Continental Archives - Page 152 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 Should Remain European, Says Michelin’s Miraton

Continental AG should remain European, says Michelin. The Dow Jones news service reports that the French manufacturer’s co-managing partner Didier Miraton expressed this opinion to journalists at the sidelines of a Michelin press presentation on October 17.

It is “important for us that Continental remains in Europe,” said Miraton, referring to speculation that Conti may be a potential target for competitors from Asia, such as Hankook Tire. He added that Michelin will conduct talks with interested parties about Continental, but noted that anti-trust regulations represent a considerable obstacle.

22nd October 2008/by Tyrepress Editors

Apollo Tyres Aiming for the ‘Top Six’

Apollo Tyres has its eyes on becoming a global top six player within the next five years. Furthermore, by this time it intends to achieve an annual turnover of US$4 to 5 billion.

“Me and my whole team’s desire is to be amongst the top six players of the world in the next five years,” said Apollo Tyres vice chairman and joint managing director Neeraj Kanwar said. When asked how large the company needs to grow in terms of revenue in order to reach this select group, Mr. Kanwar replied: “Well, if you are talking of the top 5-6, their turnover is in excess of US$4-5 billion dollars. The top three players in the world are in higher teens, then is Continental which is in the US$4-6 billion dollar range.”

20th October 2008/by Tyrepress Editors

Barum Reports Show Record Sales in 2007

Continental’s AG’s Czech division, Barum Continental reportedly generated sales of 44.658 billion Czech koruny (roughly £1.3 billion) in 2007. According to reports in the Prague Daily Monitor, the figure is up 11.8 per cent year-on-year. The newspaper also reported that the company’s profits were up almost 25 per cent to 1.915 billion koruny (£59.26 million) in 2007. Sales to EU countries are said to have reached 22.491 billion koruny (roughly £695 million), rising by around 18.6 per cent over 2006.

20th October 2008/by Tyrepress Editors

Vacu-Lug Appoints New Business Development Manager

Roy Yeomans has been appointed to the position of Business Development Manager for Vacu-Lug Traction Tyres Limited. Covering the key transport sectors of distribution and logistics, Yeomans will be responsible for further increasing and developing Vacu-Lug’s penetration within the UK’s major fleets.

Having worked for more than 20 years in the commercial vehicle tyre industry, including spells with Continental, National Tyres and ATS Euromaster, Roy Yeomans brings his experience to the Vacu-Lug team. During his career he has fulfilled a number of roles ranging from sales and contracts management to national fleet account management. He was also instrumental in developing Continental’s highly respected training and technical department Entyrety.

20th October 2008/by Tyrepress Editors

Conti Team Runs for Charity

On your mark! – Get set! – Go! October 11 was ContiRunning Day 2008, a day on which some 10,000 Continental employees in sixty different locations ran or walked for a good cause. Events were staged under the motto “Fit for the Future” and Conti reports the day was a huge success. Employees from twenty countries took part in the event, which started in Asia, then continued in Europe and finished off in America.

16th October 2008/by Tyrepress Editors

Schaeffler Buys More Conti Shares

Schaeffler Group today bought a further batch of stock already under its control in an effort to reduce the cost of the deal Continental takeover deal. It was the fourth time Schaeffler has done this. The group reportedly bought 1.05 million shares yesterday.

According to Bloomberg, Schaeffler has bought 3.17 million tendered Continental shares since the company’s offer expired on 16 September – equal to roughly 2.43 per cent. The average price paid was about 61.50 euros, which would amount to a savings of almost 43 million euros ($58 million) versus the price due under the offer. Schaeffler spokesperson Detlef Sieverdingbeck said the recent move is not likely to be the last purchase: “If further purchases make financial sense, we will continue to buy.”

16th October 2008/by Tyrepress Editors

Continental Shares Gain 2.2%

Shares in Continental AG went up 2.2 per cent today (15 October) after majority shareholder, Schaeffler Group said it had purchased 834,000 shares in the German tyre and auto parts specialist as part of its takeover easing worries the deal could run into financing difficulties. “Both Schaefler’s announcement yesterday that it is not having trouble financing the Continental deal and news today that it has purchased some 830,000 odd shares in Continental is helping the stock. Schaeffler is going ahead with the deal and it is creating support for Continental stock in the market.” a Frankfurt-based trader told Interactive Investor.

15th October 2008/by Tyrepress Editors

Credit Crunch Puts Brakes on Schaeffler/Continental Deal

The credit crunch appears to be taking a bite out of the biggest takeover in the tyre world this year. According to various news reports, syndication of the 16.1 billion euro ($21.92 billion) loan behind Schaeffler Group’s bid for Continental AG is “on hold” because of the recent turbulence in credit markets. Unnamed bankers close to the deal told Reuters the loan had been paused while Schaeffler assessed its position. Syndication of the loan is expected to resume when there was clarification of Schaeffler’s strategy, the bankers said.

Later reports quoted a Schaeffler spokesman as saying the company has binding financing commitments from six banks on the deal.

14th October 2008/by Tyrepress Editors

Continental Sponsors Paul Merton TV Series

Continental Tyres are sponsoring Channel 5’s new Paul Merton in India series, which started on 8 October. Following on from the successful series on China, Paul tours India exploring many areas and aspects of the country’s culture. Media agency PHWT worked with Continental to create a number of sponsorship idents that will run throughout each programme in the series. These focus solely on the Continental tyre which rolls across the screen creating a continuous orange line. The tyre always stays in a straight line, whilst the line constantly changes shape to form iconic landmarks from across the globe.

10th October 2008/by Tyrepress Editors

Continental Holds China Tyre Plant Groundbreaking

Continental today (10 October 2008) broke ground for its new tyre production plant in Hefei, Anhui Province, China. Located in Hefei’s New and High Technology Industrial Development Zone, the first phase of Conti’s new plant will cover around 70,000 square metres of construction area. The China factory project is the first factory investment of Continental’s Passenger and Light Truck Division has made in China. According to a company statement it is the largest Foreign Direct Investment project in Anhui Province so far.

“Continental has 137 years of experience with rubber and especially with tyres. Nowadays we produce about 120 million tyres a year worldwide. We will invest around 185 million euros in the Hefei plant, which is scheduled to be completed by 2010. We are aiming for an annual production of four million PLT tyres here in Hefei in the first step. In the long run our capacity should exceed 10 million tyres a year by far”, Wente said. “This will be a next step forward to achieve our goal of strengthening our Asian business”, he explained.

10th October 2008/by Tyrepress Editors

Rolling Resistance for Summer & Winter Tyres Equal, says Conti

Yes, we already know – some of you don’t think cold weather tyres are necessary in the UK because “we don’t have a winter here”. But for those who have noticed that it does indeed get rather cold in the months before and after Christmas, Continental has some heart warming news: Rolling resistance for winter tyres, contrary to common misconceptions, is no greater than that of their summer counterparts, thanks to the materials used, their low weight and tread design, all of which reduce tyre deformation.

9th October 2008/by Tyrepress Editors

Schaeffler to Apply for Antitrust Clearance

Following renewed talks with the EU Commission, the Schaeffler Group expects to submit the final draft of its antitrust clearance application (relating to its Continental AG purchase) during the course of the next week. The statement from Schaeffler’s Herzogenaurach headquarters could be seen as the company’s answer to reports that investors are concerned about the speed of Schaeffler’s application to the EU. 48 hours earlier the Financial Times reported hedge funds associated with Schaeffler’s takeover of Continental are “becoming increasingly nervous about the potential 12 billion (£9.4 billion) deal closing.”

Schaeffler’s statement says the group believes it is in the best interests of both company to achieve “a rapid conclusion of the process by preparing the notification in the best possible manner.” Explaining the delay of the group’s submission to the EU, the statement added: “…the EU Commission asked Schaeffler to specify the worldwide potential relations between products in neighbouring markets and corroborate this statement with financial figures. Since corresponding information is not centrally available at Continental AG, the compilation of such information is a time-consuming procedure.

8th October 2008/by Tyrepress Editors

Reports: Continental Looking For a Tyre Business Partner

The future of Continental AG as it stands hangs in the balance after the tyre and automotive supplier hired investment bank Perella Weinberg to seek out a potential buyer for the ‘rubber’ branch of the business. An unnamed source told Financial Times Deutschland that Continental’s move is: “less a question of selling it than of finding possible partnerships.” Media speculation has linked both Michelin and Bridgestone to a possible deal, but there have been no confirmed reports of offers or even negotiations. Schaeffler’s most recent press statements emphasise the group’s merger with Conti as “mutually beneficial”. Continental has not officially responded to the reports.

8th October 2008/by Tyrepress Editors

Will Credit Crunch Affect Conti/Schaeffler Deal?

After days of speculation that Michelin may be interested in bidding for Continental AG’s rubber division, the Financial Times has suggested that Bridgestone of Japan “is likely to be a willing buyer.” The Michelin rumours began after the French tyre manufacturer’s managing partner, Michel Rollier, gave interviews to various publications indicating that the company would be interested in bidding for Conti despite the likely cartel implications. The reasons for Bridgestone’s name being linked with a potential Continental rubber acquisition, on the other hand, are to more to do with the company’s lack of comment combined with the free fall of financial markets.

According to the Financial Times, hedge funds associated with Schaeffler’s takeover of Continental are “becoming increasingly nervous about the potential 12 billion (£9.4 billion) deal closing.” The problem is that the recent almost unprecedented falls in stock prices in markets across Europe and the world have affected the deal’s value. When Schaeffler offered 75 euro per Conti share in the summer, it received an unexpectedly high take up. However, on Friday 3 October the Conti shares were trading at 66 euros.

7th October 2008/by Tyrepress Editors

Michelin Observing Profitable Markets

European Commission concerns about competition rules have blocked Michelin from acquiring Continental’s tyre business, but the French company is still showing a strong interest in securing an interest in other competitors. Speaking to Forbes.com about potential expansion into China to offset costs in stagnating markets, Michelin chief executive Michel Rollier said “we have to be pragmatic. If we see a wonderful opportunity we will seize it.

6th October 2008/by Tyrepress Editors