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RH Claydon structures wide range of brands to become ‘one-stop shop’

While the phrase “one-stop shop” is somewhat overused in relation to tyre wholesaling, RH Claydon (RHC) business development & purchasing director John Parker argues that for his company it is thoroughly deserved. Now in its 60th year of trading as one of the UK’s independent nationwide premier specialist tyre wholesalers, RHC believes that, whether the need is for Consumer, Off-Highway or Truck applications, it has a wide range of brands and fitments within its extensive product portfolio to meet the requirements of service provider and end-user alike in the UK and Ireland market place.

10th October 2013/by Andrew

Titan closes private placement of senior secured notes due 2020

International News

Titan International has announced the closing of its offering of $400 million aggregate principal amount of 6.875 per cent Senior Secured Notes, due 2020.

Titan intends to use the net proceeds from the offering to finance the purchase of the Company’s 7.875 per cent Senior Secured Notes due 2017 validly tendered pursuant to a tender offer and consent solicitation which it commenced on September 23, 2013, and to pay all consent payments, accrued interest, costs and expenses associated therewith.

8th October 2013/by Tyrepress Editors

Titan acquires Russian tyre maker

International News

News from the USA; Titan International Inc., in partnership with One Equity Partners (OEP) and the Russian Direct Investment Fund (RDIF), has closed the acquisition of a majority interest in Voltyre-Prom, a leading producer of agricultural and industrial tyres in Volgograd, Russia, from the principal owner, Cordiant, for approximately $94 million. This sum includes the assumption of debt, subject to various post closing adjustments over a period of three years.

8th October 2013/by Tyrepress Editors

Titan withdraws 2013 guidance

Titan International announced on 19 September that it has withdrawn the elements of its 2013 guidance related to revenue and EBITDA. In a statement, the company said it “does not anticipate issuing any further updated guidance until its 2014 guidance is issued by January 2014.”

23rd September 2013/12,345 Comments/by Tyrepress Editors

McNitt joins Titan International BoD

Titan International has announced the appointment of Peter McNitt, vice-chair of BMO Harris Bank, to its Board of Directors, effective immediately.

1st August 2013/12,345 Comments/by Tyrepress Editors

Titan managing partner in Cordiant deal

A consortium made up of US tyre maker Titan International, Russian government fund the Russian Direct Investment Fund (RDIF), and private equity fund One Equity Partners (OEP) have reached an agreement in principle with Russian tyre holding Cordiant to invest in Russian agricultural and industrial tyre manufacturer Voltyre-Prom. The consortium will own a controlling stake in Voltyre-Prom, with Titan International becoming its managing partner.

24th June 2013/12,345 Comments/by Tyrepress Editors

Titan confirms interest in Russia

Reports of Titan International’s plan to enter the Russian market have been widely reported by that country’s media, and the US tyre maker has released a statement confirming it has, in cooperation with One Equity Partners (OEP) and Russian Direct Investment Fund (RDIF), entered into negotiations with Cordiant about a potential investment in Russia. Titan says it hopes to “successfully complete these discussions in the near future.”

10th June 2013/12,345 Comments/by Tyrepress Editors

Titan to enter Russia?

Titan International could be planning to enter the Russian market, having bought a stake in Voltair Prom, the Kordiant-owned plant in based in Volgograd. According to the Moscow Times and Vedemosti newspapers, the factory, which produces agricultural and industrial tyres is valued at 5.1 billion rubles (US$160 million). One Equity Partners Fund, a JPMorgan affiliate, and the Russian Direct Investment Fund, could co-invest with Titan, a source close to the negotiations is quoted as saying.

7th June 2013/12,345 Comments/by Tyrepress Editors

Amiens closure is inevitable, so what’s it mean for the rest?

International News, News

With no buyers seeking to purchase it, the closure of Goodyear’s Amiens Nord tyre manufacturing facility now looks inevitable. And according to various French news reports, France's government has now faced up to the fact that this means the loss of up to 1,200 jobs.

Indeed closure is now the only option on the table after the French Agency for International Investment (AFII) contacted 57 potentially suitable of which just eight said they would be interested. Of these five signed confidentiality agreements and two non-binding offers were presented, but France's Economic Redevelopment Ministry said "after careful examination of the plans put forward," no candidates were in a position to present a binding offer.

30th May 2013/12,345 Comments/by Tyrepress Editors

Kirkby Tyres invests in shot blaster to process large wheels

Speke OTR and commercial tyre and wheel wholesaler Kirkby Tyres says it has recently undertaken a major programme of investment, upgrading its existing facilities with a new shot blaster capable of processing wheels up to 54” and above. A customised temperature and pressure controlled spraybooth has also been installed along with new fitting facilities.

22nd April 2013/12,345 Comments/by Tyrepress Editors

Titan appoints Fuglaar finance VP for North America

Titan International has hired Keith Fuglaar as its new vice-president of finance for North America. Fuglaar joins Titan from US-based heavy manufacturing firm The Egging Company, where he served as chief financial officer. Prior to his Egging commitment, Fuglaar was vice-president of finance for ARC Automotive, corporate controller at HNTB Corporation and director-FP&A with McLeodUSA. Fuglaar holds an MBA from the University of Tennessee and a BS from Louisiana Tech.

12th April 2013/12,345 Comments/by Tyrepress Editors

Amiens lawsuit seeks to block Goodyear plant closure

Company News, International News, News

When Maurice Taylor visited Goodyear’s plant in Amiens, France, he claims to have observed workers talking for several hours a day instead of getting busy with the tasks they were paid to do, and when he challenged them about this they replied it was “the French way.” Now the Amiens plant workers are engaging in a behaviour more in line with the American way – they have sued Goodyear Tire & Rubber.

10th April 2013/12,345 Comments/by Tyrepress Editors

Titan mauled by bearish report

Every day, the analysts at Zacks Equity Research select two stocks that are likely to outperform – Bull – or underperform – Bear – the markets over the next three to six months. In a move that may give ‘The Grizz’ reason to growl, on 22 March Zacks Equity Research named Titan International its ‘Bear of the Day.’

25th March 2013/12,345 Comments/by Tyrepress Editors

French customs controls – a nod to Titan comments?

France’s minister of industrial renewal seems to have been good to his word; in February he responded to Titan boss Maurice Taylor’s intention to ship “all the tyres France needs” by saying the country would control any such move with a “redoubled zeal”. And it looks as if this is precisely what is happening: French media sources state that on 20 March Montebourg asked the customs service to “to enforce French law, in particular when it comes to tyres produced in conditions that sometimes do not respect environmental and technical norms.” Although Titan International was specifically named in the minister’s instruction, it has been interpreted by many in the context of Montebourg’s recent correspondence with Maurice Taylor.

21st March 2013/12,345 Comments/by Tyrepress Editors

Union ratifies Titan contract

The proposed four year contract for three of Titan International’s factories in the US has been accepted in votes held by the United Steelworkers union. Union members at the company’s Des Moines, Iowa, Freeport, Illinois and Bryan, Ohio plants voted in favour of an agreement that the USW says offers workers “wage and benefit improvements and a variety of contract language enhancements, most notably around the issue of forced overtime.”

20th March 2013/12,345 Comments/by Tyrepress Editors