Formal Offer Placed for Titan Europe
Titan International Inc. has formally offered a share swap to acquire Titan Europe. Its "agreement" offers Titan Europe shareholders one new share in Titan International for every 11 shares in Titan Europe they own. The value of the Titan International shares offered was $22.03 per share as of the close of markets on Aug. 9.
Yokohama on Track for Full-Year Record Earnings
Yokohama Rubber Corp. reported a strong increase in both sales and earnings during the first half of 2012. As a result, it says the company is on track to post record sales and earnings for the full fiscal year. Yokohama also upwardly revised the fiscal projections it released in February. In releasing its half-year figures,
Could Lower Tire Prices Be on the Way?
Bloomberg News reported that Bridgestone Corp. may look to lower prices on some of its tire products in the second half of 2012 due to expected lower raw materials and production costs. Those price cuts could include consumer tire lines in the Americas and Europe, the report said. “We may adjust the price of some
Analyst Sees Risk that Bridgestone Outpaces Guidance
Commenting on Bridgestone Corp.’s second quarter financials, particularly the operating profit of 133.8 billion yen outstripping guidance of 118 billion yen and expectations of 50% year-on-year growth, Deutsche Bank analyst Takashi Moriwaki says the bank sees "risk for a guidance overshoot as profitability is on an uptrend thanks to stable selling prices and declining raw
Cooper Runs to $2.04B in 1H Sales
Cooper Tire & Rubber Co. reported net income of $86.6 million and total sales of $2.04 billion for the first half of 2012, up from the same period last year.
After Strong 1H, Nokian on Track for More
Half-year 2012 financial results for Nokian Tyres have been released, and these show the Finnish tiremaker’s sales to be 27.1% up on a year ago. Nokian achieved group net sales of 798.0 million euros in the six months to June 30, while operating profit increased 31.5% to 217.7 million euros. Net profit went up 33.9%
Bridgestone Posts 1H Net Income Rise of 39%
Operating income and net income at Bridgestone Corp. increased 43% and 39%, respectively, in the first half of the 2012 fiscal year, the Japanese tiremaker reports. An operating income of 133.7 billion yen and net income of 75.2 billion yen were achieved even though net sales only rose 2% year-on-year to 1,488.9 billion yen during
Titan’s $33.4 Million Planet Group Buy Completed
Titan International has closed on the purchase of Perth, Australia-based Planet Corporation Group. Titan acquired 56% of Planet for $22.9 million and paid off the Australian firm’s outstanding credit facilities of $10.5 million at closing. Planet is an OTR tire and wheel specialist that manufactures, distributes and services products to customers in the mining, agriculture,
Conti Sees Record Year After Strong First Half
On the back of its second quarter results, which nearly matched those attained in the first quarter, Continental AG sees itself "on track for another record year." Commenting on the German tire and automotive supplier’s performance to June 30, Executive Board chairman Elmar Degenhart stated, "based on the successful first half of the year, we
Sullair Sold to Equity Partnership
Private equity firms The Carlyle Group and BC Partners have purchased Hamilton Sundstrand Corp.’s Industrial businesses, including air compressor maker Sullair Corp.
JK Tyre Plans Rubber Plantation Acquisitions
JK Tyre & Industries reported it plans to acquire rubber plantations in Southeast Asia, from which it intends to source 10%-15% of its natural rubber.
Unit Sale Fall-Off Hampers Goodyear 1H Results
After a down second quarter, Goodyear Tire & Rubber Co.’s first half sales results were off by 3% year-over-year and its net operating income fell by $81 million.