Pirelli OE on 8C Spider, Ferrari 599 and Aston Martin V12 Vantage
The latest run of supercars to hit the tarmac - the Alfa Romeo 8C Spider, Ferrari 599 HGTE, Aston Martin V12 Vantage - will all be launched with Pirelli P Zero tyres, according to the Italian UHP tyre manufacturer. Initially presented at the Geneva motor show, the Alfa Romeo 8C Spider is scheduled for an official launch at Balocco end of June where it will be fitted with P Zero tyres (245/35 ZR20 and 285/35 ZR20). According to the company, the P Zero represents the latest evolution in tyre design from the Pirelli research team and is covered by five patents. For the Ferrari 599 P Zero developers modified the tyre’s compound for improved sportiness, so it has become something like the P Zero Corsa in sizes (245/35ZR20 and 305/35ZR20), while the British super-sport Aston Martin V12 Vantage went straight for the P Zero Corsa sports tyres (255/35ZR19 and 295/30ZR19).
Continue ReadingWennemer Set to Become Opel Advisor
Former Continental AG CEO, Manfred Wennemer, is set to represent Berlin on an advisory board overseeing the trust that administers Opel, according to a Reuters report. Wennemer, who led Continental’s rearguard action against Schaeffler Group’s July 2008 hostile takeover, stepped down last August after seven years with the company when the automotive supplier managed to overcome Conti’s defences. He was subsequently nominated to join the board of steel wire manufacturer Bekaert in March 2009. According to Reuters, the trust holds 65 per cent of Opel shares and is charged with ensuring that 1.5 billion euros ($2.1 billion) in bridge financing offered by Berlin and the four German states with Opel plants is not misappropriated.
Continue ReadingAnalysts: Michelin is Generating Free Cash Flow
Michelin’s decision to pay down a 350 million euro loan borrowed at 6.7 per cent interest and maturing in 2033 is said to be an early sign that the tyre manufacturer is beginning to generate free cash flow. According to a Deutsche Bank report, despite the fact that analysts are expecting Michelin to publish first half net losses of 230 million euros, the fact that the company is buying back a loan that is more expensive than the group’s average debt (5.9 per cent) is “a strong positive signal that Michelin is currently generating free cash.”
Continue ReadingMichelin to Cut 1,500 Jobs in France?
A report in the French newspaper Le Monde indicates Michelin will eliminate 1500 jobs in France. These job reductions will apparently be part of a range of measures to combat declining tyre demand the tyre major will announce on June 24. Le Monde did not quote any sources for the information given in its June 16 article, however the newspaper did quote a union representative, Sakir Ali Mandjee, as saying on June 9, during a group committee, we have asked whether a layoff scheme was being prepared and the management did not provide any denial.
Continue ReadingThank You for Being Frank…
German communications agency Kienbaum Communications has awarded Continental AG a gold ‘Kienbaum Communications Award’ for its communication with job seekers. The award was given after a jury of five, made up of industrial organisational psychologists, human resource officers, communications specialists and trainees evaluated the letters on the basis of authenticity, individuality, linguistic style and their effect on the addressee.
Continue ReadingMRF Entreaties Employees to Return to Work
Unrest at the MRF Ltd factory in Arakkonam, India is now entering its second month, and the tyre manufacturer has voiced its hope for a swift resolution to the strike. In early June the company sent a letter to the plant’s 1400 workers, requesting their return to work. “You are all aware of the difficulties that we are facing for the past few days due to all the unfortunate incidents that have happened,” the letter states. “Every day, our factory is suffering a loss of Rs 3.5 crore (£445,000). In these difficult circumstances, you must have been aware of the bonus and the wholesome amount to be paid every month. Therefore, be cautious and keep the evil forces at bay and cooperate with us on the path of success.”
Continue ReadingPirelli Carlisle Shutdown Planned for Late June
A further temporary closure of Pirelli’s Carlisle factory is scheduled for late June. The company reports that reduced demand for tyres in European markets is the reason behind the June 27 to July 1 shutdown. Production at the Carlisle site had been increased in May in response to anticipated market stabilisation, however company management reports that short-term demand has reached their “optimistic prediction.”
Continue ReadingPeter Taylor Receives OBE in Queen’s Birthday Honours List
Peter Taylor the Tyre Recycling Association’s secretary general and long time director of the Imported Tyre Manufacturers Association (ITMA) has been awarded an OBE (Officer of the Order of the British Empire) in a move which is seen as honouring the UK tyre industry’s pioneering work in developing a ground breaking tyre recovery and recycling programme. “I am absolutely delighted to receive this important honour,” said Peter Taylor: “However without the help and support of other members of the tyre industry and its various trade associations we would not have been able to establish the Responsible Recycler Scheme and make it work as effectively as it does. I am happy to accept this honour on behalf of the UK tyre industry.”
Continue ReadingPirelli Shareholder Camfin Negotiates Capital Increase
Camfin SpA, the largest shareholder in Pirelli parent company Pirelli & C SpA, has negotiated with its banks regarding a 100 million euro capital increase and a rescheduling of its debt. Camfins controlling shareholder GPI, along with a consortium of banks, will guarantee all of the capital increase, Reuters reported. Three new directors will also be appointed to Camfins board, making a total of 15 directors. The banks participating in the debt deal include Banco Popolare, UniCredit, Banca Monte dei Paschi di Siena, Intesa Sanpaolo SpA and Banca Popolare di Milano. The agreement foresees in addition that up to end of 2011 there will be no dividend distribution and that by 2012 the 49 per cent stakes in Pirelli & C Ambiente SpA and Pirelli & C EcoTechnology are sold, the company said.
Continue ReadingITC to Rule on Imported Chinese Tyres This Week
The US International Trade Commission will determine by June 18 whether or not consumer tyres imported from China are harming or have the potential to harm potential tyre manufacturers, and will report its findings to President Obama and the US trade representative the following day.
Continue ReadingSri Lanka’s Eu-Retec to Expand Range Under Conti Alliance
The partnership operating between Watts Industrial Tyres and Continental AG since late 2004 has been replaced by a new strategic alliance with Sri Lankan manufacturer Eu-Retec (Pvt) Limited, who formerly produced tyres for Conti as part of the Watts arrangement. Watts held a 50 per cent share in Eu-Retec until earlier this year. Continental has officially announced the formation of a joint venture with Eu-Retec, an arrangement in which Conti will take the majority shareholding.
Continue ReadingReady-Made Promotions For Independent Distributors
Promo Basics is a range of ready made promotions devised by Brake Engineering for distributors to run, which wont break the bank and includes rewards such as free newspapers, snacks and drinks. Designed to fight the credit crunch, when its often tempting to cut back on marketing and promotions and just at the time when those activities could be at their most useful, Promo Basics gives the independent distributor an extra, low-cost marketing tool.
Continue ReadingConti Removing Jobs, Operations from Puchov Site
At present Continental reports an overcapacity of more than two million truck tyres in its European markets, a situation that has developed due to a “drastic” fall in demand during the opening months of 2009. To remedy this, the company is further reducing European truck tyre capacity by eliminating a number of jobs at and operations its Continental Matador Truck Tires facility in Puchov, Slovakia. Continental says it has decided to remove 75 positions will be removed from Puchov by November 30 at the latest. On top of this, following a detailed analysis of the company’s machinery business, Conti will concentrate this aspect of operations to its Hannover-Stöcken plant in Germany. This measure, reports Continental, will affect around 190 Puchov based Continental Machinery employees.
Continue ReadingEMI+ “Helps Businesses Improve Their Bottom Line”
MAM Software has announced a brand new release of EMI+, a powerful business intelligence module that helps business managers develop a deeper understanding of their business. In todays competitive and congested aftermarket, MAM believes that EMI+ version 2.1 can deliver the reliable, up-to-date information that managers need to respond to challenging conditions and make informed decisions. EMI+ is designed to help businesses improve their bottom line said Mike Jamieson, MAMs Managing Director. It enables managers to quickly and easily analyse their business, identify trends and highlight opportunities for improvement. At a glance, they can instantly detect gaps in buying patterns or isolate sales that are affecting margins.
Continue ReadingKwik-Fit Wins 2009 Reponsible Retailer Award
Tyre Recovery Association (TRA) has named Kwik-Fit as the winner of the 2009 Responsible Recycler Award. The award is presented each year to a tyre retailer who has demonstrated an outstanding commitment to innovation and best practice in the field of tyre recycling. In choosing Kwik-Fit for this year’s accolade the association wished to acknowledge the company’s ground-breaking reverse logistics programme whereby the delivery of new tyres to Kwik-Fit centres and the recovery of waste casings are integrated into a simple activity. This combined delivery and collection function saves on delivery and transport costs with the added security of caged delivery. The award was presented by newly-elected TRA president, Barry Stocker. Speaking after the presentation of the award David White, Kwik-Fit’s customer services director expressed his delight at being this year’s recipient. He said: “This was truly a ‘first’ in the industry and whilst I was delighted to collect the award on Kwik-Fit’s behalf the accolade should really go to Ann Macreadie and Neil Arnott, the people at Kwik-Fit who despite many challenges stuck diligently to the plan and of course I must mention Ceva logistics and Murfitts, for without their tireless efforts it would never have been possible.”
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