Tag: acquisition

Doublestar wants Kumho Tire stake for KRW 800 billion

Doublestar wants Kumho Tire stake for KRW 800 billion

Monday 21st August 2017 | 0 Comments

On Friday, we reported that Chinese tyre maker Qingdao Doublestar Tire was angling for a ten per cent discount on the 42.01 per cent stake in Kumho Tire it wishes to acquire. Not so, wrote The Korea Times over the weekend – according to its sources, Doublestar wants creditors to cut the price to KRW 800 billion (£544.6 million), a discount of 16.2 per cent on the original bid price.

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Toyo sells chemical business to Nitta

Monday 14th August 2017 | 0 Comments

Japanese rubber products manufacturer Nitta has is to acquire the chemical and chemical and industrial products businesses of Toyo Tire and Rubber for 3.7 billion yen. The purchase does not include the now infamous seismic isolation rubber business. Back in March Toyo Tire and Rubber said it was planning to sell its non-automotive operations and use the funds to strengthen its tyre business. Toyo Tire is expected to use the money from the sale to expand its tyre plant in Malaysia and invest in a US design centre set to open in 2018.

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Uni-Select completes £205 million Parts Alliance purchase

Monday 7th August 2017 | 0 Comments

Uni-Select Inc. has completed the acquisition of 100 per cent of the shares of PA Topco Limited (The Parts Alliance), the second largest national independent distributor of automotive aftermarket parts in the UK. As previously announced, the £205 million pricetag was fully funded with debt from available credit facilities.

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Superior Industries publishes Q2 2017 results, updates outlook

Monday 7th August 2017 | 0 Comments

Second quarter results for aluminium wheel manufacturer Superior Industries International, Inc. show both record unit shipments and a net loss. These results for the quarter to 25 June 2017 also include one month of results from Uniwheels AG, in which Superior acquired a major shareholding on 30 May 2017. Upon tomorrow’s settlement of the delisting tender offer, Superior will own approximately 93.2 per cent of Uniwheels’ common stock shares.

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DEKRA expands in Portugal through MasterTest acquisition

DEKRA expands in Portugal through MasterTest acquisition

Thursday 3rd August 2017 | 0 Comments

The three testing stations run by DEKRA in Portugal have now been joined by a further 11 following the acquisition of Portuguese testing organisation MasterTest. DEKRA has been in the market for vehicle inspections in Portugal since 2016 and plans to open three further stations there by the end of the year.

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Camso acquires Omni Industrial Tire

Thursday 3rd August 2017 | 0 Comments

Camso has expanded its tyre service and material handling distribution footprint in the USA with the acquisition of Texas-based Omni Industrial Tire. Commenting on the acquisition, Bob Bulger, vice-president and general manager – Solideal On-Site Service, said: “The acquisition of Omni Industrial Tire will enable Camso to further penetrate the Texas market and consolidate its leadership position in this region. Omni has a strong and respected name in Texas, and shares our unique view of providing OTR mobility solutions.”

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Kumho Tire’s creditors accept proposal

Wednesday 2nd August 2017 | 0 Comments

Nothing now stands in the way of Qingdao Doublestar Tire’s acquisition of a 42.01 per cent share in Kumho Tire. Last Friday, the creditors of Kumho Tire accepted the offer made by Kumho Asiana.

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Kumho Tire proposal ‘tentatively’ accepted

Wednesday 26th July 2017 | 0 Comments

Although it’s probably too early for champagne corks to pop, progress has been made in the Kumho Tire shareholding negotiations. Yonhap News Agency writes that the tyre maker’s creditors have “tentatively agreed to accept original proposals” made by Kumho Asiana, adding that this may pave the way for creditors to complete the sale of the 42.01 per cent shareholding to Qingdao Doublestar Tire.

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Michelin completes NexTraq acquisition

Friday 21st July 2017 | 0 Comments

Former Fleetcor Technologies business NexTraq is now a wholly-owned subsidiary of Michelin North America following the completion of its all-cash acquisition.

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Creditors, Doublestar Tire receive final offer for use of Kumho brand name

Wednesday 19th July 2017 | 0 Comments

Negotiations over the use of the Kumho brand name are drawing to a conclusion, with Park Sam-Koo and the board of Kumho Industrial Co. announcing their final offer following a meeting yesterday. This offer centres on the payment of 0.5 per cent of Kumho Tire’s sales in brand royalties for 12.5 years and a clause ensuring that Doublestar uses the Kumho name for the entire period.

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Acquisition ugliness: Kumho Tire execs threaten mass resignation

Friday 14th July 2017 | 0 Comments

Qingdao Doublestar Tire’s bid to acquire 42.01 per cent of South Korean tyre maker Kumho Tire is developing into a drama of the sort not witnessed since a stubborn Cooper Chengshan Tire helped derail Apollo Tyres’ purchase of Cooper Tire & Rubber. Business Korea writes today that 41 Kumho Tire executives, including chief executive officer Lee Han-seob, intend to resign should Kumho Tire’s creditors sell the share to Doublestar.

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Kumho Tire creditors propose brand name rights compromise

Monday 10th July 2017 | 0 Comments

It’s more than two months since Qingdao Doublestar Tire was named the preferred bidder to acquire a 42.01 per cent share in Kumho Tire, yet a satisfactory agreement remains elusive. The most contentious point has been the use of the Kumho brand name, with rightsholder Kumho Industrial demanding 0.5 per cent of Kumho Tire’s revenues for 20 years for use of the name – significantly more than the 0.2 per cent for five years as previously agreed between Doublestar Tire and Kumho Tire’s creditors.

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Continental acquires mobility intelligence provider Quantum Inventions

Monday 10th July 2017 | 0 Comments

Another acquisition for Continental. Days after the German company reported taking a minority share in French autonomous driving company EasyMile SAS, it announced it has finalised its acquisition of Singapore based mobility intelligence provider Quantum Inventions. Continental hasn’t disclosed how much it paid for the firm.

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Michelin acquires share in Robert Parker Wine Advocate

Wednesday 5th July 2017 | 0 Comments

With the signing of a contract, and possibly the clinking of glasses, Michelin sealed its acquisition of a 40 per cent stake in Robert Parker Wine Advocate and RobertParker.com, the world’s most widely read independent consumers’ guide to fine wine. The tyre maker views this equity investment as a measure that strengthens and broadens its “experience in the area of gourmet dining.”

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Fintyre platform company acquires Reiff Reifen & Autotechnik

Fintyre platform company acquires Reiff Reifen & Autotechnik

Monday 26th June 2017 | 0 Comments

Further consolidation has taken place within the tyre trade, and Germany’s Reiff Reifen und Autotechnik will soon be a sister company to Italian tyre wholesaler Fintyre. London-based platform European Tyres Distribution Ltd., parent company of Fintyre, has entered into a binding agreement with Germany’s Reiff Group to acquire its tyre and car technology business area.

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