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.”
Earlier this year Cumbrian operator John Miller Limited selected Uniroyal tyres for use in its general haulage fleet. The reason? The tyres stood up to real-life tests consisting of frequent journeys of up to 20 miles on unpaved forest tracks as part of the company’s timber fleet. Now they’re fitting them to steer axles on Mercedes-Benz Actros tractors on general haulage work and looking to achieve up to 180,000 kilometres of life before they go for regrooving.
Reuters reports have suggested that Continental will issue 1.5 billion euros’ worth of new shares before the end of the year in an attempt to “increase capital,” according to one unnamed source. Schaeffler had initially opposed the plan, since it will reduce the proportion of its shareholding in the company from approximately 90 per cent to 66 per cent. However, in light of a 10 billion euro debt incurred when Conti purchased VDO from Siemens, in addition to its own dedt-pile, Schaeffler now says that the company must “repair its balance sheet” before a merger takes place. The next supervisory board meeting, postponed by Continental until mid-October according to Reuters, could be interesting (see also ‘Schaeffler to Propose Prof Dr Ing Reitzle as Supervisory Chair’).
Continental AG announced today that the major shareholder, Schaeffler KG, will propose Professor Dr Ing Wolfgang Reitzle as the new chairman of the supervisory board, if he is appointed to the board of Continental AG. Maria-Elisabeth Schaeffler, owner of Schaeffler KG, endorsed the move: “We are very pleased that we have been able to persuade Professor Reitzle to take on this challenging mandate. He is the ideal person to tackle the tasks ahead at Continental AG. His profound knowledge of the industry and his international entrepreneurial experience are excellent prerequisites for this post. We have complete trust in him.”
Following Continental Tyre Group’s decision to start marketing to start marketing Simex Tyres back in June, news sources are now reporting that the company has opened a warehouse in the Czech Republic to stock the Malaysian-built tyres closer to the UK and Irish markets the materials handling and earthmoving tyres are destined for. According to the Contract Journal, will be positioned above “the cheapest on the market” and will be marketed through existing distributors such as ATS Euromaster and OTR.
Continental’s sponsorship of international football events has also yielded a new avenue for the company’s corporate activities. Just under a year before the start of the 2010 FIFA World Cup in South Africa, Continental AG has initiated a special on-location tourism training programme.
Continental AG plans to close its powertrain and interior components plant in Huntsville, Alabama, by the end of 2010.
Continental has completed its acquisition of Slovakian company, Continental Matador Rubber S.r.o. following the purchase of the 34 per cent stake held by the Cyprus-based minority shareholder, M.I.L. Investments Ltd for $67 million (£41.1 million).
Continental Tyre Group is highlighting the benefits of using its free online fuel saving calculator to lower operational costs. Continental’s fuel saving calculator is designed to compare all premium competitor products for regional and long distance applications. By entering the fleet size, the number of kilometres travelled per year, the average fuel consumption of the selected tyre brand and the fuel cost in £ per gallon, the tool calculates the annual fuel consumption with the chosen brand and the annual fuel spend.
Continental Tire North America has the US market release of its Continental HTR2, an all-position wide base radial for construction vehicle applications. The HTR2 replaces the HTR wide-base tyre, offering 20 per cent more wear volume than the original, said CTNA. The tyre features a 22/32-inch tread, cut/chip resistant tread and sidewall rubber, broader shoulder […]
Continental foresees an end to the days when cars with only one working headlight trawl our roads and motorways at night: The company is looking towards a brighter future in which light emitting diodes (LED) will be utilised in headlight systems that last the entire life of a car. And since LEDs also use less energy than conventional headlight bulbs, both the operating and maintenance costs of such a system will be lower.
The Schaeffler Group has moved one step closer towards a merger with Continental AG after reaching an agreement with banks to refinance 12 billion euros in debt. According to a Schaeffler statement, the ball bearing manufacturer’s credit lines have been split into two portions of 4 1/2-year and six-year maturities and will be implemented in several stages. Refinancing deals were arranged with UBS, Royal Bank of Scotland, Unicredit SpA’s HVB Group unit, Commerzbank AG and Landesbank Baden-Wuerttemberg.
In early August Continental’s tyre operations in Germany, Continental Reifen Deutschland GmbH, entered into a strategic alliance with another German manufacturer of super elastic tyres, Gumasol-Werke Dr. Mayer GmbH. As part of the deal, in future Gumasol’s "Softy" range of products will be manufactured in Continental’s factory in Sri Lanka, where Conti already produces super elastic tyres for the Asian and American markets.
A favourite has emerged from the list of contenders under consideration to head up Continental’s Supervisory Board. German magazine Der Spiegel indicates former Volkswagen chief executive Bernd Pischetsrieder will be the man most likely to fill Rolf Koerfer’s shoes when he steps down. Pischetsrieder was recommended for the role by Martin Blessing, CEO of Commerzbank, […]
Continental Tire North America has announced a number of staffing changes within its commercial vehicle tyre division. Mike Leigner has been appointed the division’s regional sales manager for the southern region of the US, managing and overseeing the development of new business and the growth of existing accounts within a specified mini business for the […]
Continental Tire North America reports having officially exceeded its goal of increased compliance with the US Environmental Protection Agency’s SmartWay Transport Partnership during its first year of participation. Continental first joined the SmartWay Transport Partnership in June 2008 as a Shipper Partner, committing to reduce its environmental impacts from ground freight transportation. In joining the partnership, the tyre manufacturer agreed to use the Freight Logistics Environmental and Energy Tracking (FLEET) Performance Model for Shippers to quantify its environmental performance level. Continental was then required to maintain a score of at least 0.5 within the FLEET Performance Model.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
