Amtel Sells $34.2 million Shares
Russian tyre manufacturer, Amtel has sold 10 per cent of its stock in a private placement underwritten and distributed solely by Troika Dialog Group.
Russian tyre manufacturer, Amtel has sold 10 per cent of its stock in a private placement underwritten and distributed solely by Troika Dialog Group.
PSA Peugeot Citroën has today announced its industrial development plan for Argentina through which it plans to launch two new models at its Buenos Aires plant.
The Peugeot 206, 307 and Partner and the Citroën Berlingo are currently manufactured at the plant and production of the two new models is expected to begin by 2007.
The company believes the “favourable outlook” for the Argentine automobile market supports these developments. There is no doubt that the move will heighten the facility’s competitiveness, and reflects the country’s improved economic situation.
According to the company the new models will be exported to other Mercosur countries, as well as to other Latin American markets and possibly around the world.
Annual output at the Buenos Aires facility is expected to increase from the 45,000 cars planned in 2004 to 100,000 in 2007. Total investment is expected to amount to 450 million Argentine pesos (125 million euros).
Cooper Tire & Rubber has announced that it will sell its automotive business, Cooper-Standard Automotive, to an entity formed by The Cypress Group and Goldman Sachs Capital Partners for approximately $1.165 billion in cash. The transaction, which is subject to certain post-closing adjustments, is expected to close in the fourth quarter of 2004.
Cooper-Standard Automotive, which had revenue of approximately $1.6 billion in 2003, is a manufacturer of fluid handling systems, body sealing systems, and active and passive vibration control systems, primarily for automotive original equipment manufacturers.
Thomas Dattilo, chairman, president, and CEO of Cooper Tire & Rubber said: “We are pleased with the transaction terms reached with Cypress and Goldman. We look forward to pursuing growth opportunities in our tyre business. We believe that after the transaction is completed Cooper-Standard Automotive will be well-positioned for continued strong growth under its new ownership.” Proceeds from the sale are expected to be used for debt reduction, further investment in operations and in repurchasing shares.
Europe’s biggest online tyre dealer, the Hanover based Delticom AG, has signed an investment contract with a local bank and a local private equity firm. The deal is the company’s second investment contract. Four years ago the online tyre dealer took on an investor, the company writes in its press release. With this new deal Delticom is seeking to allow for further international expansion and the build-up of a global network, explain the company’s two chairmen Andreas Prüfer and Rainer Binder. “With regards to a possible floating of our shares we are well prepared,“ they say. Delticom has not published the size of the new investment contract or any figures relating to the ownership situation of the company. This year Delticom expects to achieve a turnover of £44.5 million.
The retreading industry is always looking for new, more advanced solutions, and the ability to compete against new tyre performance. Marangoni believes its Ringtread concept is the answer to this. The Ringtread has undergone some extensive developments since its introduction. Once again the technology behind the tread is evolving. To mark its most recent stage of advancement Marangoni has committed the majority of its future investment towards marketing the system. As the industry’s attention is drawn towards the Ringtread, Tyres & Accessories discovers what’s behind the Italian manufacturer’s latest move.To download this article as a PDF file, click here.
The French investment and insurance group AXA has announced that is has acquired 11.75 per cent of Continental’s shares. AXA has held shares in Continental before now but only recently publicised the fact in order fulfil German law. According German legislation, companies disposing of more than 10 per cent of their shares have to make this knowledge public.
Following reports of Goodyear’s first quarterly profit in almost two years, JPMorgan Chase & Co are deciding whether to increase a loan to the company and to trim the interest rate it will pay.
Bridgestone has invested £250,000 in training and refurbishment within its First Stop network.
The independent tyre dealers have planned a complete upgrade of First Stop outlets in a drive to reinforce the brand across the UK.
The investment will also enable the development of training programmes designed to improve the skills of both tyre technicians and management personnel.
The 8th Moscow international specialised exhibition for the tyre and rubber industry will take place at the Expocentre, Moscow from the 1st to the 4th of February 2005. With analysts predicting an annual growth rate of between 15 and 20 percent over the next 4 years the Russian tyre market presents fertile ground for investment and commercial evelopment. This show serves as a shop window and offers a meeting forum for Russian and international companies.
For further information contact:
Alla Shevchenko
Maxima International Exhibitions
Office 219
3, Profsoyuznaya Street
Moscow 117036
Russia
Tel: +7 095 1247760
Fax: +7 095 1247060
Email: shevchenko@maxima-expo.ru
Web: www.maxima-expo.ru
Toyota will increase capacity at its UK plant in Burnaston to 285,000 vehicles by 2005 (220,000 at present). The addition investment will total 50 million pounds. The Japanese car maker has begun a program of increasing capacity in Europe to 645,000 vehicles from 500,000 previously.
Cooper-Avon Tyres Ltd has achieved record sales results in the first quarter of 2004. Four years ago the company implemented a new strategy to help safeguard its future. As part of this, the company has seen substantial investment in new processes and products in recent years and is growing at a rate of some 10 – 12% per annum. It is anticipated that this trend is set to continue in the foreseeable future.
For a number of years there has been little in the way of flotations on the German Stock Exchange, but suddenly there has been a flurry of activity. German Post wants to float its subsidiary Postbank on June 21, but the fast-fit service chain A.T.U (Auto-Teile-Unger) wants to forestall the Post and get in with its own flotation beforehand, at the beginning of June. The flotation is being handled by Credit Suisse First Boston and HSBC, who expect to raise one billion Euros. UK investment company Doughty Hanson is the majority shareholder and it is not yet known whether it will sell its entire holding or retain a stake in A.T.U.
Marangoni Tread’s factory at Madison, Tennessee has begun producing Ringtread spliceless precure tread rings. The timing is impeccable, as Marangoni’s business in North America continues to grow, with this year so far 50 per cent higher than 2003. The 50,000 square foot factory is part of a $10 million investment by Marangoni in US manufacturing, supplying the 15 Ringtread dealers currently operating in North America.
DaimlerChrysler (DCX) has ruled out giving any further financial support to Mitsubishi (MMC), in which the German company has a 37 per cent stake. This surprised analysts, who had been expecting DCX to invest up to 4 billion Euro, but is seen as a positive move with a beneficial effect on DCX cash flow.
Michelin Apollo Tyres would pump in about 67 million euro to set up a new plant at Ranjangaon in Maharashtra (India) to produce 350,000 bus and truck radial tyres annually. 51 per cent of the investment will come from Michelin, the balance from Apollo. As the production is scaled up in future so too will the investment.
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