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Trelleborg Opens Rights Issue

Trelleborg has released a prospectus for its latest rights issue. This prospectus, instructs Trelleborg, is not for release, publication or distribution in or into the US, Australia, Canada, Hong Kong or Japan. Therefore the following information is only intended for those located outside these geographic regions. According to Trelleborg’s instructions, anyone located in the above-mentioned countries or any other country imposing legal restrictions beyond those pursuant to Swedish law are not permitted to click the “more” link and read further.

1st May 2009/by Tyrepress Editors

Snap-On’s Pinchuk Takes on Third Office

The board of directors at Snap-On Incorporated have elected current company president and CEO Nicholas T. Pinchuk to the position of chairman. Pinchuk succeeds Jack D. Michaels, who is leaving the Snap-on board of upon the expiration of his term on April 23, 2009.

“We are extremely pleased to have Nick as Snap-on’s chairman, president and chief executive officer, and look forward to him continuing to build on the foundation he has laid during his past seven years with the company,” said W. Dudley Lehman, chairman of the company’s Corporate Governance & Nominating Committee. “Nick’s election as chairman is a further indication of the board’s confidence in his leadership.”

29th April 2009/by Tyrepress Editors

Conti Announces New Supervisory Board Members

A number of new Supervisory Board members were named at the April 23 Continental AG Annual General Meeting. These are Dr. Gunter Dunkel, chairman of the board of management of Norddeutsche Landesbank Girozentrale; Dr. Michael Frenzel, chairman of the executive board of TUI AG; Dr. Jürgen M. Geißinger, president and CEO of INA-Holding Schaeffler KG; Prof. Dr.-Ing. E. h. Hans-Olaf Henkel, honorary professor at the University of Mannheim; Rolf Koerfer, lawyer; Dr. Klaus Mangold, chairman of the supervisory board of Rothschild GmbH; Klaus Rosenfeld, CFO of the Schaeffler Group, Georg F. W. Schaeffler, partner in the Schaeffler Group; Maria-Elisabeth Schaeffler, partner in the Schaeffler Group; Dr. Bernd W. Voss, member of various supervisory boards. Substitute members are: Dr. h. c. Manfred Bodin, member of various supervisory boards, and Prof. Dr. Hans Heinrich Peters, chairman of the supervisory board of BÖAG Finanzdienst Aktiengesellschaft.

24th April 2009/by Tyrepress Editors

Schaeffler Has Eye on Another Conti Board Seat

It appears Schaeffler’s representation on the Continental AG supervisory board will be strengthened with the addition of a fifth representative. Reuters reported on April 20 that Hans-Jörg Bullinger, president of the Fraunhofer-Gesellschaft, will not, as originally planned, stand as a supervisory board candidate at the April 23 Annual General Meeting. Bullinger’s comment to Reuters was that “Schaeffler would like it if the company is well represented.”

22nd April 2009/by Tyrepress Editors

Goodyear Directors Re-Elected at 2009 Annual Meeting

Goodyear Tire & Rubber shareholders re-elected 11 members of the company’s Board of Directors at the 2009 Annual Shareholder Meeting, held on April 7. Re-elected were:

James C. Boland, retired vice chairman, Cavaliers Operating Company, LLC;
James A. Firestone, executive vice president and president, corporate operations, Xerox Corporation;

Robert J. Keegan, chairman, chief executive officer and president, Goodyear;

8th April 2009/by Tyrepress Editors

Conti Acquires Serbian Conveyor Belt Manufacturer

Continental AG subsidiary ContiTech has taken over Serbian manufacturer of mining operation conveyor belts, Univerzal Kolubara. According to ContiTech, the group paid less than ten million euros for the company, which has 250 employees. Investment at the Univerzal Kolubara site is planned in order to take advantage of anticipated growth in the mining of brown coal in Serbia.

7th April 2009/by Tyrepress Editors

Rolf Koerfer Elected Chairman of Conti Supervisory Board

The Supervisory Board of Continental AG has unanimously elected Rolf Koerfer its new chairman at its March 27 extraordinary meeting in Hanover, Germany. The 51-year-old thus succeeds Dr. Hubertus von Grünberg, who resigned on March 6.

30th March 2009/by Tyrepress Editors

Apollo Board Approves Share Buyback Proposal

The Apollo Tyres Board of Directors has given its approval for a buyback of equity shares, as allowed by India’s Companies Act. The March 19 decision paves the way for a buyback programme of up to Rs 1.222 billion (£16.48), around 10 per cent of the company’s paid up capital and free reserves as of March 31, 2008. The buyback will be for a minimum of 67,00,000 equity shares, and the maximum buyback price is Rs 25 per share, on a face value of Rs 1.

23rd March 2009/by Tyrepress Editors

Klaus Rosenfeld New Schaeffler CFO

The Schaeffler Group has appointed Klaus Rosenfeld (42) to the company’s executive management board (effective 18 March 2009) where he will assume the post of chief financial officer (CFO). Prior to joining Schaeffler, Klaus Rosenfeld was a member of the management board of Dresdner Bank AG from 2002 and was responsible for the areas Finance/Controlling, Compliance und Corporate Investments.

According to Reuters Rosenfeld is had been expected to step down from Dresdner Bank following its takeover by Commerzbank earlier this year. Rosenfeld replaces Thomas Hetmann (46) who the company announced was stepping down on 18 February. Schaeffler Group thanked Mr. Hetmann for his “hard work and dedication to the company.”

18th March 2009/by Tyrepress Editors

Goodyear Wins Place on Fortune’s “Most Admired” List

US-based Fortune Magazine has once again listed Goodyear as one of the most admired companies in the world in its annual list-based issue. Chairman and CEO Robert J. Keegan expressed his pleasure at the ranking in a release from the manufacturer: “This global recognition by our industry peers is something for which all Goodyear associates can be proud.”

Among companies in the Motor Vehicle Parts category, Goodyear was the highest-ranked tyre company, the top US-based company and placed at number 2 overall. The tyre maker was awarded top-two finishes in five of the nine key attributes measured, coming first in Use of Corporate Assets and Social Responsibility and second in Innovation, Quality of Products and Services and Global Competitiveness.

16th March 2009/by Tyrepress Editors

Accuride CFO Announces Departure Plans

Accuride Corp. has announced that David Armstrong, senior vice president and CFO, will leave the company and accept a three-year overseas assignment with The Church of Jesus Christ of Latter-day Saints in Lima, Peru. Armstrong, who joined the company in 1998 as general counsel and who has served as CFO since 2007, will leave in April. The Company plans to appoint an interim CFO while it completes a search to secure a permanent replacement. Armstrong, who has been active in leadership roles and unpaid ministry in The Church of Jesus Christ of Latter-day Saints for many years, will be serving as the area legal counsel for the church in South America.

“During his 11 years with Accuride, Dave has assisted the company through several significant challenges and transformations including the acquisition of TTI in 2005, numerous bank negotiations, and the recent transaction with Sun Capital. We wish Dave well in his new role and thank him for his years of dedication and service to Accuride,” said Bill Lasky, Accuride’s president, CEO, and chairman of the board. (Tire Review/Akron)

10th March 2009/by Tyrepress Editors

Conti Supervisory Board Presents Board Nominees List

At its meeting on March 6, the Continental AG Supervisory Board adopted its proposals for shareholder representation to be submitted to a vote at the company’s Annual Shareholders’ Meeting on April 23, 2009. The nominees are:

Prof. Dr. Hans-Jörg Bullinger, President of the Fraunhofer-Gesellschaft

Mr. Gunter Dunkel, Chairman of the Executive Board of Nord/LB

9th March 2009/by Tyrepress Editors

Conti’s Von Grünberg Steps Down From Supervisory Board

Continental AG Supervisory Board chairman Dr. Hubertus von Grünberg has ended his tenure with the German company, reportedly for personal reasons. On March 6 Continental reported that Dr. von Grünberg had ended his position as chairman and as an ordinary member of the Supervisory Board, with immediate effect. Until a vote can be taken to appoint a new chairman, the Supervisory Board is to be led by deputy chairman, Werner Bischoff.

Dr. von Grünberg began his chairmanship of the Supervisory Board in 1999 and served as company CEO between 1991 and June 1999.

9th March 2009/by Tyrepress Editors

Schaeffler Bullish Over Koerfer Ruling

Responding to yesterday’s ruling by the Hanover court that its chosen Continental chairman would be blocked from taking up the position, Schaeffler has issued a statement in support of Rolf Koerfer. The German courts believe there may be a conflict of interests in light of Koerfer’s position as a Schaeffler family adviser, while the ball bearing manufacturer believes that Koerfer has the right to take up the position in the manner of a “shareholder representative.”

4th March 2009/by Tyrepress Editors

Hanover Court Blocks Schaeffler’s Koerfer Appointment

A ruling by the German courts in Hanover has prevented Schaeffler from appointing its chosen chairman for Continental. The manufacturer wanted to install attorney Rolf Koerfer, a Schaeffler family adviser, as the head of the German manufacturer, a court spokesman said on 3 March. The decision was made following a complaint from a member of Germany’s corporate governance commission that Koerfler may have a conflict of interest.

The ball bearing manufacturer, which holds a direct 49.9 per cent voting stake in Continental, put forward Koerfer for the position at an extraordinary supervisory board meeting in January. In addition to Schaeffler’s holding, the group has transferred another 40 per cent block of its stake in Conti to the banks in order to remain below 50 per cent, as agreed to end a takeover conflict.

The court has given board members until 10 March to comment on the case.

3rd March 2009/by Tyrepress Editors