Company News

Giti Tire extends UK exclusive distribution agreement with Micheldever

Giti Tire extends UK exclusive distribution agreement with Micheldever

Giti Tire and Micheldever Tyre Services (MTS) have signed a renewed three-year exclusive distribution agreement, extending the wholesaler’s UK supply rights for GT Radial and Runway in the passenger car, 4x4 and light truck tyre segments. The relationship between the companies began in 2010, and under the terms of the deal MTS will continue to develop the GT Radial Performance Centres (GTPCs) whilst simultaneously promoting Runway across its larger independent network.

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UK News

AlloyGator appoints new operations director

AlloyGator appoints new operations director

Alloy wheel protection specialists, AlloyGator, has appointed Stephanie Rathbone to its board of directors, as operations director. Rathbone will move from her previous position as operations manager for the Redditch based firm and will take responsibility for logistics operations and marketing.

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International News

Prison sentence for Apollo/Cooper insider trading

A court in the US has sentenced a man to 20 months’ prison for insider trading related to Apollo Tyres’ attempted acquisition of Cooper Tire & Rubber in 2013. The US District Court in Boston gave Amit Kanodia the custodial sentence and, after finding him guilty of conspiracy and securities fraud last year, ordered him to pay a fine of US$200,000 and forfeit a further $252,500.

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Career Tracks

ZF Aftermarket introduces new Executive Board

ZF Aftermarket introduces new Executive Board

The Executive Board for the newly-created ZF division, ZF Aftermarket, has been named. Steering the new aftermarket organisation as of 1 January 2017 under division head Helmut Ernst, are Neil Fryer (senior vice-president IAM, OES, and market and product), Evelyne Zaffino (vice-president human resources and Andreas Koetz (senior vice-president manufacturing, materials management and quality. Thomas Henne, the current senior vice-president finance, process-, IT-management and compliance of ZF Services, will work towards transferring this management role to Daniele Pontarollo by 1 March 2017.

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Motorsport News

No Dakar victory, but podium finish for De Rooy

No Dakar victory, but podium finish for De Rooy

Despite leading the event for several stages and successfully battling terrible conditions, Team De Rooy had to settle for third and fourth places in the truck category of the 2017 Dakar. Driving Iveco Powerstar 4X4s equipped with standard Goodyear ORD tyres, Dutchman Gerard De Rooy in truck #500 and Argentinian Federico Villagra in truck #502 covered 5,300 miles of the challenging terrain, finishing close behind the two Russian Kamaz trucks. The remaining two Team De Rooy trucks finished 16th and 17th out of the 50 trucks that entered.

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Comment

It’s M&A season

It’s M&A season

New year. New diary. New balance sheet. New company? In this respect, 2016 got off to a flying start. No sooner had the year begun than we received news of some high profile, three-digit-million pound mergers and acquisitions. The first and the largest was the acquisition of well-known garage data supplier Autodata (see page 32, Company New section for complete details). However, within 24 hours this was followed by the potentially UK tyre wholesale and retail-changing announcement that Sumitomo Rubber Industries had acquired Micheldever Tyre Services.

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Other Recent News Articles

Titan International announces conversion of 5.625% convertible notes

Friday 20th January 2017 | 0 Comments

Titan International has announced the conversion of 97.1 per cent of the principal balance of its 5.625 per cent convertible senior subordinated notes (Notes), which matured on 15 January 2017. Prior to maturity, US$60,161,000 in aggregate principal amount of the Notes was outstanding, of which, holders of $58,460,000 in aggregate principal amount of the Notes, or 97.1 per cent, converted their notes into shares of Titan common stock pursuant to the terms of the indenture governing the Notes.

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Initial conversion price determined for Michelin bonds

Friday 20th January 2017 | 0 Comments

Following Michelin’s placement on 5 January of US$500 million non-dilutive cash-settled convertible bonds due 2022, the initial conversion price of the bonds has been set at €133.9748. The initial conversion price represents a premium of 28 per cent over the share reference price for the Michelin share of €104.6678. Settlement and delivery of the bonds took place on 10 January 2017.

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New additions to Alliance row crop tyre ranges

New additions to Alliance row crop tyre ranges

Thursday 19th January 2017 | 0 Comments

Further sizes have joined the Alliance range of row crop tyres, thereby increasing the brand’s offer for heavy duty and high speed self-propelled sprayers and tractors. A size VF 480/95R50 fitment has been added to the Alliance 354 AgriFlex+ line, while the 363 AgriFlex gains four new sizes, VF 270/95R48, VF 230/95R48, VF 270/95R54 and VF 380/90R46.

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