While shares in Cooper Tire & Rubber have begun 2014 at roughly the same price they traded for a year earlier after climbing as high as $34.79 and dipping to $20.55 in between, former prospective purchaser Apollo Tyres’ share price has risen to an all-time high following the breakup of negotiations between the two companies […]
Three days before Cooper Tire & Rubber’s scheduled appeal hearing, Delaware Supreme Court has dismissed the tyre maker’s appeal. A court filing signed by Justice Randy J. Holland stated that “based upon the filings by the parties, the Court has concluded that this interlocutory appeal was improvidently accepted”, or in other words it shouldn’t have been accepted by the court to start with.
Pursuant to the decision made by its chief executive officer on 9 December and the second resolution of the company’s 17 May 2013 Shareholders Meeting, Compagnie Générale des Etablissements Michelin has decided to cancel 1,809,260 treasury shares, representing 0.97 per cent of its total outstanding shares. The effective date of the resulting capital reduction is 12 December, 2013.
Giti Tire shares that in recent months it has received awards from two major OEM customers. At a ceremony held in China in late September, Chinese PCR and TBR plant Giti Tire (Fujian) Co Ltd was presented with a Fiat Chrysler 2012 APAC Perfect Quality Award, and the company’s first and largest Chinese operation, Giti Radial Tire (Anhui) Co Ltd, received a GM Supplier Quality Excellence Award.
Dunlop says it is delighted to announce the sponsorship of Dantec Husqvarna UK for the 2014 motocross season. The former Evotech Stevens KTM team is the official Husqvarna MX1 and MX2 team for the UK with a three rider line-up; the team has retained Steven Lenoir to compete in the MX2 class and has announced the signing of 19 year-old Nathan Watson for MX1, as well as 17 year-old MXY2 rider Tony Saunders to complete the squad. All three will ride on Dunlop’s latest Geomax MX32 and MX52 tyres.
German-owned fast-fit network A.T.U. reports reaching a “decisive milestone in its financial repositioning.” The loss-making company’s management and majority shareholder (private equity group KKR) have reached a lock-up agreement with more than 80 per cent of its key bond creditors to reduce A.T.U.’s debt by more than €600 million and inject some €100 million of fresh equity into the firm. In addition, A.T.U. has received a senior secured, 2018-due credit line of more than €75 million from HayFin Capital Management.
Bridgestone Corporation has sold its 14.9 per cent share in Sameer Africa Ltd, and the Kenyan tyre maker says it has found a potential strategic investor to replace the Japanese firm as a source of technical assistance and support. To facilitate this new arrangement, the approximately 41.5 million shares Bridgestone held in Sameer Africa have been transferred to Sameer Investments Limited.
Omni United reports that its flagship brand, Radar Tires, has been certified as carbon neutral. To achieve carbon neutral status the company worked with UK-headquartered professional services firm Ernst & Young to conduct a twelve-month assessment on Radar Tires’ total greenhouse gas emissions; these were monitored between April 2011 and March 2012. Certification involved an independent assessment of greenhouse gas emissions, coupled with an offset-inclusive emissions reduction programme.
It’s been less than a year since Nitto Tire reported gaining its three millionth Facebook fan, and now the company says it has five million fans on board. Nitto attributes this social media growth to its engagement strategies, including its Nitto Ambassador Program, live multi-player mobile games and a proprietary automotive interest blog, DrivingLine.com. Utilising such tools, Nitto says it has generated a loyal community with fan engagement that goes beyond the traditional likes, shares and comments that exist in the social network platform.
On 2 December, the directors of The Goodyear Tire & Rubber Company have announced a quarterly dividend of 73.44 cents per share of mandatory convertible preferred stock. According to the company, the dividend is payable 1 January 2014, to shareholders of record on 13 December 2013. The payout represents an annual rate of $2.9375 per share.
At the same time as making its initial public appearance at the Tokyo Motor Show, the Dunlop Enasave 100 – the world’s first tyre entirely made from fossil-free materials – has gone on sale in Japan. Sumitomo Rubber Industries shares that the Enasave 100 came onto the market on 22 November; it is initially available in size 195/65R15 91H at a listed retail price of ¥21,105 (£126.50).
When outlaying a six-figure sum to buy a car, buyers look for more than an off-the-peg product. For this reason, in January 2012 Ferrari launched its ‘Tailor Made’ personalisation programme that enables purchasers to create a truly bespoke car. Under this programme, the Ferrari Styling Centre researches the utility of numerous materials, including those not typically seen in automotive applications. It then offers exterior livery and interior trim combinations that cater for virtually every taste. So regardless of whether a buyer wants leather, teak, carbon fibre, pinstriping or even denim with their new Ferrari, the Italian car maker can accommodate their wishes.
Hungary’s MOL Group and Japan’s JSR Corporation have reached an agreement to establish an S-SBR synthetic rubber plant in Tiszaújváros, Hungary. The plant is expected to begin operations in 2017 and JSR and MOL will hold 51 per cent and 49 per cent shares in the joint-venture respectively. Plant capacity will be 60,000 tonnes per annum, and in the long term the project should create more than 100 new jobs.
In Italy, the Guardia di Finanza (Fiscal Police) have arrested two brothers who are active within the tyre industry for tax evasion of more than €30 million; the two men allegedly falsified invoices in order to fraudulently represent the amount of tax, VAT and customs duties they were required to pay. According to PneusNews.it, our sister publication in Italy, one of the brothers, Vincenzo Tufano is in prison while Giovanni Tufano is under house arrest.
Cooper Tire shares that it received a ‘Global Media Award’ at this month’s SEMA Show/Global Tire Expo for introducing the new Mastercraft Courser MXT at the show. In addition, the Cooper Zeon RS3-S (in size 325/30R19) was named a runner-up in the New Products Showcase in the Tire and Related Product category.
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.