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Goodyear appoints 3 Elliott-approved directors, begins operational review

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The open letter that Elliott Investment Management L.P. sent to The Goodyear Tire & Rubber Company on 11 May 2023 was met with a promise to review the shareholder’s recommendations, which included the initiation of an operational review and the appointment of “five new highly qualified independent directors.” While Goodyear hasn’t met this wish list in its entirety, today the company announced three additions to its Board of Directors in connection with a cooperation agreement with Elliott.

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  1. Accelerating Goodyear? A bird’s-eye view of Elliott’s challenging investor letter
  2. Are the wagons or vultures circling at Goodyear? Analysing Elliott Investment Management’s case for change
  3. Goodyear and Cooper shares up 30% after takeover news
  4. Goodyear: “Reviewing Elliott’s recommendations”
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Goodyear investor calls for wholesale board changes

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Elliott Investment Management L.P., which holds around 10 per cent of The Goodyear Rubber & Tire Company shares, has published an open letter sent to Goodyear’s board of directors expounding on its “deep conviction in the opportunity for Goodyear to improve after more than a decade of underperformance”. Not only are Elliotts calling for five changes to the board, but they have set up a website (acceleratinggt.com) detailing plans to overhaul the business. Shares jumped 17% at the time of publication in response to the news.

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  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. Goodyear and Cooper shares up 30% after takeover news
  3. Cooper shareholders approve Goodyear merger
  4. Goodyear to regain number 3 global PCLT tyre volumes ranking – Astutus Research
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Trelleborg: No reason Yokohama deal shouldn’t be approved

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Following the news that the UK Competitions and Market Authority (CMA) has opened an investigation into Yokohama’s acquisition of Trelleborg Wheel Systems (TWS), Trelleborg representatives have clarified that – in their view – “…there are no reasons why this deal should not be approved.”

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  1. Competition and Markets Authority opens Yokohama/Trelleborg Wheel Systems merger investigation
  2. Lower raw material exposure and better ESG profile – What Trelleborg gains from TWS sale
  3. Trelleborg Group Buys PSS
  4. Fintyre to open London head office
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Is Nokian Tyres a takeover target?

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Nokian Tyres

How the Russia-Ukraine war, the company’s low share price and other challenges make Nokian Tyres prime takeover material for a premium brand with the money and desire

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  1. Nokian Tyres: “substantial uncertainties” relating to timing of Tatneft deal closure
  2. Nokian Tyres investing 650 million euros in greenfield factory in Romania
  3. Solidium: Nokian Tyres Romania plans offer ‘good prospects for building the business on a new basis’
  4. Sentury internationalising with US tyre factory investment
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OTR tyremaker Huitong transitions to new ownership

Huitong

On 14 June 2022 Hou Yugang, chairman of Zaozhuang Mining Group, went to Zhongxing Huitong Tire for research purposes. During his public speech, Hou Yugang affirmed that Zaozhuang Mining Group’s takeover of OTR tyre specialist Huitong had transitioned smoothly following the transfer of equity.

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  1. Aeolus Placing a Focus upon Quality
  2. Sinochem International Buys 51% of GMG
  3. For Yinbao Tyre, imitation is the highest form of flattery
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Nankang Tyre took over “management rights” of Federal in Q4 2021

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According to Federal Corporation’s 2021 annual report, which was published in mid-May 2022, on 15 October 2021, “major shareholder Nankang Rubber Tire Corp. Ltd. Nankang Rubber Tire Corp., Ltd…called an extraordinary shareholders’ meeting to obtain the management right[s].” Federal and Nankang representatives have been contacted by Tyres & Accessories for comment.

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  1. Taiwan-based tyre manufacturers raising prices
  2. Nankang employee arrested for alleged kickbacks
  3. Groundbreaking held for Federal Tyres’ newest factory
  4. Fire stops production at Federal’s Chungli tyre plant
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Lower raw material exposure and better ESG profile – What Trelleborg gains from TWS sale

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Trelleborg

Apart from the 2.1-billion-euro price tag what does Trelleborg Group stand to gain from the sale of its Trelleborg Wheel Systems business unit?

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  1. Yokohama offers US$2 billion for Trelleborg Wheel Systems as global off-highway tyre segment consolidates
  2. Yokohama confirms 2.1 billion euro Trelleborg Wheel Systems acquisition
  3. Trelleborg group sales relatively good, but tyre sales impacted
  4. Yokohama’s Prometeon bid: Delayed by Covid, but nearing completion
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HELLA and Faurecia to cooperate in the independent aftermarket

Forvia

Following the news that HELLA and Faurecia are joining forces, the two automotive suppliers have announced that they will be operating jointly in the aftermarket. This means that Faurecia products will soon also be available through HELLA’s aftermarket division. By bundling activities, not only do customers benefit from a comprehensive range of services, but above all from a significantly expanded product spectrum.

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  1. Faurecia acquires Hella
  2. New Timax Catalogue Published
  3. Bohnenkamp takes over Starco’s main aftermarket operation in “strategy of strengths”
  4. Bosch acquiring Unipart’s Autoparts Garage Programmes
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Cooper Tire joins the Goodyear team

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Cooper Tire

Cooper Tire has “officially joined the Goodyear team”. That’s how Cooper Tire general manager EMEA, Jaap Van Wessum characterised the takeover of the company by fellow US tyremaker Goodyear, which was completed on 7 June 2021. Van Wessum also offered further details of what Cooper’s integration into Goodyear means for Cooper suppliers and partners.

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  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  3. Cooper shareholders approve Goodyear merger
  4. Fitch rating affirmation partially affirms Goodyear Cooper acquisition strategic logic
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Goodyear completes Cooper Tire acquisition

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The Goodyear Tire & Rubber Company has confirmed that it has completed its acquisition of Cooper Tire & Rubber Company, finalizing the merger agreement announced on 22 February 2021. The announcement brought with it one or two more hints of how the synergisation of the two businesses might work.

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  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  3. Cooper shareholders approve Goodyear merger
  4. Goodyear to regain number 3 global PCLT tyre volumes ranking – Astutus Research
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Cooper will pay 197th consecutive dividend…probably

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With the confirmation of its 197th consecutive quarterly dividend (announced on 6 May 2021), Cooper Tire & Rubber reiterated its position as one of the most consistent dividend-payers out there. However, this time the normally prosaic dividend payment announcement statement was spiced up by a single condition.

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Related news:

  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. Goodyear and Cooper shares up 30% after takeover news
  3. Cooper shareholders approve Goodyear merger
  4. Goodyear to regain number 3 global PCLT tyre volumes ranking – Astutus Research
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Cooper shareholders approve Goodyear merger

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Cooper shareholders approve proposed merger with Goodyear Cooper Tire & Rubber Company’s stockholders have voted overwhelmingly to approve the planned merger with The Goodyear Tire & Rubber Company. The vote was held at a special meeting of Cooper stockholders today. Cooper reports that approximately 99 per cent of votes cast were in favour of the transaction. Read our coverage of Goodyear’s acquisition of Cooper here, or in our special 12-page e-paper supplement.

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Related news:

  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  3. Fitch rating affirmation partially affirms Goodyear Cooper acquisition strategic logic
  4. Goodyear to regain number 3 global PCLT tyre volumes ranking – Astutus Research
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Goodyear to regain number 3 global PCLT tyre volumes ranking – Astutus Research

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With the addition of the Cooper Tire business, Goodyear will return to the global number three ranking in passenger car and light truck (PCLT) tyre volumes in 2021. After previously holding the clear number three ranking behind the world’s largest tyre manufacturers, Bridgestone and Michelin, Goodyear was joint third with Continental in both 2017 and 2018. In 2019, Goodyear fell behind Continental to fourth position in 2019 and 2020. Working on a pro forma basis combining original equipment and replacement market tyres, Astutus Research data reveals some interesting facts about the nascent conjoined organisation, with reference to their largest tyre business segment in terms of volume.

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Related news:

  1. Is Continental about to break into PCLT tyre global big 3?
  2. Goodyear set to buy Cooper Tire for US$2.5 billion
  3. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  4. Goodyear and Cooper shares up 30% after takeover news
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Bumpy roads and leveraged buy-outs – reflections on the Goodyear/Cooper Tire integration

Goodyear’s $2.5 billion-dollar acquisition of Cooper is the biggest tyre industry news story of 2021 so far (click here for detailed analysis of the deal itself). But takeovers – especially those this big – are seldom easy. A large portion of the motivation behind the acquisition is to bolster Goodyear’s position in the high-value 4×4 and SUV tyre segments. So, with this in mind, what kind of terrain is the deal likely to encounter as the two companies make their way towards integration?

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  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. Cooper shares up 40% following acquisition announcement
  3. Cooper takes suitor Apollo to court
  4. Goodyear and Cooper shares up 30% after takeover news
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Fitch rating affirmation partially affirms Goodyear Cooper acquisition strategic logic

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PublicDomainPictures; Pixabay

The day after Goodyear announced that it is buying Cooper Tire for north of $2.5 billion, Fitch Ratings affirmed its Long-Term Issuer Default Ratings of The Goodyear Tire & Rubber Company (GT) and its Goodyear Europe B.V. (GEBV). Fitch also affirmed its ratings on a number of specific funding lines. Both moves can be interpreted as partially affirming the Goodyear Cooper acquisition’s strategic logic – something that was described as compelling by the senior executives of both companies.

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Related news:

  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  3. Cooper shareholders approve Goodyear merger
  4. Goodyear and Cooper shares up 30% after takeover news
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