the company’s founder and mother of current President, Chairman and CEO Martin Carver. Mrs Carver was a director of the company from 1957 until May this year and the sale reduces the voting power of the Carver family from 78 per cent to around 64 per cent. The total purchase price is $40,183,636.

19th June 2002/by Tyrepress Editors

Savvy Goodyear Buy More Sava

Goodyear has strengthened its hold on Sava by increasing its stake in the Slovenian tyre manufacturer to 80 per cent, with a right to purchase the remaining 20 per cent between 2004 and 2005. Goodyear has invested over 90 million dollars in modernising Sava Tires. Sava employs some 1,400 staff, manufactured over six million tyres in 2001 and posted sales in excess of 230 million dollars.

8th May 2002/by Tyrepress Editors

Memorandum Of Association Signed For Kumho Purchase

A Memorandum of Understanding was signed this week regarding the purchase of 80 per cent of the tyre manufacturing business of Kumho. The buying consortium is headed by JP Morgan Chase and includes US equity fund Carlyle Group. At an estimated $1.5 billion, the sale – which still has to be finalised – would be South Korea’s largest-ever asset sale to foreign interests.

4th March 2002/by Tyrepress Editors

Bidder Approved For Kumho Tyre

Kumho has announced that it has chosen to work with an international consortium comprising Carlyle, JP Morgan and UBS Capital as the preferred partner for the sale of the Kumho Group’s tyre division. The buying group has obtained loans of 761 million dollars from the Chohung Bank and other creditors to facilitate the purchase. Kumho expect to raise up to 1.5 billion dollars from the sale of 80% of the business, but intend retaining the management rights.

1st February 2002/by Tyrepress Editors

Co-operation between Van den Ban and Inter-Sprint

Shortly before Christmas, it was announced that the two Dutch wholesalers, Intersprint and Van den Ban, were to co-operate in areas such as logistics, warehousing and transport. Under the agreement, Intersprint will purchase a number of shares from Van den Ban and it is possible that Van den Ban will buy a small amount of Intersprint’s shares. The founder of Van den Ban, Mr. Arie van den Ban, stressed that the amount of shares to be purchased by Intersprint has not yet been determined, but it will be less than fifty per cent. The two companies share up to 70 per cent of customers but want to continue to act independently in the market. Van den Ban’s managing director Simon Klapwijk and commercial director Henk van Dijk will leave the company this week; a parting which was described as “amicable” by both sides.

8th January 2002/by Tyrepress Editors

Alcoa Signs Agreement to Acquire Dooray Air Metal’s Extrusion Business

Alcoa Inc. and Dooray Air Metal Co. Ltd. have announced that they have signed a definitive asset purchase agreement for Alcoa to acquire Dooray’s aluminium extrusion assets, located in Changwon, Korea. The two companies signed a memorandum of understanding in spring 2001 for Alcoa to acquire the Dooray assets. The Changwon facility produces hard alloy extrusions, rod and bar, extruded shape and tubing for use primarily in industrial, transportation, defence and aerospace applications. The aluminium car wheel business, in which Dooray is the market leader in Korea and Alcoa is one of the biggest oe suppliers in North America, is not affected.

4th January 2002/by Tyrepress Editors

Buy-Out At Just Tyres

On 10th November it was announced that 38 Just Tyre outlets had been sold to a team which includes three Just Tyres managers. Major shareholder in the buy-out is Ian Grant, who was Chief Executive of the Just Tyres Holdings group. The purchase price was not revealed, but it is understood that around 100 jobs have been secured by the deal. The group called in the Administrative Receiver in mid-October and 40 Just Tyres outlets were closed immediately. A further 12 were closed last week, leaving the most profitable 38 depots in the chain. Ian Grant said he was “encouraged” by discussions with suppliers.

28th December 2001/by Tyrepress Editors

Setback In Negotiations Between Carlyle And Continental

According to articles in German newspapers the negotiations between the US-Investment company and Continental for the purchase of ContiTech have hit a snag. It is said that Carlyle is not willing to pay the price that Continental expects. According to spokesmen from Continental the group is now negotiating with more than one potential partner.

30th November 2001/by Tyrepress Editors

Purchase Completes Vianor Chain In Sweden

Nokian Tyres has purchased the 13-outlet tyre chain of Dackaffaren for the sum of 4.3 million Euro. Dackaffaren had a turnover of 110 million Swedish Crowns (11.5 million Euro) last year and employs 70 staff. The company will be incorporated into Nokian’s Vianor tyre retail chain, which now consists of 50 outlets in Sweden and a total of 170 outlets in five countries. Kim Gran, Nokian’s President and CEO, says that the acquisition completes the company’s coverage in Sweden.

30th November 2001/by Tyrepress Editors

Boom In Alloy Wheel Original Equipment

Car makers in a lot of markets grieve over significant reductions in new car registrations. One should not forget that, for most suppliers, from whom parts are needed for the production of cars, the consequences are negative also. But not for manufacturers of light alloy wheels: a flood of special car editions and generally growing fitment rates – in comparison with steel wheels – means that the European aluminium wheel manufacturers are selling all that they can produce. New facilities are even having to be built. The aluminium wheel in original equipment changes from a part which raises the value of a car to standard fitment, even for middle class vehicles. In spite of these favourable conditions, the sector is under pressure. The middle-class structured alloy wheel manufacturers cannot resist the downward trend of prices, caused by the car manufacturers. This is especially so because the purchase of this product happens more and more on a global scale. Besides this, the number of possible oe suppliers of cast aluminium wheels is still enormous. A process of consolidation (as in other segments supplying oe) has not happened, until now.

30th November 2001/by Tyrepress Editors

Romanian Acquisition For Michelin

Nomura International, which holds a “substantial” equity stake in Romanian tyre manufacturer Tofan, has announced the sale of parts of the company to Michelin. The French company has bought the Victoria car tyre plant, the Silvania truck tyre factory, a retreading unit, a number of warehouses and the Tofan-owned distribution network. The purchase price was not revealed but a number of tyre manufacturers are said to have been interested. Tofan will continue to manufacture agricultural and implement (brand name: Danubiana) tyres and this business will be expanded, says Nomura, which remains a significant shareholder.

30th November 2001/by Tyrepress Editors

Cooper Tire Announces Intent to Buy Hercules Retreading Assets

Cooper Tire & Rubber Co. announced the intention, as of June 30, 2001, to purchase certain manufacturing assets used in Hercules’ retread operation and will soon begin to supply retread products to customers formerly served by Hercules. This purchase will significantly increase sales in the Oliver Retreading Systems and Products unit, which is a part of Cooper’s new commercial division. Also included in this sale are certain assets of the Cedco equipment division, which will benefit Oliver’s Salisbury equipment operation. The final price is subject to certain valuations at closing but will not exceed $8.5 million.

30th November 2001/by Tyrepress Editors

Sell-Off Of Mannesmann Sachs – Continental The Favourite Bidder

Reports in the press say that Siemens is selling two businesses that it acquired with the purchase of Mannesmann Atecs. One of these is Mannesmann Sachs, manufacturer of clutches and shock absorbers and which is said to be worth one billion Euro. Continental was named as the front runner among those seeking to buy the company.

30th November 2001/by Tyrepress Editors