Mandelson Announces £2 billion Automotive Industry Loan Scheme
Yesterday the government announced a package of measures designed to defrost more than £2 billion automotive industry credit that has frozen as a result of the global economic downturn. The measures include guarantees to unlock loans of up to £1.3 billion European Investment Bank (EIB) guarantees for investment in lower carbon initiatives and loans or loan guarantees to support of up to £1 billion of lending for lower carbon initiatives for non-EIB backed projects. Shadow Secretary of State for Business, Enterprise and Regulatory Reform, Ken Clarke, criticised the measures for being “small beer.” But will the funding offer assistance to UK tyre manufacturers? Here’s what the small print has to say: The measures will “apply to projects over £5 million.” Crucially the announcement specified that UK-based automotive parts suppliers with an annual turnover of £25 million or more could also be considered. UK-based manufacturers of construction equipment (such as diggers and bulldozers) and suppliers that meet the criteria of the framework will also be eligible to apply. The catch is that loan guarantees will only apply to “low carbon” projects. No date for the commencement of loans and loan guarantees under the framework has yet been set since it is dependent on European Commission clearance.
Continue ReadingBridgestone, Conti & Others Fined for Hose Cartel Participation
Bridgestone, Continental, Trelleborg and at least two other companies have been fined a combined total of 131.5 million euros by the European Commission for their role in the price fixing and rigging bids for rubber marine hose. The Commission’s decision follows the action of overseas authorities, such the US Justice Department, that has seen charges laid against a number of executives from British, French, Italian and Japanese firms. The fines were announced on January 28 and Bridgestone received the largest penalty, 58.5 million euros. The size of Bridgestone’s fine, which was increased by 30 per cent, reflects its leading role in the cartel, which operated for more than two decades. Trelleborg’s French subsidiary has been handed a 24.5 million euro fine, while Continental, via its UK-based Dunlop Oil & Marine unit (a member of the ContiTech Group), has been fined 18 million euros.
Continue ReadingJoe Park Joins Hankook Tyre UK
Hankook Tyre UK Ltd has appointed Joe Park as Regional Sales Manager (Commercial) for Scotland. According to Hankook UK commercial vehicle tyre sales manager, Barrie Horrocks, Park will be responsible for developing Hankook Truck Tyre sales throughout Scotland. His main focus will be to promote the benefits of the Hankook brand of truck tyres to the fleet engineers/transport managers of large and medium sized regional and national truck fleets in the Scottish region. Joe Park brings joins Hankook from Michelin and brings with him many years of technical and sales experience.
Continue ReadingPirelli Workers in Turkey Demonstrate Against Layoffs
Employees at Pirelli’s facility in Kartepe, Turkey have taken part in a sit-in protest at the factory site after hearing news that 80 workers had been laid off. Workers at the Türk Pirelli factory stopped production late on January 26 and many occupied the factory. According to the Lastik-İş labour union, all 1,150 factory employees took part in the sit-in.
Continue ReadingMichelin Aircraft Tire Signs Up New Marketing Firm
The Michelin Aircraft Tire Company, a division of Michelin North America, has a new corporate mouthpiece following the appointment of Jackson-Dawson Marketing Solutions to handle marketing communications for the business unit. The South Carolina based marketing firm already handles marketing communications and public relations for Michelin North Americas truck tyre and earthmover tyre divisions, event planning and logistics services for Michelin North Americas passenger car tyre division.
Continue ReadingCTNA Mt. Vernon Factory Not Affected By Cuts, Says Manager
The plant manager at Continental Tire North America’s Mount Vernon facilities has voiced his reassurances following recent news that the parent company plans to reduce its North American workforce. In mid January US media reported the company’s North America CEO Samir Salman as saying Continental AG was moving towards reducing its workforce in this region by 10 per cent during 2009.
Continue ReadingDayton D320 Sport-Touring Added to Bridgestone Range
A new Bridgestone sport-touring tyre has been introduced into the economy passenger car tyre segment. Called the Dayton D320, the new tyre has been designed to provide drivers of family saloons and estates with high level all-round performance and good value for money. The performance target of the new Dayton D320, says Bridgestone, was to deliver excellent dry handling without sacrificing comfort, while providing the safest possible wet braking and hydroplaning performance. The tyre’s tread features a centre rib intended to provide linear stability and a strong centre feel to road handling, while its tapered design with lens-shaped blocks are designed to help reduce water turbulence on the block edges, for faster drainage away from the contact patch.
Continue ReadingBridgestone Take Advertising Centre Stage at Super Bowl
Often dubbed “advertising’s biggest stage,” Super Bowl XLIII viewers on 1 February will see two new adverts by Bridgestone, broadcast alongside the NBC network’s coverage of the biggest event in American Football. The famous Halftime Show will also be sponsored by the manufacturer; an honour indeed since Bruce Springsteen and the E Street Band will be trading in their wings on some – presumably Bridgestone-shod – wheels for the event. Two 30-second commercials named “Taters” and “Hot Item” will be aired at the end of the first and during the third quarter. The ads’ production team have aimed at creating fun, memorable commercials that emphasise the performance of Bridgestone tyres. The first features Mr. and Mrs. Potato Head – two of toy giant Hasbro’s most beloved characters – making their Super Bowl debut when their excursion on a picturesque mountain road takes an unexpected turn. The second spot takes viewers to Titan, Saturn’s largest moon, on which two music-loving space travellers cruise around in a space vehicle equipped with high-performance Bridgestone tyres.
Continue ReadingTires Plus, Bridgestone ‘Kickoff To Rebuild’ Tampa
On 30 January more than 1,000 volunteers, including NFL players and VIPs, will restore a historic neighborhood in West Tampa, Florida, located just two miles from the home of Super Bowl XLIII. Run by national nonprofit Rebuilding Together, the annual “Kickoff to Rebuild” is in its 14th year as one of the key sanctioned charity events of the NFL Super Bowl. This year’s “Kickoff to Rebuild“ is sponsored in part by sister companies Morgan Tire & Auto, LLC, which operates under the name Tires Plus, and Bridgestone Americas Tire Operations. Together they will provide free restorations, renovations and energy efficient modifications to 20 homes within a five block radius, according to BATO. As part of the sponsorship, Tires Plus is providing more than 30 volunteers to participate in the event. As an added good-will bonus, BATO will be donating 20 sets of tyres, one for each homeowner. This is the first year that Tires Plus and BATO will be sponsoring this event. (Tire Review/Akron)
Continue ReadingConti Canada Makes Org Changes
Continental Tire has named Jay Dhillon interim general market manager for Continental Tire Canada, replacing Guy Hardiman. Michael Raynes becomes interim controller, replacing Jayesing Heetoo. Continental said the changes are part of a continuing effort to improve the company’s processes and business practices. Dhillon will be responsible for continuing the profitable growth, and improving the overall business operation of Continental Tire Canada. He will report directly to Andreas Gerstenberger, executive vice president of sales and marketing for Continental Tire US and Canada. Raynes will be responsible for evaluating and supporting the financial and credit processes and Canadian operations, while providing recommendations to management for both the PLT and CVT divisions. Raynes will report directly to Jay Dhillon. “Continental Tire Canada has enjoyed phenomenal growth in recent years, and will continue to do the same in the future. These appointments will help align the necessary supporting business processes with continued growth of Continental Tire Canada,” said Gerstenberger. (Tire Review/Akron)
Continue ReadingKwik-Fit Asks: Are You an MOT Virgin?
Four decades ago Jimi Hendrix asked us all, in song, the question ‘are you experienced?’ – and it seems the answer may well be a resounding ‘no’. According to Kwik-Fit, many of us are by no means experienced when it comes to the periodic inspections our vehicles require: Some two million UK motorists remain, in the fast fit specialist’s own words, MOT virgins. To qualify for virginal status, at least in regards to MOT inspections, a person must have never kept hold of a car long enough to have put it through an Mot test. As previously mentioned, more that a few motorists have yet to have their first-time experience. And on top of these, a further one million drivers haven’t put a car through an MOT inspection for at least a decade.
Continue ReadingContinental AG in State Aid Negotiations
Continental AG and its controlling shareholder, Schaeffler Group, are reportedly seeking aid from two German state governments. According to a Bloomberg report, German federal government isn’t directly involved in the “advanced talks” with the Lower Saxony and Bavaria state authorities. On 27 January representatives of the IG Metall trade union told reports that any state aid should be used to help save jobs and “not the private wealth of company owners Maria-Elisabeth Schaeffler and her son Georg.” The union, which represents a total of 2.3 million employees, said workers should also get a say in running the company. Meanwhile, credit rating agency, Standard & Poor’s, has lowered Continental AG’s creditworthiness two levels to BB from BBB-. According to an S&P statement the decision was made following an analysis of Continentals revised business plan and the renegotiation of financial covenants. Continental AG is currently responsible for servicing an estimated 22 billion euros of debts.
Continue ReadingPirelli Geared Up For 2009 WRC
The 2009 World Rally Championship kicks off in Ireland and again this year Pirelli, the championship’s exclusive tyre supplier, plays a pivotal role in proceedings. From the season’s opening race, which gets under way on 30th January, Pirelli believes the 2009 WRC will be a series full of technical challenges for both teams and drivers. Mud, snow and ice are just a few of the weather related obstacles the opening rally will hand drivers, making tyre choice a critical factor in the race. The other 11 rounds feature conditions that are no less exciting: from snow in Norway to the dirt roads of Australia and Argentina.
Continue ReadingMasters of Formula Three Return to Zandvoort
Having spent the last two years just over the Belgian border at the Zolder racing circuit, the Masters of Formula Three will be returning to Circuit Park, Zandvoort this year. The prestigious event, in which the strongest racers from the British Formula Three Championship and the Formula Three Euro Series compete, was held for the first time at the Zandvoort circuit in 1991. Following a decision by the Dutch Supreme Court in 2007, the race had to be held at Zolder due to noise levels affecting local residences. However, with new measures in place, the 19th running of the Masters of Formula 3 will be back at its spiritual home on 13 and 14 June, 2009. The international meeting is closely watched by teams from the GP2 series, the World Series by Renault, A1GP and Formula One. Among others, David Coulthard, Lewis Hamilton and Jos Verstappen all made it into Formula One, boosted by their victories in the Masters of Formula 3.
Continue ReadingFoundation Stone Laid at New Ceat Plant
The foundation stone for Ceat Ltd’s planned new facility in Gujarat, India has officially been laid. The honour of laying the stone went to Gujarat state chief minister Narendra Modi, who was present at the site in Halol along with RPG Enterprises chairman Harsh Goenka, Ceat managing director Paras K Chowdhary and Ceat vice president (sales and marketing) Arnab Banerjee. The greenfield project, when it enters its first phase of operation, will employ more than 1,000 workers.
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