Goodyear Tire & Rubber Co will acquire Cooper Tire & Rubber Company for approximately $2.8 billion to double its presence in North America and China. Goodyear said the deal also broadens the distribution for Cooper replacement tires through its retail store network.
Under the terms of the deal, Cooper shareholders will receive $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock. The implied cash and stock consideration for Cooper shareholders is $54.36 per share, representing a premium of 24% to its closing price on February 19.
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Read the source article at Goodyear/Cooper Tire Transaction Facts
The Tire Industry Association‘s Roy Littlefield III, CEO, and Roy Littlefield IV, director of government affairs, updated TIA members on key legislative issues that the organization is following for its members during Monday’s Tire Industry Honors Ceremony.
Read the source article at Tire Review
Outlook for 2020: in a still highly uncertain environment, and taking into account the recent change in tire demand, Passenger car and Light truck tire markets are expected to decline by 13% to 15% over the year, Truck tire markets by between 12% and 14% and the Specialty markets by 15% to 19%. With these new forecasts and the cost reductions linked to the circumstances, the Group is revising its guidance for 2020 upwards, with segment operating income in excess of €1.6 billion at constant exchange rates and structural free cash flow* in excess of €1.2 billion, barring any new systemic effect** from Covid-19.
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“During the third quarter, sales declined 12 percent, of which organic sales declined 7 percent. Exchange rate effects had a negative impact on sales of 5 percentage points. EBIT, excluding items affecting comparability, declined 4 percent, corresponding to an operating margin of 12.9 percent (11.7). The operating margin for our core businesses amounted to 13.7 (13.3). Operating cash flow, in relation to operating profit, was strengthened significantly. …
We see today that new local restrictions are being imposed as the spread of the infection continues. We foresee a tougher climate during the fourth quarter of the year, not least in the oil & gas segment, and a recovery in the aerospace segment will not occur until further into the future. We continue to adapt to the constantly changing conditions and we are doing this well. However, our general assessment in the current situation is that demand for the fourth quarter will be on a par with the third quarter”, says Peter Nilsson, President and CEO.
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Toyo has announced a significant restructuring of the various divisions within the company, with several departments being dissolved and incorporated into other business areas. The company hopes that the reorganization, effective October 1, 2020, will improve its design capabilities for high-level performance tires and its product development capabilities for customer-oriented products, and will reinforce the development of technological advances it sees as being relevant in preparation for the shift in the way society views mobility.
Read the source article at Tire Technology International
Not even a pandemic can stop Carol Hochu, president and CEO-elect of the Tire and Rubber Association of Canada (TRAC), from hitting the ground running. Before officially beginning her position at the end of September, Hochu was making appointments, booking tours and reaching out to counterparts around the world like the United States Tire Association (USTA). “I want to connect with staff, board members, and other key stakeholders,” says Hochu. “I want to jump in with both feet and get rolling.”
Read the source article at Autosphere.ca
UNITED NATIONS, New York, 21 September 2020 — The UN Global Compact CFO Taskforce today launched the first integrated, UN-backed principles for integrated SDG Finance and Investment. The principles seek to guide companies in aligning their sustainability commitments with credible corporate finance strategies to create real-world impact on the Sustainable Development Goals (SDGs).
Released on the sidelines of the historic 75th session of the UN General Assembly, 34 Chief Financial Officers and C-suite Executives – members of the UN Global Compact’s CFO Taskforce – pin pointed four key areas that are relatively underserved but critical for SDG-aligned investments: SDG impact and measurement, integrated SDG strategies and investments, integrated corporate SDG Finance and integrated SDG communication and reporting.
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The COVID-19 pandemic has had a significant impact on global car and tire demand. Despite this, Nokian Tyres’ short-term priorities are clear: “We will continue to provide our customers and consumers with world-class products and services, while at the same time keeping costs under strict control. We will prioritize cash flow by cutting back investments and actively managing working capital,” says Jukka Moisio, President and CEO of Nokian Tyres. “In this volatile market environment, our focus in the second half of 2020 is tactical. A more thorough review of our longer-term growth strategy will take place once the market has stabilized.”
Read the source article at Choose the right tyre