Liberty Tire Recycling sold to investor firm

The Carlyle Group, a global investment firm based in Washington, has announced that it has agreed to sell Pittsburgh-based Liberty Tire Recycling to ECP, an investor with a reputation in the environmental and sustainable solutions sector. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2021.

Liberty, a tire recycling services provider, has a network of more than 25 processing plants and flexible collection service offerings nationwide. According to a news release from the Carlyle Group, Liberty saves more than 190 million tires per year from the waste stream, recycling approximately 3 billion pounds of rubber for sustainable materials and products. Carlyle Strategic Partners IV, an investment fund managed by Carlyle, led a recapitalization transaction to become the company’s majority equity sponsor in December 2017.

Read the source article at Recycling Today

China Approves Restructuring of Sinochem and ChemChina

China gave approval for a restructuring of Sinochem Group and ChemChina Group, two companies that have been long the target of merger speculation.

The State-owned Assets Supervision and Administration Commission, which regulates the companies, announced the approval late Wednesday in a one-line statement. In a separate statement, Sinochem said the two firms will become wholly-owned subsidiaries of a new holding company, operated by SASAC. 

The move “will further optimize resource allocation, strengthen innovation and stimulate business growth,” Sinochem said. It will also aid the development of the chemical industry in China, it said.

Read the source article at Bloomberg.com

Continental invests in object recognition start-up

BERLIN (Reuters) – German automotive parts maker Continental AG said on Tuesday it had acquired a minority stake in German-U.S. start-up Recogni, as it deepens its expertise in autonomous driving technology.

The start-up is working on a new chip architecture for object recognition in real time based on artificial intelligence, Continental said, adding that it expects chip architecture rollout production in 2026.

Financial details were not disclosed.

Read the source article at reuters.com

Goodyear to Acquire Cooper Tire

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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Source: Goodyear

Read the source article at Goodyear/Cooper Tire Transaction Facts

LafargeHolcim to acquire Firestone Building Products from Bridgestone Americas

LafargeHolcim has signed an agreement to acquire Firestone Building Products (FSBP), a leader in commercial roofing and building envelope solutions based in the United States (US), with 2020 (est.) net sales of USD 1.8 billion and EBITDA of USD 270 million. This acquisition is a milestone in LafargeHolcim’s transformation to become the global leader in innovative and sustainable building solutions.

Read the source article at CoatingsPro Coatings Magazine

Completing merger is just the start for PSA, FCA

PARIS — When Carlos Tavares takes charge of a combined PSA Group and Fiat Chrysler Automobiles this year, he will quickly need to revive the automakers’ fortunes in China, rationalize a sprawling global empire and address massive overcapacity. Tavares has proved his credentials by turning around PSA but he will face an even bigger challenge once the automaker merges with FCA to create Stellantis.

Read the source article at Automotive News Europe

Kingspan, Standard Industries Vie for Bridgestone Unit

Kingspan Group Plc of Ireland and Standard Industries Inc. are among the final bidders competing for a unit being sold by Japanese conglomerate Bridgestone Corp., according to people with knowledge of the matter.

Carlisle Cos. has also been considering an acquisition of Firestone Building Products, said the people, who asked not to be identified because discussions are private. A winner could be selected in the coming weeks, the people said.

Read the source article at Bloomberg.com

AirBoss Announces Acquisition of 100% Ownership of Airboss Defense Group

NEWMARKET, Ontario, Oct. 26, 2020 (GLOBE NEWSWIRE) — AirBoss of America Corp. (TSX: BOS) (the “Company” or “AirBoss”) today announced that it has acquired the 45% minority interest in AirBoss Defense Group (“ADG”) that it does not currently own from Critical Solutions Holdings, LLC (“CSH”) (the “Transaction”). All figures USD unless otherwise noted.

Read the source article at Send Press Releases with GlobeNewswire

Sustainable rubber ingredient maker Bolder in talks to go public: sources

(Reuters) – Bolder Industries has signed a letter of intent (LOI) to merge with blank-check acquisition company GigCapital2 Inc GIX.N in a deal that would take the U.S. sustainable rubber ingredient manufacturer public and value it at close to $900 million, including debt, people familiar with the matter said on Monday.

It would be the latest deal by a blank-check vehicle, or special-purpose acquisition company (SPAC), for an environmentally focused business, following mergers for bioplastics company Danimer Scientific and Agricultural technology firm AppHarvest.

Read the source article at Reuters.com

Yokohama’s Prometeon bid: Delayed by Covid, but nearing completion

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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.

Read the source article at Tyrepress