Swedish Firm Acquires U.S.-Based Robbins
Swedish polymer group Hexpol has acquired U.S. retreading industry supplier Robbins. The $89.2 million deal covers the purchase of Robbins Holdings Inc., including Robbins LLC. Robbins is an established manufacturer of tire retreading products and supplies molded envelopes and curing tubes, particularly for truck, heavy equipment and aircraft tire retreading. The company also specializes in
ET: Investor Concerns Stall Apollo Plans for Cooper Run
India’s Economic Times reports that Apollo Tyres has "put on hold its plans of going ahead with the acquisition" of Cooper Tire & Rubber Co. The newspaper, which first reported about the possible acquisition deal back in October, reported yesterday that "sources with direct knowledge" said the plan was put on ice because Apollo "did
Judge Approves Sale of 50 Below’s Assets
A U.S. Bankruptcy Court judge approved the sale of 50 Below’s assets. Its retail division was sold to ARI for $5 million, while its financial services division was sold to Emerald Connect for $3.5 million.
Hiring Vets by Year End May Gain Tax Credit
According to a new bulletin from the IRS, employers planning to claim an expanded tax credit for hiring certain veterans should act soon, as the Jan. 1, 2013, deadline is fast approaching. Businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if the veteran begins work before the
Correction: Indiana Dealer Selling to Monro Muffler Brake
TBC unit Monro Muffler Brake plans to buy the 32-store Tire Barn Warehouse, based in Anderson, Ind.
Gabriel Maker Sold to MAT Holding
Shock and strut maker Ride Control LLC has been sold. OpenGate Capital, a private investment and acquisition firm headquartered in Los Angeles, has agreed to sell Ride Control, which produces and markets Gabriel brand suspension products, to MAT Holdings Inc. Terms of the deal, expected to close at the end of 2012, were not announced. Headquartered
Titan International Closing on Titan Europe Buy
With its third quarter financial results press release, it was learned that Titan International has successfully landed Titan Europe in a stock swap deal. "The most exciting news for the period is receiving shareholder acceptance to acquire Titan Europe," said Titan International chairman and CEO Morry Taylor. "In fact as you read this, I am
Michelin Sales Up, Tonnage Down for 3Q
Groupe Michelin posted net sales of $7 billion for the third quarter of its 2012 fiscal year ended Sept. 30, a 5.7% increase from the same period last year. Sales rose 5.9% in the nine months to $20.8 billion, Michelin said, on the strength of higher pricing, improved selling mix and a positive currency effect.
Bridgestone Sets $3.5 Billion for Expanded Capacity
Bridgestone Corp. announced Thursday it expects to spend 280 billion yen ($3.56 billion) to expand tire capacity in emerging markets, including India and Thailand. The announcement was part of the tiremaker’s 2012 mid-term management plan, which covers 2013-17. Half of the annual spending will go toward "tire strategic projects," the company said. Bridgestone said its
Pep Boys Takes $200 Million Term Loan
Pep Boys closed on an amended $200 million loan on Monday. Secured by the real estate underlying 142 of the company’s owned stores, Pep Boys said the loan – along with cash on hand – will be used to retire older debt (due in 2014) and settle the company’s outstanding interest rate swap. The company says
Silence Shrouds Apollo-Cooper ‘Speculation’
It was a quiet weekend on the Apollo-Cooper front, with no news emanating from either India or Findlay, Ohio. Neither party is commenting on last week’s story in the respected Economic Times of India stating that Apollo was gearing up to make at run at buying controlling interest in Cooper. On the day of the
‘No Comment’ Comments Add to Cooper-Apollo Speculation
The day after news broke claiming India’s Apollo Tyre was making a run at Cooper, there has been far more speculation than denial, bringing into question just what is happening.