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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

Pirelli Forecasts Little Growth in 2008

This year’s outlook for Pirelli & C SpA, according to a March 26 forecast, is one in which very little growth is expected. The company predicts its results will remain flat, and Pirelli further announced the postponement of its new three-year business plans, anticipated to be made public in May. The company has blamed volatile markets for this decision. “We confirm business operating results in line with 2007 not withstanding a continuous pressure and volatility on raw material costs in the tyre business,” said Pirelli chairman Marco Tronchetti Provera during a conference call on Pirelli’s 2007 results. “By the end of September to mid-October, we should have a better vision of future results.”

27th March 2008/by Tyrepress Editors

Pirelli Buys Back 38.9% Share in Tyre Division

Pirelli & C. SpA has confirmed that, on March 11, it reached an agreement to acquire the entire share capital of Speed SpA. Speed, a company held by the financial institutions Intesa Sanpaolo, Banca Leonardo Group, UniCredit, One Equity Partners, JP Morgan Group, Lehman Brothers and Mediobanca, has since August 2006 held a 38.9 per cent stake in Pirelli Tyre SpA, which it acquired for 740 million euros. The share was bought back for a cash payment of 434.4 million euros, a sum financed by available liquidity. The purchase price takes into account Speed’s debt of approximately 401.1 million euros. The transaction thus attributes the Pirelli Tyre shareholding, Speed’s sole asset, an equity value of 835.5 million euros.

12th March 2008/by Tyrepress Editors

Pirelli Buys Back 38.9% Share in Tyre Division

Pirelli & C. SpA has confirmed that, on March 11, it reached an agreement to acquire the entire share capital of Speed SpA. Speed, a company held by the financial institutions Intesa Sanpaolo, Banca Leonardo Group, UniCredit, One Equity Partners, JP Morgan Group, Lehman Brothers and Mediobanca, has since August 2006 held a 38.9 per cent stake in Pirelli Tyre SpA, which it acquired for 740 million euros. The share was bought back for a cash payment of 434.4 million euros, a sum financed by available liquidity. The purchase price takes into account Speed’s debt of approximately 401.1 million euros. The transaction thus attributes the Pirelli Tyre shareholding, Speed’s sole asset, an equity value of 835.5 million euros.

12th March 2008/by Tyrepress Editors

Increase In Share Capital For Nokian Tyres

An increase in the share capital of Nokian Tyres, totalling 186,884 euros, was entered into the Trade Register on February 26, 2008.

The shares will be traded on the Helsinki Exchanges together with the old shares as of February 27, 2008. After the increase, Nokian Tyres plc’s share capital stands at 24,926,140.00 euros.

26th February 2008/by Tyrepress Editors

Goodyear Settles Minority Shareholder Unease in Poland

A disagreement between Goodyear and the largest minority shareholder in its Polish TC Debica operation has been resolved. On February 26 the US tyre major agreed with Polish investment fund PZU Asset Management that it would increase its stake in and significantly increase its production of commercial vehicle tyres.

The dispute originated in allegations from minority shareholders that Goodyear was harming their interests through intra-group transactions that diminished TC Debica’s results in favour of those of the parent company. After disappointing third-quarter results PZU Asset Management, which holds about 15 per cent of TC Debica shares, and other investors called for a shareholders meeting to appoint an independent auditor to investigate the relationship between Debica and Goodyear.

26th February 2008/by Tyrepress Editors

Bekaert to Acquire 100% Ownership of Turkey’s Beksa

Multinational manufacturer of tyre reinforcement and other materials, NV Bekaert SA, has announced its upcoming acquisition of the 50 per cent share in Turkish steel cord and metal fibre manufacturer Beksa Celik Kord Sanayi ve Ticaret A.S that it currently holds jointly with Turkish conglomerate Haci Ömer Sabanci Holding A.S. The two companies have signed a letter of intent for the transfer of shares, a transaction estimated to be worth 40.3 million euros, and when the deal is complete Bekaert will assume full ownership of Beksa. The transfer of shares will be executed after receiving approvals from the respective authorities, Bekaert reports.

Located in the city of Izmit, Beksa manufactures steel cord products and Dramix metal fibres for a variety of industrial applications, including the tyre and automotive industry. The company employs about 330 people and recorded sales of 80 million euros in 2006.

20th February 2008/by Tyrepress Editors

Eliokem Buys Apar Polymer Division

Eliokem, the global specialty chemical company, has completed the acquisition of the Polymer Division from Apar Industries Ltd, India on 15 February 2008 for 1.11 billion Indian rupees (14.2 million pounds; 19 million euros; US$ 28 million). Following the acquisition Eliokem’s global revenues will reach € 200 million for a combined capacity in excess of 100,000 tons of polymer.

According to the company, the plant, located in the petrochemical zone in the Western Indian state of Gujarat, complements Eliokem’s offering in nitrile polymers and polyblends styrene butadiene reinforcing resins and latices for serving the tyre and rubber industries.

15th February 2008/by Tyrepress Editors

Elastomer Costs Equal Share Woes for Zeon Corp

Shares in Japanese synthetic rubber manufacturer Zeon Corp have experienced the largest fall in more than a decade after the company slashed its profit forecast; this decision was taken ahead of expected profits at its elastomer business falling below those previously anticipated. The stock dropped 82 yen (£0.39), or 15 per cent, to 461 yen (£2.21) on the Tokyo Stock Exchange, the largest single decrease the company has experienced since December 22, 1997.

12th February 2008/by Tyrepress Editors

Kumho Tyres to Sponsor Air Ambulance Conference

Kumho Tyres raised funds for the Association of Air Ambulance Charities (AAAC) throughout 2007, and at this year’s Autosport International show in Birmingham presented AAAC chairman David Philpott with a cheque for £4,650. Now, as a further gesture of support, the tyremaker will sponsor the first ever AAAC annual conference, to be held on 10th and 11th November 2008.

Speaking on behalf of the charities, Mr. Philpott said “We are thrilled to be associated with Kumho Tyres, a world class brand that shares our association’s commitment to excellence and quality. We look forward to an ongoing partnership in months to come.” Kumho Tyre (UK) marketing director John Thrupp added that “Kumho Tyres is delighted to support the AAAC and the vital service its members provide to us all in the UK, and to motorists in particular.”

12th February 2008/by Tyrepress Editors

JK Tyre BOD Recommends 27% Dividend

Shareholders in JK Tyre & Industries look assured of a healthy return on their investment after the company’s board of directors recommended a dividend of 27 per cent on equity shares for the year 2006-07. Company net profits for the quarter ending December 31, 2007 were Rs 217.4 million (£2.8 million), an impressive increase of 166 per cent on results for the same quarter a year earlier. Net sales were Rs 7,228.8 million (£92.4 million, an increase of 9.9 per cent.

30th January 2008/by Tyrepress Editors

Investment Group Gets Large Stake in Titan

Citadel Investment Group LLC took what it calls a “passive” stake in tyre and wheel maker Titan International, according to news reports. Citadel bought a 5.7 per cent stake in the company – about 1.6 million shares. The investment firm said it does not plan to change or influence control in the company. (Tire Review/Akron)

23rd January 2008/by Tyrepress Editors

Sri Lankan Manufacturers Fight Back Against Imports

The Sri Lanka Transport Board (SLTB) has announced it will establish two new tyre manufacturing facilities to provide the 14,000 tyres needed for its buses every month while its Ampara tyre factory is being refurbished. The new plants will be located in Matale and Ekala, and SLTB expects to manufacture between 10,000 and 12,000 tyres annually when the first stage of work is complete.

The SLTB’s decision to produce its own tyres rather than import them is perhaps best understood by looking at Sri Lanka’s customs regulations. The SLTB spends Rs 65 million (£308,000) per year on tyre purchases, and each tyre brought into Sri Lanka from overseas is now subject to a tax of Rs 80 (£0.37) per kilogram or 28 per cent of the tyre’s invoiced value, whichever is higher. Assuming a weight of 70 kilograms per tyre, tyre tax, were all tyres to be sourced from overseas, would amount to £62,000. This equates to 20 per cent of total cost.

21st January 2008/by Tyrepress Editors