Apollo Tyres Acquires Reifencom
Apollo Tyres has acquired the German tire distributer – Reifencom GmbH – for 45.6 million euros. Reifencom is one of Germany’s largest tire distributers, operating 37 stores and service centers across Germany. The company also has an online presence in Germany, France, Italy, Austria, Switzerland and Denmark. “The acquisition is a strategic fit in further
Apollo Sees Slight Sales Dip, Higher Profits in First Half
Apollo Tyres Ltd. reported a net profit of $88.6 million on net sales of $904.6 million for the first six months of its 2015-16 financial year. Profits for the first half of the fiscal year (April-September) are 17% higher than the same period in 2014-15. In addition, operating profit was up by 6% at $160.1
Former Pirelli CEO Joins Apollo
Former Pirelli CEO Francesco Gori will serve as Apollo Tyres’ advisor of strategy, the tiremaker announced. As part of Apollo’s management board, Gori will support the company’s goal of international growth and identification of new opportunities. “It is indeed a privilege for us at Apollo to have a person of Francesco Gori’s stature join us
Apollo Tyres Plans U.S. Expansion
India tiremaker Apollo Tyres is looking to expand its business in the United States as it aims to become less dependent on its domestic market and have a more global presence, Reuters reported. After failing to buy U.S. Cooper Tire & Rubber Co. two years ago, Apollo has been considering hiring a sales team to
Apollo Tyres Expands Manchester United Partnership
Apollo Tyres is expanding its Manchester United partnership to 129 countries. The company said Africa, Malaysia, Vietnam, Philippines, Singapore, Cambodia, Laos, Myanmar and Brunei are among the countries the tiremaker will extend its association. The tiremaker already has existing association in 67 countries in Asia, Europe and Africa. “The last two years of our association
JK Tyre to Buy Unit of Birla Tyres
JK Tyre BSE & Industries, could be a potential buyer of the Uttarakhand tyre unit of BK Birla flagship Kesoram Industries BSE for Rs 2,000-2,200 crore, according to India Times. The deal would give JK Tyre a fifth of the Indian market and make the company an equal player with the county’s second largest tiremaker
Apollo Revenue, Profit Flat YoY
Apollo Tyres Ltd. reported annual revenue of Rs 127 billion (approx. $2 billion USD) and a net profit of Rs 9.8 billion (approx. $150 million USD) for the financial year 2014-15. These numbers matched Apollo’s 2013-14 numbers. The company reported no increase in net sales year-over-year, a slight increase in operating profit from Rs. 19.7
Apollo CFO Resigns After Three Months
Apollo Tyres has “reluctantly accepted” the resignation of Raj Banerji, the company’s chief financial officer, according to a report from Tyres & Accessories. Banerji submitted his resignation on April 30, less than three months after Apollo appointed him to the role. Banerji joined Apollo from an Indian private investment company, replacing Sunam Sarkar, who took
Apollo Starts Construction at Hungary Plant
Apollo Tyres began construction at its first European greenfield facility recently with a foundation stone laying ceremony. The plant in Gyöngyöshalász, Hungary, is expected to start production in early 2017. “This is a significant milestone for us at Apollo Tyres, considering that a few years back we didn’t have any presence in Europe, and today,
Of Mice, Men and Where the ChemChina-Pirelli Deal Will Take Us
Ren Jianxin, the 57-year-old chairman, referred to the $7.7 billion acquisition of Pirelli SpA, as “revolutionary” for ChemChina, almost as though it was the mouse that had swallowed the elephant. In fact, Ren’s ChemChina, which he created 30 years ago on a $1,600 government loan, is six times Pirelli’s size, certainly the elephant in most
Apollo Chief Still Eyes U.S., China for Future Growth
More than a year after its attempted purchase of Cooper Tire & Rubber Co. fell asunder, India’s leading tiremaker Apollo Tyres still pines for a bigger share of business in China and the U.S. In a recent interview with Hindu Business Line newspaper, Apollo vice chairman and managing director Neeraj Kanwar, said flatly, “I cannot
Apollo’s Kanwar Says U.S., China Key to Top Ten Success
Indian business newspaper The Hindu Business Line recently spoke with Apollo Tyres Vice Chairman and Managing Director Neeraj Kanwar about his plans for the India-based tire company. During the interview, Kanwar told Business Line that Apollo “cannot ignore the U.S. or China” in its aspiration to become a top ten global tire company. “I am