The sponsorship agreement between BKT and Feld Motor Sports was officialised at the Monster Jam World Finals in Las Vegas late last month, the tyre maker reports. The deal, which sees BKT supplying the Monster Jam vehicles through to 2018, was confirmed by BKT executive director Rajiv Poddar and Feld Entertainment CEO Kenneth Feld.
Rubber and plastics manufacturer Styron announced today that Solution Styrene Butadiene Rubber (SSBR) capacity at one of its production lines will double after the company reached an agreement with material supplier JSR to acquire its current production capacity rights. JSR currently holds capacity rights to 50 per cent of one production line at Styron’s facility in Schkopau, Germany, however under the agreement Styron will regain full capacity rights as of 1 April 2014.
On 13 February, Bridgestone Corporation entered into a plea agreement with the US Department of Justice; this deal will see the company plead guilty to an antitrust conspiracy related to the sale of automotive anti-vibration rubber products. Bridgestone will also pay a US$425 million fine, and says it now intends to “take appropriate disciplinary action against certain responsible employees” in accordance with applicable corporate standards.
The Board of Directors at Yokohama Rubber and Kumho Tire have resolved to enter into master technological alliance agreement. This agreement is the result of discussions between the two companies following their signing of a Memorandum of Understanding on 29 November 2013; Yokohama says the newly-signed agreement defines the framework and purpose of the technology alliance the two tyre makers will share, and it paves the way for further discussion of the details of the their proposed technology tie-up.
Valeo Service UK has reached an agreement with GROUPAUTO to have a strong product presence in the group’s national distribution centre (NDC), used to supply the membership of motor factors nationwide. Initially, Valeo’s top 250 clutch references will go into GROUPAUTO’s NDC, based in Bradford.
On 6 January, six U.S. International Trade Commission commissioners unanimously voted not to revoke the antidumping and countervailing duty orders on certain off-the-road tyres produced in China. The ITC says the decision was taken to retain the orders as their repeal “would be likely to lead to a continuation or recurrence of material injury within a reasonably foreseeable time.”
TrelleborgAB, parent company of Trelleborg Wheel Systems, and Trelleborg Treasury AB have jointly concluded an agreement regarding an extension of the existing syndicated credit facilities that were established in 2011. The extended credit facilities total €750 million and US$625 million, have a tenor of five years and will mature in December 2018, with an option of extension thereafter for a maximum of two further years.
German-owned fast-fit network A.T.U. reports reaching a “decisive milestone in its financial repositioning.” The loss-making company’s management and majority shareholder (private equity group KKR) have reached a lock-up agreement with more than 80 per cent of its key bond creditors to reduce A.T.U.’s debt by more than €600 million and inject some €100 million of fresh equity into the firm. In addition, A.T.U. has received a senior secured, 2018-due credit line of more than €75 million from HayFin Capital Management.
The joint venture agreement Pirelli subsidiary Pirelli & C. Ambiente SpA signed with Clean Diesel Technologies, Inc. (CDTi) in February has been dissolved. Eco Emission Enterprise Srl (E-Cube) was established to market and sell emissions control products for both petrol and diesel applications in Europe and the CIS countries, however the operation hasn’t performed according to expectations.
A merger-facilitating deal has been struck between Cooper Tire & Rubber and the United Steelworkers Union. On 30 October, the tyre maker entered into a tentative agreement with the United Steelworkers and United Steelworkers (USW) Local 207L (representing workers at the company’s Findlay plant) and Local 752L (Texarkana), along with USW Local 556L (Clarksdale). Details of the tentative agreement have not yet been disclosed –the agreement must first meet with Apollo’s approval and be ratified by union members.
Mitas AS has will continue to be able to produce Continental-branded tyres under licence until the end of 2019, following an extension of the company’s trademark licence for an additional five years. Mitas acquired the agricultural tyre business unit from Continental AG in 2004 and is currently producing Mitas- and Cultor-branded tyres as well as Continental tyres under licence.
In a press statement dated 21 October, Pirelli & C. SpA shares that the leadership of its Shareholder Block Agreement met that day and decided, at the proposal of Marco Tronchetti Provera, to mandate Alessandro Pedersoli to launch consultations amongst all shareholders belonging to the Shareholder Block Agreement ahead of its expiry on 15 April 2014, with a view to evaluating the possibility of its early dissolution.
The organiser of the Australian V8 Touring Car Series has confirmed Kumho Tyres Australia will continue as control tyre supplier until at least 2016. The supply agreement’s renewal continues an arrangement that began in 2008; as before, during the next three seasons Kumho will provide on-track support to competitors during all rounds.
A site has been found for Bridgestone’s second plant in Turkey. On 4 October the company announced that Brisa Bridgestone Sabancı Lastik Sanayi ve Ticaret A.Ş has reached an agreement with Aksaray Province Organized Industrial Zone regarding the acquisition of land for the construction of the new passenger car radial factory.
The latest version of the most serious Mercedes-Benz 4×4 offering, the G-Class, is now fitted with Kumho’s Solus KL21 as original equipment. The Korean firm has begun supplying the Solus KL21 in size 265/60 R18 110H, adding another string to its Mercedes-Benz original equipment agreement bow.