Apollo-Cooper Update: Cooper Files Supreme Court Appeal But Not 3Q Financials
Even as both sides were awaiting the rest of Judge Sam Glasscock III’s ruling on the case, Cooper Tire & Rubber Co. filed a formal appeal of the judge’s partial ruing to the Delaware Supreme Court. Cooper is seeking an expedited ruling from the state supreme court, certainly prior to the Dec. 31 expiration of
Pirelli Seeks to Boosts Investor Appeal
Pirelli SpA is looking to increase its profit margin from tire sales, becoming more appealing to investors, when the tiremaker’s controlling shareholder Marco Tronchetti Provera exits in 2017, according to Reuters. The tiremaker, who has seen four consecutive years of margin growth in Europe, is now promising four more years of growth. Tronchetti must find
Hankook Added to Dow Jones Sustainability Index
South Korean’s Hankook Tire is one of 24 companies recently added to the Dow Jones Sustainability Asia/Pacific Index (DSJI Asia/Pacific). It is the first Korean tiremaker to be included in the index and the company reports it obtained high scores in core components of corporate sustainability such as corporate social responsible activities, ethics management, environment
Pirelli’s New Biz Plan Targets Bigger Operating Profit Margin
Pirelli SpA announced a new business plan that targets a bigger operating profit margin and aims to sell 150 million euros ($202.5 million) in financial assets by 2017 as it adapts to shifts in global car markets. According to the plan, Pirelli will shift further into the premium tire segment, which the tiremaker expects to
Live at SEMA: ARI Acquires Duo Web Solutions, Expands Product Offering
Website and software provider ARI Network Services has acquired social media and online marketing services company Duo Web Solutions. Terms of the transaction were not disclosed. “This acquisition is in direct alignment with our strategy to grow the digital marketing services side of the business,” said Roy Olivier, president and CEO of ARI. “Duo Web
Apollo-Cooper Update: Cooper Chief Said Apollo Should Have Seen the Risk
Cooper Chairman and CEO Roy Armes told a Delaware court judge that the tiremaker’s Chinese joint venture partner was considering making a run at Cooper, but was shut out when Cooper accepted the $35 per share offer from Apollo Tyre. In his opening day testimony yesterday in Cooper’s suit against Apollo, Armes also said the
Cooper Claims Union Deal, Apollo Says Not So Fast
Cooper Tire & Rubber Co. claims it has reached an agreement with the USW regarding its planned sale to Apollo Tyre Co., and is now pressing Apollo to sign off on that deal and proceed with the $2.5 billion acquisition.
Goodyear to Discuss Growth Strategies, Reinstate Dividend at Meeting
During its recent investor meeting, Goodyear Tire & Rubber Co. shared its goals and strategies for the next three years as well as its capital allocation plan. The company also reinstated a cash dividend on common stock, according to a press release. The tiremaker reconfirmed its 2013 outlook for segment operating income is roughly $1.5billion
Cooper Stockholders to Vote Sept. 30 on Acquisition
Cooper Tire & Rubber Company has filed a definitive proxy statement with the U.S. Securities and Exchange Commission and scheduled a special meeting of stockholders for Sept. 30 to consider and vote on the previously announced merger with a subsidiary of Apollo Tyres Ltd. Cooper stockholders, as of the close of business Aug. 30, are
Hyosung Looks to Buy Pirelli Reinforcement Unit
South Korea’s Hyosung Group is negotiating to acquire Pirelli Tyre SpA’s tire reinforcement materials division. Hyosung is currently the world’s largest polyester tire cord manufacturer, and is “pushing for acquisition of Pirelli’s tire reinforcement materials unit as part of its strategy to increase its presence in Europe,” according to reports. Hyosung has built its international
Jiffy Lube Franchise Sells 57 Stores
Jiffy Lube franchise owner South Lubes Inc. has sold its 57 stores in two separate transactions; one with Heartland Automotive Services Inc. and one with CISA Lubes SC. South Lubes owners, who owned stores in northern Florida and the Carolinas, decided it was the right time to exit the auto sector and pass its businesses
Investor Worry Pushes Down Cooper Shares
Shares in Cooper Tire & Rubber fell 3.3% to $31.50 on Aug. 26, putting the stock down 6.1% in total this month. According to the Wall Street Journal, this marks a two-month low and comes off the back of investor fears that the decision India’s central banks to review large deals by Indian companies may