Kwik-Fit confirms Itochu is new owner
Kwik-Fit Group has confirmed earlier reports that PAI Partners has sold the fast fit chain to the Japanese Itochu Corporation for £637 million. The purchase price is said to include £457 million of debt, which will be paid off in full at completion, according to a Financial Times report. The deal is reportedly Itochu’s biggest investment in the UK and follows its acquisition of Stapletons in 1994. The company is also already talking about the potential synergies between the two businesses:
Continue ReadingMIRA to invest £300 million in becoming ‘Europe’s most advanced independent testing facility’
MIRA has announced its intention to become a £100million business within the next 10 years. The well-known independent test centre, which is home to test garages belonging to Dunlop, Continental, Giti and Kumho to name but a few, says the business’ growth will see MIRA become the most advanced independent transport technology facility in Europe. And the operation reports that it is willing to commit £300 million to investment in new infrastructure at its Midlands base.
Continue ReadingConti reports global growth in winter, OEM sectors
On March 3 Continental AG will hold its annual press conference, at which it will provide detailed information on its performance in 2010, a year in which the automotive supplier says it emerged from the crisis “in impressively good shape.” The company has already reported an increase in annual sales from 20 billion euros in 2009 to “at least” 25.5 billion euros last year, a figure helped by the “positive performance” of the company’s car tyre division.
Continue ReadingItochu Buys Kwik-Fit for £637 million
Kwik-Fit has reportedly been sold to the Japanese conglomerate that owns Stapleton’s, Itochu Corporation. According to a City AM report, the deal follows the signing of a three digit million pound deal yesterday (1 March 2011). The article suggests Kwik-fit’s former owner, private equity firm PAI Partners” has “cashed out” of its six-year ownership of the chain for “£637 million, which includes net debts of £457 million.” A Kwik-Fit spokesman refused to confirm or deny the reports when Tyres & Accessories asked for confirmation of the news. Either way, the reports suggest the deal is still subject to regulatory approval.
Continue ReadingBridgestone marks 80 years with new symbol, tagline and corporate philosophy
It’s now 80 years since Shojiro Ishibashi established Bridgestone Tire Co., Ltd. in the Japanese city of Kurume, and to commemorate its oak anniversary Bridgestone Corporation has unveiled a new corporate symbol, brand tagline and announced a refinement of its “The Bridgestone Essence” corporate philosophy. These changes, the tyre maker explains in a press statement, are “part of an integrated strategy to further strengthen Bridgestone brand globally.”
Continue ReadingQ4 2010 better than expected for Titan
Titan International returned to the black last year after recording a year-end net income of US$0.4 million, boosted by a final quarter that was, as described by company chairman and CEO Maurice M. Taylor Jr., “better than what we thought it was going to be.” In 2009 the United States based off-road tyre maker experienced a net loss of $24.6 million. Net income in this ‘better than expected’ fourth quarter amounted to $0.7 million; a year earlier Titan International made a loss of $30.7 million in the final quarter. Titan reached its annual net result on the back of sales of $881.6 million, a year-on-year increase of 21.1 per cent, and operational income of $40.9 million. Fourth quarter 2010 sales were $232.7 million, up 58.8 per cent year-on-year, while the quarter’s gross margin was up from a loss of $0.8 in 2009 to $26.0 million last year.
Continue ReadingDundee plant to benefit from Michelin investment?
News of Michelin plans to invest in its Dundee facility is circulating in various Scottish newspapers and websites. According to reports, the tyre maker intends to inject a “multi-million pound” investment into the plant in order to facilitate the production of its latest premium eco passenger car tyres. A Michelin study is said to be underway with a best case outcome being the installation of additional production machinery at Dundee, a switch to continuous seven-day operation and the creation of some 140 new jobs. In addition, plans for the Scottish factory include the safeguarding existing employment there.
Continue ReadingNew Apollo factories: First Eastern Europe, then Indonesia
In the last year or so conflicting reports on Apollo Tyres’ plans to set up a factory in Eastern Europe have circulated; in March 2010 it was said plans for a new plant there had been dropped in favour of a focus on expanding the former Vredestein facility in the Netherlands, while later in the year talk from Apollo management turned again to international investments. Recent news from Chennai, India based newspaper the Economic Times indicates a new factory in Eastern Europe is indeed still on the cards.
Continue ReadingShare offer for Azerbaijan tyre maker announced
Azerbaijan’s State Committee for Property Affairs is offering investors the chance to obtain a 96.98 per cent share in tyre maker JSC Azersin. According to the Azerbaijan Business Center, this package of shares is made up of a standard package offered for investment (85 per cent of shares) plus shares available after labour collective subscription. The share tender is open to both domestic and foreign investors. Bids for shares in the debt-ridden tyre maker are accepted until March 31.
Continue ReadingRecyclatech signs first franchise deal for bacteria devulcanisation process
Various news sources have reported the February 15 signing of a franchise deal between Scotland’s Recyclatech Group and Spanish firm Biotyre. According to The Scotsman newspaper, Biotyre will build a pilot tyre recycling plant in Spain utilising Recyclatech’s bacteria driven devulcanisation technology, and in return from licence fees and royalty sales the Scottish firm will provide Biotyre with technical and scientific support, plus the bacteria used in the process. The half million pound pilot plant is being set up with a view to Biotyre establishing a full-scale commercial operation. Recyclatech itself intends to establish a facility of its own in Scotland, and The Scotsman reports company chairman John Pool as saying the company is “close” to raising the £1 million it needs for this. The Recyclatech plant will have the capacity to produce around 1,000 tonnes of recycled rubber per annum and it will be used to supply samples to companies interested in using the technology.
Continue ReadingYokohama signs site lease for Philippines factory expansion
To fulfil plans to increase tyre making capacity, Yokohama Rubber has signed a contract to lease a 300,000 square metre section of land adjacent to the Yokohama Tire Philippines plant, some sixty kilometres northwest of Manila. The leasing contract for the land at the former US Air Force base was signed between Yokohama and Clark Development Corporation on February 12. The capacity expansion plans were first announced in late January and involve a total investment of 50 billion yen (£371.3 million) in order to increase capacity 143 per cent to 17 million units per annum.
Continue ReadingAuto Windscreens enters administration
Despite it being Valentine’s day, there was no love lost between Auto Windscreens and the HMRC on 14 February 2011. That’s the day the UK's second largest windscreen repair company went into administration, threatening 1,100 jobs, apparently owing money to the good old Inland Revenue.
Continue ReadingEuropean operations a highlight of Apollo results
During the most recent quarter turnover at Apollo Tyres increased by just 3.2 per cent to Rs 23.68 billion (£319.39 million), and this modest growth in turnover in the three months to December 31, 2010 is in line with growth throughout the first nine months of the current financial year. During the nine months to the end of last year the company achieved net sales of Rs 61.38 billion (£827.89 million), a year-on year growth of 2.7 per cent. The strongest performer in Apollo Tyres’ global operations proved to be the Netherlands based former Vredestein unit, whose turnover grew 11.7 per cent to Rs 6.49 billion (£87.54 million) in the third quarter and 13.1 per cent to Rs 16.11 billion (£217.29 million) in the nine months to December 31, 2010. Apollo Tyres’ net profit for the third quarter decreased 36.8 per cent to Rs 1.2 billion (£16.19 million) while it decreased 35.9 per cent to Rs 2.5 billion (£33.72 million) in the first months of the year.
Continue ReadingEnergy management system certification for Bridgestone TCE
In December 2010 Bridgestone Europe have achieved the distinction of being the first tyre maker to gain EN 16001 certification for one of its facilities. The EN 16001 standard, currently held by fewer than 100 companies in Europe, was obtain by the Bridgestone Technical Center Europe (TCE) and certifies that the centre has successfully implemented an energy management system and developed and implemented an energy policy. To achieve this, Bridgestone says the TCE identified all areas of significant energy consumption, targeting energy savings, while also introducing projects to produce energy from renewable sources. These activities are now fully integrated within the centre’s daily working procedures.
Continue ReadingRollier proposes Senard as successor at Michelin
Preparations for Michel Rollier’s eventual departure from Michelin are to commence after the Group managing general partner expressed his intention not to complete his term of office. According to Michelin bylaws this would occur when Rollier turns 72, however in agreement with the company’s Supervisory Board the 67-year old intends to recommend shareholders elect Jean-Dominique Senard –one of the company’s two non-general managing partners elected in May 2007 – to replace him as managing general partner. Shareholders are expected to vote on this at the Extraordinary Meeting scheduled for May 13, 2011. At this meeting shareholders will also be invited to approve resolutions to adjust the Group’s corporate governance procedures, Michelin notes.
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