Analyst Advice: Take the Money and Run!
February 2, 2012
That's the hard advice to Pep Boys shareholders from Anthony Cristello of BB&T Capital Markets, who sees the $15 per share offer from investment firm Gores Group as the best available option.
Cristello said Pep Boys, which earlier ...
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Toyo Changing Fiscal Year Period
January 27, 2012
Toyo Tire & Rubber Co. plans to change its accounting period to a straight calendar year period, and will have a nine-month fiscal year in 2012 to accommodate the shift.
Previously, Toyo's fiscal year ran from April 1 to March 31. ...
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Bauer Built Acquires Walker Tire's Commercial Division
January 26, 2012
Durand, Wisc.-based Bauer Built Inc. has acquired the commercial division of Walker Tire and Auto Service, located in Omaha, Neb., effective Jan. 20, 2012.
The acquisition is the result of an ongoing effort by Bauer Built to expand its...
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Ceat Blames Strike for Weaker Quarter Profit
January 26, 2012
India's Ceat Ltd. has released its results for the quarter between Oct. 1 Dec. 31, 2011, a period in which net sales rose 18.2% to Rs 10.48 billion.
Yet the tiremaker reports that "results for the quarter were adversely impacted by...
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Trelleborg Divests French Light-Vehicle Component Operation
January 26, 2012
In a move to focus more intently on specific aspects of its business, Trelleborg has divested its French light-vehicle component operation.
The business, a unit within Trelleborg Automotive, has been sold to Germany's Bavaria Industrie...
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Bosch to Acquire SPX Service Solutions Business
January 24, 2012
The Bosch Automotive Aftermarket division plans to acquire SPX Corp.'s Service Solutions business for $1.15 billion, the largest acquisition in the division's history.
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Hankook Sets Sales Record in 2011
January 16, 2012
Hankook Tire Co. reported 2011 sales of $5.85 billion, an all-time global record for the company.
The revenue was up 20.9% compared to 2010 results, Hankook said. Operating profit from those sales reached $511 million, down 8.8% vs. 20...
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Sibur-Russian Tyre Sells Tire Unit to Management
January 16, 2012
On Dec. 29, the Sibur petrochemical holding company completed the sale of 100% of its OAO Sibur-Russian Tyres business to a group of investors.
Those investors include SRT management and Vadim Gurinov, former CEO of the company. No fin...
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Don't Tell Anyone, But Titan Made Some Buys
December 19, 2011
Doing anything quietly has never been Titan International's strong suit, so the fact that it apparently bought out two companies back in September may be a bit of a surprise.
Titan bought out tire and retread mold maker Ohio Machine &a...
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Hankook Hits $1 Billion Sales Mark
December 15, 2011
Hankook Tire America Corp. announced yesterday that the company has reached the $1 billion sales mark in the U.S.
The tire company hit the mark as of Dec. 13, marking the first time Hankook has reached that sales level since it first b...
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Fras-le Acquires Fellow Brazilian Firm
December 15, 2011
Fras-le S.A. acquired Freios Controil Ltda., a manufacturer of auto parts, brake components and automotive polymers, in a $6 million deal.
As part of the deal, Fras-le will fully assume the company's debt that is valued at approximatel...
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Mitas Buying Ag Group Tribatyre
December 7, 2011
Mitas has announced plans to acquire Tribatyre, headquartered in Uden in The Netherlands.
According to the company, Tribatyre and Mitas plan to sign the purchase agreement on Dec. 8, with the deal set to take effect Jan. 1, 2012. ...
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Bosch Completes Deal to Buy Unipoint
December 6, 2011
On Dec. 1, Bosch Automotive Aftermarket completed its acquisition of the Unipoint Group, based in Taipei, Taiwan.
The final purchase price was not revealed.
For 2010, Unipoint posted sales of $124 million, and it employ...
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Titan-Goodyear Europe Farm Tire Deal Falls Through
December 2, 2011
Titan International Inc.'s option to purchase Goodyear's European farm tire business in Amiens, France, expired Nov. 30, freeing Titan to explore other acquisition options.
Goodyear and Titan entered into an agreement in 2009 for Titan...
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Terry's Tire Town Buys Englewood Tire Wholesale
December 1, 2011
For the second time this year, Terry's Tire Town has grown its wholesale tire distribution footprint. Yesterday the Alliance, Ohio-based dealer confirmed its acquisition of Lyndhurst, N.J.-based Englewood Tire Wholesale.
Rumored for mo...
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BorgWarner Sells TPMS Business
December 1, 2011
Auburn Hills, Mich.-based BorgWarner is selling its TPMS business to Germany's Huf Electronics GmbH.
The deal includes a manufacturing facility in Bretten, Germany, which employs approximately 230 people. Completion of the transaction ...
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Sibur Has OK to Buy Matador-Omskshina
November 30, 2011
Russia's Government Commission on Monitoring Foreign Investment has given the green light for Sibur-Russian Tyres to acquire a 100% interest in the Matador-Omskshina joint venture, which it previously operated 50/50 with Continental AG.
...
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CZ Tire Holdings Completes Purchase of Hangzhou Zhongce Rubber Share
November 29, 2011
China Enterprises Ltd. has sold its ownership interests in Hangzhou Zhongce Rubber Co. Ltd. to CZ Tire Holdings Ltd. for a purchase price of $94.41 million.
The purchase consists of the 26% share that China Enterprises held in Hangzho...
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Is Buyer for Sibur Tire Biz Coming?
November 28, 2011
A buyer for Sibur Holding's tire business may be announced before the end of this year, Bloomberg reports.
New owners Leonid Mikhelson and Gennady Timchenko are apparently "close" to securing buyers for Sibur-Russian Tyres plus...
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PCL Acquired by Germany's Horn Tecalemit
November 22, 2011
The management of Pneumatic Components Ltd. (PCL) reports that Germany's Horn Tecalemit has acquired all shares in the Sheffield-based business for an undisclosed sum.
This deal took effect on Oct. 1, and although the two companies wil...
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