Six Year High in Consumer Optimism
American consumers are feeling the best they have about the economy since the start of the recent recession, according to a survey from the University of Michigan and Thomas Reuters. At its highest level since 2007, the consumer sentiment index rose to 85.1 in July from 84.1 the previous month. "The July survey suggests a
Report: Rubber Futures Down in Tokyo
Tokyo rubber futures fell July 25 after six straight sessions of gains as weaker oil prices and the yen’s gain against the U.S. dollar prompted profit-taking, according to a report from Reuters. After closing at a seven-week high the day before, a rubber contract for December delivery dropped 0.5% to settle at 255.8 yen per
Three Tiremakers Make Fortune Global 500 List
Fortune has released this year’s "Global 500" list, which names the world’s largest companies in respect to turnover for the fiscal year ending before or on March 31, 2013. While no tire firm could hold a candle to Royal Dutch Shell, whose revenues of $481.7 billion propelled it into the number one position, three leading
Michelin: 2013 Results on Track, but Net Income Down 64%
Upon announcing first half 2013 results, Michelin has voiced its expectation that mature markets will continue their recovery from last year’s weakness in the remainder of the year, while expansion should be seen in emerging markets. Should this trend play out, the tiremaker sees itself in good stead to achieve its projected full-year volumes. “Michelin’s
Taylor Predicts ‘Record Revenue’ for Titan in Second Half
Titan International reported net sales for the first half of 2013 were $1.17 billion, compared to $922.3 million in the first half of 2012, an increase of 27%.
Carlisle Companies Reconsidering Tire Efforts
Less than stellar financial results have caused Carlisle Companies, parent of Carlisle Tire & Wheel, to rethink its continued involvement in the tire business.
Apollo: Despite Strike Reports, Cooper Chengshan is on Track
Following news of industrial opposition to the ongoing Apollo/Cooper takeover, Apollo representatives confirmed the deal is on-track to be a “compelling strategic transaction.”
Schaeffler Holding Refinances Debt, Issues Bonds
On July 17, Schaeffler Holding signed a new €3.875 billion credit agreement that it is said to offer improved terms. As part of the transaction, Schaeffler Holding intends to issue high yield bonds in euro and US dollar tranches, with an issue size equivalent to approximately €1.5 billion. This will go toward repaying the company’s
Continental Sells $959 Million Bond to Cut Interest Costs
Continental AG made $959 million (750 million euros) from the sale of a new bond. The funds will go to pay off an early redemption on a higher interest debt, according to a report by Bloomberg. The new notes, due July 2018, are fixed at 3%, Continental said in a statement, adding it will use
Apollo Investors Call for Cooper Rethink
Regarding the recent Apollo-Cooper deal, investors believe Apollo is “over-paying” for synergies that will be difficult to achieve, and consider the drop in share price reflective of the “value-destructive” acquisition deal.
TDG Buys Wheel Distributor YKW Motorsports
Orangeville, Ontario-based Tire Discounter Group Inc. acquired Markham, Ontario-based based YKW Motorsports Canada.
Apollo-Cooper Update: Investor Sues Over Offer Price
Cooper Tire & Rubber Co. has been sued by one of its investors in a bid to block the company’s $2.5 billion takeover by Apollo Tyres Ltd. The Booth Family Trust, according to Bloomberg, claims Apollo’s $35 per share offer wasn’t high enough. At least three law firms have been publicly trolling for other disgruntled