There’s no substance to the rumour about a merger with Michelin-owned tyre maker PT Multistrada Arah Sarana Tbk, says PT Gajah Tunggal Tbk. Indonesian financial publication Kontan reports that when asked to confirm or deny the alleged transaction, Gajah Tunggal’s finance and accounting director Kisyuwono responded that the rumour is “not true”.
Ceat Limited reports that the Mumbai Bench of India’s National Company Law Tribunal (NCLT) approved the Scheme of Amalgamation for the merger of the wholly-owned subsidiary Ceat Specialty Tyres Limited with Ceat Limited. The NCLT granted approval on 13 March.
BorgWarner Inc. and Delphi Technologies PLC agreed that BorgWarner will acquire Delphi Technologies in an all-stock transaction that values Delphi Technologies’ enterprise value at approximately $3.3 billion on 28 January 2020.
Market rumours that Pirelli is considering a €9 billion (£7.7 billion) merger with Finland’s Nokian Tyres have been quashed by company spokespeople. Reports that such a deal was on the horizon emerged in mid-January and were then fuelled by re-reporting in the British and Italian press. However, these stories are “without foundation”, according to two Milan-based Pirelli spokespeople that Tyres & Accessories interacted with. Nokian has yet to comment.
Following the news that the boards of PSA Group and Fiat-Chrysler (FCA) have signed off on plans to combine operations and create a leading global group; David Leggett, Automotive Editor at GlobalData, a leading data and analytics company, offers his view:
Last October, Tructyre ATS announced plans to create a new nationwide tyre management specialist with the merger of Tructyre and ATS Euromaster’s heavy tyre operation. The company says that after “eight months of hard work” it has completed this transition.
Marangoni Spa and Borrachas Vipal SA have announced that the two retreading material suppliers have entered into a partnership agreement aimed at “increasing the synergies and productivity, strengthening the industrial and commercial organisation of both groups”. Details of precisely what this means are still scarce but, according to a statement issued by Marangoni, this will lead to the creation of “the largest global independent player in the tyre retreading sector”.
In the more than two years since Continental Tyre Group acquired Bandvulc, both the Conti360° Fleet Services network and the Bandvulc Plus+ fleet services continued to run in parallel, with customers receiving services from both brands. This will now change – Continental Tyre has announced the merger of Conti360° and Bandvulc Plus+. The two operations will unite as Conti360° Fleet Services, with Bandvulc’s key partners joining Continental’s current Conti360° Fleet Services.
When Michelin acquired truck tyre supplier and service provider Tructyre almost a year ago, it gained one of the UK’s most successful independent commercial vehicle tyre management groups. It now intends to evolve this asset into Britain’s largest national heavy tyre business by merging Tructyre with the heavy tyre operation currently belonging to ATS Euromaster.
This year specialist private equity firm Bain Capital has been busy making strategic acquisitions in the European tyre wholesale and retail sectors. First off the company bought Italian tyre wholesaler Fintyre from previous owners Bluegem Capital back in March. Then at the end of June the firm added the German Reiff operation to its portfolio, an acquisition that was subsequently approved by the EC in August. Tyres & Accessories recently interviewed Ivano Sessa, one of Bain Capital Private Equity’s managing directors, and learnt that there are plans for further mergers and acquisitions with a view to creating a “larger tyre distribution group across Europe”.
No I am not talking about the unqualifiable rumours that Doublestar made an offer of up to 250 million euros for Zenises. Rather, that in the first week of September we learnt that Doublestar’s proposed acquisition of Kumho was collapsing before the firm’s eyes after the Qingdao-Chinese tyre manufacturer asked for a double-digit discount. And it is also worth considering what all this means for the wider tyre manufacturing sector.
With one industry insider calling ChemChina’s acquisition of Pirelli “a genius move”, it would have been remiss of us not to take the opportunity to spend time with new Aeolus general manager Giovanni Pomati and find out more about how the changes affect the best-known ChemChina brand (Aeolus) and the company’s views on the latest changes in the Chinese marketplace during Tyres & Accessories recent visit to China.
The Zircotec Group has acquired performance exhaust coating and thermal management specialist Performance 1 Coatings (P1C). The takeover, which includes 100 per cent of the P1C business, widens the breadth of Zircotec Group’s product range, which now includes high quality performance coatings at every price point. The group states that the buy-out will enable P1C and its performance aftermarket customers to benefit from future product enhancements by Zircotec’s technology, OE-expertise and extensive in-house R&D facilities.
While spent revellers slept or nursed New Year’s hangovers and the well-meaning scribbled out resolutions they’d struggle to keep for a week, let alone a year, on 1 January Obo Tyres began something more significant. The first day of 2017 was also the Dutch retreader’s first as member of the Magna Tyres Group. The acquisition of Obo was announced shortly before the festive season got under way, and the new arrangement enables Magna, a specialist in the field of new off-highway and truck tyres, to offer its range as a full lifecycle portfolio. The benefit to Obo Tyres is measurable in terms of access to new markets, improved casing supply and the opportunity to develop new and qualitatively superior products.