2009 - Page 84 of 205

Reports: Continental Considers 1 billion euro Capital Increase

Continental AG is reportedly considering a 1 billion euro (£865 million; $1.4 billion) capital increase. According to an article published in the Financial Times, Conti CEO Dr Karl-Thomas Neumann is to make the proposal at a supervisory board meeting next week scheduled in advance of the company’s combination solution announcement, expected at the end of July. Neumann’s suggested capital raising is being described as “an alternative to a merger with Schaeffler,” FT said.

According to the newspaper recent plans for Continental to regain control of the merger through a reverse takeover of its 90 per cent shareholder have been “torpedoed” by Schaeffler Group. Schaeffler is reportedly negotiating with its backs to delay loan payments for two years. Under current terms it would have had begin repaying a first 500 million euro debt tranche in January 2010. Meanwhile, Continental is said to need a “quick merger or a capital increase” owing to the fact that it has 800 million euros in debt maturing in August and a further 3.5 billion euros maturing in 2010.

21st July 2009/by Tyrepress Editors

“A buyers market for cash rich companies”: Tyre Industry Report

Product News

According to a new report published by financial analyst Plimsoll, one in seven companies in the UK tyre, exhaust and battery industry could change hands due to economic pressures and the presence of a number of cash rich competitors. The report suggests that the market is going into an extended period of consolidation, which could pave the way for a defragmentation of the sector, currently regarded as one of the UK’s most sprawling. Plimsoll’s David Pattison, author of the new Plimsoll Industry Analysis – Tyres, Exhausts & Batteries, explains: “In our report we analysed 535 companies with a turnover of over £1 million per annum and have picked out 140 that are primed to be taken over. Buying one of these businesses represents a massive opportunity for someone to enhance their share of the market. Either way, the market is set for a wave of takeovers in the next months”.

Plimsoll says that its report will tell you which companies are set to be buying and who will be selling. Readers of Tyres and Accessories are entitled to a £50 discount of this new special edition of the Plimsoll Industry Analysis – Tyres, Exhausts & Batteries. Call 01642 626400 for further details and quote reference PR/TI75.

21st July 2009/by Tyrepress Editors

MAM Says No To 0870

Product News

In response to customer feedback, and in light of recent Ofcom announcements, MAM Software has decided to replace all of its 0870 phone numbers with standard geographic numbers. “Following Ofcom’s recent announcement regarding changes to non-geographic numbers, we took the opportunity to review and improve our customer contact strategy.” explained Robin Darnell, MAM’s Director of Support Services. “In order to offer our customers better value, we decided against implementing the new 0871 or 0844 numbers and have instead reverted back to standard 01226 phone numbers.”

21st July 2009/by Tyrepress Editors

Morghew Park Estate Chooses Michelin and Mitas Fitments

Premium, Product News

Morghew Park Estate has selected a new tyre fitment policy across three of the off-road vehicles it uses to support its commercial shooting, which takes place around a 2,000 acre Estate in Tenterden, Kent. One of the first changes made was to fit new Michelin 280/80 R18 MXCL tyres to the primary shoot transport – a 1968 ex-Belgian Army Mercedes Benz Unimog 404S, powered by a 2.2 litre petrol engine. The vehicle had previously featured an ageing set of Russian tyres which were not providing the necessary grip to enable the driver to make proper use of the simultaneous front and rear diff locks.

Piers Carey, Farm manager on the Morghew Park Estate, explained: “When the terrain got challenging, the tyres on the Unimog just weren’t up to the job. ATS Euromaster advised us to fit Michelin MXCL’s and they have transformed the Unimog into a transporter which can tackle the steepest and muddiest terrain we encounter.”

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21st July 2009/by Tyrepress Editors

Garden Using Dunweedin Scoops Prize

Product News

Landscape designers Rebecca Butterworth, Victoria Pustygina and Ludovica Ginanneschi clinched the coveted award for the Best Conceptual Garden at Hampton Court Palace Flower Show with an exhibit including Terrasofta rubber landscape shavings by Dunweedin’, made from 100 per cent recycled fork-lift truck tyres.

21st July 2009/by Tyrepress Editors

Toyo Proxes R888 Chosen for Wheeler Dealers TV Show

Product News

When the Wheeler Dealers TV programme upgraded a Porsche 944 into a track day cart the team chose Toyo Proxes R888’s the tyre manufacturer has reported. Mike Brewer, a well known motoring TV presenter, and Ed China, the star mechanic, buy and restore iconic cars and then try to sell them at a profit. In this instance they bought a 1987 Porsche 944 Turbo and planned to convert it into a race car, complete with a roll cage, new seats and a harness. They were looking for a specialist race tyre and a leading Porsche modification company recommended Toyo Tires. “Of course the tyre of choice was the ultra high performance Proxes R888; our road legal track tyre, known for its outstanding performance and phenomenal grip, both on and off the track,” company representatives told Tyres & Accessories (tyrepress.com), adding: “Mike brewer was amazed at the extreme stickiness of the tyres and the difference they made to the overall handling and performance of the car. By the end of the transformation, the Porsche looked and performed like a true race car and sold at a huge profit.”

21st July 2009/by Tyrepress Editors

Analysts say Euro Auto Industry up 5%

Product News

An analyst’s note from Deutsche Bank suggests that vehicle registrations across Europe could be rising for the second month in succession. Conversations with the industry have led the analyst to predict a rise of 5 per cent, with particular strength in Germany (up 35 per cent) and Italy (up 14 per cent. The UK (+2 per cent) and France (no change) have remained steady, while the other country to have initiated sales through scrappage schemes, Spain is down 14 per cent. The not concludes that Deutsche Bank expects the market to be 3 per cent lower in quarters three and four in 2009, following a 3 per cent decline in quarter two and a 16 per cent drop in quarter one.

21st July 2009/by Tyrepress Editors

Sentaida Opens New China Tyre Plant

International News

Sentaida International has opened its new tyre plant, Cenchelyn Tire Co. in Qindao, China. The building of the “state of the art” plant was reported on Tyrepress.com when it was two-thirds of the way through its development in September last year.

The marketer said the new plant features “state-of-the-art machinery from Germany, Japan, and the Netherlands.” Sentaida said that in 2010 the plant’s production capacity will increase to 6 million tyres with a focus on the 17- to 30-inch UHP segment. Company sources suggested last year that the total production would touch 10 million units in 2013.

The manufacturer concluded that as a result of the new facility, it will offer the Delinte UHP brand exclusively throughout the US, and offer customers the opportunity to create their own personal private brands. (Tire Review/Akron)

21st July 2009/by Tyrepress Editors

Kwik-Fit Service Gauges Whether it is Time to Retire the Tyres

Product News

As Kwik-Fit points out, it’s not just bald tyres that cause danger – old ones are also problematic. New research commissioned by the company found that as many as 16.7 million motorists’ tyres could be suffering from premature ageing, a condition that tends to affect tyres more than five years old.

While tyres contain anti-oxidising chemicals to slow down the rate of ageing, factors such as infrequent use and poor storage can accelerate the ageing process and render them unroadworthy. This is why tyre manufacturers recommend that tyres over five years of age should be visually inspected for signs of premature ageing. To help identify their age all tyres display a coded date of manufacture, something that – no surprises here – three-quarters of British motorists are unaware of. But even so, Kwik-Fit notes that the average punter is unlikely to be able to translate the ‘tyroglyphics’ that appear on the side of the tyre.

20th July 2009/by Tyrepress Editors

Malaysia Clamping Down on Regrooved Tyres

Product News

Motorists in Malaysia have been warned that regrooved is not groovy – drivers of vehicles fitted with regrooved tyres have until November 1 to replace them with new or retreaded tyres approved by the Standards and Industrial Research Institute of Malaysia (SIRIM) before risking a fine.

“We will educate the public on the basic knowledge of tyre safety by distributing posters containing information on tyre care nationwide,” said Datuk Suret, director general of Malaysia’s Road Safety Department. He added that an educational campaign, including posters bearing message such as ‘Retread Tyres Are Safe To Use’ and ‘Your Car Is Only As Safe As Your Tyres’ will be distributed throughout the country. The department will also work with various agencies, including the Customs Department, to take action against retailers that sell tyres not meeting safety standards.

20th July 2009/by Tyrepress Editors

Lanxess Manager to Head Germany’s DKG

Product News

The head of global marketing at Lanxess AG’s Technical Rubber Products business units, Jürgen Gunther, has been appointed Management Board chairman of the German Rubber Society (the Deutsche Kautschuk Gesellschaft, or DKG) Gunther, who was already a member of the Management Board, was elected at a general meeting to succeed the previous incumbent, Thomas Barth of Freudenberg New Technologies KG. The Lanxess manager, who has been involved in the international polymers business for over 35 years, will hold this post until 2012.

The DKG is an association of more than 1,000 individuals and companies whose common goal is to encourage research and development in elastomers and disseminate knowledge in this field.

20th July 2009/by Tyrepress Editors

Continental AG Posts Half-Year Profit

Product News

Based upon preliminary figures for the second quarter of 2009, Continental AG is reporting a “clear profit” for the three-month period, with an adjusted EBIT of 283.0 million euros. Reported EBIT for the quarter was 38.8 million euros, compared with a loss of 34.3 million in the first quarter. These results, says Continental, demonstrate the company’s “unwavering operational strength in the midst of the ongoing crisis in the automotive sector.”

“In an extremely difficult business environment and despite the current paralysis due to its uncertain future, Continental still achieved its operating goals,” said Continental Executive Board chairman Dr. Karl-Thomas Neumann on July 20.

20th July 2009/by Tyrepress Editors

First Commercial Implementation of Tirex TCS System a Step Closer

Product News

US based tyre recycling solutions developer the Tirex Corporation announced on July 14 that Italian company Simpro S.p.A., who is licensed by Tirex to manufacture, install, commission and warrant turnkey its TCS tyre recycling facilities, recently signed a US$20.8 million Memorandum of Understanding with Enchantex Solutions of Malaysia for such a system.

“This is a major milestone for Tirex and our TCS technology as it begins the production of the first commercial tyre recycling system to freeze tyre rubber with cold air as opposed to using expensive liquid nitrogen,” stated Tirex CEO John L. Threshie Jr.

20th July 2009/by Tyrepress Editors

Conti to Receive Kuwaiti Investment?

Product News

According to an article that appeared German business newspaper WirtschaftsWoche on July 18, Continental AG may soon be the recipient of Kuwaiti investment. The paper reported that investors from the Persian Gulf State entered into talks with Continental Executive Board chairman Dr. Karl-Thomas Neumann several days earlier. This meeting followed one the investors conducted with Christian Wulff, the premier of the state of Lower Saxony, where Continental is headquartered.

20th July 2009/by Tyrepress Editors

French Car Plant Workers Hold-Off Factory Bomb Threats

Product News

Factory bomb threats have reportedly taken over from so-called “bossnappings” (where factory managers are held hostage) on the part of French automotive worker faced with plant closures. According to news reports, workers at the New Fabris plant have voted to remove gas canisters they were using as explosives, union representatives are quoted as saying. In return for holding off their plans for what can perhaps be described as corporate terrorism (others may describe it as economic freedom fighting) the company’s union is demanding 30,000 euros (£25,870; $42,470) each from Renault and PSA/Peugeot-Citroen for all of its displaced employees. The combined figure of 60,000 is nearly ten times what Renault and Peugeot have committed to after buying New Fabris’ remaining shares, “subject to quality guarantees, on condition that the money goes to the company’s former workers.” The two car makers are New Fabris’ biggest customers.

20th July 2009/by Tyrepress Editors

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