Marangoni appoints PwC to sell its Anagni car tyre plant
Marangoni Group has appointed PricewaterhouseCoopers Corporate Finance (PwC) as its financial advisor to assist with the companys sales of its car and light truck tyres plant in Anagni near Rome.
Continue ReadingNokian handed additional tax bill
A famous saying posits that nothing is certain except for death and taxes, but Nokian Tyres may argue that taxes and then further taxes are more certain. Following on from the reassessment and €26.9 million bill received in December for the 2007 financial year, Nokian Tyres announced on 21 January that Finland’s Tax Administration has also reassessed Nokian’s tax for the years 2008 to 2010. According to this reassessment, the tyre maker must pay an extra €73.3 million tax and interest (€51.0 million of which is tax) for these three years. Payment must be made in February 2014.
Continue ReadingStrategic investment group buys controlling interest in Kings Road Tyres Group
A controlling interest in Kings Road Tyres Group (KRT) has been acquired by a strategic investment group with members in China, Europe and North America. The UK management team, which bought out the company in the second half of 2011, will “continue to retain a significant equity position in the company and will maintain responsibility for day-to-day operation of Group businesses,” said a statement issued to Tyrepress by KRT today. The company said that the deal would “secure significant new equity investment” for KRT, which it said would help it develop its position as one of the leading players in the UK tyre industry.
Continue ReadingLehigh expands R&D capabilities
Sustainable materials company Lehigh Technologies Inc. has strengthened its research and development capabilities by investing in new mixing and analytical equipment for its Application and Development Center (ADC) and through the appointment of Chad Jasiunas as technical manager for functional materials. This expansion enables Lehigh to further promote the adoption of its sustainable micronised rubber powder (MRP) material in green tyre applications.
Continue ReadingCooper the target of securities class action lawsuit
A securities class action lawsuit has been filed against Cooper Tire & Rubber and certain of the company’s senior executives by a number of investors. The lawsuit was filed in the US District Court for the District of Delaware. The complaint alleges that Cooper violated the federal securities laws by issuing a series of materially misleading statements and omissions in connection with the proposed acquisition of the company by Apollo announced on 12 June, 2013. In addition, the complaint alleges that Cooper misrepresented Coopers financial condition, financial prospects, and the effectiveness of the Companys internal controls.
Continue ReadingMicheldever extends GT Radial Exclusive Distribution Agreement
Giti Tire and Micheldever Tyre Services have renewed their Exclusive Distribution Agreement (EDA), extending the wholesaler’s sole UK supply rights for GT Radial passenger car, 4x4 and light truck tyres for the next three years. Under the terms of the agreement, which began in 2010, Micheldever will continue to develop the GT Radial Performance Centres (GTPCs) network as a priority while utilising the product offering to expand other wholesale and VMA business.
Continue ReadingCourt throws out Goodyear Amiens lawsuit
The lawsuit brought against Goodyear Tire & Rubber by the Works Council at the company’s Amiens Nord factory in France and the factory’s union representative, Michael Wamen, has been dismissed by the United States District Court in Ohio. Referring to a host of precedent cases, Judge Sara Lioi determined that Goodyear neither breached agreements made with the Amiens plant workers nor did it fraudulently represent reductions in plant output as temporary measures.
Continue ReadingETRMA: 2013 tyre replacement market stabilised
The European Tyre and Rubber Manufacturers Association (ETRMA) suggest the 2013 tyre replacement market stabilised in 2013 after a shaky start to the year. According to figures published 16 January, the car segment contracted 1 per cent to 192.699 million units in 2013. Total truck tyre sales were put at 8.849 million.
Continue ReadingMore than a million new Delticom customers in 2013
During the course of last year more than a million new customers purchased tyres through Delticom’s online portals. And for the first time in the company’s history, the number of repeat purchasers also passed the half-million mark.
Continue ReadingEU car markets all show growth in December
Figures released by the ACEA show that, with a 13.3 per cent increase in new car registrations in December 2013, the EU recorded the largest monthly year-on-year growth since December 2009 (+16.6 per cent). However, in absolute figures, the results were the third lowest to date for a month of December with a total of 906,294 units.
Continue ReadingExpansion for Canadian tyre retailer through agreement
Canada’s Pneus Supérieurs and OK Tire Stores have entered into a strategic alliance that creates one of the largest networks of tyre and automotive service dealers in the country. Under the agreement, Pneus Supérieurs will join OK Tire Store’s network of independent dealers as an associate member and shareholder.
Continue ReadingGoodyear declares common stock dividend
Goodyear Tire & Rubber will pay a quarterly dividend of US$0.05 per share of common stock, the tyre maker reported on 15 January. This will be paid on 3 March to shareholders who are of record as of 31 January 2014. The payout represents an annual rate of 20 cents per share.
Continue ReadingKenda, Iberian association join ITMA
In January, the Imported Tyre Manufacturers Association has welcomed two new members. Kenda has become the latest tyre maker to come on board, and is joined in the ITMA ranks by the Madrid-based National Association of Tyre Importers and Distributors (ADINE).
Continue ReadingMesnac consolidates regional operations into global tooling division
In order to consolidate its operations in the USA, UK, Slovakia and China into one single business unit, Mesnac has created a new global business, the Mesnac Tooling Division (MTD). This division will provide tooling support to Mesnac’s Tire Building machine divisions in China and Slovakia and to its subsidiary Beijing Jingyie. The divisions technology platform will be based on the established Wyko brand but will also control Mesnac’s other tooling brands, which are primarily sold in Asian markets.
Continue ReadingCooper not yet ready to resume financial reporting
Although production of Cooper brand tyres at the Cooper Chengshan (Shandong) Tire joint venture facility will soon recommence, Cooper Tire & Rubber has cautioned that returning to normal financial reporting may take a little longer.
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