Marangoni Notes Its Highlights in 2013
While the market struggled to create demand for additional volume in 2013, Bill Sweatman, president of Marangoni Tread North America, announced the company managed to achieve a 70,000 unit sales increase for the year. “Growing faster than the market is a key indicator that we continue to collectively provide our customers with best-in-class products, service,
Advance Auto Parts Closes Acquisition of General Parts International
Advance Auto Parts announced it has completed the acquisition of General Parts International. The transaction creates the largest automotive aftermarket parts provider in North America with annual sales of more than $9.3 billion and more than 70,000 team members. The combined financial profile allowed for an all-cash transaction and supports Advance Auto Part’s commitment
December Class 8 Preliminary Truck Orders On Rise
December North American net truck orders show sales up 50% year to year, according to a recent report by ACT Research Co. Class 5-7 orders are expected to be at 14,200 units, plus or minus 5%, and Class 8 net orders are expected to be at 31,800 units, plus or minus 5%. “This is the
ARI Prepares for Annual Shareholder Meeting
ARI Network Services – a provider of website, software and data solutions that helps dealers, distributors and manufacturers – will hold its annual shareholder meeting at 10 a.m. Tuesday at the company’s corporate headquarters in Milwaukee. Business to be conducted at the meeting includes the election of three directors and the approval of the company’s
Nokian Tyres Owes Back Taxes in Finland
Nokian Tyres has received a reassessment decision from the Finland tax administration, stating the tiremaker is obligated to pay 26.9 million euros in back taxes. Nokian plans on disputing the reassessment. Nokian owes the government 16 million euros in additional taxes and 10.9 million in punitive tax increases and interests for the 2007 tax year.
Chinese Authorities Look at Aeolus Disclosure
Aeolus Tyre reported that the China Securities Regulatory Commission has contacted the company over potential disclosure violations. In a Chinese-language statement, the tyre maker confirmed that the Henan branch of the CSRC has looked into a number of issues. Aeolus wrote that it would cooperate with the CSRC and undertake corrective actions within 30 days
Goodyear Makes Changes in Financial Leadership
Goodyear Tire & Rubber Co.’s board of directors has moved two finance executives into new positions. Effective Jan. 1, Scott Honnold, vice president and treasurer, will serve as vice president of business development and Tom Kaczynski, vice president of investor relations, will become vice president, treasurer and investor relations. Honnold joined Goodyear in 2007, and
BREAKING NEWS: Delaware Supreme Court Rejects Cooper Appeal
Bloomberg BusinessWeek this afternoon reported that the Delaware Supreme Court has rejected Cooper Tire & Rubber Co.’s appeal of a lower court judge’s decision in favor of acquisition suitor Apollo Tyre. The court issued “a terse one-page statement today signed by Justice Randy J. Holland, dismissing the appeal of a ruling in Delaware Chancery Court,”
Apollo-Cooper Update: What One Stock Analyst is Seeing
Cleveland’s KeyBanc Capital Markets, in its monthly tire industry analysis, maintained its "hold" rating on Cooper Tire & Rubber Co. shares, based on a number of points. “Cooper could move toward the $20 level if the merger (Apollo Tyres’ proposed acquisition of Cooper) is terminated, which seems more likely with deal financing potentially in jeopardy,
DOJ Socks Toyo With $120 Million Fine
Toyo Tire & Rubber Co. was hit with a $120 million fine in a plea deal over alleged price fixing. In addition to the fine, certain Toyo executives will take a hit on their compensation, the company reported. The plea deal with the U.S. Justice Department, announced Nov. 26, came after months of investigation on
Has Apollo-Cooper Battle Been Fueled by Investment Bankers?
Writing on Reuters Breakingviews, corporate finance columnist Una Galani draws attention to how financial institutions contributed towards the current tensions between Apollo Tyres and Cooper Tire & Rubber Co. She opines that Apollo’s move to renegotiate its Cooper acquisition deal and seek a buying price less than the $2.5 billion originally offered was pushed by
Apollo-Cooper Update: Cooper Request for Expedited Hearing Granted
The Delaware Supreme Court has granted Cooper Tire & Rubber Co.’s request for an expedited hearing of its appeal to a partial ruling rendered by Vice Chancellor Sam Glasscock III in the case Cooper filed against Apollo Tyres Ltd. Cooper said in a statement that it “is pleased that the Delaware Supreme Court has granted