Hannover-based Continental AG is a leading automotive supplier and – according to the company – is “the choice of leading car manufacturers, offering award-winning tyres that deliver responsive braking in all weather conditions.”
MAM Software today announced that shock absorber supplier KYB UK is to use MAM's Automate suite to enhance and publish its catalogue data. Automate will help KYB significantly improve the quality of its product data and become self-sufficient in publishing information to MAM's Autocat+ parts catalogue.
Continental AG has taken a step towards the Indian market after the tyre manufacturer and automotive supplier signed an agreement with Modi Rubber Ltd to acquire a 100 per cent shareholding of its Modi Tyres Company Limited subsidiary. According to both companies, the completion of the transaction still depends on the fulfilment of certain conditions including regulatory requirements. At the completion of the transaction, Modi Tyres Company Limited will become a wholly owned subsidiary of the Continental Group.
A Continental spokesperson has confirmed that the tyre manufacturer is engaged strategic talks aimed at increasing its involvement in the India market: “We intend to expand our activities in our tyre business in India.” The comments made by Dr Christiane Pfeiffer Continental’s global head of public relations, Commercial Vehicle Tires, suggested that the parties involved in the talks are on a good path and therefore that they are making progress. Still stopped short of confirming the identity of the other party or giving any details of what is being discussed.
The first exhibition since Continental Tyres added another new product to its commercial vehicle tyre range in the UK and Ireland made the CV Show a great opportunity to promote its new HD Hybrid tyre. According to the company, the new dual-purpose drive axle tyre is designed for vehicles that do a combination of regional and long distance work. It is designed to operate a broad range of applications without – says Conti – any compromise in rolling resistance, energy efficiency, grip, safety and noise.
Various news sources have reported that Continental AG is in advanced talks with Modi Rubber Ltd to buy a majority stake in the Indian company. Citing two people close to the discussions, the Wall Street Journal (WSJ)wrote: "The talks are on between the two groups for an equity stake sale," quoting and unnamed lender to Modi Rubber.
East Bay Tire Co celebrated the company’s 65-year anniversary at the end of March. East Bay Tire representatives report that the company has spent four generations servicing the West Coast of the US and Hawaii.
MAM Software has announced that it has extended its electronic ordering module to include major tyre manufacturers Bridgestone, Continental, Goodyear-Dunlop, Michelin and Pirelli by utlising the EDIWheel e-commerce standard. According to the company, MAM's tyre ordering module allows users to easily check stock, place orders and see delivery schedules without having to phone suppliers or use browser-based portals. Working directly from within MAM's Autopart business management software, users can retrieve real-time stock availability, place immediate purchase orders and receive real-time line-level acknowledgements.
Michelin has appointed Mike Wilson, 61, as commercial director of its earthmover and industrial operations in the UK and Republic of Ireland. Wilson benefits from 37 years of experience at Michelin, in a career which began in 1974 when he joined the company as a sales representative. After eight years based in the Manchester area he progressed to a sales manager role in Ireland, before returning to the UK and holding a number of posts including sales manager for government contracts followed by a similar position within Michelin’s mileage contracts division.
Cooper Tire & Rubber Company Europe has appointed Jason Clarke as its new UK sales director, effective of 1 April. Clarke, 41, has worked for Cooper Tire since 1998 and takes over the position following the retirement of Steve Cundy at the end of March. Clarke joined the Company in March 1998 as regional sales representative for Wales. He then became a regional sales manager for the Wales and Midlands region, before being promoted to the role of UK sales manager for retail accounts in 2006.
Graham Karran is celebrating his 25th year at Michelin Tyre plc with a promotion to retread sales manager, responsible for the sales and marketing of all Michelin’s retread tyres in the UK. He replaces Mike Wilson, previously retread sales manager for 16 years. Wilson is promoted to commercial director of Michelin’s earthmover and industrial operations in the UK and Republic of Ireland.
Karran, 44, will use his extensive experience within the truck tyre sector to work closely with Michelin’s Remix and Encore production sites in Stoke-on-Trent. Together, these two facilities maintain Michelin’s position as the country’s largest producer of retread tyres.
The Continental Corporation reports it has successfully completed final stage of its “comprehensive refinancing programme.” On March 29, the automotive supplier agreed to new terms and conditions for its VDO loan for an original financing volume of 6.5 billion euros, maturing next year. The new package features a credit volume totalling six billion euros: One loan tranche of 625 million euros will mature in August 2012, a further tranche of 2.875 billion euros plus a revolving credit facility amounting to 2.5 billion euros have a term of three years. Financing will be provided by more than 35 banks; Continental states it was “significantly oversubscribed.”
The second quarter of 2011 will begin with price increases for a number of Continental Tires’ products in the Asia-Pacific replacement market. Prices of Continental branded passenger and light truck tyres will rise by up to five per cent, while truck and bus radials will be subject to price increases of up to six per cent. Other Continental owned brands face increases of up to nine per cent. The tyre maker says specific details of percentage increases and the timing of their introduction will be “communicated locally across the region.” In announcing the increases, Continental points to the rising costs of raw materials as the primary reason behind its need to review prices.
Financial analysts from Deutsche Bank described Schaeffler’s decision to pay down debt and increase its direct ownership and free-float in Continetal as “good news”, pointing out that “the overhang is now over.” Crucially, these analysts wrote that these moves signify that “there will be no merger between Schaeffler and Continental.”
For its part Deutsche Bank said Schaeffler’s moves are good news because these bring the firm’s overhang – when market forces put downward pressure on stock prices due to the likelihood of a sale – is now said to be over. “After full-year 2010 results we and the consensus upgraded earnings per share by 20 per cent, [an] upgrade which had no impact on the share price (due to the overhang)…this disposal clarifies the structure of Schaeffler/Continental.”
Mark Kerswill has joined Continental Tyre Group as truck sales manager with immediate effect. 47-year-old Kerswill brings 22 years of sales experience at both Michelin and Bridgestone to the company’s UK and Ireland commercial sales team and is responsible for the East Midlands and North East England.
Schaeffler Group has confirmed a series of measures re-financing the company by reducing detbs by around 2.8 billion euros and re-positioning itself in relationship to Continental AG. Following a string of news reports suggesting the moves were on the horizon, the company issued a statement on 28 March confirming it is selling approximately 29.7 million indirectly owned shares in Continental AG, increasing its directly owned stake from 42.2 to 49.9 per cent and is converting into a stock corporation (from Schaeffler GmbH to Schaeffler AG) this year. Continental shares reportedly rose 1.6 per cent during trading on Monday 28 March in response to the news.
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