Continental Archives - Page 149 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.”

Posts

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

Is Schaeffler Walking Out on Continental Investment Agreement?

Schaeffler Group has signalled that it is willing to consider abandoning the investment restrictions it agreed earlier this year to pacify its hostile takeover of Continental – much to the annoyance of Conti executives. Schaeffler sources told Financial Times that the investment agreement had become obsolete “as it was constructed at a time when the world was very different.” The agreement limits the ball-bearing maker to a 49.99 per cent stockholding in Continental and upholds the tyre and automotive supplier’s independence as a legally separate entity.

Schaeffler initially said it was only interested in holding a minority stake in Conti, however, as it stands the company holds the rights to more than 90 per cent of the shares. In addition, on 14 December Frankfurter Allgemeine Zeitung’s Sunday edition printed an interview with Maria-Elisabeth Schaeffler and company chief executive officer Juergen Geissinger, in which the executives revealed they are seeking four seats on Continental’s supervisory board. According to Reuters, Schaeffler would like the four seats it is seeking to be occupied by company CEO Juergen Geissinger, CFO Thomas Hetmann, Maria-Elisabeth Schaeffler and her son Georg.

15th December 2008/by Tyrepress Editors

Conti Gets Two M-B Fitments

Continental AG has earned two fitments on 2009 Mercedes-Benz models. The new 2009 Mercedes-Benz S-Class sedan will carry Continental ContiProContact radials in the U.S. market. The tyres will be fitted in size 255/45R18 99H or 255/40R19 100V XL all around, or in staggered combinations 255/45R18 99H (front) and 275/45R18 103H (rear) or 255/40R19 100V XL (front) and 275/40R19 101V (rear). The Mercedes-Benz ML63 AMG will feature Continental CrossContact UHP in size 295/35R21 107Y XL. (Tire Review/Akron)

15th December 2008/by Tyrepress Editors

Conti CSEasy Wins Industrial Tyre Comparison Test

A DEKRA certified test in Germany shows that the Continental CSEasy SC20 is between 3.7 and 12.8 per cent more economical than its competitors. Six competitor tyres were examined alongside the CSEasy including: Bergougnan Elite XP, Solideal Magnum, Watts Premia, Marangoni Eltor 5, Gumasol Softy NP80 and Trelleborg Rota VP15.

Hans-Jürgen Sauerwald, head of testing at Continental’s Industrial Tyres business unit, commented: “The lower rolling resistance means a saving of between 257 and 900 euros per year for each fork lift in use for 6,000 hours annually.”

12th December 2008/by Tyrepress Editors

Report: Schaeffler Needs up to 7 billlion Euros Share Capital

Schaeffler Group needs somewhere between 4 and 7 billion euros of new share capital, Germany’s Handelsblatt newspaper reported on Friday 12 December. According to a Perella Weinberg study presented to Continental’s supervisory board, Schaeffler has net debt of around 11 billion euros (six times annual EBITDA), Handelblatt reported. The newspaper’s banking sources said at the end of November no changes would be made to Schaeffler’s 16.1 billion euro syndicated loan before 2009.

At the same time as Handelblatt published its story, Wall Street Journal Europe reported that Continental is in talks to restructure the multi billion euro loans it arranged for the purchase of Siemens VDO Automotive. However, Reuters reported that Continental is not trying to restructure these “at this stage.” Quoting a source familiar with the matter, the newswire said it may have to do so next year if Schaeffler increases its stake to a majority shareholding or if the economic environment worsens dramatically.

12th 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

Conti to Focus on Debt Reduction

Continental AG reports the company is drawing what it calls ‘further necessary consequences for the closing fiscal year 2008’ following an extensive analysis of the substantial negative development that has taken place in the automotive industry in the six weeks to December 10. At the same time, the company is adapting operational measures for 2009 to the industry’s predictably poor economic environment. A cost-cutting programme, said by Conti to be in the ‘high three-digit millions range’ has been initiated; this programme includes the postponement of investments as well as the stretching of expenditures in the area of research and development.

11th December 2008/by Tyrepress Editors

Conti Board Refuses to Sell Rubber Business

Continental AG stood up to its major shareholder and takeover suitor, Schaeffler Group, on Wednesday (10 December) by refusing to sell the group’s tyre and rubber products business. Sources told the Financial Times that Conti’s supervisory board unanimously decided not to sell the company’s “rubber” unit, apparently rebuffing Schaeffer’s demands. Instead Conti’s board announced plans for a three-digit million euro cost cutting programme and said it is considering axing its dividend payment. FT’s source was also reportedly keen to stress that Continental should be in the driving seat of any industrial cooperation between the two companies: “We want to make it clear that, if David and Goliath go together, Goliath has to be in the drivers seat.”

Schaeffler Group’s 12.1 billion euro hostile takeover bid, launched earlier this year, cooled down slightly when former CEO Manfred stepped down and Dr Karl-Thomas Neumann took over in September. However, while FT reports that Neumann was Schaeffler’s preferred candidate, the newspaper also points out that “he has acted solely in the interests of Continental.”

11th December 2008/by Tyrepress Editors

CTNA Expands Environmental Efforts

Continental Tire North America launched a new environmental program tied to reduction in tyre rolling resistance and reduced production emissions. The program – Continental Tire Responsibility – extends the company’s efforts at improving tyre-related fuel efficiency and cuts its use of resources while cutting CO2 emissions. According to Andreas Gerstenberger, CTNA executive vice president of sales and marketing, by 2012, the company is committed to reducing energy consumption by 18 per cent from 2007 levels; water usage by 17 per cent; waste by 16.3 per cent and CO2 emissions by 15.5 per cent.

“We are continually aligning the production, quality and performance of our products with environmental soundness, and we strive to conduct all of our activities in an environmentally conscious manner,” he said. “Going forward, each and every employee is obligated to protect the environment, and we will continue to avoid harmful emissions and waste. Continental is not just focused on a green message but a responsibility message which encompasses community, environment and fuel efficiency.” (Tire Review/Akron)

11th December 2008/by Tyrepress Editors

Continental Back in Indian Four Wheel Market

Continental has launched several products on the Indian market to cater for four-wheel vehicles and is hoping to secure OE agreements with Tata Motors and Mahindra & Mahindra, The Hindu’s Business Line news source reports. The website quotes Andrea Esser, the company’s executive vice president (replacement Asia), saying, “We are in discussion with Tata Motors and Mahindra & Mahindra for their domestic as well as export vehicles.”

Esser commented on the launch, saying that it represents, “part of our overall growth strategy and commitment to the Asia Pacific region. With the growth in auto industry here, we believe that we should actively take part in India. We plan to develop a significant market share in India.” Questioned about where the tyres would be coming from, Esser maintained that they would all be imported and that there are no plans as yet to produce domestically: “Currently we will be importing tyres only as sales are very low. Once it attains a good volume, then we may think of locally producing our tyres.”

11th December 2008/by Tyrepress Editors

CTNA Raises Prices in Mexico

Continental Tire North America said it will raise truck tyre prices in Mexico at the start of the new year.Its unit there, Continental Tire de Mexico, S.A. de C.V., will raise medium truck tyre prices by up to 8 per cent beginning 1 January, 2009. (Tire Review/Akron)

10th December 2008/by Tyrepress Editors

Michelin Delivers 250,000th Aircraft Tyre To US Navy

A milestone was reached by Michelin Aircraft Tire Company on December 2 when the company delivered its 250,000th aircraft tyre to the United States Navy in support of its Performance-Based Logistics (PBL) contract. The quarter-millionth tyre was for the nose landing gear of a US Navy F/A-18 Hornet, and was hand-delivered by Brett Carnes, director of North American military sales and Colleen Cassidy, program manager, to Air Wing Commander Captain Thomas Halley of US Naval Air Station Oceana, located in Norfolk, Virginia. Also in attendance was Sandy Ebenhoech, program analyst with Lockheed Martin.

9th December 2008/by Tyrepress Editors

Yokohama Advan Sport Chosen as OE for Nissan 370Z

Yokohama Rubber has announced its flagship Advan tyre has been selected as OE for the Nissan 370Z in various world markets. The Advan Sport in size 225/50R18 95W for the front and 245/45R18 96W for the rear will be fitted; vehicles equipped with the tyres were released in Japan on December 1, 2008, and will be gradually introduced into the global market. For the North American market, however, the car will be supplied with Bridgestone Potenza RE50A tyres, Bridgestone announced in November.

9th December 2008/by Tyrepress Editors

Conti Canada Raising Truck Tyre Prices

Due to the continued pressure on manufacturing costs and exchange rates Continental Tire Canada will increase prices on its medium truck tyres by up to six per cent. The increase will kick in on 1 February, 2009. (Tire Review/Akron)

9th December 2008/by Tyrepress Editors

Obituary: Frank Welton

Frank Sidney Welton, born 4 December 1931 died 24 October 2008 after a battle with Lewy Body Dementia.

Frank Welton was born in Coventry in 1931. He used the springboard of an academic scholarship to Bablake grammar school, where he became captain of the school for two years running, to propel himself into Magdelen College, Oxford. There he captained the college rugby XV and gained a master’s degree in modern languages with which, after first fulfilling his commitment to National Service, he launched himself with typical dedication into the executive training scheme of Goodyear Tyres.

http://www.lewybody.org/

5th December 2008/by Tyrepress Editors