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Reports: Schaeffler Being Pushed Out of Conti

The German federal state of Lower Saxony wants Schaeffler Group to cut its stake in Continental AG to 10 per cent, according to Reuters. At the same time German daily Frankfurter Allgemeine Zeitung (FAZ) has reported that the banks that supported Schaeffler Group’s acquisition of Conti are discussing a possible unwinding of the transaction. According to the newspaper, the lenders are discussing a plan to absorb all the Conti stock Schaeffler currently holds. This scenario would reportedly also include diluting the stake held by the banks to less than 50 per cent by virtue of a capital increase. FAZ reports that Continental will discuss the plan at its supervisory board meeting on 6 March.

Meanwhile Christian Wulff, chief minister of Lower Saxony told the Handelsblatt newspaper: “The owner-family can still play a small role if need be, perhaps with a stake of around 10 per cent.” On the subject of state aid Wulff said: “[It] is possible at the earliest when the company has presented a concept on how synergies of its Continental acquisition could be achieved and how the overall company would look.”

2nd March 2009/by Tyrepress Editors

Schaeffler Pressurised to Reduce Conti Stake

The Reuters news agency has reported tha the German federal state of Lower Saxony wants Schaeffler Group to cut its stake in Continental AG to 10 per cent. At the same time, German daily Frankfurter Allgemeine Zeitung (FAZ) has reported that the banks that supported Schaeffler Group’s acquisition of Conti are discussing a possible unwinding of the transaction. According to the newspaper, the lenders are discussing a plan to absorb all the Conti stock Schaeffler currently holds. This scenario would reportedly also include diluting the stake held by the banks to less than 50 per cent by virtue of a capital increase. FAZ reported that Continental is to discuss the plan at its supervisory board meeting on 6 March.

Meanwhile Christian Wulff, chief minister of Lower Saxony told the Handelsblatt newspaper: “The owner-family can still play a small role if need be, perhaps with a stake of around 10 per cent.” On the subject of state aid Wulff said: “[It] is possible at the earliest when the company has presented a concept on how synergies of its Continental acquisition could be achieved and how the overall company would look.”

2nd March 2009/by Tyrepress Editors

Hercules Tire Appoints Bill Trimarco as CEO

On February 4, Ohio, USA based Hercules Tire Company announced a new man at the helm. Effective March 2, William Trimarco will take over from Lawrence Seawell as the company’s chief executive office. Hercules reports that Seawell, who has held the role since late 2005, recently resigned to pursue other opportunities.

“We are thrilled to have Bill Trimarco as the new CEO of Hercules,” said Howard Romanow, managing director of parent company FdG Associates and member of the Hercules Board of Directors. “We have known Bill for ten years and have long respected his operational and leadership skills. We think his experience with complex, value-added distribution, international sales and foreign sourcing makes Bill a great fit to lead Hercules, and we look forward to working with him to help execute the company’s business plan.”

5th February 2009/by Tyrepress Editors

Conti Names New Interim CFO

Following the announced departure of Dr. Alan Hippe from Continental AG and his appointment as CFO of ThyssenKrupp, the German tyre and automotive component manufacturer has announced a successor to fill Dr. Hippe’s shoes – for the time being. According to the German Press Agency, Continental manager Gérard Cordonnier will take on the job of acting CFO as of March 1. Cordonnier will assume this position in addition to his current role of financial chief of the company’s Interior division. He will not, however, become a member of Conti’s Board.

29th January 2009/by Tyrepress Editors

Dr. Hippe’s Departure from Continental Announced

Continental AG has officially confirmed media reports surrounding the future of Dr. Alan Hippe. According to a press release issued following the company’s January 24 Supervisory Board meeting, Hippe, who is currently chairman of the Executive Board, CFO and head of Conti’s Rubber Group, will leave Continental AG as of February 28. Continental says the decision on Dr. Hippe’s departure is a mutually agreed one, and his successor will be appointed in the coming weeks.

26th January 2009/by Tyrepress Editors

Goodyear Supports Rugby Safety Programme

Graham Rowntree, England assistant coach and scrummaging coach for the British & Irish Lions tour to South Africa this summer, has launched the IRB Rugby Ready Programme in association with Goodyear at Willenhall RFC near Wolverhampton. More than 30 aspiring coaches received training during the three-hour session in match preparation, techniques and injury prevention and management.

IRB Rugby Ready is a programme developed by the International Rugby Board and run in England by the RFU in association with Goodyear and Sport England. The programme is designed to support coaches, referees, players and Unions in preparing to play by providing best practice models for physical conditioning, technique, injury prevention and injury management.

Rowntree was joined by Goodyear managing director Mark Brickhill as they launched the partnership and met those participating in the unique scheme which aims to train around 4,000 coaches nationwide within the next 12 months. Brickhill believes the IRB Rugby Ready in association with Goodyear scheme fits perfectly with the company’s self-styled image as an expert in safety.

22nd January 2009/by Tyrepress Editors

New CEO for Corus

The Board of Tata Steel has appointed Kirby Adams to succeed Philippe Varin as CEO of Corus and of Tata Steel Europe, the holding company of Tata Steel’s European operations. Varin is stepping down on April 6, 2009, after six years in the role.

American-born Adams was formerly chief executive of BlueScope Steel, headquartered in Melbourne, Australia. He has also served as chairman of the International Iron and Steel Institute and has considerable international experience in the metal and mining industry. He will join the Boards of Tata Steel Europe and Tata Steel, subject to necessary approvals. Once Adams has obtained the necessary visa, he will re-locate to London and commence working from early March 2009. Adams will report to Tata Steel managing director B. Muthuraman.

21st January 2009/by Tyrepress Editors

Lanxess Names Uwe Boltersdorf as Singapore Facility Manager

Specialty chemicals company Lanxess Butyl Pte. Ltd. has appointed Dr. Uwe Boltersdorf the site manager of its new butyl rubber plant in Singapore. Starting January 2009, Boltersdorf is responsible for project management of all third-party contracts, and supervision of all permits and internal guidelines. He will also oversee the hiring of new employees, implementation of business processes and setting up of the financial structure of the new site. Previously, Boltersdorf served as Board assistant to Dr. Axel Claus Heitmann, chairman of the Board of Management, Lanxess AG.

20th January 2009/by Tyrepress Editors

Former Conti Deputy Director Appointed to Autoliv Board

The Board of Directors of automotive safety systems specialist Autoliv Inc. has elected former Continental AG deputy chairman Dr.-Ing. Wolfgang Ziebart to the Board, following the announcement that Board member Per Welin will retire from the board at its 2009 AGM.

18th December 2008/by Tyrepress Editors

Lanxess to Reduce or Halt Production at Numerous German Facilities

Following reaching an agreement with employee representatives, Lanxess AG has announced its plans to cut back or shut down production at 23 out of 45 of its German production facilities over the Christmas period and into January 2009. These arrangements, planned for the company’s Leverkusen, Dormagen, Krefeld-Uerdingen and Brunsbuettel sites, will directly affect around 1,400 employees.

18th December 2008/by Tyrepress Editors

Conti/Schaeffler EU Ruling Due Tomorrow

Continental AG shares rose to one-month high as the stock market speculated that European regulators will give the Schaeffler Group takeover bid the green-light tomorrow. Bloomberg reported that Conti stock surged 19 per cent to 42.70 euros during the day’s trading.

Meanwhile dormant tensions in the seemingly inharmonious takeover appear to be mounting again following newspaper reports that Schaeffler is planning to force out Hubertus von Gruenberg. Continental’s supervisory board chairman. According to Handelsblatt, “Von Gruenberg wants to establish a ‘leading role’ for Continental within the merged company, an effort that Schaeffler CEO Juergen Geissinger is attempting to thwart.”

18th December 2008/by Tyrepress Editors

Vredestein Banden B.V. to be Sold

Amtel Vredestein N.V. (AVNV) has announced that its subsidiary company OJSC Amtel-Vredestein (OJSC AV), the holding company of the group’s Russian business, is no longer able to satisfy its creditors’ demands. The AVNV executive board has determined that, due to the financial difficulties AVNV faces, it will not be able to provide any additional finance to OJSC AV. This development, says the company, may have “consequences for the going concern status of AVNV”, given a number of guarantees provided by AVNV in favour of the creditors of OJSC AV.

15th December 2008/by Tyrepress Editors

Titan International Announces Q4 Cash Dividend

The Board of Directors of Titan International has approved a quarterly cash dividend of US$.005 per common share for the fourth quarter of 2008. The cash dividend is payable January 15, 2009, to stockholders of record on December 31, 2008

11th December 2008/by Tyrepress Editors

Conti Supervisory Board Extends Dr. Neumann’s Contract

Continental AG’s Supervisory Board has extended Executive Board Chairman Automotive Group Dr. Karl-Thomas Neumann’s contract for a further five years. Dr. Neumann, who is also head of the company’s Automotive Group, has been a member of Continental’s Executive Board since October 2004 and chairman of the Executive Board of Continental AG since September 1, 2008.

11th December 2008/by Tyrepress Editors

Axle Group Appoints New Executive Director

Axle Group Holdings Ltd has published the appointment of Peter Harries as group executive director. Harries’ principal role will be “to develop and implement purchasing strategy to maximise growth and strengthen supplier relationships for the group, which includes National Tyres and Autocare, National Fleet and Viking International.”

1st December 2008/by Tyrepress Editors