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303 search results for: hannover

286

Schaeffler Offers Continental Olive Branch

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As temperatures in the largest takeover in Europe this year rise, Schaeffer Group has welcomed comments from Continental AG’s works committee. Writing to Schaeffler Group owner, Maria-Elisabeth Schaeffler, the committee said staff did not like the methods used by Schaeffler to gain a strategic stake in their company: “We have the impression that an investor has slipped in the back door to make a hostile takeover and dismantle the Continental group.”

Schaeffler offered an olive branch inviting the representatives to enter talks in return following earlier withering remarks about the ball-bearing maker’s trustworthiness from Conti supervisory board member, Thorsten Reese. “We simply have no trust [in them],” Reese, who speaks for the company’s middle managers told the DPA agency, adding: “They can promise us heaven and earth.”

“We stand by our commitments,” Schaeffler responded in a statement. “Continental should remain as a whole, including…the tyre business, as an independent, listed company with headquarters in Hanover,” said Dr. Juergen M. Geißinger, CEO of the Schaeffler Group. Schaeffler’s statement comes 12 hours before supervisory board members will meet in Hannover.

287

VW Supports Schaeffler Takeover

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Volkswagen AG chief executive Martin Winterkorn says he backs Schaeffler Group’s takeover bid for Continental AG. Speaking to Germany news agency DPA, he described the proposed merger as “altogether positive” and warned that a protracted takeover battle would distract the two companies from their respective businesses. VW is a key customer for both Schaeffler and Continental.

Earlier German news sources had reported that VW was angry with Schaeffler Group for not tipping it off on its Continental takeover plans. Hannoversche Allgemeine Zeitung (HAZ) cited “company sources” as saying that Volkswagen expected to be let in on the plans. The HAZ story reported that Schaeffler chief executive, Juergen Geissinger, has since apologised to VW.

288

Continental Confirms Takeover ‘Conversation’ with Schaeffler

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Continental AG has confirmed it has had “one brief conversation” about a possible engagement by Schaeffler-Group. Now the tyre and automotive supplier is said to be waiting for Schaeffler to substantiate its plans, before the management board of Continental evaluates these. The initial talks took place on Friday (11 July) afternoon. According to Continental AG, no further conversations took place.

The official statement appears to confirm a Financial Times (FT) report that Schaeffler had approached Continental about a takeover which could value Europe’s second biggest tyre company at more than 10 billion euros (5.8 billion). FT reports that Schaeffler generates 9 billion euros in revenues compared with Conti’s 26 billion euros.

Herzogenaurach, Germany-based Schaeffler is apparently aiming to take Continental private. One report, in the German daily Frankfurter Allgemeine Zeitung, said the company would consider spinning off the tyre business to help finance the transaction. However, a Continental spokesperson was swift to respond by saying the Hannover-based company would fight any hostile takeover: “In principle, our stand is that we have no reservations against investors who support our long-term strategy and our business policy and above all do not intend to break up Continental…Those who might want to launch a hostile takeover would need all the luck available because we will fight against it.”

289

Michelin to Premiere X Energy SaverGreen Range at IAA Show

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With the world premiere launch of the latest Renault Magnum comes the unveiling of Michelin’s new X Energy SaverGreen tyre range. This new and exclusive offering, says Michelin, has been incorporated into Renault’s Optifuel Solutions range of products and services, and has been specifically designed to support the long haul national and international use Magnum truck.

Michelin became involved in Renault Trucks’ programme at a very early stage, and thus the French tyre major believes it has been able to make a significant contribution to the Magnum’s overall energy efficiency. The reduced fuel consumption achieved through use of X Energy SaverGreen tyres can deliver vital savings in a market where fuel prices currently account for up to a third of a haulier’s costs, and as a bonus, adds Michelin, CO2 emissions are also reduced.

290

Konstrukta Supplies 2 Duplex Apex Lines to Yaroslavl Plant

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Konstrukta Industry AS has signed, what it describes as “a significant contract” to supply two duplex apex extruding lines to Sibur-Russian Tyres’ Yaroslavl’s tyre production plant. The machines extrude two rubber compounds into the triangular cover that overlaps the bead. In this case the machines will be used in the production of truck tyres. The contract is being billed as the most significant of its kind in Russia this year and was reportedly gained ahead of Continental Machinery. No specific value has been attached to the contract, however the deal appears to be the fulfilment of promises to upgrade Sibur-Russian’s truck tyre product capacity reported by Tyres & Accessories more than a year ago.

291

Wennemer Quashes Siemens VDO Renegotiation Rumours

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Continental AG reports its new year has got off to “a very convincing start”, and adds that, contrary to stories appearing in the media, it sees no reason to reopen negotiations with Siemens over the VDO unit. Furthermore, the company holds a positive outlook for its 2008 targets. “We shall set forth our streak of success,” stressed CEO Manfred Wennemer on March 14. “In the first two months our sales and results far exceeded our forecasts and were well ahead of the previous year’s figures. We reaffirm our prognosis: Overall sales of more than 26.4 billion euros; a consolidated EBIT margin of 9.3 per cent before amortisation from the purchase price allocation and before integration and restructuring expenses. In addition we assign the very highest priority to cutting away at our debt. As planned, we shall apply our robust free cash flow to the reduction.”

292

Wennemer Quashes Siemens VDO Renegotiation Rumours

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Continental AG reports its new year has got off to “a very convincing start”, and adds that, contrary to stories appearing in the media, it sees no reason to reopen negotiations with Siemens over the VDO unit. Furthermore, the company holds a positive outlook for its 2008 targets. “We shall set forth our streak of success,” stressed CEO Manfred Wennemer on March 14. “In the first two months our sales and results far exceeded our forecasts and were well ahead of the previous year’s figures. We reaffirm our prognosis: Overall sales of more than 26.4 billion euros; a consolidated EBIT margin of 9.3 per cent before amortisation from the purchase price allocation and before integration and restructuring expenses. In addition we assign the very highest priority to cutting away at our debt. As planned, we shall apply our robust free cash flow to the reduction.”

293

Conti May Re-Negotiate Siemens VDO Purchase

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Continental AG may be looking at renegotiating its 11.4 billion euro acquisition of the Siemens VDO unit. Reuters has reported that a “source close to the matter” gave the news agency this information on March 12.

Reuters quotes the source as saying “In the Powertrain division, there are significant problems” – apparent confirmation of an article published that day in the Hannoverschen Allgemeinen Zeitung newspaper. The source added that Conti “would have to negotiate with Siemens because Siemens did not sufficiently inform Continental before the acquisition.”

294

Don’t Mention the War

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When online tyre retailer Blackcircles.com launched its new Meinreifen.de website for German consumers this month, you could be forgiven for interpreting the move as a strategically aggressive act. Hannover-based Delticom AG has been selling tyres online in Germany (and 29 other countries) for years and if its latest financial results are anything to go by, they have been making a rather good job of it. However, Tyres & Accessories has learnt that Blackcircles has been researching a possible entry into the German market for the last three years. So, could we be witnessing the start of an online tyre war?

295

Awards Recognise Eco-Friendly Innovations

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The inaugural Tire Technology International Awards for Innovation and Excellence were presented at the recent Tire Technology Expo, in Cologne and there was a marked emphasis on environmentally-friendly technologies and products.

Michelin picked up the Tire Technology of the Year Award for its continuing development of its already-established Energy Saver range of tyres. In the latest development (for tyres for the Peugeot 306) a new silica-based compound helps reduce rolling resistance, saving fuel and lowering carbon emissions.

296

Tyre Machinery Suppliers Enter Russian Joint-Venture

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Hannover-based Berstorff and Munich-based Krauss-Maffei Kunststofftechnik have set up a joint subsidiary under Russian law. The new company is called BKM O.O.O. (the legal form of a German GmbH) and is registered in Moscow. With the foundation of the joint subsidiary, both companies intend to extend and improve the range of services for their customers in Russia and the neighbouring states. BKM will concentrate on services, like assembly and commissioning as well as modernisation and repairs. Berstoff produces rolling cylinders, extrusion products and other rubber related equipment.

297

Continental Expects $122.7 million Loss in US

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Continental AG is expecting a loss of $122.7 million in its US passenger-car tyre business this year, Hannoversche Allgemeine Zeitung has reported. The business posted a loss of $98 million the year before. The newspaper did not name any sources but did report that up to 300 of the 1,400 jobs in its plant in Charlotte, North Carolina, plant would be cut in July and production would be reduced by a third to roughly 16,000 tyres per day.

298

Several Hundred Jobs in Danger at Conti

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Continental AG is currently contemplating the possibility of phasing out passenger car tyre production at its primary facility in Hanover-Stöcken, chairman Manfred Wennemer told a works meeting yesterday. Now, the company will examine whether or not passenger car tyres can still be produced profitably. The problem, according to a company spokesman, is the “development of the market and of the costs.” Currently Continental is producing at full capacity, but it is difficult to say whether or not it will be in the same position in a year’s time, added the spokesman. Therefore Mr Wennemer has already informed the staff “we are reviewing the situation at the moment.” One possibility in order to improve the competitiveness of Hanover as a production base, in comparison with Otrokovice (Czech Republic) and Timisioara (Romania), would be to increase worker’s hours without increasing wages.

350 people are employed at the Hannover-Stöcken facility where 1.5 million passenger car tyres are produced each year. According to the company, the announcement only refers to passenger car tyre production – other segments will remain unaffected.

300

Conti and DaimlerChrysler Close Deal on Truck Tire Deliveries

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Continental AG (Hanover, Germany) and Daimler-Chrysler AG (Stuttgart, Germany) have signed an agreement on the original equipment delivery of commercial vehicle tires in the 2005 to 2007 time span. With the scope of the deliveries contracted, Continental becomes a volume-production commercial-vehicle-tire supplier to DaimlerChrysler. The agreement contains an option for 2008. Continental will equip the light to heavy trucks in the Atego, Axor, Actros and Econic model ranges with17.5″ to 24″ tires.

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