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Guizhou Tyre raises 1 billion yuan for Vietnam tyre factory in private share issue

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Guizhou Tyre

On 4 September 2020 Guizhou Tyre Co. Ltd’s board of directors approved plans for a private share issue. The plan was to raise 1 billion yuan in funding via the sale of now more than 200 million shares to 35 selected investors. By 11 September, the company had received the green light from the state-funded Guiyang Industrial Investment Holding Group Co., Ltd. that it would purchase no less than 43.5 per cent of the issued shares.

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Bitumina becomes Nynas’ largest shareholder

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Nynas

Having exited US sanctions in May 2020, Nynas – which supplies oils to the tyre and rubber industries – has continued an eventful year by announcing significant ownership changes that put Bitumina in a commanding position amongst its shareholders.

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Michelin launches BIB Action 2020 employee share ownership plan

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Michelin

Michelin has introduced an employee share ownership plan. Bib Action, as the plan is known, gives Michelin group employees the opportunity to subscribe to a rights issue reserved for them under preferential terms – namely at a discount. Michelin’s managing chairman decided to carry out the rights issue in order to “more deeply involve employees in the group’s growth and development through a dynamic relationship built on mutual commitments”. The subscription period for the five-year minimum ownership share scheme will run from 16 September to 1 October 2020. The rights issue was authorized by the Annual Shareholders Meeting of 23 June 2020 in the 22nd resolution.

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Analysts support Continental AG reform programme

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Google, share profile, 02/09/20

Financial analysts are reacting positively to the far-reaching restructuring measures announced by Continental AG yesterday that could cost up to 22 per cent of the 59,000 jobs in Germany alone.

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Conti rated as ‘buy’ for ‘best cost base’ in the tyre business

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Following comparably strong second-quarter 2020 results, some financial analysts have confirmed their “buy” rating for Continental AG shares. The reason? Ongoing cost-cutting plans as well as “deep restructuring measures”. Writing in an investor’s note published on 7 August, Jefferies equity research suggested Conti’s planned spin-off of its Vitesco powertrain operation plays a key role in this strategy:

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Shares in Hankook rally as Cho Hyun-bum becomes largest shareholder

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Hankook

Chairman Cho Yang-rai has sold his 23.59 per cent stake in Hankook Technology Group Co Ltd to his son Cho Hyun-bum. The sale makes the chief executive the largest shareholder of the parent company of South Korea’s largest tyre manufacturer, with around 42.9 per cent.

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Michelin, Conti “well positioned” for market change: Goldman Sachs

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Michelin and Continental stocks are rising, despite the severe impact of the coronavirus pandemic and governmental lockdowns on demand. US investment bank Goldman Sachs today raised the target price of shares in the two manufacturers, rating Michelin as ‘Buy’ and Continental as ‘Neutral’. In his two research notes, Goldman analyst George Galliers increased Michelin stocks’ target price from 91 euros to 113 euros, and Conti’s from 75 euros to 92 euros.

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Fintyre in talks with “potential new investors”

Fintyre, the large but troubled European tyre distribution enterprise, has confirmed that it is talking to “potential new investors” in a statement designed to clarify its ongoing position “given the events that have taken place in the last few months”.

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Goodyear announces US$600 million refinancing

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The Goodyear Tire & Rubber Company refinancing itself with $600 million of 5-year senior notes. According to the company, the notes will be senior unsecured obligations of the company. Goodyear intends to use the net proceeds for “general corporate purposes…

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Toyo Tire net sales down 9.8% in Q1

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Toyo Q1 2020 financials Toyo

In the first quarter of 2020 Toyo Tire Corporation reported net sales of 82,094 million yen a decrease of 8,049 million yen (-9.8 per cent) compared with the first quarter of 2019. Its operating income for the quarter was 6,936 million compared to 10,174 million yen (-31.87%) in the first quarter of 2019.

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Hankook loses holding company naming dispute

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Hankook logos disputedHankook Technology; Hankook Technology Group

Hankook Tire won’t be able to call its holding firm “Hankook Technology Group” after a court decided that Hankook Tire used the name for “unfair purposes.” As a result, Hankook Technology Group will no-longer be able to use that name on the Kospi share index either.

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Continental AG measures ‘encouraging’, but R&D budgets and European tyre factories could be cut – analysts

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Continental AG

Financial analysts from Jefferies described Continental AG’s plan for fiscal improvements during the corona-crisis “encouraging”, according to an analyst report published 15 May 2020. That Conti’s management highlighted “positive data points in China and the European replacement tyre market”, would seem to be positive indications for the whole tyre business. Specifically, replacement tyre demand was described as “strong” in Germany. However, R&D budgets are likely to be cut and there was even the suggestion that European tyre factory numbers could also be cut back.

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Cooper Tire declares 193rd consecutive quarterly dividend

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Despite intense pressures facing the wider tyre industry, on 8 May 2020 Cooper Tire & Rubber Company maintained a long unbroken streak of quarterly dividends, when it declared a dividend of 10.5 cents per share on common stock, payable 26 June 2020 to stockholders of record at the close of business 1 June 2020. This is the 193rd consecutive quarterly dividend paid by Cooper Tire & Rubber Company.

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Continental delays Vitesco spin-off

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On 1 May Continental AG said it will delay spin-off of its powertrain business Vitesco Technologies. Rather than executing that plan in July, as had been planned, the automotive supplier said it will pursue the listing of its powertrain subsidiary business when market conditions improve.

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Warburg Pincus acquires first tranche of Apollo Tyres shares

Warburg Pincus is now a shareholder in Apollo Tyres Ltd. During a meeting yesterday, the tyre maker’s Committee of Directors – Private Placement allocated Emerald Sage Investment Ltd., an affiliate of the private equity firm, 54,000,000 compulsorily convertible preference shares. Emerald Sage paid a total of Rs s. 5,400,000,000 (£57.56 million) for the shares in this first tranche transaction, or Rs 100 each.

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