Cooper To Slow Production Due To Hurricaine
Cooper Tire will have to slow production by approximately 30,000 tyres per day due to raw material supply disruptions associated with Hurricane Rita, analysts have reported.
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Continental AG Considers Stock Split
Product NewsContinental AG is mulling over the possibility of a stock split after its shares grew more than fivefold since the spring of 2003, according to an article published in Die Welt, citing chief executive Manfred Wennemer.
Kumho Industrial Now Largest Kumho Shareholder
Product News(Akron/Tire Review) News reports say that Kumho Industrial Co. has bought 7.5 million shares of Kumho Tire Co. for 102 billion won ($99.4 million), making it the tyre company’s single largest shareholder. Kumho Industrial bought the shares at 13,600 won per share from the Military Mutual Aid Association, according to a regulatory filing in Seoul.
Amtel-Vredestein to Extend Stock Offering
Product News(Akron/Tire Review) Amtel-Vredestein plans to double its authorised capital up to 5.45 billion rubles via an additional stock issue. Shareholders approved the offering last month in Moscow, in an move expected by many industry watchers. It had been rumoured that Amtel-Vredestein would hold an initial public offering for the new company, a subsidiary of Amtel Holdings Holland BV. The new issue will comprise three million ordinary shares at par value of 1,000 rubles.
Alcoa Offers to Buy $11 Million Stake in Russian Facility
Product NewsAlcoa has announced that it has offered to purchase the remaining 18 per cent of the Belaya Kalitva (BKMPO) fabricated aluminium plant in Russia still held by shareholders following its acquisition from Rusal in January 2005.
Goodyear Files $350M Bond Offer
Product News(Akron/Tire Review) According to CBS MarketWatch, Goodyear Tire & Rubber Company late Monday filed to raise $350 million in a convertible bond offering. The offer consists of 4 per cent convertible senior notes due in 2034 and shares of common stock issuable upon conversion of senior notes. Goodyear said proceeds of the deal will go to selling stockholders including the Calamos Growth & Income Fund, Citigroup and Aristeia International Limited.
Nokian Tyres Increases Share Capital
Product NewsNokian Tyres has registered an increase in share capital. A total of 229,500 Nokian Tyres plc’s shares have been subscribed with the 2001A option rights, 68,200 with the 2001B option rights and 373,210 with the 2001C option rights. These option rights are attached to the Nokian Tyres plc’s Option Program of 2001.
Fidelity Reduces Nokian Stake
Product NewsFidelity International Limited has informed that its ownership of Nokian Tyres share capital and voting rights has decreased below 5% on August 12, 2005. Fidelity International Limited own a total of 5,739,981 shares which is now 4.78 per cent of Nokian Tyres share capital figure of 120,171,010.
Alliance Tire Company’s Shares Grew at 160% in 2005
Product NewsThe positive business results of Alliance Tire Company have been rewarded by a vote of confidence from investors’ side. The company is currently producing around 120,000 agricultural tyres at around US $ 42 million a year and has been the second best Israeli stock market investment of the year. Company share grew at 160% from the beginning of 2005.
Azerbaijan Tyre Plant For Sale
Product News96.98 per cent of the shares in the Azershin tyre factory in Azerbaijan are for sale. Commissioned in 1959, the Azershin plant is located in Baku, Azerbaijan and covers an area of 17.9 hectares. The plant produces 1.5 million tyres per year. The enterprise, with the charter capital of 8.9 billion manats ($1.87 million), employs 69 people and has 894,314 shares with a value of 10,000 manats each. Azershin has arrears amounting to 26.5 billion manats ($5.6 million).
Accuride Joins the Russell 2000 Index
Product NewsThe Accuride Corporation has announced that its stock has been added to the Russell 2000 Index. The annual reconstitution of Russell’s 21 US equity indexes captures the 3,000 largest US stocks, ranking them by market capitalization to create the broad market Russell 3000 Index. This year marks the 21st anniversary of Russell’s US indexes.
AXA Increases Continental Stake
Product NewsAXA has increased its stake in Continental AG to 10.5 per cent of voting rights, Continental said in a notice in German newspaper, Boersen-Zeitung. Most of the shares are reportedly held by AXA’s US units AXA Financial Inc, AXA Financial Services LLC, AXA Equitable Life Insurance Company and Alliance Capital Management LP.
Titan Trades Debt For Shares
Product News(Akron/Tire Review) Titan International Inc will swap $33.8 million in 5.25 per cent senior convertible notes (due in 2009) for Titan common stock, the company reported. The private transaction resulted in 3,022,275 shares of Titan common stock being issued to retire the notes.
Investment Group to Take 49 per cent Share in The Tire Rack
Product News(Akron/Tire Review) Automotive News has reported that the Los Angeles-based investment group, Leonard Green & Partners will buy a 49 per cent stake in the Tire Rack. Leonard Green & Partners, which also owns shares in the Rite Aid drugstore chain and Diamond Triumph Auto Glass will effectively buy out The Tire Rack founders, Peter and Wilma Veldman, while remaining family members and senior management would retain 51 per cent in the South Bend, Ind., mail order and wholesale tyre and wheel company.
Family members and senior management that will retain majority ownership include Mike Joines, Tom Veldman, Matt Edmonds and Mark Veldman. In addition The Deal.com suggested Leonard Green & Partners’ would spend in excess of $350 million for its minority stake in The Tire Rack.
Apollo Tyres Suspends Production at Vadodara Plant
Product NewsApollo Tyres Ltd has shut its manufacturing plant in Vadodara, Gujarat. Local media reports attribute the closure to illegal strike action by one section of trade unions in the factory. As a result, shares in Apollo were down 0.8 per cent at 280 rupees in what the Reuters news agency described as “a slightly firm Bombay market”.
