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313 search results for: hannover

301

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.”

302

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.”

303

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.”

304

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?

305

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.

306

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.

307

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.

308

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.

310

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.

311

Conti plans tyre production in China

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That Continental wants to manufacture tyres in China, has already been decided. The questions now are “Where” and “How”, so Continental executive committee Hans-Joachim Nikolin told the “Hannoversche Allgemeine Zeitung” (HAZ).

312

Stephan Kessel, Continental’s CEO: A Separation On Friendly Terms

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Someone who acquires a seat at the top, and even reaches the CEO position at Continental, will neither be fired nor will he just quit. There is what is called “a separation on friendly terms”. The question whether Kessel and von Grünberg could ever have been friends is not even relevant. Whoever thinks that von Grünberg just shrugged and happily retired to some comptroller’s position will find out that he was wrong. Von Grünberg is the type of man who may occasionally loosen the handcuffs, writes a German daily newspaper, but he also tightens them again. His thumb pointed downwards, and that gesture determined Kessel’s future, and the whole board went along, including the banker Weiss.

313

New Communications General Manager At Continental

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Dr. Heimo Prokop (43), director of communication at VAW Aluminium AG (Bonn/Germany), is to become the new director of communication of the Continental Group, Hannover, beginning the new job on 1st April at the latest. He succeeds Peter Schwerdtmann, who has already left the tyre manufacturer. Prokop’s main task will be the internationalisation and intensification of the communication activities of the Continental Group, underlining that it has changed from a pure tyre producer to a company that also offers chassis management solutions.

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