Tag: acquisition
Mahansaria Tyres comments on EATD acquisition
Commenting on its agreement in principle to buy a majority stake in European Agriculture Tyre Distributor (EATD), Mahansaria Tyres Private Limited (MTPL) states that it intends to build a global, market leading off-highway tyre business. MTPL describes the acquisition as its first step towards building its distribution network in Europe and developing EATD into “a leading" European distributor. EATD has also announced that it will distribute MTPL tyres in Germany, Austria, Switzerland, Belgium, Netherlands, Czech Republic, Slovakia and Poland, along with continuing to act as a distributor for Tianli tyres.
Delticom restructuring – will an investor save the day?
Online tyre distributor Delticom AG has announced a number of measures aimed at returning the company to profitability. These measures already include discontinuing some businesses and may lead to an investor acquiring Delticom or a significant share of the firm.
Tatneft acquires Sibur synthetic rubber plant
Tatneft’s acquisition of Sibur’s petrochemical plant in Togliatti, Russia has been completed. This concludes the process initiated by the signing of an agreement of intent between the two parties at the end of August 2019.`
EATD to distribute Mahansaria off-highway tyres in 8 European markets
EATD recently disclosed plans to bring a new investor on board, and when we spotted Yogesh Mahansaria visiting the distributor’s stand at Agritechnica 2019 the list of potential investor candidates suddenly became a whole lot shorter. Mahansaria is indeed the new investor; EATD confirms that Mahansaria Tyres Private Limited (MTPL) has reached an in-principle agreement to acquire a major stake in the company.
Halfords buys Tyres on the Drive for £746,000
In October Halfords Group bought troubled online tyre retailer Tyres on the Drive for £746,000, but the company had previously valued the business at as much as £150 million.
McConechy’s Tyre Service Ltd sold to Halfords for £8.5 million
Halfords Group plc bought McConechy's Tyre Service Limited, the sixth-largest tyre retail business in the UK, on 7 November 2019 for £8.5 million. This makes the newly-expanded Halfords Autocentres the second largest tyre retailer in the UK.
Murfitts Industries buys Sapphire Energy Recovery
Murfitts Industries has acquired the tyre collection business of Sapphire Energy Recovery, part of Tarmac, the UK’s leading sustainable building materials and construction solutions company. Murfitts Industries reports that the company will “continue to invest and grow its end-of-life tyre recycling capabilities in the UK”.
Michelin to purchase additional SIPH shareholding
Michelin intends to acquire all shares in Société Internationale de Plantations d’Hévéas (SIPH) not already owned by itself or Ivory Coast-based company SIFCA. It is launching a public buyout offer on 7 November, offering 85 euros per share. This buyout offer is being made exclusively in France and will be followed by a squeeze out.
Tyres4U buys Tyre and Tube Australia
In 15 October 2019 Tyres4U acquired Tyre and Tube Australia Pty Ltd (TTA). TTA is known as a leading specialty tyre and tube wholesaler in addition to being a substantial distributor of value tier passenger and truck tyres in Australia. Initially TTA will continue to operate as it does not, but it will ultimately be absorbed into the Tyres4U operation. This is expected to be complete by the end of November 2019.
etyres.co.uk acquired by Colewood Group
The Colewood Group has acquired the online domain name www.etyres.co.uk following the business ceasing trading recently. Etyres.co.uk has since been re-launched with a brand new website on the 30 September 2019.
Two hundred year-old firm snapped up by Tetrosyl
Tetrosyl, the largest manufacturer and supplier of car care products in Europe and the UK’s biggest independent oil blender, has acquired James Briggs, one of the North West’s oldest and largest consumer chemicals businesses for an undisclosed sum.
Camfin gains right to buy up to 15% of Pirelli shares
Pirelli shareholder Camfin now has the right to buy up to 15 per cent of Pirelli shares. The news came when Camfin announced on 26 September that it had underwritten “an additional financial instrument, maturing in September 2022, denominated ‘Call Spread’ with 8.9 million Pirelli shares underlying”. Call Spread’s shareholding equates to 0.89% of Pirelli’s share capital.
KCS acquiring MAM Software
Earlier this month, MAM Software Group, Inc. announced it had entered into a definitive agreement under which it will be acquired by Berkshire-based ERP solutions specialist Kerridge Commercial Systems (KCS). The provider of cloud-based business and on-premise management solutions for the automotive parts, tyre and vertical distribution industries will be acquired in an all-cash transaction valued at approximately US$154.3 million.
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.