Jiaozuo, China – Aeolus has terminated the acquisition of a 90% stake in Pirelli’s industrial tire unit Prometeon Tyre Group (PTG), the Chinese company announced 4 Jan.
The planned deal, priced at €215 million (1.7 billion yuan), also included a 70% stake in Guilin Beili Tire, another subsidiary of Aeolus’ parent group ChemChina Rubber Corp.
Aeolus’ shares on the Shanghai Stock Exchange have resumed trading.
Read the source article at European Rubber Journal
Breaking up Continental is an old idea, but investors had begun to wonder if it would ever happen: even as suppliers such as Delphi Technologies and Autoliv announced they were doing the splits last year, the German behemoth didn’t budge. Now Continental is talking to advisers about a major overhaul, according to Bloomberg News. Those discussions could result in Continental creating separate listings for some of its businesses, possibly under a holding company.
Read the source article at Automotive News Europe
The global tire industry almost saw another big merger in 2017, but there was plenty of other activity keeping firms busy in the year. From new investments to new structures, here are four of the biggest events within the tire sector.
Doublestar tries to buy Kumho
It looked for a moment another big-time tire merger was about to happen.
Doublestar Tire Co. Ltd. had agreed to acquire Kumho Tire Co. Inc. for about $830 million in March, but in September Kumho creditors rejected the deal after Doublestar allegedly asked for the price to be reduced by 16 percent amid disputes over trademark rights.
The deal is on thin ice as both sides were…
Read the source article at Rubber and Plastics News
Orion Engineered Carbons S.A. (NYSE: OEC ) (the “Company” or “Orion”), a worldwide supplier of specialty and high-performance Carbon Black, announced today the closing of the secondary offering of an aggregate of 12,657,799 common shares of the Company by Kinove Luxembourg Holdings 1 S.à r.l.
Read the source article at benzinga.com
AUBURN HILLS, Mich., Nov. 9, 2017 /PRNewswire/ — Unique Fabricating, Inc. (“Unique” or the “Company”)(NYSE MKT: UFAB), which engineers and manufactures multi-material foam, rubber, and plastic components utilized in noise, vibration and harshness management and air/water sealing applications for the automotive and industrial appliance market, today announced its financial results for the third quarter ended October 1, 2017.
Third Quarter 2017 Financial Highlights
- Revenue of $41.2 million in the third quarter 2017, down 7.9% compared to $44.8 million in the third quarter 2016
- Net income of $0.7 million, or $0.07 per basic and diluted share…
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The Goodyear Tire & Rubber Co. has reported results for the third quarter and first nine months of 2017.
“During the third quarter, we saw a continuation of the challenging industry conditions we experienced in the second quarter including lower consumer replacement volumes, production cuts by automakers and an increase of more than 30 percent in our raw material input costs,” said Richard Kramer, chairman, CEO and president.
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Though the quarterly numbers for the first quarter of 2017-18 were weak, analysts are hopeful that conditions will improve significantly for Apollo Tyres in the coming quarters. This is because tyre dealers have already started restocking after the first quarter of destocking triggered by the implementation of GST from July 1.
Similar restocking pick-up in auto sales should help them in the Original Equipment Manufacturer (OEM) sales as well. Replacement demand (69% of industry’s ..
Read the source article at The Economic Times
The Goodyear Tire & Rubber Company (NASDAQ:GT)‘s stock had its “buy” rating reiterated by stock analysts at Jefferies Group LLC in a research report issued to clients and investors on Thursday. They presently have a $36.00 target price on the stock. Jefferies Group LLC’s price objective points to a potential upside of 9.06% from the stock’s previous close.
Several other brokerages have also weighed in on GT. Zacks Investment Research upgraded shares of The Goodyear Tire & Rubber from a “sell” rating to a “hold” rating and set a $37.00 target price on the stock in a research report on Monday, October 9th. BidaskClub raised shares of The Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on
Read the source article at American Banking News
Tweet The Goodyear Tire & Rubber Company (NASDAQ:GT) ‘s stock had its “buy” rating reiterated by stock analysts at Jefferies Group LLC in a note issued to investors on Thursday. They presently have a $36.00 price target on the stock. Jefferies Group LLC’s price objective suggests a potential upside of 9.06% from the stock’s current price. GT has been the topic of a number of other reports.
Read the source article at Watch List News
Cooper Tire & Rubber Company (NYSE: CTB) will announce third quarter 2017 financial results before the U.S. stock markets open on Monday, Oct. 30, 2017. Management will discuss the financial results on a conference call beginning at 10 a.m. EDT that day. Individuals may access a live webcast of the conference call at http://coopertire.com/Investors.aspx or at http://services.choruscall.com/links/ctb171030.html .
Read the source article at Stock Market Quotes and News