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.
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.
Delphi Automotive Systems is to participate in Cosivint, the internet purchase network of General Motors, Ford and DaimlerChrysler. According to the Wall Street Journal, six or seven other companies will join during this week.
Well Express International (Hong Kong) is to purchase The Tirex Corp. Canada’s (Montreal) patented cryogenic tyre recycling system TCS-1 for approximately 2.25 m US-$. Both companies signed a Memorandum of Understanding to market, sell and possibly manufacture TCS-1 in the People’s Republic of China.
Kwik-Fit is to buy Silver Shield Screens Ltd, the automotive glass repair and replacement company. Silver Shield has 57 branches and 225 company-owned and franchised mobile fitting vehicles, providing a 24-hour windscreen repair and replacement service. The purchase price was £6 million, with up to another £2 million, dependent on future events. Silver Shield is number three in its market, with annual sales of more than £20 million.
Bridgestone Corporation has acquired control of a Chinese manufacturer who produces radial passenger and commercial tyres from the Republic of Korea’s Kumho Industrial Co. The company has a current production capacity of about 3.5 million tyres a year.
BBS has bought back the 50 per cent share in a light alloy wheel factory in Ruina (Ferrara), from it former partner in the joint venture, Riva Calzoni.
Nokian Tyres strengthens its retail network by purchasing Rengasmestarit-Kumi-Helenius Group that has 31 tyre retail outlets in Finland. After the acquisition, Nokian Tyres’ retail network covers the whole of Finland. The purchase price is 8.3 million euros. In 1999, the company’s net sales amounted to approximately 34 million euros and it employed 240 people.
Evolution for sure, revolution not at all. That’s Michelin’s opinion regarding the B2B E-Commerce initiative of leading global tyre producers which was announced recently.
Competition authorities have approved the purchase of Rengsmestarit-Kumi-Helenius Group. Nokian bought the retail chain with 31 outlets and a turnover of 34 Million Euros in March 2000.
In the USA it is possible to order coloured BFGoodrich High Performance tyres via the internet.
Nokian Tyres has agreed to purchase up to 94 % of the ISKO-shares. ISKO is the largest Finnish Tyre wholesaler and retailer. As soon as the transaction has been completed Nokian Tyres will have the largest equity in “Nordic Europe” consisting of 117 depots with 750 employees in Scandinavia together with Estonia and Latvia.
Finnish tyre manufacturer Nokian has achieved a net turnover of 199 million Euros in the first nine months of this year; an increase of around 20 %. Operating profit is 18.4 million Euros (9 % lower than the previous year). Nokian is pursuing a strategy of expansion and, this year, will invest some 31 million Euros, with the aim of increasing production capacity by 50% within five years. At the moment, Nokian is trying to purchase ISKO, Finland’s largest tyre dealer with a turnover of approximately 65 million Euros. Analysts say that ISKO is financially very strong and very profitable.
Tyre manufacturer Cooper Avon wants to buy Siebe’s Automotive Devision. According to present information Cooper has to pay 244.5 million US-Dollar for the company which belongs to the British Invensys group.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
