Fehrenbach to fill Scholl’s shoes at Bosch
Following half a century with Bosch, in which he held a number of important positions in the company, chairman of the company’s supervisory council, Professor Dr. Hermann Scholl is to resign from office, effective 30 June 2012. At the same time, he will retire from Robert Bosch Industrietreuhand KG, where he has been managing partner since 1995.
Continue ReadingCam Systems mourns company secretary Sue Fowler
Cam Systems company secretary, Sue Fowler has died following a “strong and unwavering” battle with cancer. The IT systems company said that Fowler “will be hugely missed by all her colleagues, customers and suppliers, and the company sends its sincere condolences to her family at this very difficult time.” Fowler joined Cam Systems in June 1988 and her gregarious personality quickly won her many friends and contacts in the industry. Mike Allen, managing director of Cam Systems, says: “Sue had that natural ability to bring out the best in people. Her ebullient and resolute personality ensured she conducted her role and responsibilities at Cam with utter professionalism, and she was determined to continue come what may during her illness. We will miss her tremendously.” The company said that condolences would be welcomed over email at info@cam-systems.co.uk.
Continue ReadingWegmann appoints Iberian sales manager
Wegmann automotive has appointed Esteban Urgel as its new sales manager for the Iberian region. The company says the appointment represents an increase in its efforts to spur “rapid growth in European countries outside Germany”. Urgel took up his post, covering Spain and Portugal, in February.
Continue ReadingNew Warrington branch manager at Snap-on tools
Snap-on Tools has appointed Mark Houston as its new Warrington branch manager. In his new role Mark Houston will be responsible for the successful management of Snap-on’s 75 franchisees in an area which extends from Carlisle to South of Birmingham and includes North Wales. He will be supported by a back-up team of 5 Field managers.
Continue ReadingAnalysts predict Schaeffler will sell more Conti stock
Some financial analysts are recommending Continental shares ahead of a possible further sale of some of the stake directly owned by current 49.9 per cent shareholders Schaeffler Group. “Even if Schaeffler were to do another private placement of Conti shares, we think it might not be enough to satisfy investor appetite. We regard Conti as a structural, earnings and free cash flow driven overweight offering an attractive entry point,” Morgan Stanley analysts wrote in an investor’s note published 22 March.
Continue ReadingSchaeffler reports record sales and earnings in 2011
Schaeffler Group has reported record 2011 sales of 10.7 billion euros and a 12 per cent increase in pre-tax profits to 1.7 billion euros. It is the first time in the company’s history that sales topped the 10 billion euro mark. Schaeffler Group directly owns a 49.9 per cent stake in Continental AG. Commenting at the press conference where the news was announced, Schaeffler AG CEO Dr Juergen Geissinger said: “Following our success in 2010, we were able to further improve our earnings across the board in 2011. That demonstrates the dedicated commitment of our employees around the world. Our wide range of components and systems for the automotive and the industrial sectors puts us in a very good strategic position as a globally oriented company.”
Continue ReadingConti announces US promotions
Continental Tire the Americas has given news of two promotions within its Passenger and Light Truck – US Replacement unit. Chris Charity has been named director of sales - corporate accounts. In this role, Charity will be responsible for managing and directing sales efforts for passenger and light truck tyres with national retail and automotive aftermarket customers within the US market. Sean McDermaid will take over from Charity as national sales manager – dealer group. In his new position, McDermaid will be responsible for overseeing Continental’s field sales force, as well as the development and growth of business with independent dealers and distributors.
Continue ReadingPCL appoints North America sales manager
Pneumatic Components Limited, better known as PCL, has appointed David Fred the company’s new national sales manager for North America. Fred’s appointment reflects growing demand in that region; the Sheffield-based company comments that his role was crated “following a sharp rise in demand for PCL's products due to a strong market shift towards quality and accuracy.”
Continue ReadingAnant Goenka takes over as Ceat MD
On 12 March Indian tyre maker Ceat Limited announced the appointment of incumbent deputy managing director Anant Goenka as its new managing director following the retirement of Paras K. Chowdhary from this position; Goenka will start in this new role on 1 April. Chowdhary will continue with Ceat as a full-time director.
Continue ReadingAnalysts: Pirelli target upgrade a big surprise
While pleased that Pirelli’s figures were “in line” with expectations, financial analysts have reported their surprise at the Italian-based tyre manufacturers’ decision to raise its targets for 2012. According to advice sent out by Morgan Stanley the upgrade news is “a big surprise so soon after the investor day in the fourth quarter.” They expect target upgrade in the region of 8 to 10 per cent and immediately issued the succinct advice “buy”.
Continue ReadingPirelli sales up 16.6% in 2011, profits beat target margin
Pirelli & C. SpA’s has released fourth quarter and full year 2011 results showing consolidated revenues in 2011 totalled 5,654.8 million euro, an increase of 16.6 per cent from 4,848.4 million euros in 2010. Consolidated operating income after restructuring charges was 581.9 million euros compared with 407.8 million euros in 2010, and with a 10.3 per cent margin compared with the target of “around 10 per cent” announced last November. This is almost two percentage points higher than the 8.4 per cent achieved in 2010.
Continue ReadingAnalysts up Conti share price target
Financial analysts have expressed a vote of confidence in Continental AG’s present and future financial performance by increasing the price their expect the company’s shares to achieve in the medium term. Recommending a new, higher price target to its investors, Morgan Stanley analysts raised their price target for Continental stock to 90 euros per share, up some 15 euros from the previous target of 75 euros.
Continue ReadingAnalysts: Fourth quarter results key for Pirelli 2012 outlook
When Pirelli releases its fourth quarter financials on Monday, the results are likely to be a barometer of what can be expected from the company in the rest of 2012. That’s the view of financial analysts from Morgan Stanley that published their view in an investors note dated 8 March. Their prediction is that Pirelli will report figures on the positive side of being in line with expectations: “We believe Pirelli will deliver 139 million euros of reported EBIT, a touch higher than the street and Pirelli’s targets.
Continue ReadingGoodyear declares quarterly dividend
The Goodyear Tire & Rubber Company has declared a quarterly dividend of 73.44 cents per share of mandatory convertible preferred stock. The payout represents an annual rate of $2.9375 per share.
Continue ReadingAnalysts: Conti profits beat projections
Continental’s fourth quarter adjusted pre-tax profits of 815 million euros (announced yesterday, 1 March) was 5 per cent ahead of the consensus of projections compiled by various financial analysts. At the same time the company’s fourth quarter sales of 7.7 billion were some 2 per cent higher. According to an investor’s note published by Morgan Stanley following the publication of the Continental’s financials, the company’ s margin of 10.3 per cent also came higher than consensus estimates at 10 per cent.
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