Apollo-Cooper: Court Hearing Postponed in Cooper China JV Suit
Bloomberg this morning reported that a Chinese court has delayed a scheduled hearing on a suit brought by one of Cooper Tire & Rubber Co.’s partners in an effort to halt Apollo Tyre’s acquisition of the U.S. tiremaker. The Weihai Intermediate People’s Court cancelled a set Sept. 24 hearing and did not announce a new
Pirelli Chief Sees Slight Glimmer in Euro Economy
Pirelli SpA chairman Marco Tronchetti Provera sees a hint of light at the end of the European economic meltdown tunnel, but it remains distant in his view. And that is having a negative effect on the tire industry. In a recent chat with CNBC, Tronchetti Provera said that the European markets remain “difficult,” despite what
Bridgestone Australia Investigating Own Recycling Program
Bridgestone Australia states it has relinquished its Australian Tyre Industry Council (ATIC) membership for “a variety of business reasons pertaining to the operation of the Council.” No further details explaining the tire firm’s differences with the ATIC have been given. One consequence of Bridgestone Australia’s withdrawal from the ATIC is the end of its participation
Vipal Adds to U.S. Distribution
Vipal is opening a new distribution center in the city of Los Angeles. The company reports that it will serve the Western regions of the U.S. and Canada. Vipal already has two other DCs in the U.S. – one in Florida and another in Virginia. With the addition of this new investment, Vipal will have
Yitao Rubber and South China Join Forces
Online news sources are reporting that South China Tire & Rubber Co. and Guangzhou Yitao Rubber Manufacture Co. have signed cooperation agreement at a ceremony celebrating the creation of the Guangzhou Huayiyang Co., a limited joint venture. South China Tire & Rubber general manager Zou Yongzhi said that through the joint effort, they are likely
Marangoni Closing Plant, Exiting New Tire Markets
Marangoni Group has confirmed that it will end new passenger car and van tire production at its Anagni, Italy, factory. The announcement comes amidst local news reports of despondency amongst workers who expected to return to work in September after two postponements in August. Around 400 employees at the Anagni plant will be made redundant.
Top Chinese Tiremakers Expected at Reifen China 2013
With China now the largest car and tire producing marketing on earth, and with five Chinese tiremakers in the global top 20 its importance cannot be ignored. In addition to scale, the largest Chinese manufacturers are increasingly investing in upping the standards of products they products, with their eyes on the global OE prize. The
New R&D Center Part of Renewed Kumho Efforts
Kumho Tire Co. opened its new research and development center near Seoul earlier this month. Located in Jigok-dong of Giheung-gu in Yongin City, the R&D center covers some 75,300 square feet of space housing R&D and testing operations. The new facility will be the centerpiece of Kumho’s global R&D efforts, which have some 600 researchers
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
Management Locked Out of Cooper’s Chinese Plant
A group has locked out the Cooper Tire & Rubber Co.’s management and withheld “certain business and financial information” in protest at the $2.5 billion acquisition of Cooper by India’s Apollo Tyres, according to Market Currents. "Neither the strike nor the plant slowdown are expected to have an effect on the consummation of
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
Kumho Tire Hopes to Complete Construction on Suspended U.S. Plant
Kumho Tire Co. is seeking to complete construction of its suspended plant in the United States, according to the company’s head. In 2009, Kumho Tire broke ground on its first U.S. plant in Georgia, but the construction has since been stalled as creditors placed the key affiliate of Kumho Asiana Group under a debt workout