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Tiger Automotive Offer Supported by 64.5% of Shareholders

According to media in South Africa, Tiger Automotive has declared that 64.5 per cent of shareholders had given a firm undertaking to vote in favour of the R1.05 billion (£76 million) offer made by Ethos Private Equity on December 12. To go ahead the transaction needs to approved by at least 75 per cent of shareholders and by antitrust authorities.

“TiAuto shareholders representing approximately 64.8 per cent of the shares eligible to vote at the scheme meeting have furnished irrevocable undertakings to vote in favour of the scheme,” Tiger Automotive said in a statement. The company added that it would not actively seek any rival offer while the Ethos offer remained on the table.

13th December 2007/by Tyrepress Editors

Kumho Petrochemical Increases Stake in Kumho Tire

The London Stock Exchange’s Regulatory New Service reports that Kumho Petrochemical has increased its shareholding in Kumho Tire Co., Inc. The majority shareholder raised its shareholding in the tyremaker from 44.65 per cent to 44.77 per cent through the purchase of 85,000 common shares. Kumho Petrochemical now holds 31,339,160 shares in the company.

10th December 2007/by Tyrepress Editors

Goodyear Concludes Convertible Note Exchange

Goodyear Tire & Rubber announced on December 6 the results of a previously announced offer to exchange its outstanding four per cent Convertible Senior Notes due June 15, 2034 for a cash payment and shares of its common stock. Note holders tendered approximately US$346 million aggregate principal amount of convertible notes in exchange for approximately 28.7 million shares of common stock plus a total cash payment of approximately $23 million. Approximately 99 per cent of the principal amount of the outstanding convertible notes was tendered in the exchange offer. A total of approximately $4 million principal amount of convertible notes remains outstanding.

7th December 2007/by Tyrepress Editors

Klarius Buys ArvinMeritor LVA Emission Controls

On 7th August 2007, UK based Klarius Group Ltd, acquired of the Emissions Control activities of ArvinMeritor Light Vehicle Aftermarket Europe (LVA Europe). With the purchase, Klarius Group acquired the entire shareholdings of LVA Europe’s Emissions Control businesses in the UK, France and Italy; Arvin Replacement Products Ltd, Arvin Replacement Products SAS and Ansa Marmitte s.r.l. Chairman, Tony Wilson commented, “We are very enthusiastic about the growth opportunities for the new company. Growth will come from the development of our products and services to provide innovative environmental solutions for our customers”.

Klarius Group’s market leading product portfolio includes exhaust brands Timax (UK), Rosi (France), Ansa (Italy), Tesh (Europe) and pan-european catalyst brands Metal’Cat and EuroCat. The new group holds a 21% share of the European Emissions Control aftermarket. In addition, Klarius will continue to market and distribute the Purolator filter brand across Europe.

23rd November 2007/by Tyrepress Editors

Smartire Net Loss Lower than in 2006

Canada based tyre pressure and temperature monitoring system producer SmarTire Systems has announced that the revenue for its fiscal year ending July 31, 2007 increased to $3,661,821 from $3,455,649 during fiscal 2006. However this rise in revenue was again accompanied by a net loss; $19.6 million or $0.07 per share, a reduced loss from fiscal year 2006, in which net figures were $28.8 million or ($0.10) per share in the red.

Cash used to fund operating and investing activities in fiscal 2007 decreased to $5.1 million from $8.1 million in fiscal 2006. The decrease in cash used was primarily due to the closure of the company’s UK office in late February, the reduction in the number of company employees by approximately 45 per cent and the issuance of shares to settle debt. Smartire state it anticipates that cash required for operating and investing activities in fiscal 2008 will decrease by another 50-60 per cent of the amount of the cash used to fund operating and investing activities in fiscal in fiscal 2007. The company’s operating expenses for the year increased to $7.7 million from $7.1 million in fiscal year 2006.

19th November 2007/by Tyrepress Editors

Investment Firm Owns Five Per Cent of Nokian

On 13 November, 2007 Nokian Tyres received an announcement according to which the ownership of Grantham, Mayo, Van Otterloo & Co LLC has increased from the previous share of 4.96 per cent to 5.02 per cent of the voting rights and share capital in Nokian Tyres as a result of a share transaction concluded on 9 November 2007. Grantham, Mayo, Van Otterloo & Co LLC now holds a total of 6,191,363 Nokian Tyres’ share which represents 5.02 per cent of the company’s 123,311,910 shares and voting rights.

Grantham, Mayo, Van Otterloo & Co LLC is a privately held global investment management firm, based in Boston, Mass.

14th November 2007/by Tyrepress Editors

Sumitomo Company to Purchase US Sporting Goods Maker

SRI Sports Ltd., a division of the Sumitomo Rubber Group, has announced that it will acquire the US company Cleveland Golf Co. for US$132.5 million. The Japanese sporting goods maker will buy all outstanding shares in the California based company, the fifth-ranking maker of golf clubs in the United States, from Quiksilver Inc. SRI Sports hopes to complete the share acquisition procedures by the year-end. Through the acquisition, SRI Sports, which makes Dunlop brand golf and tennis goods, is aiming to expand its business in the United States.

13th November 2007/by Tyrepress Editors

Toyo Shares Plunge Following Revelation of False Test Data

Share prices for Toyo Tire & Rubber plummeted following revelations that the company falsified data related to the fire resistance tests conducted on some of its building products. Stocks fell 21 per cent to 131 yen (£0.55), wiping out 27.4 billion yen (£104 million) in market value, the greatest single drop in more than three decades.

The company stated on November 5 that it had reported the issue to Japan’s Land, Infrastructure & Transport Ministry, and Toyo will now most likely have to expend about 4 billion yen (£16.8 million), the equivalent of approximately two-thirds of last year’s profit, rectifying shortcomings in wall and roof components.

8th November 2007/by Tyrepress Editors

Amtel-Vredestein Set to Sell Controlling Interest in AV-TO

Russian news sources are reporting that Amtel-Vredestein is selling the controlling stake in its less than profitable retail network. One source named Michelin as a possible buyer. If Michelin does buy the controlling interest, analysts are suggesting the chain may stop selling Amtel’s tyres at its points of sale, which will affect roughly 20 per cent of Amtel sales. Despite this, Amtel looks likely to hold onto shares in the retail chain.

6th November 2007/by Tyrepress Editors

Evonik Acquires Degussa Engineered Carbons

Evonik Industries has acquired the remaining 50 per cent of shares in its former carbon black Joint Venture – Degussa Engineered Carbons (DEC), effectively 29 October 2007. DEC will now be a 100 per cent owned subsidiary of Evonik. Financial details of the transaction have not been disclosed.

“Carbon black is one of our strategic growth areas that we are systematically expanding. This transaction underlines Evonik’s commitment in the North American market and will add significant value to our Group,” said Dr. Klaus Engel, Member of the Management Board of Evonik and responsible for the Chemicals business area. Thomas Hermann, head of Evonik’s Advanced Fillers & Pigments Business Unit, commented: “The acquisition is an important step to consolidate our position in one of our key strategic markets, and will help us to serve our global key accounts even better.”

1st November 2007/by Tyrepress Editors

Conti Q3 Growth Below Predictions

Continental AG has announced a third quarter profit increase of 7 per cent, largely attained through the strong performance of the company’s tyre division. However this result has fallen short of market expectations of a 17 per cent rise in profit. Third quarter EBIT was 426.1 million euros, up 8.1 per cent over Q3 2006, while the quarter’s net profit was 251.5 million euros, a figure that failed to meet analyst predictions of 274 million euros.

The company’s consolidated sales for the first nine months of 2007 rose by 8.9 per cent to 11.92 billion euros; before changes in the scope of consolidation and exchange rate effects, consolidated sales were up 6.4 per cent. During the nine-month period EBIT rose by 19.8 per cent to 1.34 billion euros and the return on sales increased by 11.2 per cent; before changes in the scope of consolidation and special effects, EBIT rose 15.8 per cent to 1.38 billion euros. The adjusted return on sales amounted to 12.0 per cent, up from 10.9 per cent last year. The net income attributable to shareholders of the parent increased 25.3 per cent to 825.2 million euros, with earnings per share higher at 5.63 euros, as opposed to last year’s 4.51 euros.

30th October 2007/by Tyrepress Editors

Bidvest Believed to Behind TiAuto Buyout Announcement

Bidvest, 20 per cent shareholders in Tiger Automotive Ltd (TiAuto), who in turn own a 51 per cent share in Yokohama High Performance Tyres in the UK, is believed to have shown interest in acquiring all of the company’s retail and wholesale aftermarket wheel and tyre business. In mid-October TiAuto’s board announced: “Shareholders of Tiger Automotive are advised that the board has received a proposal which may result in an offer to acquire the entire issued share capital of the company.”

22nd October 2007/by Tyrepress Editors

Goodyear Announces Conversion Period for Convertible Notes

The Goodyear Tire & Rubber Company announced on October 16 that its 4.00 per cent Convertible Senior Notes due June 15, 2034 are now convertible at the option of the holders and will remain convertible through to December 31, 2007, the last business day of the current fiscal quarter. The notes became convertible because the last reported sale price of Goodyear’s common stock for at least 20 trading days during the 30 consecutive trading-day period ending on October 15, 2007 (the 11th trading day of the current fiscal quarter), was greater than 120 percent of the conversion price in effect that day.

Goodyear will deliver common stock shares or pay cash upon conversion of any notes surrendered on or prior to December 31, 2007. If shares are delivered, cash will be paid in lieu of fractional shares only. Issued in June 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 October 2007/by Tyrepress Editors

Conti to Close Credit Facility for Siemens VDO Purchase

Continental AG is closing the syndication of a €13.5 billion loan package, supported by a consortium of international banks. The credit facility will provide the long-term financing for its purchase of the Siemens VDO Automotive unit. Despite what Conti calls ‘challenging conditions in the financial markets’, the transaction was well received and will be healthily oversubscribed. Continental further adds that a total of 39 banks are participating in the financing, which has been led by Citi and Goldman Sachs.

15th October 2007/by Tyrepress Editors

“We Shall Not Be Moved” – Kwik-Fit

Kwik-Fit is single-handedly holding up the start of Basildon’s £900million town centre regeneration by refusing to move from its centre in Cherrydown East, Basildon. The firm’s refusal to move has hit plans by the Essex Ford Group to sell the site it shares with Kwik Fit, allowing it to be developed into 445 luxury flats, for which developer Western Homes already has planning permission. Essex Ford owns the site and had hoped to relocate its garage and car sales business to Dunton in December.

25th September 2007/by Tyrepress Editors