Metro Tyres Hints at IPO
Metro Tyres has suggested that it might consider going public in order to fund a possible acquisition of Falcon Tyres. The news follows the company’s recent admission that it was interested in purchasing Falcon Tyres.
Metro Tyres has suggested that it might consider going public in order to fund a possible acquisition of Falcon Tyres. The news follows the company’s recent admission that it was interested in purchasing Falcon Tyres.
Hofmann Megaplan, has appointed Andy Ringrose as its new equipment specialist.
Involved in all aspects of sales Mr Ringrose will provide field-based support for both new and existing customers.
Goodyear Europe’s CEO Mike Roney is to become the new chief executive of distribution and outsourcing group Bunzl PLC.
Currently a non-executive director of the company Roney will take over from Anthony Habgood as of 1 November. Company chairman, Habgood, took on the executive role after the unexpected withdrawal of CEO-designate Christoph Sander in June.
Bridgestone is to extend its steel cord Metalpha plant in Clarksville, America. The tyre manufacturer is investing $45 million in the expansion according to company spokesman Dan McDonough.
Around 127, 365 square foot will be added to the site, along with $31 million of new equipment. The fast-track project is scheduled to be completed in November.
Bridgestone Americas Holding has 38 facilities in North and South America. The company was formed in 1990 when Bridgestone U.S.A. merged with Firestone.
Dick Johnson, chief executive of Goodyear Dunlop, has been confirmed as the guest speaker at the NTDA’s Tyre Wholesalers annual lunch in November.
The annual meeting will again be held at the Raven Hotel in Droitwich on 23rd November. It will be attended by over 100 members of the Wholesalers Group, tyre manufacturers, retail chain management and the officers of the NTDA.
Automotive parts manufacturer Remy Automotive UK Ltd. has appointed Michael Flensborg (43) as Country Manager for the UK and Ireland. He succeeds Managing Director Tim Rahill, who left the company at the end of August.
Danish-born Mr. Flensborg joins the UK operation from the Remy Automotive European sales team, where he has been responsible for the development of the Scandinavian and Baltic markets for the past six years, plus the recent successful launch of Remy into the Russian market.
A minority shareholder of Bridgestone Firestone Maxiprest, South Africa, wants to block the company’s proposed minority shareholders’ buyout scheme according to news reports.
The company offered minority shareholders Rand 115 cent a share. It said 35.5 per cent of shareholders had voted in favour of the scheme. However, Peter Burmeister urged shareholders to reject the offer. He said the company should pay shareholders 140c per share.
Goodyear Tire & Rubber Co has completed the sale of its Wingtack adhesives resins business to Sartomer Company Inc., a unit of the French energy firm Total SA.
(Akron/Tire Review) As part of its introduction of the Vredestein brand to the Russian tyre market, Amtel-Vredestein Holding said that it would import some 30,000 Vredestein brand tyres from The Netherlands and produce another 15,000 Vredestein tyres at its plant in Kirovsk, Russia.
Next year, Amtel-Vredestein will import 200,000 tyres and produce about one million Vredestein branded tyres in Russia, the company said. Amtel has been reorganised as Amtel-Vredestein, 37 per cent of which is owned by Amtel Holdings Holland and 63 per cent by Amtel Exports, a wholly-owned subsidiary of Amtel Holdings Holland.
(Akron/Tire Review) TIA is offering resource assistance to its members in Louisiana and Mississippi stricken by the devastation of Hurricane Katrina. “The devastation that has occurred in Louisiana and Mississippi is just beyond our imagination,” said Roy Littlefield, TIA’s executive vice president. “Like so many other Americans we are watching the news reports with great sadness. We are offering one central resource for our members, in the hope that it can alleviate some frustration and save them time in searching for contact information.”
(Akron/Tire Review) All, apparently, is not that rosy with Amtel Holding, which recently unveiled its plans to integrate the Vredestein brand in Russia. A significant slowdown in sales in Russia has forced the company to begin laying off workers at its Krasnoyarsky, Russia, factory, and reducing output at the passenger and light truck tire plant by half.
(Akron/Tire Review) For the second time in as many months, Titan International has extended the deadline for completion of its purchase of Goodyear Tire & Rubber Co. agricultural tire business. It is believed that the second extension – until 1 October – is due to slow moving negotiations between Titan and the United Steelworkers (USW).
Under terms of the contract it signed with Goodyear in 2003, any company purchasing a USW-represented Goodyear plant must negotiate a new deal with the union before the sale can be consummated.
The purchase, announced last February, includes Goodyea’rs agricultural tyre plant in Freeport, Illinois.
(Akron/Tire Review) Cooper Tire & Rubber Co has made three appointments to its North American tyre-marketing group. James Keller was vice president of marketing for North America, Philip Kortokrax was appointed general manager for Cooper’s Mickey Thompson Performance Tires and Wheels unit, and Christopher Pantani was named director of UHP marketing and business development.
(Akron/Tire Review) Various reports indicate that the Roesler Group is still negotiating to buy Continental Tire North America’s (CTNA) OTR tyre plant in Bryan, Ohio.
Roesler officials and representatives from the United Steelworkers (USW) have been meeting, but no progress has been reported. Meanwhile, industry watchers in Europe remain curious about the deal, suggesting that Roesler’s relative size – the company posted sales of just $10 million last year, according to reports – may be of concern to the union, which is fighting to protect jobs. However, some observers suggest that the negotiated price for the factory actually favours Roesler.
The high-speed Monza Grand Prix circuit will test tyres to the limit, tyre suppliers Bridgestone and Michelin have reported. “Being the fastest circuit on the F1 calendar, the Monza GP is always a fast and furious race. The cars reach around 350km/h in four different places and in the approach to the first chicane, they are actually reaching close to 360km/h,” said Bridgestone F1 technical manager, Hisao Suganuma, adding:
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