Tag: shares
Yokohama to buy ex-Pirelli commercial/industrial tyre business Prometeon
Japanese tyre and rubber manufacturer Yokohama is planning to invest into and even buy Prometeon, the new name for the former Pirelli commercial and industrial tyre manufacturing operation, according to a range of sources. Tyres & Accessories first heard this news in July and then the Italian financial press subsequently suggested that Prometeon’s shareholders were considering restructuring Prometeon’s ownership. Yokohama is understood to be leading the suitors. The official Yokohama/Prometeon investment announcement is expected during the course of the next week or so.
Transense confirms Bridgestone cooperation
In February, TPMS and sensor-maker Transense announced it had received an order for 50 of its iTrack II tyre monitoring systems for installation in mines in North America. On Tuesday 13 August the company confirmed that Bridgestone is the cooperation partner.
JK Tyre now 26% shareholder in Treel Mobility Solutions
In June and July, J.K. Organisation company JK Credit & Finance acquired 50.003 per cent equity shares in Indian start-up Treel Mobility Solutions Pvt. Ltd. JK Tyre & Industries has now obtained 26 per cent equity in the smart tyre system specialist from its group sibling and rebranded Treel as a ‘JK Tyre Product’. JK Tyre paid Rs 59.8 million for its 26 per cent share in Treel; JK Credit & Finance continues to hold 24.003 per cent in the company.
Arconic repurchasing $200M in common stock
Arconic Inc., parent company of Alcoa Wheels, today announced it has entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC to repurchase US$200 million of Arconic’s common stock, pursuant to the share repurchase programme previously authorised by the company’s Board of Directors.
Univergomma acquires Overgom
Univergomma recently completed the acquisition of 100 per cent of Overgom’s shares. Overgom, founded in 1977 by Arenzo Girardi as a regional wholesaler, has grown over the years to become a leading tyre distributor in Italy and abroad.
TomTom shareholders set for 750 million-euro windfall
TomTom is set to return roughly 750 million euros to its shareholders after the sale of TomTom Telematics to Bridgestone for 910 million euros closed in April 2019. According to the company, TomTom will return the money on 27 May, through a consolidation of shares. Telecom Paper reported that for every 16 shares, nine will remain, resulting in the repayment of 5.74 euros per remaining share. This is said to be equivalent to 3.22 euros per share, based on the number of outstanding shares before consolidation.
Michelin announces 500 million euro share buyback plan
At an investor day held at the Michelin Group’s Almeria Test Center in Spain, managing general partner Florent Menegaux announced the launch of a new share buyback plan. Michelin is setting aside up to 500 million euros for this purpose between 2019 and 2023.
Titan International to repurchase up to $25 million in shares
The Board of Directors at Titan International, Inc. has authorised a share repurchase programme that allows up to US$25 million to be spent buying back the company’s common stock. A committee of directors – Maurice M. Taylor Jr., Paul G. Reitz and Mark H. Rachesky – has been appointed to supervise the repurchase programme.
Kumho delisting from London Stock Exchange
Kumho Tire plans to delist its shares from the London Stock Exchange (LSE) at the end of April 2019, according to South Korean company filings.
Bridgestone buying back up to 14 million shares
Bridgestone is set to buy back as many as 12 million of its shares at a fixed price of 4,195 yen per share, based on the closing price at the time of the announcement.
Goodyear shares fall 12% after trading update
Goodyear’s share price fell 12 per cent after the company published a trading update with the US stock market Securities and Exchange Commission ahead of Detroit Motor Show presentation scheduled for 15-16 January 2019.
Kesoram to spin off Birla Tyres
On 4 December Kesoram Industries Ltd (part of the BK Birla Group of Companies) announced its intention to demerge its Birla Tyres Ltd business. As a result, Birla Tyres will become a listed company with its own shareholders. The demerger is scheduled for 1 January 2019.
Mitsubishi becomes Toyo Tire’s largest shareholder – collaboration to intensify
Through a new arrangement with Mitsubishi Corporation (Mitsubishi), Toyo Tire & Rubber (Toyo) aims to “survive and remain viable” during the “unprecedented transformation” currently occurring in the automotive industry. The two parties have entered into a business alliance agreement that involves Mitsubishi increasing its shareholding in Toyo from 3.05 per cent to 20 per cent. Toyo will issue Mitsubishi 26,931,956 new shares via a third-party allotment that will be paid in between 15 January and 28 June 2019. With this share acquisition, Mitsubishi becomes Toyo’s largest shareholder.
Were communications issues behind premium tyremakers share price drop?
Michelin’s predictions that market demand has been tough and will continue to be sluggish till at least the end of the year (see “Michelin predicts significant slowdown in car and truck tyre demand“ for further details) sent shockwaves through the financial markets. Shares started off bad, falling 6 per cent in early Paris trading to a seven-year low, but continued downwards and were down more than 9 per cent by mid-afternoon to 89.54 euros. Ultimately, shares in tyre manufacturers dropped by as much as 10 per cent on the day (Friday 19th October 2018).