Michelin cancelling 4.7 million treasury shares
Compagnie Générale des Etablissements Michelin intends to cancel 4,695,964 of its treasury shares, a figure that represents 2.5 per cent of the total shares outstanding. This course of action is being undertaken based on the decision made by chief executive officer Jean-Dominique Senard on 11 December and the ninth resolution reached at the company’s 2015 Shareholders Meeting on 22 May.
Continue ReadingNokian to appeal 87 million euro additional tax bill
Nokian Tyres is to appeal a tax adjustment for the years 2007 – 2010, meaning the firm must pay an extra 87 million euros. 55 million euros of the figure are additional taxes and the remaining 32 million euros punitive taxes. Payment must be made in January 2016.
Continue ReadingGoodyear redeeming €250M in senior notes to make $8M saving
Goodyear Dunlop Tires Europe B.V. will redeem all of its outstanding €250 million aggregate principal amount of 6.75 per cent senior notes due 2019, reported parent company Goodyear Tire & Rubber today. The redemption will take place on 14 January 2016 at a price that is 103.375 per cent of the principal amount of the notes being redeemed, plus accrued and unpaid interest up to that date.
Continue ReadingNew year, new business structure – SRI making changes in North America
Falken Tire Corporation has announced a realignment of its business units that accommodates changes brought about by the dissolution of the global alliance between parent company Sumitomo Rubber Industries and Goodyear Tire & Rubber. The realignment will take place in stages and begins on 1 January with the subsidiary’s renaming as Sumitomo Rubber North America, Inc.; Richard Smallwood, who is currently CEO and president of Falken Tire Corporation, will hold these positions in the retitled business.
Continue ReadingGoodyear supplying tyres for Boeing 777X
Boeing says its new 777X, which is scheduled to begin arriving with customers in 2019, is the largest and most efficient twin-engine jet in the world, an airliner “unmatched in every aspect of performance.” As of 1 December 2015, the Boeing 777X programme had received orders and commitments for 306 aircraft, and Goodyear Tire & Rubber reports that it will supply tyres to each and every one of these planes.
Continue ReadingRenault and Nissan strengthen alliance
The following board meetings at both Renault and Nissan on 10 and 11 December respectively, the two firms have issued the following statement via Carlos Ghosn, chairman and chief executive officer of the Renault-Nissan Alliance: Today was an important day for the future of the Renault-Nissan Alliance. After months of discussions, I am happy to say that an agreement has been reached that builds on our heritage and strong foundations to achieve further sustainable growth and success of the two partners. While there were important short-term issues to address, it was imperative that all involved took a long view.
Continue ReadingKesoram to invest almost £30M in PCR tyre production
The chief financial officer of Kesoram Industries reports that the company will invest Rs 3 billion (£29.3 million) into passenger car radial tyre production. Tridib Kumar Das told Indian financial daily Business Standard that the investment will be made in addition to the Rs 5 billion already spent on the car radial project, and that the company intends to bring its passenger car radials to market in May 2016.
Continue ReadingDarren Wells sells $1M of Goodyear shares
Goodyear Tire & Rubber’s Darren Wells has sold 30,914 shares in the tyre maker for US$1,039,019.54. Wells, who steps down as president of the company’s Rubber’s EMEA business on 1 January ahead of leaving Goodyear early on in 2016, now directly owns 85,808 shares in Goodyear Tire & Rubber.
Continue ReadingTitan International, announces Q4 cash dividend
The Board of Directors of Titan International has approved a quarterly cash dividend of US$.005 per common share for the fourth quarter of 2015. The cash dividend is payable Friday 16 January 2016 to stockholders of record on Thursday 31 December 2015.
Continue ReadingBridgestone matches Icahn’s Pep Boys offer
After determining the US$15.50 per share merger agreement proposed by Icahn Enterprises superior to Bridgestone’s $15.00 a share deal, The Pep Boys – Manny, Moe & Jack gave the tyre maker until 5:00pm (EST) last Friday to return with new and more attractive merger terms. Bridgestone Retail Operations (BSRO) did just that, and the two parties have now amended the terms of the merger agreement originally signed on 26 October.
Continue Reading‘bauma’ organiser further expands with Russian trade show acquisition
Messe München, organiser of the bauma construction and mining machinery trade fair, has further consolidated its position as the world’s leading organiser of trade exhibitions for this sector with the acquisition of Moscow-based CTT Expo, the world’s fifth largest construction machinery trade show. It says the acquisition is “both the biggest and most important purchase in Messe Münchens history.” The seller is private Russian trade fair company Media Globe LLC.
Continue ReadingEarly 2016 opening for BKT R&D centre
Every year, Indian off-road tyre specialist Balkrishna Industries Ltd. invests three to four per cent of its turnover into research and development, and through this focus the company is able to bring 60 to 80 new types of tyre to market annually. The reported average development time for these tyres is six to eight weeks.
Continue ReadingJuventus F.C. players appear in second Goodyear video
Players from Italian Serie A team Juventus F.C. have worked with sponsorship partner Goodyear to produce a short video that draws parallels between safety on the football pitch and on the road. Four Juventus team members, Anderson Hernanes, Sami Khedira, Norberto Murara Neto and Stefano Sturaro, worked with the tyre maker on the project.
Continue ReadingCRISIL upgrades Apollo Tyre’s long-term rating
Apollo Tyres Ltd reports that Standard & Poor’s company CRISIL has upgraded its long-term rating on the Bank facilities and other debt programmes of the Company from CRISIL AA/Positive to CRISIL AA+/Stable and reaffirmed its short-term rating as CRISIL A1+.
Continue ReadingSailun to build all-steel, OTR tyre plant in Vietnam
The Sailun Jinyu Group has informed the Shanghai Stock Exchange about plans for its wholly-owned Vietnamese subsidiary, Sailun (Vietnam) Co., Ltd, to invest up to US$200 million in all-steel belted tyre and off-highway tyre production. At a meeting held on 8 December, the Sailun Jinyu Board of Directors unanimously approved the project.
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