Goodyear declares dividend on common stock
Directors of The Goodyear Tire & Rubber Company have declared a quarterly dividend of US$0.06 per share of common stock. The dividend is payable 1 September 2015 to shareholders of record on 31 July 2015. The payout represents an annual rate of 24 cents per share.
Continue ReadingMIRA sold to Japan’s Horiba
The Tokyo-listed Horiba Group has acquired MIRA Ltd’s entire business operations for approximately £83.1 million. Horiba states it purchased the UK-based company in order to expand its vehicle development and testing business, and to further the development of next-generation mobility solutions, such as autonomous vehicles. A new firm, HRA International Ltd., was established in the UK on 5 June 2015; this took over MIRA’s assets yesterday and commenced operations as Horiba MIRA Ltd.
Continue ReadingMaxion Wheels, ThyssenKrupp join forces to develop ‘hybrid’ wheels
ThyssenKrupp Carbon Components and Maxion Wheels have established a cooperation agreement to develop and market ultra-lightweight aluminium and carbon fibre hybrid wheels for the premium vehicle OEM market. The two companies state that the products resulting from their collaboration will “will offer customers exceptional performance benefits at an attractive price point.”
Continue ReadingTitan resumes Goodyear ATV, UTV production
Titan Tire Corporation recently recommenced production of its complete Goodyear ATV and UTV tyre portfolio. This return to full production is the result of an agreement the company entered into with Goodyear Tire & Rubber in August 2014, and is the first time since 2009 that the full line-up of ATV tyres has been offered.
Continue ReadingFalken Tyre sponsoring Bundesliga newcomer
Falken Tyre Europe has entered into sponsorship agreement with German football club FC Ingolstadt 04. The team has been promoted to the premier Bundesliga league for the 2015/2016 season after winning the country’s second-division league last year, and Falken says the new two-season partnership will serve as the “spearhead of a strategic sales sponsoring programme in the football sector” that will see it participate in further advertising and hospitality campaigns with European clubs.
Continue ReadingReifen Gundlach gains ISO/TS 16949 accreditation
Reifen Gundlach is celebrating the attainment of ISO/TS 16949, a standard that qualifies the German tyre wholesaler to supply the automotive industry. However, this is not a completely new development. Reifen Gundlach reports that it embarked on the course for this technical innovation several years ago. Indeed OE-compliant complete wheel assemblies have been rolling off the production line of “one of the most modern assembly lines for the aftermarket in Europe” since 2008 and the firms tyre/wheel assembly business has had quality management system standard ISO 9001 since 2006.
Continue ReadingReports: Deruibao bankrupt
Reports suggest that struggling Shandong, China-based tyre manufacturing Deruibao tyre has now officially declared bankruptcy. As Tyres & Accessories reported in February, the company called on local Grungrao County officials for support who tried to restructure the business. Qingdao Doublestar and Hengfeng tyre were also linked to the firm as possible buyers.
Continue ReadingCourt dismisses Cooper Tire shareholder lawsuit
The US District Court in Delaware has dismissed the class action against Cooper Tire & Rubber that followed the unsuccessful Apollo Tyres acquisition attempt. The lawsuit, which was filed in January 2014, alleged the tyre maker, along with CEO Roy Armes and CFO Bradley Hughes, violated US federal securities laws by misrepresenting its financial condition, financial prospects, and the effectiveness of its internal controls. The action was filed by law firms Entwistle & Cappucci LLP and Bernstein Litowitz Berger & Grossmann LLP on behalf of Cooper Tire investors OFI Risk Arbitrages, OFI Risk Arb Absolu and Timber Hill L.L.C.
Continue ReadingCamoplast Solideal is now Camso
Off-road tyre, wheel and track specialist Camoplast Solideal has rebranded itself as Camso. The new name comes five years after Camoplast’s acquisition of Groupe Solideal and is said to represent “the best of Camoplast and Solideal”. According to Pierre Marcouiller, company CEO and chairman of the Camso board, the launch of Camso “highlights the success” the company has achieved in just a few years.
Continue ReadingGame theory: talk of a Grexit teaches us to expect the unexpected
The Greek people just voted “no” in their recent referendum on whether to accept bail-out terms that would have meant tougher austerity measures for the domestic economy. At the time of going to press, the consensus is that this move will be interpreted as a no to the euro and it has prompted much speculation that Greece will be forced to leave the eurozone, return to the drachma, create a new currency and/or some combination of the above. Of course, any economic change of this scale is bound to have an impact on the way business is done across European boundaries. But as well as the direct practical implications, a number of key features of the saga provoke wider comparisons.
Continue ReadingEarly redemption for Continental USD bond
Continental reports the planned early redemption of the $950 million, 4.5 per cent coupon USD bond that company subsidiary Continental Rubber of America, Corp. issued in September 2012. The redemption will now take place on 15 September 2015, four years earlier than the original maturity date, with a redemption price of 102.25 per cent.
Continue ReadingGoodyear Dunlop Tyres UK MD on proposed closure of Wolverhampton plant
Following Goodyear Dunlop Tyres UK’s proposal to close its Wolverhampton mixing and retreading facility, Tyrepress spoke to the managing director of Goodyear Dunlop UK, Erich Fric, who explained the business reasons for the decision. “We’ve taken the decision to put this proposal forward based on the economic environment, and in order to keep our companies competitive in the long term,” Fric said.
Continue ReadingEU gives ChemChina green light for Pirelli purchase
ChemChina (China National Chemical Corp) has gained European Union antitrust approval for Pirelli takeover. According to a Reuters report, the completed transaction would give the combined company a 10 per cent market share. As a result, ChemChina unit China National Tire & Rubber is now expected to go ahead with plans to set up a joint venture to acquire a 26.2 per cent stake from Italian holding firm Camfin and then make a mandatory takeover bid for the rest of Pirelli.
Continue ReadingAntitrust authorities approve Mahle’s Delphi Thermal acquisition
Mahle has acquired the thermal business of UK automotive supplier Delphi Automotive, following approval from antitrust authorities on 1 July 2015. The Stuttgart-based group is expanding its Thermal Management business unit, which it describes as “strategically important”. Mahle reasons that its increased commitment in the sector is due to a comprehensive, energy-efficient thermal management system being as much in demand for combustion engines as for electric drives or fuel cells.
Continue ReadingMoody’s lifts Continental AG rating to Baa1
Moodys Investors Service has upgraded its rating for tyre and automotive systems manufacturer Continental AG, and removed the restriction that the company’s rating must remain within three notches above that given to major shareholder Schaeffler AG. This upgrade applies to both the long-term Issuer Rating and the senior unsecured ratings of Continental and its rated subsidiaries, and sees it rise from Baa3 to Baa1.
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