Hankook Worldwide Formally Takes Hankook Tire Subsidiary
Seoul-based Korea Industry & Technology Times reports that Hankook Tire’s holding company, Hankook Tire Worldwide, will increase its capital by issuing capital stock for noncash assets. This is being done in order to make Hankook Tire Co. its full subsidiary, the journal explained. Through the capital increase, Hankook Tire chairman Cho Yang-Rai and his family
Sales Up, Profits Tumble for Monro Muffler Brake
Despite increased sales for the period and year, Monro Muffler Brake Inc. had a rough fourth quarter and entire 2013 fiscal year, according to its financial results released earlier this week. Fiscal 2013 sales came in at $732 million, up 6.6% year-over-year. But net income dropped 22.1% to $42.6 million, and operating income dropped 19.4%
Maxxis Climbing the Charts of Largest Tire Firms
Maxxis International has reported another strong year of growth for the 12 months to January 2013. Results from the last financial year show Maxxis tire sales figures surpassing $4.5 billion for the first time, up over $2 billion in the last five years alone. The company reports that despite an adverse global economy and substantial
New Investors Looking at Buying Stake in Pirelli Holder
Reuters reported on May 17 that unnamed outside "industrial and financial investors are in talks to buy a stake in Camfin," which holds controlling interest in Pirelli SpA. Pirelli chairman and CEO Marco Tronchetti Provera controls Pirelli "through a complex chain led by his MTP SpA holding vehicle and comprising two other companies, GPI and
Apollo Tyres Not Raising Funds, Still Looking to Expand
India’s Apollo Tyres has dropped plans – for now – to raise $150 million intended for business expansion. The fund raising would have been through a Qualified Institutional Buyers offering. Apollo said it dropped the scheme due to “volatile market conditions.” At the same time, Apollo said it will press on with unspecified expansion plans
Morgan Stanley Sees Plenty of Gains for Cheng Shin
According to a recently published consolidated financial summary for Cheng Shin Rubber, the Taiwanese tiremaker’s net sales and profits are expected to steadily climb over the next couple of years. The Morgan Stanley Research summary estimates that the Maxxis brand manufacturer’s net sales will rise from last year’s NT$130,269 million to NT$138,709 million this year
Profits Surge as Apollo Reports FY2013 Results
For Apollo Tyres, the 2013 financial year ended on March 31, and the tiremaker reports that its profit was up almost 50% for the full year. Apollo’s net profit for its recent fiscal year amounted to Rs 6.1 billion, a 48.8% year-on-year increase on the Rs 4.1 billion earned in the previous financial year. Net
Snap-on Acquires Challenger Lifts
Snap-on has acquired Challenger Lifts, maker of a range of in- and above-ground automotive lifts, as well as mobile, home garage and motorcycle lifts and lift accessories, in a $38 million deal.
Schaeffler Ending Conti Investment Agreement
Schaeffler Group has given notice that it is ending its mutual investment agreement with Continental AG. Unless there is a change of heart, the agreement will terminate in May 2014.
Malacalza Resigns Pirelli Board Over Decision Process
Vittorio Malacalza resigned from Pirelli SpA on May 10, stepping down from the position of deputy chairman and member of the board and prompting a clarification from the company’s corporate headquarters in Milan. Malacalza indirectly owns 7% of Pirelli shares via the company’s 26% share in Camfin. Tyres & Accessories understands that Malacalza does not
Kumho Shakes it Off, Posts Positive Results for 2012
After years of losses, most due to the extensive "workout program" it undertook when its then-parent company faced financial difficulties, Kumho Tire Co. has posted positive sales and net earnings numbers. For its fiscal 2012, Kuhmo reported record sales of $3.62 billion, up 4% year-over-year, resulting in net income of $116.2 million. Operating income registered
Arsenal Adds Another Tire Fill Firm
No sooner had the ink dried on its deal to buy Arnco, Arsenal Capital Partners acquired Pathway Polymers, a producer of polyurethane tire fill material and equipment. Arsenal did the deal through its Dash Multi-Corp. portfolio unit; both Pathway and Arnco will now fall under Dash’s Polyurethane Systems Business Unit. Pathway was most recently owned