Peter Schwerdtmann Leaves Continental
Peter Schwerdtmann (52), spokesman of the Continental Group is leaving the company. The name of his successor has not yet been announced.
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.”
Tag Archive for: Continental
Significant Changes In The European Tyre Markets?
Product NewsDuring a press conference in Romania, Continentals’ CEO Dr. Kessel predicted very significant changes in the European original equipment markets. He pointed out that the consequences regarding the Firestone tyre recall will also have a great impact in Europe. Kessel believes that Firestone will lose many contracts and, among others, the Continental group would benefit and he added that there were already clear signals. But, signals yes or no, the Continental share price has fallen and it will be interesting to see whether news like this will stimulate the shares.
Continental Ends Champions League Sponsorship
Product NewsAt the end of this season’s competition, Continental will cease its sponsorship of football’s European Champions League. The company has been a major sponsor of the competition for the past five years.
Market Expects Record Sales For Conti
Product NewsRumours in the tyre market anticipate record sales for the Continental Group of almost 9 billion Euros for 1999, mainly due to the integration of Teves. This rise also presents a 30% increase in EBIT to around 520 million Euros. Exact figures were made available in early April.
High Targets: Continental Group To Doube Its Sales Within 5 Years
Product NewsThe German group remains on expansion track and sees itself not as a tyre manufacturer, but as a system integrator for the automobile industry. The management will double the group turnover of 10 bn Euro within the next five years, said CEO Kessel these days in Detroit.
New Managing Director at Vergölst
Product NewsFrank Jung (40) will take over as Managing Director at the Conti subsidiary Vergölst, following the departure of Andreas Scheiba. Jung was previously responsible in-house for the German tyre replacement business at Continental.
General Motors Award For ContiTech
Product NewsAfter last year’s success, Continental’s business unit ContiTech has again been awarded “Supplier Of The Year” by the American General Motors Corporation. ContiTech Vibration Control won the prize for supplying damping elements for the engines of Opel’s Astra, Omega and Vectra.
Sales Target Of 10 bn Euro In 2000 For Continental Achievable
Product NewsThe German group aims to achieve 10 bn Euro in sales this year. After having presented the half year figures for 2000 this is still likely, but they cannot improve the Earnings previously predicted. While Teves and ContiTech are in EBIT better than last year, the truck tyre division could improve the EBIT by five million to 33 million Euro. The p.c-tyre division is 24 million Euro in EBIT below the first half of 1999 despite an increase in sales of 4%. The situation with General Tire is poor. The company’s sales climbed by 23% (in dollars only by 8%) but the EBIT is 20 million Euro below the comparable time last year. General Tire will have difficulties avoiding red figures this year.
New Industrial Tyre Innovation From Continental
NewsContinental has announced the development of a new concept for industrial tyres which combines the benefits of both solid and pneumatic tyres. It will be produced under the brand name of SFR 3000.
Another Electronic Platform
Product NewsContinental AG and Robert Bosch GmbH, together with a number of other companies, intend to create an electronic communication and transaction exchange. The reason is to simplify and speed up business transactions between automotive companies and their suppliers.
Top Spot Again For Michelin In US Survey
Product NewsIn the US, J.D. Power and Associates conducted an OE tyre satisfaction survey among 31,000 buyers of new vehicles. Michelin came top in the car and minivan category for the third year running and won the light truck category (including pickups and SUVs) for the second consecutive time. Runners-up in the car segment were (in order) Continental, BFGoodrich and Dunlop. In the light truck category, Michelin was followed by Dunlop, BFGoodrich and Firestone. The survey took place before the Firestone tyre recall.
Strike Ends At General Tire
Product NewsEmployees at Continental General Tire’s plant in Bryan, Ohio USA have signed an agreement ensuring an increase in wages and pensions plus a regulation of working time (a four shift programme, seven days a week) up to the year 2006. The same agreement will apply in Charlotte, General Tire’s largest plant in North America, where employees had been on strike for over a year to achieve these improved conditions. Continental’s workforce has diminished from 1,450 to around 1,300 following the strikes.
Hans-Joachim Brand Leaves Continental
Product NewsHans-Joachim Brand (53), who, until the end of 1999, was responsible for the British tyre retail chain NTS, left Continental last month.
Six Percent More For Continental Tyres
Product NewsContinental Commercial tyre prices increased by seven percent in August. Effective 1st November, prices for passenger car tyres (summer and winter) and light truck tyres are to rise six percent. Higher costs for raw materials, oil and chemicals, as well as more expensive energy and distribution costs, are the reasons for this decision. The company cannot continue to absorb rising costs without passing them on. The retailer’s situation is comparable. “Our decision provides an opportunity for the retailers to improve the gross profit in their own field”, Jescow von Puttkamer told NEUE REIFENZEITUNG.
Rumours about Continental/Pirelli Joint Venture Nothing but Red Herrings?
Product NewsAlthough a joint venture between Continental and Pirelli could make sense in the tyre sector, observers do not believe it. The Italians, in any case, deny it vehemently. While the German group is still recovering from the enormous effort of the Teves acquisition, the Italians are about to concentrate more on entering the real estate business. An extremely nervous reaction came from Pirelli Reifenwerke managers, who do not like such talk in the market, especially since they have enough to do looking after themselves. Sales boss Röske speaks in eloquent terms of the lustre of the Pirelli tyre brand that makes his team’s “eyes shine”. The brand, he says, is stronger than “our customers sometimes want to give us credit for”. In Röske’s opinion Continental may perhaps have tried to throw dust in people’s eyes to divert attention from a potential takeover by Bridgestone. This magazine rather thinks that Conti boss Kessel wants to avert the public gaze from talks with the telephone group Mannesmann, which is possibly ready to part with its automotive division.
