Continental Archives - Page 155 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

Columbian Opens Carbon Black Plant in Brazil

An inauguration celebration has been held for Columbian Chemicals’ latest carbon black manufacturing facility. Work on the new plant, located in Camaçari Pole, a chemical complex in Brazil’s Bahia state, began in September 2005, and the company notes this operation at Camaçari Pole incorporates the latest environmental and energy conservation technologies. The US$75 million facility has a production capability of 75,000 tonnes, which can be expanded as the market develops; two tyre factories using the end product operate in the region, one belonging to Bridgestone/Firestone and the other to Continental.

29th August 2008/by Tyrepress Editors

UK Online Car Parts Supplier Reports European Buying ‘Frenzy’

One UK based online car parts retailer reports a ‘frenzy’ of ordering from our motoring friends in France, Germany and Spain. Quoting a new report, car parts direct says that these continental customers are saving as much as 70 per cent compared with buying in their own country.

Export sales of car parts to do-it-yourself mechanics and the garage trade have increased by 285 per cent in the last year as the value of the euro has risen by around one-fifth. The UK’s weak currency, a good availability of spare parts and fast and low cost delivery into Europe are fuelling record export sales for the online mail order specialist, carparts-direct.co.uk.

27th August 2008/by Tyrepress Editors

Conti: Statement Regarding Schaeffler Takeover

On August 26 Continental AG released the following statement:

On August 13, 2008, the Executive Board and Supervisory Board of Continental Aktiengesellschaft published their joint statement in accordance with Section 27 (1) sentence no 1 of the WpÜG (German Securities Acquisition and Takeover Act) regarding the voluntary public takeover offer of Schaeffler KG, Herzogenaurach, and amended the statement on August 20, 2008. On August 21, 2008, Continental entered into an investment agreement with Schaeffler KG, Mrs. Maria-Elisabeth Schaeffler and Mr. Georg F.W. Schaeffler. In this investment agreement, Schaeffler undertook, among other things, to limit its holding in Continental to a maximum of 49.99 per cent of the voting capital stock, unless the Executive Board of Continental agrees to a larger holding. Continental released the main content of the investment agreement in its ad-hoc announcement dated August 21, 2008.

27th August 2008/by Tyrepress Editors

GPX Sells Rumaguma Factory to CGS

Industrial, OTR and specialty tyre manufacturer GPX International Tire Corporation reports it has reached an agreement with CGS of the Czech Republic for the sale of GPX’s Rumaguma tyre manufacturing facility in Serbia. The transaction is expected to close in the second half of September 2008 pending approval by the Serbian anti-trust authorities.

CGS is one of Europe’s largest agricultural tyre producers and manufactures these products under the Continental and Semperit brand names. Rumaguma has been producing tyres for CGS for many years and is currently the facility’s largest customer. As a result, CGS is well acquainted with the factory and the quality of the product produced at Rumaguma.

27th August 2008/by Tyrepress Editors

KRT Looks to Continue Independent Success

With an inventory in excess of £7 million, Kings Road Tyres (KRT) claims to have secured a high level of penetration into the UK market for truck and bus tyres.

KRT has been marketing and distributing TBR tyres for the past four decades in which time it has become one of the largest independent distributors in the UK and Ireland.

The company’s extensive TBR stocks range from premium brands such as Bridgestone, Continental and Dunlop to Firestone and its own brand Kingstone, all the way through to the economy range of Kumho and its very latest additions – Infinity and Aeolus. KRT is very proud of its ability to offer a wide range of brands and fitments, covering short and long haul, construction, on/off road and city tyres, maintaining a choice of tyres to suit their customer’s needs, while making the best effort at combining quality with competitive pricing. The firm claims to be “committed to offering customers a product to suit both quality and price.”

27th August 2008/by Tyrepress Editors

Neumann Appointed New Conti Exec Board Chairman

At its meeting on August 23 the Supervisory Board of Continental AG decided upon the appointment of Dr. Karl-Thomas Neumann as new Executive Board Chairman, effective September 1. Neumann has been a member of the Continental Executive Board since October 2004 and is succeeding Manfred Wennemer, whose request to be granted early release from his mandate effective August 31, 2008, was previously accepted by the Supervisory Board.

26th August 2008/by Tyrepress Editors

Schaeffler, Unions Sign Joint Statement Regarding Conti Employees

The Schaeffler Group and the German trade unions IG Metall and IG BCE signed on August 22 a joint statement regarding guarantees for protecting the interests of employees. Both sides have now therefore complied what the Schaeffler Group refers to as ‘one of the most significant points of the investment agreement between Continental AG and Schaeffler KG’.

“We have always stressed that we wanted to achieve good results in the interests of Continental AG’s employees in order to dispel the anxieties and fears of the workforce”, explained Kurt Mirlach, executive vice president of Human Resources at the Schaeffler Group. These agreements are valid for an unlimited period and cannot be terminated before 2014.

26th August 2008/by Tyrepress Editors

Conti Concludes “Far Reaching” Agreement with Schaeffler

After more than a month of talks and controversy, on August 21 Continental AG announced it has entered into what it calls a ‘far reaching investment agreement’ with Schaeffler KG, Mrs. Maria-Elisabeth Schaeffler and Mr. Georg F.W. Schaeffler. The agreed upon deal sees Schaeffler increase its offer to 75 euros per Conti share, however this “new chapter in its Corporate history”, to quote Continental, will be one without CEO Manfred Wennemer; Mr. Wennemer has asked the Conti supervisory board to release him from his responsibilities by August 31, 2008. The supervisory board has agreed to this request, noting great respect for Wennemer’s achievements. His successor will be appointed in the immediate future.

21st August 2008/by Tyrepress Editors

Schaeffler Seeking Seats on Conti Supervisory Board

It appears that Schaeffler is aiming to secure four seats on Continental’s supervisory board. This news was disclosed to Reuters on August 21 by ‘sources familiar with the situation’. At this time it is unclear whether the family-owned bearings manufacturer will also claim chairmanship on the supervisory board; Conti’s supervisory board is expected to convene on the weekend of August 23-24.

21st August 2008/by Tyrepress Editors

CTNA Takes Truck Tire Hike

Continental Tire North America will up the pricing on all of its OE and replacement medium truck tires as of Oct. 1. The increase of up to 10% will cover CTNA’s Continental, General, Semperit and private brand tires. (Tire Review/Akron)

21st August 2008/by Tyrepress Editors

Conti Canada Forms Partnership With Racing Organisation

At the start of August Continental Tire Canada announced its commitment to be an official partner of ICAR, the International Centre of Advanced Racing and owner of a newly constructed racetrack in Mirabel, Quebec. The two companies first worked together on Continental North America’s yearly winter customer event, the Arctic Blast, which took place last February.

ICAR offers Canadian car enthusiasts the unique opportunity to join an exclusive private racing club, participate in a racing school, view professional races or use the location for a corporate event. The actual racetrack is about 3.8 kilometres long. On site there is a separate Kart track, open for members and visitors.

19th August 2008/by Tyrepress Editors

Report: von Gruenberg Excluded From Conti/Schaeffler Talks

Hubertus von Gruenberg, Continental AG’s supervisory board chairman, has been excluded from negotiations with Schaeffler in spite of his approval of the potential takeover. According to the Financial Times Deutschland report, adviser Perella Weinberg Partners had suggested von Gruenberg and Conti’s personnel representative, Werner Bischoff, get involved to try and help break the deadlock in talks between Schaeffler and Conti CEO Manfred Wennemer.

19th August 2008/by Tyrepress Editors

Conti & Evonik Seek Olympic Gold

Continental AG claims that experts at German specialty chemicals company Evonik Industries have improved Germany’s outdoor Olympic cycling team’s chances of taking gold at the Beijing Olympics. Conti applications technician Wolfgang Arenz says that Evonik has helped Continental reduce the energy loss experienced by its tyres by 26 per cent through optimally interacting three rubber filler components: carbon black, silica, and organosilane. The filler system reduces rolling resistance, which means a cyclist increases speed for the same energy input, and improves grip on wet roads.

15th August 2008/by Tyrepress Editors

Conti Schaeffler Deal Could be Concluded This Weekend

The month-long hostile takeover battle between Continental AG and Schaeffler Group could be over this weekend…or not. According to news reports, Conti and Schaeffler are negotiating a “friendly agreement.” Various sources are speculating that this means Jurgen Geissinger, Schaeffler’s chief executive, has tabled a new offer of 75 euros per share. However, both the Financial Times and Euroweek point out that it is not over till its over and if Continental shareholders refuse the offer Schaeffler will have to either convert all the swaps it holds in Conti into shares or terminate them all. 12 days of Schaeffler’s offer period remain.

15th August 2008/by Tyrepress Editors

Conti Tells Shareholders to Reject Schaeffler Offer

Continental AG’s supervisory and executive boards have recommended that shareholders decline Schaeffler KG’s 11.3 billion euro takeover offer. However, the executive board will continue to negotiate in the short-term, with the full backing of the supervisory board. “Specific progress” is said to have been made in the ongoing talks. The executive board said it will continue to evaluate “all options of action.”

Earlier Frankfurter Allgemeine Zeitung reported that the Schaeffler Group was ready to raise its offer to 75 euros a share. Could this be the “specific progress” Continental mentioned?

In response the Schaeffler Group welcomed Continental AG’s decision to continue the negotiations about an agreement without delay, adding that Schaeffler is very confident that the negotiations will lead to a positive result. “In the interest of both companies, we are also aiming to reach an agreement as rapidly as possible,” Dr. Juergen M. Geissinger, president and CEO of the Schaeffler Group said in a statement.

13th August 2008/by Tyrepress Editors