Inter-Sprint seeks approval for full Van den Ban acquisition
The trade regulatory body in the Netherlands, the Autoriteit Consument & Markt (Authority for Consumers and Markets), reports that it received notification of the proposed concentration of the Inter-Sprint Group and the Van den Ban Group on 21 July. Both companies have approached the authority seeking its permission to go ahead with Inter-Sprint’s full acquisition of Van den Ban. The Autoriteit Consument & Markt says it is now evaluating the proposed acquisition and will announce its decision within four weeks from the date it received initial notification of the purchase plans.
Continue ReadingMichelin boosts profits in first-half 2014
An absence of the high restructuring costs of a year ago and low raw material prices have helped increase Michelin’s net first-half 2014 income by 23.1 per cent despite a 4.8 per cent decrease in net sales.
Continue ReadingEmployee representatives consulted as Lanxess restructuring begins
The Board of Management at German specialty chemicals company Lanxess AG initiated a company-wide restructuring programme at its meeting on 24 July, however detailed information about the shape this restructuring will take won’t be made public until later this year. At present, the measures planned as part of the programme are being discussed with the company’s Supervisory Board and employee representatives.
Continue ReadingPirelli releases Calendar preview pics
Almost two months after briefly disclosing that Steven Meisel will snap the 2015 Pirelli Calendar, the Italian tyre maker has shared some teaser photos from his work on the project. Pirelli describes the 1954-born New York native as “one of the world’s most influential fashion photographers” and will display the final images chosen for the […]
Continue ReadingAeolus: Good tyres don’t sell themselves
During May’s Reifen show in Germany, Chinese tyre manufacturer Aeolus Tyre Co. Ltd placed a focus on direct contact with the tyre trade. Prior to the start of the trade exhibition, the company said “technology, marketing and the latest information on its passenger car, SUV and van tyres” would be key areas of interest, and it brought a brand new product to Essen in the form of its ‘4Seasonace’ all-season tyre. The stand was rounded out with examples of Aeolus’ latest truck and earthmover tyre technologies. Furthermore, chairman of the company’s board, Wang Feng, travelled to Essen, and during his time there he granted Tyres & Accessories an interview.
Continue ReadingTitan posts weak Q2 earnings
The second quarter of 2014 was, in the words of Titan International’s chief financial officer, “disappointing in terms of performance.” John Hrudicka reports that the 11.7 per cent year-on-year decline in sales to US$523.7 million occurred against a backdrop of price reductions, a downturn in the mining segment and a decline in agricultural markets. Gross profit also decreased 74.0 per cent to $22.6 million and was 4.3 per cent of net sales, as compared to 14.6 per cent of net sales a year earlier. Loss from operations amounted to $29.5 million in the second quarter of 2014, compared with a profit from operations of $36.9 million in the second quarter of 2013. Net income went $20.5 million into the red. Dividend declared per common share was $0.05.
Continue ReadingUnipart Automotive administrator to support staff redundancy procedures
Administrator KPMG will support 1,244 Unipart Automotive staff through the redundancy process. The firm said its team of employment specialists will also put staff in touch with job seeker services. Further information on Unipart Automotive for all interested parties will also be posted on KPMG’s Insolvency Portal.
Continue ReadingPro-Align to support Hunter growth in Ireland following expansion
UK Hunter wheel alignment and balancing equipment supplier Pro-Align has expanded its operation in the Republic of Ireland. Pro-Align says it will support the growth of the American brand in the country with a newly created team of dedicated service and sales personnel operating under the name Pro-Align Ireland. Experienced Pro-Align UK sales executive Miles Ross will lead the team in Ireland, offering a high level of expertise to businesses considering Hunter upgrades to their wheel servicing operations.
Continue ReadingUnipart Automotive branches’ fate – full list
33 Unipart Automotive sites were transferred to Andrew Page and The Parts Alliance in a deal that saved 361 jobs. The full list of sites taken on by Andrew Page and the Parts Alliance is published below, while the remaining 147 sites that are currently inactive follow.
Continue ReadingDespite ‘timid growth’, Trelleborg reports record profit in Q2
Sweden’s Trelleborg AB states that its net sales increased two per cent year-on-year in the second quarter of 2014 to SEK 5,725 million (£490.5 million) despite a one per cent decline in organics sales. Operating profit, excluding the company’s items affecting comparability, rose by 11 per cent to SEK 802 million (£68.7 million), equivalent to an operating margin of 14.0 per cent and the group’s highest ever for a single quarter. Earnings per share rose 38 percent to SEK 1.95 (£0.17) while operating cash flow amounted to SEK 539 million (£46.2 million).
Continue ReadingUnipart Group ‘saddened’, restates distance from Unipart Automotive
The Unipart Group has released a statement on Unipart Automotive’s descent into administration and the partial rescue by a joint deal between Andrew Page and The Parts Alliance. While expressing sympathy for the company’s plight, the Unipart Group sought to delineate the boundary between the Unipart business units of which it remains in control and the stricken parts distributor.
Continue ReadingAndrew Page, The Parts Alliance buy 33 Unipart Automotive branches
Automotive parts business Andrew Page has rescued around 350 jobs, spearheading a deal with The Parts Alliance to takeover 33 branches of Unipart Automotive, which entered administration today. Andrew Page has taken 21 branches and The Parts Alliance a total of 12, with the terms of the deal as yet undisclosed. Andrew Page rejoined major UK and Ireland buying and distribution group The Parts Alliance following a six year absence on 8 July, coinciding with Unipart Automotive’s announcement that it had put the administrators on standby, a clear signal that some kind of move was on the cards. Tyrepress estimated Andrew Page possessed a growing share of the automotive parts market of around seven per cent at the time; the company will expect today’s news will help to grow that share quickly, having increased its existing network of 93 branches by 23 per cent.
Continue ReadingUnipart Group addresses Unipart Automotive confusion
Unipart Group wishes to make clear that it is a separate entity to Unipart Automotive. The company has published the following statement on its website: “Recent press coverage has confused Unipart Automotive with Unipart Group. It is important to note that Unipart Group and Unipart Automotive are different companies.
Continue ReadingVacu-Lug enters 30th year of recycling company tyre supply
Vacu-Lug is marking its 30th year supplying tyres to Viridor, one of the UK’s leading recycling, renewable energy and waste management companies. The tyre and retread supplier will continue to support Viridor’s long term waste and recycling contract with the Greater Manchester Waste Disposal Authority. The company has more than 200 vehicles in the fleet, including 110 lorries, 55 front end loaders, 14 fork lift container handlers and 22 wheeled excavators, managing more than 30 locations, including household waste recycling centres (HWRCs) across the Greater Manchester area.
Continue ReadingGoodyear’s latest airship to be named Wingfoot One
If you haven’t paid much attention to Goodyear Tire & Rubber’s corporate logo in the past, you may be surprised to find it resembles a basketball shoe that has sprouted wings. Goodyear calls its logo the Wingfoot and it will – in name at least – now take to the skies. On 21 July, Goodyear Tire & Rubber announced that the name Wingfoot One has been selected for its newest airship.
Continue Reading