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Hankook Stock Falls after Michelin Takeover Rumours

Hankook Tire Co., share price corrected today after the price soared yesterday on the back of speculation that Michelin was gearing up for a takeover. Speaking to Tyres & Accessories and other news sources, Michelin denied this and Hankook’s share price today fell 5.2 per cent to 15,450 won after a 12 per cent gain yesterday. According to Bloomberg, the stock has dropped 14 per cent this year, compared with an 8.2 per cent decline in South Korea’s Kospi index. “Investors are selling Hankook Tire shares because they realize the chance of a takeover is very low,” Seoul-based Bookook Securities analyst Ahn Joong Hoon told Bloomberg. He continues to rate the stock as “buy.”

19th June 2008/by Tyrepress Editors

BBS to Acquire Certain Hayes Lemmerz Assets in Europe and US

German developer and producer of lightweight wheels for premium segment vehicles, BBS International GmbH, a division of Punch International nv, has announced the acquisition of the Hoboken, Belgium subsidiary of Hayes Lemmerz International, Inc. Under the terms of the agreement announced on June 16, BBS has acquired all of the outstanding shares of Hayes Lemmerz Belgie B.V.B.A., including its factory based in Hoboken, near Antwerp. The Hoboken factory produces cast aluminium wheels for passenger cars and currently employs approximately 315 people.

In addition, Punch Property International nv, the Punch group’s property investment company, has entered into a definitive agreement with Hayes Lemmerz International – Georgia, Inc. to purchase the real estate and certain equipment associated with the Hayes Lemmerz subsidiary located in Gainesville, Georgia, USA. This acquisition is expected to be completed following Hayes Lemmerz’ cessation of production at the Gainesville factory. On May 12, Hayes Lemmerz announced it would close the factory by the end of December 2008. The Gainesville factory is situated less than 15 miles from the BBS factory in Braselton, and BBS will use the facility to support its non-OEM activities in the USA.

16th June 2008/by Tyrepress Editors

Titan International Announces Stock Split

Titan International announced on June 11 that the company’s Board of Directors approved a five-for-four stock split with a record date of July 31, 2008, and a payable date of August 15, 2008.

“This action is being taken to show our stockholders how much we appreciate their support,” said chairman and CEO Maurice M. Taylor Jr. “We are optimistic that 2008 will continue to be a period of further growth in sales and earnings as we proceed with the implementation of 57- and 63-inch off-the-road tyre production in the third quarter.”

13th June 2008/by Tyrepress Editors

Russian Antimonopoly Body Studying Amtel-Vredestein Submission

Amtel-Vredestein has approached Russia’s Federal Antimonopoly Service, requesting permission to buy 100 per cent of Sibur Russian Tyres. Consent from the antimonopoly office would permit the two companies to progress with their plans to join together. While Amtel-Vredestein would initially purchase the assets of Sibur Russian Tyres, the Russian company would then buy sufficient shares in Amtel-Vredestein to give it control.

The Federal Antimonopoly Service said on June 3 it requires additional time to study the application.

9th June 2008/by Tyrepress Editors

Conti Report No Contact Over Truck Tyres

Continental has responded to claims from German news sources that Italian rival Pirelli are interested in buying the German manufacturer’s truck tyre business, stating that they have yet to be contacted. A spokeswoman for Continental said that “There are no sales talks whatsoever”.

The speculation follows reports in Germany’s leading commercial economy newspaper Handelsblatt that Pirelli’s Chairman, Marco Tronchetti Provera, has declared definitively the company’s interest in truck tyres. Coupled with the attention devoted to Continental’s truck tyre business by the German company’s management in April this year, conjecture continues to develop as to the fate of the department.

4th June 2008/by Tyrepress Editors

Hankook to Acquire 1.5 Million Outstanding Shares

Hankook Tire announced on May 26 it will purchase 1.5 million of its outstanding shares at a cost of 20.7 billion won (£10 million) in order to boost its stock price. The buyback begins on May 30 and will continue until August 29, and the amount of shares purchased will be the equivalent to one per cent of all outstanding stock.

28th May 2008/by Tyrepress Editors

Bridgestone to Buy 8.7% Share in Toyo Tire

Bridgestone Corporation has agreed to buy an 8.7 per cent stake in Toyo Tire & Rubber Co., Ltd., with Toyo reciprocating by buying a 0.5 per cent share of Bridgestone. Describing the moves as “business and capital alliances,” the Japanese tyre and rubber product manufacturers explained that moves are part of an agreement designed to help both companies syngergise in procurement and production. The transfer of shares is scheduled for Oct. 16, according to the statement. There are currently no details of whether or not the two Japanese tyre and rubber product manufacturer’s deal will extend beyond the announced share swap.

Bridgestone’s statement said the alliances are a result of the “bipolarization of market into high performance products and general-purpose products, structural changes in competition due to emerging power with low-priced products, and structural change in earnings due to steep rise of raw material cost.”

16th May 2008/by Tyrepress Editors

Kelani Tyres’ Share Price Up 30%, Profits Double

Sri Lanka-based manufacturer Kelani Tyres PLC has recently witnessed its share price jump up 30 per cent. Speaking to local newspapers Managing Director Rohan Fernando said apart from the company’s strong performance in the last quarter, he is “unaware of any reason” for this. for share prices to increase except for the high performance of the company in the last quarter. However, he did concede that the stock jump was “an unusual increase in the price of shares traded.”

30th April 2008/by Tyrepress Editors

Record Breaking Performance

Ruling the high performance roost at Michelin is the Pilot Sport PS2 and the Pilot Sport Cup +. The first of these is a tyre that, in April 2008, earned the distinction of being the tyre fitted to the world’s fastest production car – a Shelby SuperCars’ Ultimate Aero, fitted with the Michelin tyres, set a new record of 256.18 mph (412.28 km/h) during tests in the US. This accomplishment, the first occasion in which a US vehicle manufacturer has held the speed record since 1967, took place with little to no wear present on the Michelin tyre.

So this second generation Michelin tyre is obviously not one intended for plodding trips to the supermarket, then. Designed in close collaboration with prestige vehicle manufacturers in the sport and supersport segments, the Pilot Sport PS2 has been homologated for various models from, amongst others, Audi, BMW, Porsche and Mercedes. The Pilot Sport PS2 features a rigid asymmetric tread pattern – Michelin points out the similarities this format, with its four grooves around the tyre, shares with Formula 1 tyres. The pattern is one that ensures superior steering response, the manufacturer adds, and grip on wet and dry surfaces is improved by the presence of a dual compound plus the use of a Variable Contact Patch (VCP) System that maintains the optimum size and shape of the tyre’s contact patch whether driving in a straight line or under hard cornering.

28th April 2008/by Tyrepress Editors

Goodyear India Releases Q4, Annual Figures

Fourth quarter figures for Goodyear India Limited have been released, and show a 24.58 per cent rise in profits compared with the same period the previous year. During the quarter that ended March 31, 2008 a profit of Rs 126.20 million (£1.60 million) was recorded on the back of sales totalling Rs 2,277 million (£28.8 million), an increase of 14.03 per cent on the previous year. Annual profit, in contrast, declined 10.8 per cent compared with that of the year before, to Rs 451.2 million (£5.71 million). This decrease occurred in spite of higher annual net sales of Rs 9,175.1 million (£116.2 million), an increase of 6.8 per cent. Annual EBIT, at Rs 5549 million (£70.3 million), showed an increase of 16.7 per cent.

18th April 2008/by Tyrepress Editors

Goodyear Announces Conversion Period for Convertible Notes

On April 16 Goodyear announced that its remaining 4.00 per cent Convertible Senior Notes, due June 15, 2034, are now convertible at the holders’ option and will be convertible through to June 30, 2008, the final business day of the current fiscal quarter. The notes became convertible as the last reported sale price of the company’s common stock for at least 20 trading days during the 30 consecutive trading-day period ending on April 15, 2008 (the 11th trading day of the current fiscal quarter), was greater than 120 per cent of the conversion price in effect on such day.

The company will deliver shares of its common stock or pay cash upon conversion of any notes surrendered on or prior to June 30, 2008. If shares are delivered, cash will be paid in lieu of fractional shares only. Issued in July 2004, the notes are currently convertible at a rate of 83.0703 shares of common stock per US$1,000 principal amount of notes, which is equal to a conversion price of $12.04 per share.

17th April 2008/by Tyrepress Editors

SmarTire Appoints New Interim CFO

TPMS provider SmarTire Systems has named David A. Dodge as the company’s interim chief financial officer following the resignation of Jeff Finkelstein, who had served in the role since 2002 before leaving to “pursue a new opportunity”, to quote SmarTire. Mr. Dodge, whose appointment was announced on April 10, was formerly vice president and CFO of software development company NeoMedia Technologies, a position he held between 2002 and 2007. Before joining NeoMedia, Mr. Dodge was an auditor with Ernst & Young LLP. Dodge, aged 33, holds a B.A. in economics from Yale University and an M.S. in accounting from the University of Hartford, and is also a certified public accountant.

15th April 2008/by Tyrepress Editors

Titan Europe Offered $375 million in Takeover Bid

British-based OTR wheelmaker Titan Europe has received an all-share takeover offer from parent company Titan International. The announcement comes four years after the company was floated by Titan International, which kept a 17 per cent stake. According to market observers, the offer equates to 230 pence per share offer more than 100 per cent more than Titan Europe’s 111p closing price on Friday 11 April.

Illinois-based Titan International is reportedly interested in buying back Titan Europe because market conditions have led it to re-focus on large size off-road wheels, having decided to focus on smaller wheels in 2004.

14th April 2008/by Tyrepress Editors

Pirelli Share Capital Reduction Concluded

Pirelli & C. SpA has given notice that the stock exchange offer of 4,491,769 company savings shares that were the object of withdrawal and not bought in the context of the option offer that closed on 27 February, was concluded on 26 March 2008 without any purchases taking place. Therefore, according to law, the company has on March 27 purchased all such shares that were not placed, at a unit price of 0.8055 euros – a total amount of about 3.6 million euros – using available reserves.

The liquidation value of these savings shares is to be paid to the appropriate parties, through their respective intermediaries, on 31 March 2008. Furthermore, reports Pirelli, there is no creditor opposition to the company regarding the share capital reduction upon expiration of the legal terms. Pirelli has therefore confirmed that the “extraordinary dividend” of 0.154 euros per each ordinary and savings share will be paid on 3 April 2008 (ex dividend 31 March 2008).

28th March 2008/by Tyrepress Editors

Amtel Sells Moscow Tyre Plant to Midland for $77million

Amtel-Vredestein has sold its CJSC Moscow Tyre Plant-M (MTP) wholly-owned subsidiary to one of the companies of Midland Resources Holding Limited for $77 million. OJSC Amtel-Vredestein acquired MTP in 2006 from OJSC Moscow Tyre Plant, a holding company controlled by the City of Moscow.

According to Amtel-Vredestein, the total transaction’s value is $77 million, a figure that comprises 100 per cent of the shares of MTP and all inter-company debts to Amtel-Vredestein companies, plus external MTP debts that have been assumed by the buyer. As part of the transaction Amtel-Vredestein reports that the company is considering the possible sale of existing equipment within MTP. Proposals include the possible sale and relocation of the equipment to other Amtel-Vredestein plants for internal use.

28th March 2008/by Tyrepress Editors