Continental Archives - Page 147 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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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

Schaeffler Seizes Control of Conti Board

Schaeffler Group seized control of Continental AG’s supervisory board on 24 January. The Emergency General Meeting (EGM) held at the weekend concluded with chairman Hubertus von Gruenberg stepping down, reportedly to be replaced by Rolf Koerfer, a long-term Schaeffler Group legal aid and partner at Dusseldorf- based law firm Allen & Overy. At the same time, the ball bearing maker was able to negotiate the nomination of group owners Maria-Elisabeth Schaeffler and Georg Schaeffler, not to mention company CEO Dr. Jürgen M. Geißinger to the Conti board.

This shift in the balance of power led to the supervisory board “taking note” of Conti executives’ suggestion to “initiate a process to create an organizationally and legally independent Rubber Group.” In Schaeffler’s words, to “carve out” the rubber group into a separate entity. According to the company, this process will be overseen by the current (but apparently outgoing) chairman of the supervisory board, Hubertus von Grünberg. So while von Grünberg “wants to make his chairmanship available at short notice” he will continue to be a member of the supervisory board.

26th January 2009/by Tyrepress Editors

Is Schaeffler Seeking Complete Control of Conti?

Speculation is mounting that Schaeffler Group executives are positioning themselves for a complete takeover of Continental AG. Following the ball-bearing maker’s successful bid for just under half the company, Schaeffler Group, is now responsible for 11 billion euros ($14.3 billion) of debt relating to the deal. However, the increasing negative global economic climate, especially with relation to the automotive supply business has led some observers to characterise Schaeffler as being backed into a corner. According to Bloomberg, “Schaeffler has one way out: gaining full control of Europe’s second-largest car-parts maker.”

Continental will now hold an emergency supervisory board meeting on 24 January (tomorrow), a gathering that has been arranged in the wake of Schaeffler’s reported demands for the resignation of Continental supervisory board chairman Hubertus von Gruenberg. According to the Financial Times this threat was delivered alongside an ultimatum – either Continental forces out von Gruenberg and gives Schaeffler representatives four seats on the board or the ball bearing member will push for the replacement of all 20 investor representatives on the 20-member board.

23rd January 2009/by Tyrepress Editors

Continental Introduces Three Tyres For US Market

At the Sema show, Continental Tire North America (CTNA) gave debuts to three new uhp tyres, aimed exclusively at the North American market.

Andreas Gerstenberger, Executive Vice President, Sales & Marketing, spoke to T&A about the new tyres, the first of which is the ExtremeContact DW. This tyre, said Gerstenberger, is specially engineered to deliver serious performance on both dry and wet roads and features completely new technology exclusive to Continental Tire. It delivers excellent traction and responsive handling in both wet and dry conditions, improved ride comfort, better mileage and industry leading rolling resistance levels.

22nd January 2009/by Tyrepress Editors

Reports: Schaeffler Wants Conti Chairman Out or New Board

The ongoing struggle between Continental AG and its major shareholder, Schaeffler Group, took a new twist yesterday when the Financial Times (FT) reported that Schaeffler wanted to force our Conti’s supervisory board chairman, Hubertus von Grünberg. According to FT, Schaeffler executives have fallen out with von Grünberg over his “systematic sabotage” of their plans.

FT reported that von Grünberg was told he should resign and make way for Schaeffler to be given four board seats, or the ball bearing maker would force an extraordinary shareholders’ meeting to replace all 10 members. Neither side has commented publicly about the reports.

21st January 2009/by Tyrepress Editors

Continental Lithium-ion Technology Wins ‘Yellow Angel’ Award

Continental AG, along with vehicle manufacturer Daimler, has received the ‘Gelben Engel’ – Yellow Angel – award from the German automobile association ADAC for the lithium-ion battery technology that is to feature as standard equipment in the Mercedes S400 BlueHYBRID from mid 2009. The companies received their Yellow Angel in the ‘Innovation and Environment’ category for the battery’s contribution in the fields of road safety, automotive safety and traffic-related environmental protection.

16th January 2009/by Tyrepress Editors

Continental to Increase Share Capital by 1 Billion Euros

Continental AG executives are reportedly planning to increase the company’s share capital by around 1 billion euros. Alan Hippe, Conti CFO and head of the group’s tyre and non-tyre products division told Reuters that the move was designed to secure the company’s financial position: “In view of the difficulty to predict how things will develop over the course of this year, it’s completely logical to think about strengthening your equity capital…”

Hartmut Meine, a member of Continental’s supervisory board told the news agency that the automotive supplier is already in preliminary talks with potential subscribers, which could include “industrial companies, family-held groups or financial investors.” Reuters reported that Continental shares fell up to a fifth following news of the capital increase plan. At the time of going to press, Continental’s share price was around 20.90 euros. The fact that the current share price is so low may mean that Continental will use the maximum third of its existing equity to raise the funds, Reuters reported.

15th January 2009/by Tyrepress Editors

Conti Producing Tyres for Yokohama in Brazil

Yokohama Rubber and Continental AG have entered into a tyre production partnership in Brazil, reports Asia Pulse’s Asia in Focus. Under the partnership, the Japanese manufacturer has begun receiving a supply of Yokohama branded passenger car tyres, in small car dimensions, from a Continental factory in the Brazilian state of Bahia. The number of tyres being produced under this agreement has not been disclosed.

15th January 2009/by Tyrepress Editors

Conti Partners with Emirates for Universal Tyres in UAE

On January 14, Continental AG announced a partnership with Emirates for Universal Tyres LLC for the distribution of passenger and light truck tyres as well as commercial vehicle tyres in the United Arab Emirates. These activities are to be coordinated from the representative office of Continental’s new MENENA business unit, which focuses upon business development in the Middle East and the North Africa region.

14th January 2009/by Tyrepress Editors

Conti Cutting North American Workforce by 10%, Reports Newspaper

An article published by the Detroit Free Press states Continental AG expects to reduce its North American workforce by approximately 10 per cent this year. This information was obtained through an interview with the North American unit’s CEO Samir Salman, indicates the Detroit based daily.

14th January 2009/by Tyrepress Editors

Investments Banks Hold 35.75% Stake in Conti

Investment banks B. Metzler seel. Sohn & Co Holding AG and Merrill Lynch have bought shares equating to a combined voting stake of 35.75 per cent in Continental AG. According to a Reuters report, Metzler has built a 19.5 per cent voting stake, while Merrill Lynch International holds 16.25 per cent. The two companies are now the largest shareholders after Schaeffler Group (49.9 per cent). On 22 December 2008 Metzler and Sal. Oppenheim bought stakes of 4 per cent and 5.5 per cent each.

14th January 2009/by Tyrepress Editors

Conti Announces Changes to UK Commercial Management Team

Continental Tyre Group has announced a number of changes within its commercial management structure, changes the company says utilise current expertise and commitment to further strengthen its position in the UK market. Barry Guildford, previously a member of Continental’s Industrial division, joins the truck team as general sales manager – Truck Replacement. Guildford has an extensive background in truck marketing and more than seven years’ experience within the Continental group.

14th January 2009/by Tyrepress Editors

Conti Appoints Tire Division R&D Application Management Provider

On January 13 it was announced that Continental AG has entered into an agreement with T-Systems (the enterprise customer division of Deutsche Telekom) and business process outsourcing provider Cognizant. The two companies will jointly provide application management services to the research and development operations of Continental’s tyre divisions in Hanover, Germany, beginning in 2009.

13th January 2009/by Tyrepress Editors

Continental Launches New Barum Branded Industrial Range

Continental has announced that it is in the process of launching a new budget brand into the industrial tyre market, the Barum Industry. According to the manufacturer, the new solid tyre range promises end users great performance and resilience unrivalled by competitors in its class. The Industry line is described by company officials as “the perfect choice for companies running forklift trucks in less demanding applications combining a good quality tyre at an attractive price. The Barum Industry offers low rolling resistance, robust construction and long tyre life.”

13th January 2009/by Tyrepress Editors

Pressure Czech

“For Mitas and its CGS TYRES subsidiaries, 2008 was a highly successful year,” comments Andrew Mabin, sales and marketing director at Mitas/CGS Tyres, summarising the past twelve months. Mabin, who took up his new post on 1 September, 2008, is responsible for global activities in Original Equipment and the replacement market. He succeeds Werner Flebbe, who retired in October of this year. Previously Mabin was head of the British subsidiary of Mitas.

CGS Tyres is the international distribution organisation and a wholly-owned subsidiary of Mitas a.s. Mitas develops, produces and markets agricultural tyres internationally under its own brand name Mitas, as well as under the Continental, Semperit and Euzkadi brand names, which are under long-term licence. The company says that it is Europe’s second largest manufacturer of agricultural tyres.

12th January 2009/by Tyrepress Editors