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New Kayaba Shock Absorber Plant in Czech Republic

Kayaba Industry (Japan), which, according to the company, is the biggest shock absorber manufacturer in the world, has developed its market position by building a new plant in the Czech Republic. Production is due to start in April 2006. “Kayaba Manufacturing Czech“ (KMCZ), to be based in Pardubice, will employ more than 200 employees at full capacity. According to the company’s production plans, by 2007 more than two million shock absorbers will be manufactured there each year.

In December 2003, Kayaba bought the remaining shares of Spanish shock absorber manufacturer, APA. With an annual production of more than 15 million shock absorbers, the next step is further strategic expansion in Europe. The production plant in the Czech Republic, which will be based on the most modern technological criteria, will have its own capital funds, totalling 17.5 million euros. By making this further investment Kayaba says it is developing its operational basis in Europe more clearly than it has done so far.

The recently submitted annual report 2003/2004 of Kayaba shows that the company is on course for growth. Turnover totalled $2.1 billion, which represented an increase of over 10 per cent compared with the same period last year. With an annual production total of more than 55 million units, in both in the passenger cars (for large reputable car manufacturers) and for the aftermarket business, the company reportedly holds a 23 per cent world market share.

13th December 2004/by Tyrepress Editors

Nokian to Sell Car Retreading Business

Nokian Tyres Corp has announced that its tyre chain, Vianor AB, has signed a letter of intent to sell its car tyre retreading business to another Swedish company, Mac Ripper AB. The company has not disclosed any financial details pertaining to the deal. In a report published by the AFX news agency, Nokian suggested that Vianor sold the retreading business in order to concentrate on new car and truck tyre sales, tyres. Following the news of the sale, shares in Nokian tyres fell 1.63 per cent to 110.17.

13th December 2004/by Tyrepress Editors

Continental Pulling the Plug in Russia

According to German media reports Continental is retreating from its commitment in Russia. All rescue attempts have failed, said chairman Manfred Wennemer in an interview with the Frankfurter Allgemeine newspaper: “We did not succeed in finding solutions, that would allow for a prosperous business in the long run.“ Therefore Continental is pulling the plug in Russia. Wennemer continues: “We have agreed with our Russia partner [Moscow Tyre Plant] that we are going to retreat from the joint venture. We are selling our shares of the joint company to MTP and thus ending our excursion in the country.” The retreat from Russia will cost around 30 million euros (£20.7 million), says chairman Wennemer. A part of the cost has already been reported as part of the company’s third quarter expenses. In spite of the Russian upheaval, the automotive supplier and tyre manufacturer is sticking to its positive financial outlook for this year.

10th December 2004/by Tyrepress Editors

Bridgestone to Produce Boeing 7E7 Tyres

Bridgestone, has won a contract to supply tyres for the new Boeing 7E7 family of aeroplanes, the companies have announced. Each new 7E7 will require 10 tyres, said the Chicago based aeroplane manufacturer. Bridgestone has not disclosed the value of the contract or the number of tyres it would produce for Boeing. Bridgestone shares rose by as much as 1.78 per cent after the news was announced.

10th December 2004/by Tyrepress Editors

Kumho to Make International Listing

South Korea’s largest tyre manufacturer, Kumho Tire, is planning a dual stock market listing in Seoul and either New York or London, the Financial Times has reported. Such a move would be worth more than $1.5 billion, according to the newspaper. The listing is expected to take place in the first half of next year.

Kumho is believed to have hired JPMorgan to manage the sale of at least a third of its shares in a move that could raise more than $500 million. One of the company’s major shareholders, the Military Mutual Aid Association (MMAA), owns 50 per cent of the company and stands to make a 40 per cent return on its original investment.

Kumho and JPMorgan have declined to comment.

9th December 2004/by Tyrepress Editors

BorgWarner Publishes Tender Offer to Beru Shareholders

BorgWarner Germany, an indirect subsidiary of BorgWarner, Wilmington, USA, has officially published its takeover offer for Beru. As previously announced, the offered purchase price amounts to 67.50 euros per share. The acceptance deadline is 24 January 2005.

According to Deutsche Bank analysts, the most interesting point about the offer it’s the fact that BorgWarner does plan to opt for a “squeeze out” or a domination agreement “for the time being.” However, there is clause stating, if Beru’s AGM agrees to a domination agreement or a squeeze out within one year after publication of the offer and the price is higher than the current takeover price then BorgWarner is bound to pay the difference to those shareholders who have tendered their shares.

The closing of the share purchase agreement and the exercise of the share purchase option agreement remain subject to regulatory approval of the relevant authorities. More details are expected in the next few days.

9th December 2004/by Tyrepress Editors

Pirelli In Real Estate Business

Pirelli’s real estate business unit, UniCredito Italiano SpA and Morgan Stanley have founded a real estate joint venture. The partnership will manage real estate with a total value of more than a billion euros, UniCredito said on Friday. UniCredito will sell real estate worth 300 million euros to the joint venture, while Pirelli and Morgan Stanley will transfer 750 million euros of assets to the joint venture. Together the two companies will control 85 per cent of the shares. UniCredito will hold the remaining 15 per cent.

29th November 2004/by Tyrepress Editors

Making Cash With Conti Shares

At the end of September, Dresdner Bank, a subsidiary of the German Allianz group, sold 3.5 million Continental shares at a unit price of 43.10 euros. This created a book profit totalling a “high two digit million-euro-amount,“ according to Allianz AG board member Helmut Perlet.

15th November 2004/by Tyrepress Editors

BorgWarner’s Beru Announcement

BorgWarner Germany, Heidelberg, a subsidiary of BorgWarner, US, has announced a voluntary public tender offer for Beru AG of 67.50 euro a share. A share purchase agreement of 62.21 per cent from major shareholders and a share purchase option agreement for 0.82 per cent has already been signed. All that is left to be approved by the relevant authorities is the closing of the share purchase agreement and the finalisation of the share purchase option agreement.

1st November 2004/by Tyrepress Editors

Conti Gets Phoenix Go-Ahead

The EU Commission has given Continental the okay for its proposed takeover of Phoenix. “Therefore, there is nothing in the way of a merger of these two historic German companies anymore and we will find ourselves well positioned to deal with the worldwide competition,“ said Continental executive board chairman, Manfred Wennemer.

27th October 2004/by Tyrepress Editors

Bandag Reports 12 per cent Sales Rise

Banday has announced an increase in third quarter revenues of 12 per cent. The company says that higher international sales, favourable exchange rates and revenue generated from the acquisition of Speedco were behind the increase.

20th October 2004/by Tyrepress Editors

Amtel Sells $34.2 million Shares

Russian tyre manufacturer, Amtel has sold 10 per cent of its stock in a private placement underwritten and distributed solely by Troika Dialog Group.

7th October 2004/by Tyrepress Editors

SmarTire Settles Legal Action

SmarTire and the company’s debenture holders have settled their legal dispute.

28th September 2004/by Tyrepress Editors

Cooper Sells Automotive Unit

Cooper Tire & Rubber has announced that it will sell its automotive business, Cooper-Standard Automotive, to an entity formed by The Cypress Group and Goldman Sachs Capital Partners for approximately $1.165 billion in cash. The transaction, which is subject to certain post-closing adjustments, is expected to close in the fourth quarter of 2004.

Cooper-Standard Automotive, which had revenue of approximately $1.6 billion in 2003, is a manufacturer of fluid handling systems, body sealing systems, and active and passive vibration control systems, primarily for automotive original equipment manufacturers.

Thomas Dattilo, chairman, president, and CEO of Cooper Tire & Rubber said: “We are pleased with the transaction terms reached with Cypress and Goldman. We look forward to pursuing growth opportunities in our tyre business. We believe that after the transaction is completed Cooper-Standard Automotive will be well-positioned for continued strong growth under its new ownership.” Proceeds from the sale are expected to be used for debt reduction, further investment in operations and in repurchasing shares.

20th September 2004/by Tyrepress Editors

Pirelli Records First Half Improvement

Pirelli & Co SpA recorded a group net income of 131 million euros in the first half ended 30 June 2004. The figure is particularly impressive when it is compared with same time the previous year. In the first six months of 2003 the company had a net income of –21 million euros. In 2004 the group expects a significant improvement in results in all activity sectors, both at operating and net level.

16th September 2004/by Tyrepress Editors