Titan-Led Consortium Buys Controlling Stake in Russian Tiremaker
Titan International Inc., the Russian Direct Investment Fund (RDIF), One Equity Partners LLC and Russian tire producer Cordiant have reached an agreement with to invest in Voltyre-Prom, a Russian agricultural and industrial tire manufacturer. The consortium – with Titan International as the managing partner – will own a controlling stake in Voltyre-Prom. The consortium’s investment
Analyst Calls Apollo-Cooper Deal an ‘Overambitious Move’
In a report published June 13, financial services group LKP Securities opined that Apollo is making an “overambitious move” in its acquisition of Cooper, considering current global demand.
Exide Gets Interim DIP Financing OK After Bankruptcy Filing
Just a day after announcing that it was entering Chapter 11 bankruptcy, battery-maker Exide Technologies received interim U.S. court approval of a $500 million debtor-in-possession financing agreement with JP Morgan Chase N.A. The fresh capital will help Milton, Ga.-based Exide continue "uninterrupted operation of its global business." Only Exide Technologies’ U.S. operations – including its
R.L. Polk Bought in $1.4 Billion Deal
Southfield, Mich.-based R.L. Polk & Co. has been acquired by business data firm IHS Inc. in a $1.4 billion deal. IHS, based in Englewood, Colo., would pick up both R.L. Polk, the respected 143-year-old global automotive data firm, and its wholly owned Carfax subsidiary. It has offices in the U.S., Canada, England, France, Spain, Italy,
Schenectady Dealer Retiring, Selling to Warren Tire
Schenectady, N.Y., tire dealer Bill Glock is selling his Family Tire and Auto Service to Warren Tire Service Center. Glock plans to retire after 40 years of running the dealership. Warren Tire, based in Glens Falls, N.Y., has 16 locations, 108 employees and posted sales of $20 million last year. By contrast, the five-employee Family
Cooper Deal: Apollo Raising $2.1 Billion in Debt Via Bonds
Further details of Apollo’s acquisition of Cooper Tire & Rubber Co. have been published by Indian brokerage house Angel Broking. In its June 13 market outlook report, Angel Broking notes that Apollo Tyre’s acquisition of Cooper will be funded entirely through debt. Apollo, it elaborates, plans to form a new holding company in the Netherlands
Cooper Deal: Apollo Shares Fall 21% After Cooper Announcement
Shares in Apollo Tyres Ltd. plunged by up to 21% the day the company announced its purchase of Cooper Tire & Rubber Co. According to local news sources, it has been more than 20 years since Apollo’s share price fell this much. The negative sentiment is likely to related to the price Apollo has agreed
Apollo Tyre Buying Cooper in $2.5 Billion Deal
In a move that had been speculated about since last fall, India’s Apollo Tyre Ltd. is acquiring Cooper Tire & Rubber Co. in a $2.5 billion deal.
Duret & Landry Sells Off Tire Supply Division
St. Albert, Alberta-based B-Line Tire & Auto Supply has acquired the tire supply division of Duret & Landry. Duret & Landry, headquartered in Laval, Quebec, has 12 locations across Canada, with five in the east, an area in which B-Line Tire & Auto Supply has no anchor. Founded in 1978 by Gilles Landry and Jean
Tronchetti Provera Works Deal to Retain Pirelli Control
After more than a week of wrangling and negotiating, Reuters reported yesterday, it appears that Pirelli SpA chairman and CEO – and largest shareholder – Marco Tronchetti Provera has retained his "grip on the Italian tiremaker." Tronchetti Provera "negotiated the exit from Pirelli’s controlling company of rival stakeholder Malacalza Investimenti," Reuters said. "Under the agreement,
Blackburn’s Makes Two Texas Acquisitions
Blackburn’s Hubcap and Wheel Solutions has acquired the inventory of Houston-based Hubcap Depot and Rocky Roads Refinishing of Cypress, Texas. In business for 27 and 22 years respectively, Hubcap Depot and Rocky Roads Refinishing’s inventories consist of late model steel and alloy wheels and center caps. Both acquisitions took place earlier this month. “These acquisitions
Sumitomo Acquires Assets of Apollo Tyres South Africa
Sumitomo Rubber Industries (SRI) has acquired Apollo Tyres South Africa (ATSA), including the Ladysmith passenger tire plant and rights to the Dunlop brand, in a $60 million deal. Apollo will retain the Durban plant, which manufactures truck and bus radial tires and off-highway tires used in the mining and construction industries. “This partnership with SRI