Schaeffler Group, which holds a 90 per cent shareholding in Continental AG, has recruited investment bank Houlihan Lokey to advise it on restructuring its finances. “To restructure its finances along with finding a long-term overall solution the Schaeffler group is seeking the advice of a number of experts and has appointed investment bank Houlihan Lokey,” a company spokesman told Financial Times Deutschland.
India’s Kesoram Industries intends to invest Rs 8 billion (£100 million) into its Birla Tyres operation over the next two years. Reuters reports group chairman B.K. Birla as saying Kesoram Industries will make this investment as part of a Rs 20 million investment programme that will also see Rs 7.5 billion directed into its cement unit and some Rs 4.5 billion into “existing plants.”
Mr. Birla also named his grandson, Kumar Mangalam Birla, as his successor at the helm of Kesoram Industries. “Since Kumar Mangalam is only 42 years old, he will take over the reins of Kesoram after me. This is as per my final will, which was approved by all family members a month ago,” he said.
Precision engineering manufacturer, Parker Hannifin has launched the TyreSaver 3.0 nitrogen tyre inflation unit, which can be used to inflate car, motorcycle, trailer and van tyres.
TyreSaver 3.0 has been developed and produced by Parker Filtration and Separation B.V. (PFS) in Etten-Leur, The Netherlands. The result is a robust, lightweight, mobile, nitrogen tyre inflator for the automotive industry, with low investment costs and strong profit margin. As it is based on filtration process, the workshop tool can be connected to a compressor and automatically generates nitrogen from compressed air: a simple concept that is, above all, inexpensive. The TyreSaver 3.0 is fitted with an exchangeable membrane cartridge that will operate for thousands of tyre inflations. The patent is currently pending.
Sibur LLC reports that investment in a project centred on producing new rubbers at its Voronezhsintezkauchuk facility in Southwest Russia has been finalised. The project involves transferring a part of its polybutadiene rubber production to neodymium catalysts system technology (SKD-ND) plus the commencement of soluble butadiene-styrene rubber (DSSK) production.
This modified technology, says Sibur, will enable the company to produce new types of compound with durability, wear resistance and environmental parameters that compare with the highest global standards. These compounds will be used in the production of medium and premium segment tyres.
Crypton has added a four post lift option to its scissor lift Crypton Test Lane. The new four post lifts are electro hydraulic and are available for use in Class IV and Class VII stations. All of the Crypton four post lifts are supplied with turntables, hydraulically operated play detectors, brake pedal depressor and low profile platforms that are covered with aluminium checker plate finish. All the four post lifts are ‘ATL’ approved. Crypton also offer a complete drawing service for the installation of Crypton Test Lane and they also have an ‘in house’ team of installers.
John Watkins chairman of Crypton said: “We are pleased to add the four post lift options to the Crypton Test Lane knowing that we are bringing the quality of product that has always been associated with Crypton to the market place. We are very proud of the complete service we offer in conjunction with our experienced and dedicated distributor network. When a customer takes the decision to install a Crypton Test Lane, we realise the significance that this level of investment means to a garage and we have the systems and experience in place to ensure the smooth running of the whole project.”
Goodyear Dunlop Tyres UK Limited is to consult with pension trustees, trade unions and employee representatives over the introduction of a new Defined Contribution (DC) Pension scheme. According to a company statement, the proposed scheme would replace both the company’s ‘Hybrid Scheme’ (combined Defined Benefit final salary and Defined Contribution) and ‘New Hire’ DC scheme. Approximately 850 employees are in the Hybrid scheme and 70 in the ‘New Hire’ scheme.
The consultation will be on the proposed replacement of the current schemes with a new enhanced defined contribution programme. Those who are currently paying into the Defined Benefit (DB) scheme will have their accrued benefits deferred, and the company are proposing the introduction of a new DC scheme for future service to add to the members’ existing benefits.
Continental AG subsidiary ContiTech has taken over Serbian manufacturer of mining operation conveyor belts, Univerzal Kolubara. According to ContiTech, the group paid less than ten million euros for the company, which has 250 employees. Investment at the Univerzal Kolubara site is planned in order to take advantage of anticipated growth in the mining of brown coal in Serbia.
Yokohama Rubber has announced it will record a 2.9 billion yen (£20.4 million) loss on the revaluation of investment securities during the fiscal year ended March 31, 2009. Company management is analysing the loss in the context of Yokohama’s overall financial performance and will determine whether the loss mandates a revision of the company’s fiscal projections.
B&J Rocket states it will not attend this year’s Autopromotec 2009 trade fair. Com"Our investment focus is on product quality and service", as Andreas Müller, managing director of B&J Rocket Sales AG, emphasises. "The intensive dialogue with our customers worldwide, personal and via our online media, has long been established on an ongoing basis."menting on this decision, the Swiss company notes that the worldwide financial situation compels companies to thoroughly look into their expenses.
The European Commission (EC) has given the UK has been given the green light to offer £1 billion of loans and loan guarantees as well as loan guarantees through the European Investment Bank (EIB) enabling funding of up to £1.3 billion. Business minister Ian Pearson said: “We are grateful to the Commission for its swift response and approval of our state aid application. We welcome applications for the Automotive Assistance Programme that’s now up and running…Our package will support both manufacturers and larger automotive suppliers in delivering the new investment that will be vital in ensuring the industry comes out of the current downturn with the skills and technology needed to be competitive in the global automotive market.”
January 22 marked the official opening of Bridgestone’s all-new proving ground in Thailand. It is less than two years since Thai Bridgestone Co. Ltd received official from the Thailand Board of Investment to go ahead with construction at the site in Ayutthaya, some 70 kilometres north of Bangkok, and in that time a range of facilities have been built on the 53 hectare site. Amenities include a 3.3 kilometre oval track and a 5-hectare site for testing control, balancing and handling. A wet performance section and a surface course featuring road conditions encountered in various locations around the world has also been constructed to facilitate the development and testing of tyres for other markets.
On 18 December 2008 ATS Euromaster opened a new service centre in Hemel Hempstead, Hertfordshire, its fourth new centre to be opened in the UK during 2008. Built with an investment of more than £1 million, the new fast-fit facility is situated within the Chancery Gate Business Centre in Whiteleaf Road, and joins a network of more than 470 service locations across the UK – including seven in Hertfordshire.
Vince McGurk, Group Operations Director, explained: “We chose to invest in this area following a strategic assessment of our new business opportunities. It highlighted that putting ATS Euromaster firmly on the map in Hemel Hempstead, just off the busy A41 and only three miles from the M25 and M1 motorways, would further strengthen our nationwide service offering…It is also the fourth new centre we have opened in 12 months, joining recent additions in Redruth, Treforest and Bourne End.”
The new team is led by Steve Thomson, centre manager, who brings with him 18 months experience at ATS Euromaster, having previously worked as assistant manager at the company’s dedicated truck facility in Hounslow. The Hemel Hempstead branch has on-site parking for up to 20 cars.
Investment banks B. Metzler seel. Sohn & Co Holding AG and Merrill Lynch have bought shares equating to a combined voting stake of 35.75 per cent in Continental AG. According to a Reuters report, Metzler has built a 19.5 per cent voting stake, while Merrill Lynch International holds 16.25 per cent. The two companies are now the largest shareholders after Schaeffler Group (49.9 per cent). On 22 December 2008 Metzler and Sal. Oppenheim bought stakes of 4 per cent and 5.5 per cent each.
The tyre manufacturing segment has been identified by industry intelligence provider IBIS World as one where job losses are most likely to occur this year. In its survey of industries most at risk in 2009, IBIS World names tyre manufacturers along with real estate agents, car salespeople, investment bankers, bricklayers, boat builders and, surprisingly, prawn fisherman as being amongst those most at risk.
Equity Investment company One Equity Partners has agreed to pay $150 million to acquire the remaining 66.75 per cent stake in Columbian Chemicals Holding LLC that it does not already own. Columbian Chemicals, based in the US state of Georgia, manufactures carbon black for use in tyres and plastic products.
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