Tag: acquisition
Yokohama to buy ex-Pirelli commercial/industrial tyre business Prometeon
Japanese tyre and rubber manufacturer Yokohama is planning to invest into and even buy Prometeon, the new name for the former Pirelli commercial and industrial tyre manufacturing operation, according to a range of sources. Tyres & Accessories first heard this news in July and then the Italian financial press subsequently suggested that Prometeon’s shareholders were considering restructuring Prometeon’s ownership. Yokohama is understood to be leading the suitors. The official Yokohama/Prometeon investment announcement is expected during the course of the next week or so.
GRI acquires Nortire OU
Sri Lanka-based speciality tyre manufacturer GRI reports that it has acquired the Estonia-based Nortire Group. Headquartered in Estonia, with a branch in Latvia and two branches in Lithuania, Nortire is a speciality tyre distributor. According to GRI, the acquisition will further expand the GRI’s global tyre service network, while attaining a significant foothold in the North European tyre market. The news follows a non-acquisition Middle East strategic partnership with Al-Dobowi in April 2019.
Wegmann automotive acquires valve business from Alligator Ventilfabrik
Wegmann automotive, the company behind the Hofmann Power Weight and Perfect Equipment wheel balancing weight and the Hofmann Power Solutions battery bushings brands, has acquired the valve business of Alligator Ventilfabrik. Under the terms of the agreement reached between the two firms, Wegmann automotive will take ownership of Alligator sales and distribution operations for passenger car and heavy-duty truck tyre valves as well as for TPMS sensors and tools in both Europe and North America.
JK Tyre now 26% shareholder in Treel Mobility Solutions
In June and July, J.K. Organisation company JK Credit & Finance acquired 50.003 per cent equity shares in Indian start-up Treel Mobility Solutions Pvt. Ltd. JK Tyre & Industries has now obtained 26 per cent equity in the smart tyre system specialist from its group sibling and rebranded Treel as a ‘JK Tyre Product’. JK Tyre paid Rs 59.8 million for its 26 per cent share in Treel; JK Credit & Finance continues to hold 24.003 per cent in the company.
Nokian Heavy Tyres acquires Finnish wheel company Levypyörä Oy
Nokian Heavy Tyres is acquiring a Finnish heavy equipment wheel company Levypyörä Oy. With its two business lines, wheels and steel structures, Levypyörä serves several original equipment manufacturers and aftermarket customers in forestry, agriculture and earthmoving applications. Annual net sales of Levypyörä are approximately 18 million euros.
Univergomma acquires Overgom
Univergomma recently completed the acquisition of 100 per cent of Overgom’s shares. Overgom, founded in 1977 by Arenzo Girardi as a regional wholesaler, has grown over the years to become a leading tyre distributor in Italy and abroad.
Cemb buys M&B Engineering
On 2 July Cemb S.p.A., the leading balancing machines and vibration analysis systems manufacturer, announced that it had acquired M&B Engineering, an important player in garage equipment production. Cemb reports that it is beginning “the internal production of tyre changers” as a result of the purchase. None of the financial details associated with the transaction have yet been revealed.
Continental acquires R&J Strang
Continental Tyre Group has acquired Scottish commercial fleet servicing company R&J Strang Tyre Services Ltd. The company stated that the latest acquisition represents a further step to strengthen its overall commercial fleet service offering across the UK and Ireland.
Autosupplies Group to acquire Leisureways UK Ltd
Autosupplies Group, comprising leading motor factors Autosupplies (Chesterfield) and Butlers Automotive, has entered into an agreement to purchase Leisureways UK Ltd of Rotherham.
Synthomer acquisition values Omnova at £654 million
Essex-based Synthomer plc, one of the world's major suppliers of aqueous polymers, has agreed to buy Omnova Solutions Inc., which develops, manufactures and markets polymers, dispersions, elastomers and other speciality chemicals, at a price of US$10.15 per Omnova share. The acquisition values Omnova's entire issued and to be issued share capital at US$473 million (approximately £375 million), with an implied enterprise value of US$824 million (approximately £654 million). The move is now subject to regulatory approval. This is expected to complete in the fourth quarter of 2019 or the first quarter of 2020.
Hexpol buys Preferred Compounding for $232 million
On 1 July Hexpol announced that it has acquired Preferred Compounding from the Audax Group, a US-based Private Equity firm. Preferred Compounding is described as an “advanced rubber compounder in North America”. Key markets include general industry, automotive, power and infrastructure. Hexpol paid approximately US$232 million on a cash and debt free basis. Preferred’s 208 turnover worked out as roughly US$240 million. The firm has around 540 employees in six facilities, five in the US and one in Mexico. The business will be consolidated from 1 July 2019.
Reports: Brembo aiming for largescale acquisition
Brembo is lining up a “significant size” acquisition, even as large as the brake maker itself. Local newspaper Il Sole 24 Ore quoted Brembo executive vice-president matteo tiraboschi as saying that the company is looking for potential targets outside Italy, especially in Europe and the US and even China: "It must a healthy company of a certain size - with good numbers, technology and R&D - that fits our business”.
Michelin now 99.64% owner of Multistrada
Following a successful public offer, Michelin now holds a 99.64 per cent shareholding in Indonesian tyre maker PT Multistrada Arah Sarana TBK. After acquiring an 87.59 per cent share of Multistrada on 8 March, Michelin launched a public offer for the remaining outstanding shares, at the same price per share as previously offered. The transaction enabled Michelin to acquire an additional 12.05 per cent in the company.
Autodata acquires AutoMate Training
Autodata Publishing Group Limited, a Solera Holdings, Inc. group company, has confirmed the acquisition of AutoMate Training Pty. Ltd, the automotive industry’s foremost provider of online technical training and professional development platforms.
Doublestar acquires Hengyu Technology
Qingdao Doublestar Tire, owner of Kumho Tire since July 2018, has once again grown through an acquisition. The Chinese tyre maker says it has completed the purchase of Shandong Hengyu Technology Co., Ltd. for RMB 899 million (£103.1 million). Doublestar disclosed in March that it had signed an agreement with Hengyu Technology’s administrator to acquire 100 per cent equity in the business.