Report: Giti Arranging $225 Million Loan
Six banks have reportedly agreed to support a Deutsche Bank-arranged $225 million 3.5-year term loan for China’s Giti Tire. According to Thompson Reuters’ ifre.com website, unnamed banking sources shared the information with the publication. No details of what the loan is intended for have yet been released, but it looks likely to be a refinancing
‘Proper Market Surveillance’ Lacking Says ETRMA
In its 2010-11 annual report, the European Tyre & Rubber Manufacturers’ Association reports on what it calls the "dominant sentiment amongst industry leaders" – enhancing, or at the very least maintaining, the competitiveness of its member companies.
Product Shortages Key to Rising Earthmover Tire Prices
An article first published by Bloomberg on June 29 has thrown the spotlight on the effect demand for commodities from China and other emerging markets is having on the price of mining tires. The Bloomberg journalist, Elisabeth Behrmann, compares the price for “tires about 3.5 meters (11 feet) across,” such as those fitted to Caterpillar
Softer Swipe Fee Rules Still Sting Consumers
The Federal Reserve Board voted last week to take the teeth out of its proposed swipe fee rules. Instead of the expected 12-cent cap on fees banks can charge consumers for debit card transactions, a figure it had proposed last year, the Fed set the cap on these swipe fees at 21 cents per transaction.
Sava Adds Goodyear Dunlop Names
As of July 1, Slovenia’s Sava Tires will be known as Goodyear Dunlop Sava Tires.
Sailun IPO Raises 1 Billion Yuan
Roughly a month ago, Sailun’s corporate headquarters embarked on an initial public offering (IPO) of A shares, which is said to have raised around 1 billion yuan at the stock exchange.
Cooper: No Comment on Trayal Reports
Cooper Tire & Rubber Co. has refused to comment on multiple Serbian news reports quoting Serbian finance secretary Miodrag Djidic as saying that Cooper is interested in acquiring Trayal’s automobile tire plant. When questioned on the subject, a Cooper Europe spokesperson told Tyres & Accessories that the company’s "corporate policy is not to comment on
Accuride Acquires Aluminum Wheel Maker
Accuride Corp. has acquired Forgitron Technologies, a forged aluminum wheel maker based in Camden, S.C. The deal with owner Kamylon Capital gives Accuride an 80,000-square-foot forged aluminum wheel manufacturing plant, which will be converted to the production of Accuride-branded aluminum truck wheels. “This acquisition strengthens our core product offering by increasing our aluminum wheel capacity,
Story: Canadians Spending, Americans Scraping
Financial Post – As Canadians continue to push household debt levels to record highs, Americans are in full-fledged scrimp mode.Canadian household debt rose to a record high of $1.5-trillion in the first quarter, sending the debt-to-income ratio to a record 146.9%, figures from the Certified General Accountants Association showed. While the pace of accumulation has
Canadian Tire Extends Forzani Offer
Canadian Tire is extending its purchase offer period to acquire sporting goods retailer Forzani Group by more than a month. Canadian Tire bid C$26.50 a share bid for Forzani in May, and has moved the acceptance date back to Aug. 18 from its original June 29 deadline. Forzani operates some 500 outlets across Canada under