Continental Archives - Page 144 of 229 - Tyrepress

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.”

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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

Reports: Tyre Majors Cancel Rubber Contracts

In a sign of the pressure on manufacturers that are supplying the automotive industry, news agency Reuters is reporting that at least three leading tyre makers have cancelled long-term Indonesian rubber contracts. Dealers told Reuters that SMPT, the rubber purchasing arm of Michelin, Yokohama Rubber and Continental have all abandoned provisional agreements with rubber suppliers.

6th March 2009/by Tyrepress Editors

Continental Increases its European OE Market Share

During 2008, Continental’s market share of the European original equipment market is said to have increased from 30 per cent to over 32 per cent. In contrast to this growth, the company reports it “sacrificed” some of its “unprofitable business” in the NAFTA states and South America, reducing its market share to 14 per cent – as planned. In total, Continental sold almost 40 million original equipment passenger and light truck tyres last year. The German company is anticipating fewer sales to vehicle manufacturers in 2009 and expects the market will pick up again in the fourth quarter. At the same time, Conti reports it will continue to focus on profitable deals in NAFTA countries. Supplies to Asian car manufacturers, which last year accounted for 0.7 million tyres, are forecast to remain fundamentally unchanged.

4th 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

First European Sale of Marangoni Ringbuilder 3000

Marangoni Retreading Systems, the Marangoni Group business unit operating in the retreading materials and technology sector, has announced the installation of the first “Ringbuilder 3000“ in Europe. This building machine was introduced by Marangoni Retreading Systems two years ago and is designed for large retreaders; the unit is able to produce at least 200 Ringtread retreads per eight hour shift while at the same time occupying a small floorspace. The RB 3000 allows a single fully automated machine to extrude the cushion gum directly onto the casing, fill the craters, apply and suitably roll the ring, thus creating a tyre ready to be vulcanised. Its high level of automation guarantees outstanding productivity, savings in labour and faster processing times. Initially developed solely for the American market, it has now made its European debut in response to the recent trend towards the significant growth of continental Europe’s larger retreaders.

3rd March 2009/by Tyrepress Editors

Will Past Dealings Hinder Schaeffler’s Bailout Chances?

The German government is said to be in a difficult position….The Schaeffler Group, part-owner of Continental AG, has sought debt assistance, and the government seemed ready to help – until allegations of the company’s dealings in the Nazi era came to light.

At the end of February, the group issued the findings of independent research into its activities during the Third Reich, and this report shows Schaeffler to have widely used forced labourers in its Poland based armaments factories. The company released the findings in light of rumours circulating on the internet that its factories also utilised hair taken from inmates at Auschwitz, a charge Schaeffler vigorously denied.

3rd 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

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

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

Conti Wants to Close French PCR Tyre Facility – News Report

According to media reports in France, Continental Tyre intends to close one of the two facilities it operates in that country. Quoting union sources, radio station Europe 1 said that some 1,100 jobs will be eliminated if the manufacturer goes ahead with plans to close the Clairoix passenger car tyre factory, located northeast of Paris. Last year the facility produced some seven million tyres, and according to a Deutsche Bank report the plant is considered to be an extremely productive facility – annual production is approximately 6,500 tyres per employee.

2nd March 2009/by Tyrepress Editors

A Conti 4×4 Tyre for Every Customer

Given the wide assortment of 4×4 tyres on the market, how can a dealer best advise the customer to make sure they are satisfied with their choice of tyre? According to Continental, there are two key areas to look at: Product knowledge and knowledge of customers driving habits. By identifying the needs of a customer – for example, how they use their vehicle and where they take it, a retailer can then match the tyre requirements so customer ends us with the right tyre for their needs.

26th February 2009/by Tyrepress Editors

Merkel: Loan Guarantees are ‘Right Tool’ for Schaeffler

Various online news sources are quoting German Chancellor Angela Merkel as saying that liquidity guarantees would be the right tool to help companies asking for public aid, such as Schaeffler Group. Chancellor Merkel said she has not seen a restructuring plan from either Schaeffler or car maker Opel, which is also requesting government support, yet. “I regard [liquidity] guarantees as the tool we are eyeing,” Merkel told journalists, according to Dow Jones. “Germany has an interest in strengthening companies which have a strong foundation,” Reuters quoted Merkel as saying.

Meanwhile, Schaeffler continues to investigate the possibility of debt-for-equity swaps as a means of paying off some of the multi-billion euro loan it borrowed to buy Continental AG. According to Bloomberg, financial institutions such as government-controlled Royal Bank of Scotland Group Plc – which backed Schaeffler’s takeover of Conti – may “saddle taxpayers with distressed assets as they negotiate debt-for-equity swaps with failing corporate borrowers.”

26th February 2009/by Tyrepress Editors

Are You Ready For The Vehicles Of Tomorrow? Asks Philip Hodges

Philip Hodges is MD of Beissbarth UK and, in this article, he looks forward to the future facing vehicle servicing and repair technicians. Says Philip: It would be interesting to hear the comments and see the reaction of early pioneers of the Motor Car – Henry Ford, Rolls Royce, Auto Union, Benz and a host of others – who in their own way provided us with what is an everyday pleasure for some and for others a tool for every day means of transport and commerce.

All of these pioneers would, I expect, be amazed at the technology of today’s vehicles but also be speechless at the speed of the new developments which drivers of the future will take for granted.

24th February 2009/by Tyrepress Editors

Schaeffler Willing to Sell Up to Save Company

Schaeffler Group’s billionaire owners (Maria-Elisabeth and son Georg Schaeffler) are reportedly willing to sell a significant amount of the family owned company in order to avoid a break-up of the automotive supplier. Initial reports in Thomson’s Merger News suggested Schaeffler’s owners were prepared to sell up to 75 per cent of the group in order to hold onto an anchor investment and prevent a break-up of the company. However, six hours later, Forbes quoted Detlef Sieverdingbeck, the firm’s spokesman, as saying that there is “no bottom or top limit.”

The latest developments are being seen as a further concession designed to convince the German government to give Schaeffler emergency support. 24 hours earlier Schaeffler’s owners signed a co-determination pact with the union that represents workers at both the Schaeffler Group and Continental AG businesses. Analysts observed that Schaeffler’s willingness to sell its stock and cosy up to the unions shows just how precarious the situation is for both the Schaeffler Group and Continental AG.

During the day’s trading Forbes reported that Continental had plummeted 21 per cent to 10.11 euros, the stock’s sharpest fall for 16 years.

24th February 2009/by Tyrepress Editors

Continental Sime Tyre Launches New Dunlop 4×4 Ranges

Malaysian Conti subsidiary Continental Sime Tyre (CST) officially launched two new models from its Dunlop 4×4 tyre range at an event held in Malaysia’s Genting Highlands. The two models to be launched are the MaxGrip AT2, an all-terrain tyre, and the Road Trekker 2, a product with a greater on-road focus. Both tyres are available in all CST network dealers.

According to CST chief executive officer Benoit Henry, the continuation of the company’s 4×4 range into the value segment, demonstrates “Continental Sime Tyre’s commitment to our business partners, and with your continued support, commitment and teamwork, this will allow us to face the market challenges together.”

20th February 2009/by Tyrepress Editors