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Schaeffler Mechatronics Head Awarded for Innovations

A cause for celebration within the Schaeffler Group came on July 8 when the company’s head of Mechatronics, Bernd Gombert, was awarded the Federal Republic of Germany’s Federal Cross of Merit with Ribbon. Gombert earned this impressive sounding award for being, as the Bavarian State Ministry of Sciences, Research and the Arts, Martin, Zeil noted, amongst the “recognised top performers of our country and [is] among those who set a standard in terms of enthusiasm, motivation and cooperativeness.”

8th July 2009/by Tyrepress Editors

Federal Tire Well Rated in Japanese Performance Test

Praise for Federal Tire’s 595 RS-R has been handed out by Japan’s Rev Speed magazine. The popular performance and tuning magazine recently described the semi-slick tyre as a “a high-performance offering features a sporty personality, with a genuine bargain of attractively and affordable price.”

In testing the tyre, Rev Speed sent a team of evaluators to the Nikko Circuit in central Japan, where they spent a full track day behind the wheel. The Federal product was pitted against four competitors from the UHP tyre sector. Testing on the 235/40R18 size tyres was carried out using a Subaru Impreza GRB, which performed numerous time attack and drifting manoeuvres.

25th June 2009/by Tyrepress Editors

Miles Driven Increases for the First Time in More Than a Year

According to the Federal Highway Administration, US miles driven increased for the first time in 16 months. Total vehicle miles traveled (VMT) in April of this year was 249.5 billion, compared to 248.1 billion miles for April 2008, representing a 0.6 per cent increase. In addition, FHA has reported that all regions of the country saw either higher or the same VMT as last year. The report did find that cumulative VMT for the fist four months of 2009 is 1.1 per cent lower than it was for the same four months last year.

The June edition of the Traffic Volume Trends report can be found at www.fhwa.dot.gov/ohim/tvtw/09aprtvt/09aprtvt.pdf. (Tire Review/Akron/Aftermarketnews.com)

24th June 2009/by Tyrepress Editors

Australian Commission Instigates Marine Cartel Court Action

It has been more than a year since UK-based trio Peter Whittle, David Brammar and Bryan Allison were sentenced for their role in a well-publicised global marine hose cartel, yet investigations into the affair continue. The Australian Competition and Consumer Commission (ACCC) has commenced court action in response to allegations that the cartel took advantage of some of the nation’s largest oil production projects.

23rd June 2009/by Tyrepress Editors

ATC Claims Name Change

American Tire Corporation is no more. In a statement placed on its now defunct website, the importer said it was changing its name to Colorado Tire Corp. In March, ATC lost its federal appeal of a trademark infringement case brought by American Tire Distributors. The mega-distributor claimed ATC’s name and logo “constitutes use in commerce that is likely to cause confusion and mistake and to deceive consumers as to the source or origin of defendants’ products or defendants’ business.”

The lower court’s order to ATC to vacate its name and logo was issued in August 2008. In its statement, the former ATC said: “In order to consolidate our corporate identity behind our company’s most recognizable and valuable asset, i.e., the Colorado brand OTR tires, which have been extensively approved and recognized by various users in different countries, the Board of Directors of American Tire Corporation has determined to change our corporate name to Colorado Tire Corporation.

“Any existing and ongoing contracts/agreements/authorizations between any company and American Tire Corporation shall be reentered with Colorado Tire Corporation by the end of June 30, 2009, or otherwise will be deemed invalid.” Other than posting the statement, the company disabled its website at www.americantire.us, and said a new site “will be announced separately.” (Tire Review/Akron)

22nd June 2009/by Tyrepress Editors

Titan Tire Faces Fines for Safety Violations

Titan Tire has been cited by the US Occupational Safety and Health Administration for violations of federal safety rules. According to Toledo based newspaper The Blade, the company’s Bryan giant tyre facility is facing tentative fines of US$24,500 for four serious violations at the site. The violations were observed during inspections in November, December, and February.

Titan has indicated it will appeal the charges.

9th June 2009/by Tyrepress Editors

Russian Court Receives Amtel-Vredestein Insolvency Application

Official confirmation has been given that, on June 3, OJSC Amtel-Vredestein – the Russian operating unit of Amtel-Vredestein NV – filed for insolvency with the Moscow Arbitration Court. The company states this was carried out in accordance with the requirements of Russian federal law number 127, and Amtel-Vredestein has requested the granting of a monitoring period in line with article 62 of the abovementioned insolvency law.

Upon formally announcing the filing for insolvency, the tyre manufacturer stated that “given the deteriorating position of the company and increasing number of creditors’ claims to repay debt or foreclose on the company’s mortgaged assets, this action is necessary and unavoidable.” Established court procedure, added Amtel-Vredestein, will see the appointment of an administrator who will run the monitoring procedure for the company.

8th June 2009/by Tyrepress Editors

German Regional Leader Expresses Openness to Conti Solution

In an interview with German news magazine Focus, prime minister of the Lower Saxony region Christian Wulff stated the German federal government and the regions involved may support a solution to the Continental/Schaeffler situation and offer government backed bond guarantees. Wulff, in charge of the federal region where Continental is headquartered, indicated that a solution could involve Continental acquiring parts of Schaeffler and the Schaeffler group ending up owning substantially less than its current share. It would “not retain its 90 per cent share in Conti, but considerably less,” he said.

8th June 2009/by Tyrepress Editors

GM Files C11, Chrysler Sale OK’d

Once mighty General Motors formally filed for Chapter 11 bankruptcy protection in New York this morning. The pre-packaged bankruptcy is expected to last 30 to 90 days, and GM will receive some $30 billion in US-guaranteed loans. GM is expected to emerge from bankruptcy considerably smaller, after shuttering or selling an estimated 14 plants as part of its bankruptcy. Debt-holders and the United Auto Workers will end up with a stake in the remaining company, while the US government will be GM’s largest owner.

Meanwhile, a federal bankruptcy judge has approved the sale of most of Chrysler assets to Italian automaker Fiat. The sale approval presumably clears the way for Chrysler to exit its own court protection within 60 days. Chrysler’s plan gives a 55 per cent share of the new company to a UAW trust for retirees, a 20 per cent stake to Fiat and smaller shares to the US and Canadian governments. Fiat’s share could grow to 35 per cent under the plan. (Tire Review/Akron)

1st June 2009/by Tyrepress Editors

Cooper VP & CFO Announces Retirement

Following a career with Cooper Tire & Rubber spanning almost two entire decades, company vice president and chief financial officer Phil Weaver has announced plans to retire later this year. The 56-year old joined Cooper in 1990 and held the positions of tyre division controller (1990 to 1994) and tyre division vice president (1994 to 1998) before being appointed to his current role.

“I want to thank Phil for his years of service and commitment to Cooper Tire,” said Cooper Tire chairman, president and CEO Roy Armes. “While Phil was the CFO of Cooper, he was responsible for managing the finance function with a high level of integrity and within strict accordance with all federal and SEC regulations and guidelines. His contributions to the Company were key to many of the successes that Cooper has enjoyed.”

28th May 2009/by Tyrepress Editors

EURODA Offers 500 million euros for Stake in GM

In an effort to plug the 300 million euro financing hole that is holding up GM Europe crisis talks with the German government and potential buyers Magna and Fiat, the company’s European dealer association “Euroda” has renewed its offer of a shareholding in a future Opel/Vauxhall corporation.

“As mid-sized dealers, we’re ready to play our part in saving Opel. That is why we’re once again calling upon the federal government to take our offer of 500 million euros seriously. This is a historic chance for the automotive industry to let dealers and manufacturers work together to take entrepreneurial responsibility in shaping the future of Opel,” says Jaap Timmer, president of Euroda.

28th May 2009/by Tyrepress Editors

Michelin Pays $375,000 to Settle Advertising Complaint

In the US Tennessee state Attorney General, Bob Cooper, yesterday announced a multi-state settlement with Michelin North America “regarding alleged misrepresentations Michelin made in its advertising of Michelin fuel efficient tyres.” The manufacturer agreed to make minor changes in the copy of print advertisements it has run concerning the purported fuel efficiency of its tyres, and is paying $375,000 to cover the alleged cost of the investigation, Tire Review reports. The attorney general, though, “acknowledges that Michelin fully cooperated with the multi-state investigation and the investigation did not question the safety or quality of Michelin’s tyres.” Michelin, which said it followed prevailing Federal Trade Commission advertising guidelines, denied any wrongdoing.

The Tennessee attorney general reacted to a complaint filed by Bridgestone Americas, which Michelin claimed was the only complaint filed. However, attorney general spokesperson Sharon Curtis-Flair told Boston media that “the investigation started based on a consumer complaint, not a complaint by Bridgestone.” Other states joining the agreement include Alaska, Arizona, Delaware, Iowa, Kentucky, Massachusetts, Montana, Nevada, New Hampshire, New Mexico, North Carolina, Ohio, Pennsylvania, Rhode Island, Texas and Vermont. Each will receive a share of Michelin’s settlement payment.

15th May 2009/by Tyrepress Editors

Shareholders Recommend Amtel-Vredestein OJSC Bankruptcy

On Friday 24 April Amtel-Vredestein OJSC’s shareholders recommended that managers enter the Russian part of the wider Amtel-Vredestein company into bankruptcy proceedings. At this stage the proposal remains a suggestion and it is expected to be weeks before the company makes a final decision on whether or not to enter bankruptcy protection. Tyres & Accessories contacted various Amtel-Vredestein OJSC company representatives, but none were willing to comment on the likelihood of Amtel-Vredestein OJSC declaring bankruptcy or what the effects would be on the company.

Were Amtel-Vredestein OJSC to enter bankruptcy, article 106 (2) of the Russian Federation Federal Law on Insolvency sets out a clear order of priority for creditors’ claims: According to Craig Averch, European Bank for Reconstruction and Development claims of citizens to whom the debtor is liable for harm to life or health shall be satisfied first; followed by settlements for the payment of “severance pay and wages with persons working under a labour agreement, including under contract, and for the payment of royalties under copyright agreements.” Third, creditors’ claims for obligations secured against property are to be taken satisfied, following by claims for “mandatory payments to the budget and for extra-budgetary funds.” The process concludes with settlements being made to all other creditors.

27th April 2009/by Tyrepress Editors

Rolf Koerfer Elected Chairman of Conti Supervisory Board

The Supervisory Board of Continental AG has unanimously elected Rolf Koerfer its new chairman at its March 27 extraordinary meeting in Hanover, Germany. The 51-year-old thus succeeds Dr. Hubertus von Grünberg, who resigned on March 6.

30th March 2009/by Tyrepress Editors

Reports: Denman Needs Government Money or Will Close

Denman Tire says it will be forced to close its doors if it does not get government bailout dollars or purchase contracts, according to news reports out of Youngstown, Ohio. The Youngstown Vindicator reported this morning that Denman president Sandy Pensler said the federal government will pay one way or another, either by giving aid or paying unemployment benefits to affected workers.

Denman Tire has one plant and is based in Leavittsburg, Ohio, near Youngstown, and produces industrial and small OTR tires. Denman, according to reports, claims its needs an infusion of $3 million by the end of 2009 to buy new equipment or it will be forced to shut down. Denman recently laid off 85 workers, which Pensler was quoted as saying would return to work if the 90-year-old company gets needed capital. (Tire Review/Akron)

20th March 2009/by Tyrepress Editors