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Cooper Tire & Rubber has announced that its stockholders voted to approve its pending merger with a wholly-owned subsidiary of India’s Apollo Tyres, with more than 74 per cent of Cooper’s outstanding common shares voted in favor of the transaction. Approximately 78 per cent of Cooper’s outstanding common shares were voted, with more than 48 million shares voted in favor of the merger, representing approximately 96 per cent of Cooper’s voted shares.
As work on Sumitomo Rubber Industries’ tyre plant in Brazil nears completion, groundbreaking was held for the company’s second tyre factory outside of Asia. On 18 September, a groundbreaking ceremony was conducted at the Sumitomo Rubber AKO Lastik Sanayi ve Ticaret A.S. (SAT) factory site in Turkey’s Cankiri Province.
Within the next few hours, Cooper Tire & Rubber shareholders will cast their votes in favour or against Apollo Tyres’ bid to acquire the US tyre maker for US$2.5 billion.
Sumitomo Rubber Industries has published the English-language version of its "CSR Report 2013", which was originally released in Japanese in June. The report details the group’s corporate social responsibility activities during 2012.
This winter, Michelin’s first European market winter tyre for scooters will hit the roads. The new range has been named City Grip Winter and is specifically designed for safe riding on wet and snow-covered road surfaces. Michelin says the M+S labeled City Grip Winter aims to offer optimum grip on surfaces while giving a comfortable ride and high total mileage; in order to develop a tyre that delivers performance in these three areas, Michelin reports pulling several technical innovations from its bag of tricks.
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While Lanxess says it is “pursuing strategic options for specific non-core businesses” and aims to reduce its global workforce by around 1,000 people by the end of 2015, the specialty chemicals firm’s reduced 2013 capex is being invested in areas serving the tyre and automotive industries. The company says work on its three key projects, including the new neodymium polybutadiene rubber (Nd-PBR) plant in Singapore is progressing according to plan.
Mitas has entered the motorcycle radial business with the global launch of the Sport Force. The new tyre is manufactured in Slovenia by Savatech, the former Sava rubber manufacturing division acquired by Mitas’ parent company CGS Holdings in October 2012. Sport Force is a sport and touring range that is initially available in three front and five rear sizes.
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When viewing current regulatory and competitive trends, few fleet operators harbour the illusion that life will get easier in future. Fleet operators in the UK and Western Europe must contend with rising costs and ever-stricter regulations, along with increasing competition from markets further east and a need to maximise payloads. Generally speaking, any measure that offers a cost-saving advantage is now being taken very seriously, including when it comes to tyres. But while this drive towards cost effectiveness is occurring industry-wide, fleet priorities differ depending on the routes driven and the cargoes hauled. While some consider total mileage of utmost importance, others place fuel efficiency at the top of their list.
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ATS Euromaster is calling on all drivers to observe October's Tyre Safety Month. To promote the importance of keeping tyres in top condition, the nationwide tyre retailer is supporting TyreSafe's efforts and hopes other retailers will gather their free campaign materials. ATS Euromaster hopes the initiative will encourage drivers to get into the habit of checking tyre pressure once a month.
On 23 September, a total of 350 guests joined executives from Yokohama Tire Corporation, including Yokohama Rubber representative director Hikomitsu Noji, and state and local officials in West Point, Mississippi to break ground on Yokohama’s first greenfield manufacturing facility in the United States. During the official groundbreaking ceremony, the first sod was turned on a plant that is scheduled to enter production in October 2015 and manufacture up to one million tyres a year, mostly for the domestic market.
At an investor meeting on 20 September, Goodyear Tire & Rubber announced the return of shareholder dividends after an absence of 11 years. The company’s new capital allocation plan calls for the reinstatement of a quarterly cash dividend on its common stock and a $100 million share repurchase programme.
Despite the dangers involved, texting while driving is perfectly legal in at least ten US states. Yet the practice has many opponents, including Goodyear Tire & Rubber, who today is sending out the blimps to spread an anti- texting and driving message. The messages carried by the three Goodyear blimps today promote ‘It Can Wait’, a US-wide education and awareness campaign encouraging drivers never to text while behind the wheel.
As well as needing to sort out issues at the Cooper Chengshan plant, Cooper Tire & Rubber and Apollo Tyres now face an additional barrier to acquisition. Last Friday an arbitrator ruled that Cooper cannot sell its Findlay and Texarkana plants in the US until Apollo secures new collective bargaining agreements with the United Steelworkers union and the 2,500 or so unionised workers at the two factories. This agreement is separate from the existing contract the union has with Cooper Tire.
Over the last decade or so Continental has focused heavily on its automotive businesses, and with an annual turnover of 32.76 billion euros it today ranks as the world’s third largest automotive supplier (behind Denso and Robert Bosch). But now the pendulum is swinging the other way. During a recent press conference, Nikolai Setzer outlined the company’s current strategy of investing into non-automotive areas in order to balance Continental’s footprint. The Tire division head also said investment is being undertaken to reduce vulnerability to automotive sector downturns.
The United Kingdom is Cooper Tire’s strongest European market. The company holds a 7 to 7.5 per cent of the consumer market here, thanks largely to healthy 4×4 tyre sales. Market share on the other side of the English Channel and in the PCR segment is more modest, however, and Jeff Schumacher would like to see this change. Schumacher, who took on the role of Cooper Tire Europe’s managing director and vice-president at the start of this year, aims to increase combined market share for all Cooper brands to five per cent across Europe. To achieve this, the company has opened a new branch office in Russia, is increasing market penetration in France and Germany and signing on new brand ambassadors. Furthermore, in September Cooper unveiled a new range-topping passenger car tyre, the Zeon CS Sport.
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