Bridgestone Shifts Ownership of Nokian Shares
Bridgestone Europe will transfer its shares in Nokian Tyres to parent Bridgestone Corp. on May 7, the Japanese tiremaker told Nokian. This agreement decreases Bridgestone Europe’s ownership in Nokian to less than 5% of share capital and increases Bridgestone Corp.’s ownership to over 15% of the share capital.
Arnco Acquired by Private Equity Firm
Arsenal Capital Partners has acquired polyurethane product producer Arnco. Established in 1971 and based in South Gate, Calif., Arnco operates through five main business units: Arnco Tire Flatproofing; Arnco Performance Polymers; Carefree Tire; Arnco Construction Products; and Arnco Europe, based in Manchester, England. Arnco has production facilities in South Gate; Berea, Ohio; Manchester; and Jiaxing
Schaeffler Could Be Eying 2014 IPO
Continental AG majority owner Schaeffler AG is reportedly considering an initial public offering next year in Germany, according to a Bloomberg news report. The report said that unidentified insiders told Bloomberg that Schaeffler is "discussing options that include a share sale" and that another option on the table "would be bringing in a large investor
Pep Boys: Sales Up, Earnings Down in 2012
Pep Boys’ sales for fiscal year 2012 increased by $27.1 million, while net earnings were $12.8 million, compared to $28.9 million recorded in fiscal 2011.
Continental AG: Q1 Sales Lower Than Expected
Continental AG has reported its sales for the first quarter of 2013 fell slightly more than its projected drop between 1% and 3%. Q1 operating profit declined below very strong year-ago levels, but stayed within expectations, reported Reuters. Despite the decline in European car markets, Continental said group business will steadily improve following a first
Bridgestone: Low U.S. Tire Demand Means Less Rubber
Bridgestone Corp. has reported it may use 2.6% less rubber in 2013 than originally projected as replacement tire demand in the U.S. will be slower than forecast, according to Bloomberg Businessweek. On Feb. 18, Bridgestone said it would likely consume a record 1.93 million tons of rubber for tire production globally this year, up 9.7%
Mann+Hummel Takes Over Purolator Filters from Bosch
The Mann+Hummel Group, based in Ludwigsburg, Germany, is taking over Purolator Filters LLC, previously a joint venture between Bosch and Mann+Hummel. The business will continue to be based in Fayetteville, N.C., but will be renamed to Mann+Hummel Purolator Filters LLC. The terms of the deal have not been disclosed. Mann+Hummel and Bosch ran the joint venture
ATD Grows in Canada With Latest Acquisition
TriCan Tire Distributors Inc., a subsidiary of American Tire Distributors Holdings Inc., is buying all outstanding shares of Burlington, Ont.-based Regional Tire Distributors Inc. The acquisition, which should be completed by the end of April, will further extend ATD’s reach into Canada. RTD has five distribution centers in Ontario and another four across the Atlantic
Superior Industries Board OKs Stock Buyback
The board of directors of wheel producer Superior Industries International Inc. approved a stock repurchase program that authorizes the repurchase of up to $30 million of the company’s common stock. Under the scheme, Superior may repurchase common stock "from time to time" on the open market or in private transactions. The company expects to fund
Equity Group Takes Over Raybestos Brake Parent
Private equity firm Torque Capital Group has acquired Brake Parts Inc., the parent of Raybestos brand brake components. Previous Raybestos owner Affinia Group Holdings spun off the brake component brand to a group of shareholders last November. Torque Capital Group and a group of investors then stepped up to take over the operation. “Now that
Nokian Sees 7.1% Rise in Net Profits
Nokian Tyres has released its 2012 annual report, and the Finnish manufacturer reports a 10.7% growth in net sales to 1.61 billion euros, 9.2% rise in operating profit to 415.0 million euros, and a 7.1% increase in profit to 330.9 million euros. Russia proved a regional strength during the year and demand for Nokian’s passenger
ARI Sets $4.8 Million Private Stock Placement
Milwaukee, Wis.-based ARI Network Services has entered into agreements with various investors in a private placement of $4.8 million of common stock at a price of $1.50 per share. In addition, the company will issue to the investors warrants to purchase 1,066,667 shares of common stock. The warrants have an exercise price of $2 per