Tag: ATD
Tire Pros adds 7 branches in USA
In the USA, Tire Pros, a subsidiary of large wholesale operation American Tire Distributors (ATD), has added seven new branches in California, Alabama, Texas, Nevada, Arizona, and Pennsylvania.
ATD ‘making significant progress’
American Tire Distributors, Inc. (ATD) has written to customers saying that the company is making “making significant progress with [its] recapitalization process” in a letter published on the firm’s recapitalisation website on 28 October 2018. According to the company, the steps taken “will strengthen our financial position as we continue our successful, game-changing transformation. We have a clear roadmap for the next steps in this process and the support of our key financial stakeholders has us on track to emerge by the end of the year as a stronger company with less debt that is even better positioned to serve our customers.”
Will Amazon buy ATD?
October has been a tumultuous month for US tyre distribution. First ATD filed for Chapter 11 during the first week of the month. Then, less than two week’s later Sears, which includes Sears Autocentres (itself one just two major tyre installation partners for Amazon), also applied for bankruptcy protection. Now market analysts are asking if Amazon is planning to buy ATD.
ATD enter bankruptcy proceedings
A month after its credit rating was downgraded, American Tire Distributors, Inc. (ATD), the largest tyre wholesaler not only in the USA, but in the entire NAFTA region, filed for Chapter 11 bankruptcy protection in the District of Delaware on 4 October. At the time, the company announced that it had entered into a definitive agreement with approximately 75 per cent of its bondholders on the terms of a recapitalization that would reduce the company's debt by approximately $1.1 billion and increase its financial flexibility as it continues its ongoing transformation
Moody’s downgrades American Tire Distributors
On 5 September Moody's Investors Service downgraded its Probability of Default Rating and senior subordinated notes rating for American Tire Distributors, Inc., to Ca-PD (from Caa3-PD) and C (from Caa3) respectively, following the company's proposed debt-for-equity exchange offer to holders of the rated notes. All other ratings, including the company's Caa2 Corporate Family Rating and Caa1 senior secured bank debt (term loan) rating remain under review for downgrade.
ATD chief Berry to retire
A successor is being sought for William E. Berry, the president and chief executive of US-based firm American Tire Distributors, Inc. (ATD). Berry has announced his intention to retire, however no specific retirement date has been set and Berry will remain in his current role until a successor is appointed; after this date he will serve the company as an advisor.
ATD pays up to $365 million for Terry’s Tire Town
ATD has announced it will pay $345 million, with the possibility of another $20 million depending on certain provisions, in a deal to acquire Terry’s Tire Town, US publication Tire Review reports. The deal comes fewer than three weeks after closing a deal to buy Hercules Tire & Rubber Co. The deal gives ATD 11 […]
Hercules purchase “fits very well” into ATD growth plan
This month, American Tire Distributors (ATD) acquired Hercules Tire & Rubber for approximately US$310 million. Further details of the deal beyond the news reported this week have been published by US trade publication Tire Review, who yesterday spoke about the purchase with Ron Sinclair, senior vice-president of marketing at Hercules Tire & Rubber.
ATD buys Hercules Tire
Major US-based replacement tyre wholesaler American Tire Distributors (ATD) has acquired Hercules Tire & Rubber for approximately US$310 million. Details of the purchase – described as a merger – were submitted to the United States Securities and Exchange Commission on 24 January. Subject to closing conditions, the transaction is expected to be consummated by the end of January 2014.
US wholesaler expands in Canada
TriCan Tire Distributors, a Canadian company owned by American Tire Distributors since 2012, has acquired the wholesale distribution business of Kipling Tire Co. The acquisition of the Toronto-based firm further expands ATD’s reach within Canada.
New sales VP, regional sales VPs at Kumho Tire U.S.A.
Kumho Tire U.S.A. has announced several recent additions to its sales force. John F. Hagan has been appointed the company’s new national sales vice-president, while Kirk Papazian joined the company in September as vice-president of sales for the Western Division and Stephen Clave became Kumho Tire U.S.A.'s vice-president of sales for the Eastern Division as of 1 November 2013.
ATD central Illinois distribution centre approved
American Tire Distributors is building a new $6 million distribution centre in Illinois, reports Tire Review. Earlier this week, the Morton (Illinois) Economic Development Council voted unanimously to give ATD a two-year, 60 per cent property tax abatement in 2013 and 2014 to help it deal with soil problems on the 11-acre site selected for the new warehouse. Four other Morton taxing bodies must still approve the tax abatement, but it is expected to pass easily, according to local reports.
ATD Plans Massive Expansion in Northeast US
After opening new distribution centers in Ohio and Indiana – new markets for its vast operations – American Tire Distributors is now eying expansion into New York, New Jersey, eastern Pennsylvania and the entire New England area, reports Tire Review.
ATD Opens In Ohio, Targets Indiana Next
Tire Review reports American Tire Distributors has expanded its reach into Ohio with the opening of a new distribution centre near Cincinnati. The 85,158sqf unit is located in suburban Fairfield, Ohio. The company also announced plans to open its 86th distribution center near Indianapolis sometime this summer.
ATD Sale Closes
The $1.3 billion sale of American Tire Distributors to TPG Capital has officially closed, according to a Tire Review report. “We are excited to move forward with TPG as our new partner. They recognize the value we have built and they share our vision for a successful future,” said Bill Berry, ATD president and CEO. ATD runs 83 distribution centres serving 37 US states.