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Apollo to Acquire Cooper Tire Says Report
According to a report published in the Indian financial daily, the Economic Times, Indian tyre manufacturer Apollo is in the process of acquiring US tyre maker Cooper Tire & Rubber Company. The paper’s sources indicated that the deal to acquire a controlling stake in Cooper could be worth in the region of $600-800 million. Should the report prove to be correct, the acquisition will give Apollo Tyres an access to the substantial replacement tyre market in which Cooper Tire operates.
Apollo Tyres is said to be raising $150 million via qualified
institutional placement, which will allow them to raise additional debt for funding the acquisition. At the time of going to press, Apollo Tyres had declined to comment on the deal and Cooper had not been able to be contacted by the Economic Times to respond to the claims.
Saspol Takes on Central Marketing in USA
Italian press manufacturer, Saspol Technology, based in Vigevano, has signed an agreement with Central Marketing Inc. that will see the Colonial Heights, Virginia-based company distributing and promoting Saspol’s line of industrial presses for retreading and the plastics industry.
Since its conception in 1961 Saspol has been developing presses for the rubber and plastics industry and
today offers the tyre industry complete systems, including press lines for pre- cured tread, mono/multiple daylight presses for solid tyres, solid tyre assembly lines and more. Saspol said its customers include Bridgestone, Michelin, Nokian, Pirelli and BKT, but that its products also suit the production of rubber technical goods, polyurethane, automotive Interiors, brakes, clutch pads and even wood. Central Marketing,
has been at the forefront of supplying the North American tyre and retread industry for some 20 years, and will provide North American customers with machinery, as well as a local service.