Report: Apollo Making Run to Acquire Cooper Tire
In news that sent waves through the global tire industry, India’s Economic Times today reported that Apollo Tyre “is in the process of acquiring” Cooper Tire & Rubber Co.
Titan International Closer to Taking Over Titan Europe
Titan International Inc. said Friday that it has received valid acceptances for 87.24% of its offer for Titan Europe shares, making the offer "unconditional in all respects." The U.S. tire and wheel producer said the offer will remain open to Titan Europe shareholders until Oct. 19. On or around that date, the new Titan International
Apollo Tyres Raising $150 Million
On Oct. 1, Apollo Tyres’ board of directors approved the raising of $150 million through placement of shares to qualified institutional buyers. In a filing to the BSE, Apollo said its board also has approved increasing the investment limit of foreign institutional investors from 30% of the company’s paid up capital to 40%. (Tyres &
Pirelli Well-Placed on Dow Jones Sustainability Poll
For the sixth consecutive year, Pirelli SpA was named world leader in the Autoparts and Tires sector of the Dow Jones Sustainability World and Dow Jones Sustainability Europe indices. The Italian tiremaker posted index scores of 86 points, compared with a sector average score of 53 points. A company’s performance in the Dow Jones Sustainability Indices
Titan International Files Titan Europe Share Offer
to 6,240,833 new common shares to Titan Europe shareholders in connection with the company’s offer for Titan Europe. The deal offers Titan Europe shareholders one new share of Titan International common stock for every 11 Titan Europe shares held. Basedon the closing exchange rate of 1 pound per $1.6016 and the closing stock priceof Titan
Continental Plans $500 Million U.S. Bond Offer
According to a NASDAQ report, Continental AG plans to issue U.S. dollar-denominated bonds worth at least $500 million. The bond move, the report said, is to take advantage of current "favorable conditions." "Our additional investments in the U.S. have prompted us to issue a bond in U.S. dollars for the first time," said Conti CFO
Raw Material Costs Drive Giti Tire Corp. 1H Profit
For the first half of the 2012 financial year, Giti Tire Corp. has reported revenue of RMB 2.06 billion, a year-on-year decrease of 7%. The Giti Tire Pte. Ltd. subsidiary says this decline was a combined effect mainly attributable to decrease in sales volume and increase of average selling price. Lower sales mainly reflected a
Tax Issues Force 50 Below to C11 Bankruptcy
Duluth, Minn.-based tire and automotive industry web developer 50 Below has filed for Chapter 11 bankruptcy in Minnesota.
Myers Eyes Stock Buy-Back Move
Akron’s Myers Industries plans to repurchase up to two million shares of its common stock. The plan has been established in connection with a five-million share repurchase plan previously announced on May 2, 2011. The company did not state why it was seeking to buy back the shares.
Bauer Built Acquires Minn.’s Hanson Tire Service
Durand, Wisc.-based tire distributor Bauer Built Inc. has acquired Hanson Tire Service, headquartered in LeRoy, Minn., along with a location in Preston, Minn. The deal, finalized on Aug. 20, allows Bauer Built to expand existing operations as part of its overall growth strategy, and provides the company with an opportunity “to significantly increase sales and
Michelin Invests in TyreCheck Creator
The Irish Independent reports Groupe Michelin has acquired an interest in Ireland’s Async Technologies Ltd., provider of the TyreCheck range of hardware and software solutions, for 2 million euros. The newspaper writes that new filings with Ireland’s Companies Registration Office show Async Technologies to have recently finalized a 2 million euro investment from the French
Toyo Shows Tire Business Growth
Toyo Tire & Rubber Co. has reported net sales of 120,474 million yen (approximately $1.54 billion) for the first quarter of its current financial year, the three months to June 30. The company’s tire business unit accounted for 96,448 million yen ($1.23 billion) of these sales, 80.1% of the total. Company operating income amounted to