Tag: acquisition

SRI’s acquisition of Micheldever completed

Monday 13th February 2017 | 0 Comments

Sumitomo Rubber Industries, Ltd. (SRI) has completed its acquisition of Micheldever Group Ltd., having purchased 128,787 shares from Graphite Capital Management LLP – an enterprise value of £215 million. Upon the transaction’s closure, SRI owns a business that generated sales of approximately £320 million in the last financial year and is the holding company of Micheldever Tyre Services Ltd, an operation that employs 1,574 people and sells some 6 million tyres a year.

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Park has funds for Kumho Tire buyback

Friday 10th February 2017 | 0 Comments

Park Sam-koo reportedly possesses the funds needed to buy back a controlling stake in Kumho Tire. The chairman of the Kumho Asiana Group has raised almost KRW 1 trillion (£695 million) to acquire the 42.1 per cent share in Kumho Tire currently held by the Korea Development Bank and other creditors. The funds have been borrowed from financial investors and associates.

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Tyre wholesale: T.T.I. acquires Twen-Tyre

Wednesday 8th February 2017 | 0 Comments

Netherlands-based wholesaler Tire Trading International (T.T.I.) has taken a majority shareholding in another Dutch tyre wholesaler, Van Aalderen Twen-Tyre B.V. Reporting the acquisition, T.T.I. states that while Twen-Tyre will continue to operate independently and still offer its highly appreciated four-times-a-day delivery service, it will benefit from the greater buying power that T.T.I. enjoys and gain access to an even larger product range.

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Hankook Tire acquires Australia’s JAX Tyres

Hankook Tire acquires Australia’s JAX Tyres

Wednesday 1st February 2017 | 0 Comments

Australia’s JAX Tyres is now entirely owned by Hankook Tire. On 23 January, the South Korean firm acquired a 100 per cent stake in the franchise network of tyre retailers from its principal shareholder, company chairman Fred Hurrell, and others. The deal covers 83 outlets in the eastern states of Australia. While Hankook Tire hasn’t disclosed the sum it paid for JAX Tyres, Pulse shares that market observers estimate a KRW 100 billion (£68.8 million) price tag for the transaction.

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Michelin purchases Mondéos publishing business

Monday 30th January 2017 | 0 Comments

With the acquisition of all outstanding shares in the publishing businesses of French travel guide specialist Mondéos, Michelin believes it has “reaffirmed its leadership and strengthened its presence” in the travel guide market. Michelin has not disclosed the price it paid for the shareholding in publisher of the Balado and Mondéos guides.

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Momentive acquires US silane plant

Momentive acquires US silane plant

Monday 30th January 2017 | 0 Comments

Momentive Performance Materials Inc. has acquired the operating assets of Sea Lion Technology, Inc. located in Texas City, Texas. Sea Lion is a contract chemical manufacturer that has manufactured silane products for Momentive for more than a decade, including silanes sold under Momentive’s NXT brand. The Texas City facility will continue to manufacture NXT silane as an integrated part of Momentive’s global supply chain, joining the company’s 24 other manufacturing facilities located around the world.

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Wheel makers Momo and Weld now sister companies

Wheel makers Momo and Weld now sister companies

Thursday 26th January 2017 | 0 Comments

Cisneros Corporation, parent company of Italy-based wheel manufacturer Momo, has acquired US firm Weld Racing from investment group Granite Creek Capital Partners, L.L.C. for an undisclosed sum. Announcing the deal, Weld Racing states that together with the Momo Automotive Group, it will create a “global design, performance, and manufacturing powerhouse with a passion for motorsports and a drive for transformational innovation.”

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Valeo buys Ichikoh

Wednesday 25th January 2017 | 0 Comments

Well known automotive supplier Valeo has announced that 32,383,612 Ichikoh shares have been tendered to its offer, raising its stake in the Japanese vehicle lighting and wing mirror supplier to 55.08 per cent.

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Tyres on the Drive deal gives Halfords an opportunity to grow mobile delivery

Tyres on the Drive deal gives Halfords an opportunity to grow mobile delivery

Thursday 19th January 2017 | 0 Comments

Halfords has acquired a minority stake in TyresOnTheDrive.com valued at up to £8 million and simultaneously entered into an operating agreement with the mobile tyre fitting business. The shareholding was purchased during a round of investment in Tyres on the Drive in which existing shareholders MMC Ventures and True Capital also participated.

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Bridgestone buys yet another French tyre retailer

Wednesday 18th January 2017 | 0 Comments

Japanese tyre manufacturer Bridgestone has agreed to buy Ayme Group, the owner of France’s largest independent tyre retail chain - Côté Route.

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APP-Tech now a Ronal Group company

APP-Tech now a Ronal Group company

Monday 16th January 2017 | 0 Comments

The Ronal Group has announced its acquisition of Italian firm APP-Tech Srl at the end of last year and says this will help it meet growing customer demand for forged wheels. APP-Tech specialises in these products and sells the rims manufactured at its plant near Padua in northern Italy to vehicle manufacturers, high end aftermarket suppliers and motorsport teams. The company will continue to operate on an independent basis under the management of Francesca De Boni, and all APP-Tech staff will remain in employment.

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Preferred Kumho Tire bid to be chosen next week

Friday 13th January 2017 | 0 Comments

Final bids to acquire a 42.01 per cent shareholding in Kumho Tire are in, and Credit Cuisse, who has managed the deal, has requested additional time in order to review the bidders’ documents. Pulse, Maeil Business Newspaper’s English-language website, posits that the preferred bidder will be picked between 16 and 18 January, and the terms then sent to Kumho Asiana chairman Park Sam-koo.

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Park Sam-koo, potential suitors ready for Kumho Tire bidding

Monday 9th January 2017 | 0 Comments

A final round of bids for the 42.01 per cent controlling stake in Kumho Tire will be held on 12 January, and according to the Korea Development Bank and other creditors, a shortlist of five preferred bidders are in the running to acquire this share should chairman Park Sam-koo decline a prior offer to match the highest bid and purchase the 42.01 per cent stake himself. The five contenders are Apollo Tyres, Shanghai Aerospace Industry Corp. (SAIC), Jiangsu GPRO Group, Shandong Linglong Tire and Doublestar Tyre.

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It’s M&A season

It’s M&A season

Friday 6th January 2017 | 0 Comments

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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Yokohama acquiring Japanese industrial tyre manufacturer

Friday 6th January 2017 | 0 Comments

Last year’s acquisition of Alliance Tire Group by Yokohama Rubber has now been followed up by the purchase of a further off-road tyre specialist. An agreement was reached today on Yokohama Rubber’s planned acquisition of Aichi Tire Industry Co., Ltd. Shareholders of the Japanese industrial tyre manufacturer have consented to Yokohama Rubber’s purchase of all shares for an undisclosed sum, and Yokohama plans to complete the acquisition by March 2017. After this date, Aichi Tire will be a wholly-owned subsidiary of Yokohama Rubber.

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