Eden Tyres acquires Apex Tyres
Around 26 May, Eden Tyre completed the purchase of Apex Tyres in Peterborough, bringing the tyre retailer’s total branch count to 22. Managing direct, Matthew Eden, commented:
Around 26 May, Eden Tyre completed the purchase of Apex Tyres in Peterborough, bringing the tyre retailer’s total branch count to 22. Managing direct, Matthew Eden, commented:
Michelin announces that it has signed an agreement with Moscow-based tyre distributor Power International Tires LLC for the purchase of its two local companies, Michelin Russia Tyre Manufacturing Company (MRTMC) LLC and Camso CIS LLC. A known partner of Michelin, Power International Tires is one of the country’s main tyre distributors and has a presence throughout Russia.
TBC Corporation, a leading tyre distributor in North America, has agreed to sell its company-owned retail portfolio to Mavis Tire Express Services Corp. Specifically, Mavis will acquire 392 NTB Tire and Service Centers (NTB) and 203 Tire Kingdom Service Centers (Tire Kingdom). In connection with the deal, Mavis and TBC have entered into a distribution agreement, through which TBC will provide wholesale and tyre distribution for Mavis retail locations. The transaction is expected to close in the coming weeks. Financial terms of the transaction have not been disclosed.
Fast-growing industrial tyres business, CL Tyres Ltd has bought Fork Truck Tyres Ltd. Founded in July 2019 by Steve Donnithorne, CL Tyres Ltd experienced 10-fold growth in its first three years of business. The acquisition of Manchester-based Fork Truck Tyres by Midlands-based CL Tyres, which also runs centres in locations including Hull and Washington, suggests a national expansion plan.
Michelin has bought UK-based simulation software specialist Canopy Simulations for an undisclosed fee. Since Michelin has been developing dynamic virtual tyre models for the last couple of decades using its Tame Tire software, it appears the plan is to combine Canopy’s “virtual driver” with Tame Tire, taking Michelin’s virtual modelling to the next level.
BTL – the business known as Birla Tyres prior to its demerger from Kesoram Industries in 2020 – is insolvent, and two companies are in the running to acquire the tyre maker. One is the Ruia Group, former owner of the Dunlop brand in India.
As of today (2 May 2023) The Yokohama Rubber Co. Ltd. has completed the acquisition of Trelleborg Wheel Systems Holding AB (TWS), the Swedish off-highway tyre (OHT) manufacturer, news of which we broke on 14 December 2021 and was confirmed three months later on 25 March 2022. Following the successful completion of regulatory requirements, the combined business will now be known as Yokohama TWS and Yokohama Rubber’s consolidated accounts will include TWS business from the second quarter of the 2023 financial year.
Yesterday German newspaper FAZ named S8 Capital as the likely buyer of Continental’s business in Russia, including its tyre plant in Kaluga. Russian newspaper Kommersant adds further weight to the notion of a transaction involving the holding company.
Without naming its sources, German newspaper Frankfurter Allgemeine (FAZ) stated yesterday that Continental intends to sell its tyre factory in Kaluga, Russia to holding company S8 Capital. The publication shares that Continental is awaiting the transaction’s approval by Russian authorities. A Continental spokesperson told FAZ that the sale is at an “advanced stage.”
When Goodyear Tire & Rubber Co. announced at the end of January that 500 jobs are being cut worldwide and linked this to business performance in the EMEA (Europe Middle East and Africa) region (see “Goodyear reports losses of $104 million in Q4 2022, points the finger at Europe”, T&A 3/2022, page 18), executives were effectively acknowledging the significant pressures facing the business. When Goodyear published its full-year 2022 and fourth quarter 2022 figures a few days later, the red numbers highlighted the pressing reality of those problems. Within that broad picture, it now seems clear that the US$2.8 billion Cooper takeover initiated two years ago has not yet brought the promised return, something Goodyear’s market capitalisation and the relative profitability of its competitors neatly illustrate. Meanwhile, some within Goodyer refer to the integration as “successfully completed”, but without offering details. In other words, the supposed success of the Goodyear-Cooper integration doesn’t match the company’s sub-par financial performance. With that in mind, here we take a pan-European look at those particularly contradictory perspectives.
Italmatic has announced the acquisition of the Zeiss Intact shearography business, which includes drawings, software, trademark and IP rights.
In a stock exchange release published this morning, Nokian Tyres plc confirms it has completed the sale of its operations in Russia to vertically integrated oil and gas company PJSC Tatneft after finishing local registration formalities. The Finnish company has “now ended all its operations in Russia,” but this doesn’t mean that the Nokian name will immediately disappear from this market.
As of this morning, The Yokohama Rubber Company has received clearance from all relevant authorities to acquire the Trelleborg Wheel Systems business from Trelleborg. The final hurdle, approval by the Competition and Markets Authority in the UK, has now been cleared and Yokohama and Trelleborg can begin finalising the necessary documentation required to formally close the transaction.
On 24 March, the European Commission granted The Yokohama Rubber unconditional antitrust clearance to acquire all outstanding shares in Trelleborg Wheel Systems. The Competition and Markets Authority in the UK is currently reviewing the proposed acquisition and will announce its decision soon.
PJSC Tatneft reports that the Russian Governmental Commission on Monitoring Foreign Investments has approved Tatneft’s purchase of Nokian Tyres plc’s operations in Russia, a deal that was announced on 28 October 2022. That much was expected, some would say overdue. However, Nokian Tyres reports that Tatneft will only be paying around 286 million euros for company’s high-tech St. Petersburg factory and other local assets.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.