Italian firm Italmatic has been engaged in the manufacture of tyre retreading machinery since 1967. Today, the company operates two factories; its Cassina de’ Pecchi plant, just outside the city of Milan, produces inspection machines, buffers, builders, extruders, buffing blades, wheels, while the Capannori facility near Lucca specalises in autoclaves, presses and moulds. Italmatic says it is the only company capable of supplying machinery for the retreading of any kind of tyre and for any requirement from A to Z, through the supply of complete turnkey plants.
Cooper Tire & Rubber Company has reported record net sales and operating profits in its third quarter 2012 financial results. According to the company, sales of US$1.1 billion (up 4 per cent) were a record. The company also reported record operating profit of $130 million, $82 million higher than in third quarter 2011 results and representing 11.8 per cent of net sales. Net income was also a significant improvement on last year’s $17 million, with the company posting a third quarter record of $74 million or $1.17 per share on a diluted basis.
Black Circles, the Peebles-based online tyre retailer established by Michael Welch, turned a profit in 2011 results. 10 years after it began trading, Blackcircles reportedly made a retained profit of £2295, according to The Herald newspaper.
News of Titan International’s moves to acquire Titan Europe PLC has been public for about a month now, but to fulfil Rule 2.7 of the Takeover Code, the company announced on 10 August its formal acquisition offer. In a statement, Titan International reports that agreement has been reached between the board of Titan International and the independent directors of Titan Europe on the terms of a recommended share offer for Titan Europe’s entire issued and to be issued share capital.
Titan International is proposing an all-share offer for Titan Europe valued at more than £115 million. The deal amounts to one Titan International common share per 11 Titan Europe ordinary shares. According to the convoluted language of the official statement disclosing the proposed offer, Titan International is after not less than 51 per cent of Titan Europe shares and 51 per cent of its voting rights. The company already holds 21.67 per cent.
Titan Europe plc has announced that limited production at the company’s large agricultural wheel facility in Finale Emilia, Italy recommenced on 16 July, a little under two months after being knocked out of operation by an earthquake in the region. The rim-rolling and assembly welding areas of the factory will progressively return to normal volumes over the next few weeks, with production scheduled to continue during the normal summer shutdown period, the company’s Board of Directors stated.
The odd ownership dance between Titan International and Titan Europe has kicked up again, with new reports that the US company has made an offer for some or all of the shares in the European operation.
In an official statement from the company, the board of Titan Europe acknowledged recent press speculation to this effect and confirmed that it has received an approach from Titan International Inc, which “may or may not lead to an offer being made for the whole of the issued share capital of the company.
Apollo Vredestein is in Budapest this week, as it launches two new UHP tyres under the Vredestein brand. The Sportrac 5 is the successor to the successful Sportrac 3, which won the ADAC 2011 summer tyre test. The Sportrac 5 is marketed on its quietness, stability and sportiness, offering excellent handling on both wet and dry surfaces. Its size range is designed to provide fitments on upper medium cars. The company notes that the name Sportrac 4 has not been used in order to prevent confusion with Vredestein’s all-season tyres.
Following Apollo Vredestein’s launch of the Apollo Aspire 4G at Geneva, the tyre manufacturer is “taking over” Hungarian capital Budapest for another major launch between 25 March and 2 April. Vredestein is introducing two new summer tyres – the Ultrac Vorti and the Sportrac 5 – in a grand event that will see major sites in the city, including the five-star Four Seasons Hotel and the Museum of Applied Arts, embellished with Vredestein branding. On Sunday 25 March, the brand announced its arrival with a convoy of 35 vehicles with Vredestein branding, while several mega-billboards in the city centre draw attention to its week-long residence.
Following approval from antitrust authorities, the Bosch Automotive Aftermarket division has completed its takeover of Taiwan’s Unipoint Group. The parties involved in the transaction have agreed not to disclose the purchase price and report that both existing Unipoint brands – Unipoint and NSA – will be retained by Bosch.
Russian billionaire Leonid Mikhelson has reportedly concluded a full takeover of Russia’s Sibur Holding.
According to various new reports, Mikhelson upped his stake in Sibur from 50 to 57.5 per cent through his investment firm Dellawood Holdings. His partner in Cyprus-based Dellawood Gennady Timchenko is also said to have acquired a 37.5 per cent shareholding in the petrochemicals group. The remaining 5% stake is held by Sibur’s top management.
Italmatic Italy reports that it has taken over MGT Tyre, an OTR and aviation tyre retreading equipment manufacturer, in a deal that includes the brand and the related technology and know-how. Dr. Massimo Ghitturi, CEO of Italmatic Italy, pointed out that the takeover of MGT forms part of the company’s plans to invest in its technology and human resources with a view to becoming “the leading company in the worldwide retreading equipment market.”
On August 5 the European Commission gave its approval for Belgium-based chemical company Solvay’s acquisition of Rhodia. Following this approval, the French Financial Markets Authority AMF has set the closing date of the friendly public takeover bid as Wednesday 24 August 2011. Solvay is offering 31.60 euros per Rhodia share and 52.30 euros for Oceane convertible bonds. As all prerequisite authorisations for the offer have been obtained, execution of the offer is now solely subject to a minimum acceptance level of 50 per cent plus one share on a fully diluted basis.
Belgian company Solvay has informed the European Commission of its friendly takeover bid on Rhodia in order to gain the competition authority’s approval of the transaction. The cash takeover offer was first announced to Rhodia shareholders in early April, with Solvay saying it would pay 31.60 euros per share for the French chemical manufacturer. Rhodia’s board of directors unanimously recommended acceptance of the offer.