Goodyear Sales, Earnings Fall Hard in 2012
Goodyear Tire & Rubber Co. saw 2012 full year sales fall 8% vs. the year prior, while operating income fell by $120 million compared to 2011 results.
Michelin Sees Growth in ‘Contracted’ Global Market
Despite "sharp market contraction," Groupe Michelin saw its 2012 sales and net income rise. 2012 sales came in at $28.35 billion, up year-over-year from $26.83 billion, while net income grew 7.4% to $2.14 billion. Those results came even as tire unit sales were down 6.4% YoY, the company reported. "Given its global footprint, Michelin expects
Cars.com Expands Into Service and Repair Space
Leading online automotive marketplace Cars.com has taken an equity position in online auto service resource RepairPal. "Cars.com has always been a trusted and credible source of information in the shopping process. Consumers rely on us at all stages of buying for research, advice and reviews to guide their vehicle and dealership selection," said Cars.com president
Standard Motor Products Takes Equity in TPMS Maker
Standard Motor Products bought an equity position in TPMS-maker Orange Electronic Co. Ltd. Taiwan-based Orange Electronic designs and sells OE matching sensors and a growing line of clone-able sensors.
Reliable Tire Buys Ga. DC from K&M
Reliable Tire Co. acquired a new distribution center in Macon, Ga., purchasing an existing facility from Delphos, Ohio-based K&M Tire. "Reliable Tire has decided to expand its presence in the region to support the many dealers who have been loyal customers to them over the years," the Blackwood, N.J.-based company said. "Macon fits within the
Hankook Reaches Record Global Sales
Hankook Tire Co. reported record sales of $6.44 billion in 2012, and leveraged that for a 58% improvement in operating profit.
Trelleborg Buys Industrial Tire Distributor
Trelleborg Wheel Systems has finalized the acquisition of Dutch company Industriebanden Beheer BV’s industrial tire business. TWS says the acquisition "strengthens and enlarges" the Swedish company’s European industrial tire distribution network. The acquired business is headquartered in Ridderker, The Netherlands, and mainly serves the Dutch market. It specializes in the distribution and service of industrial
Cabot Now Seeing Royalties from Michelin Deal
Cabot Corp. said it is now collecting royalties from Groupe Michelin under a technology licensing agreement for exclusive use of Cabot’s patented elastomer composite technology in tire applications. The royalty payments – the amount was not stated – will extend through fiscal 2022, Cabot said. Since 2008, Cabot has been working with Michelin to develop
As Conti Reduces Debt, It Revises Loans
Continental AG has improved its debt maturity profile through the signing of a new syndicated loan agreement. Committed to by approximately 30 domestic and international banks, the credit amount has been reduced slightly. It now totals 4.5 billion euros and is split up into two tranches of differing duration – a 1.5 billion euro loan
Conti Boasts Record 2012, Eyes 5% Growth This Year
Continental AG reports that 2012 was another record year for the automotive supplier. Despite slumping auto markets in Europe, the corporation reports in preliminary figures that it boosted 2012 sales by more than 7% to approximately 32.7 billion euros. At around 10.7%, the adjusted EBIT margin topped the previous year’s figure of 10.1%. "Although indicators
Producer Purchases Label Distributor Advantage ID
Minneapolis-based Symbology Inc. has bought out its "preferred retread tire label distributor" – Advantage ID. "Having worked successfully together in the manufacturing and distribution of tire label products for more than two years, both parties decided it was time to make the relationship even better by officially combining forces," Symbology said in a press release.
Reports: Equity Groups Kicking Tires on Alliance Tire Group
Reuters, PEHub.com and other media are reporting that at least two private equity firms are in talks to buy Warburg Pincus LLC’s majority stake in Alliance Tire Group. The reports said the deal could come in at $400 million. Singapore-based Temasek Holdings and KKR & Co. were named as the suitors and were said to