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Far Reaching Agreement

It’s a done deal. Hands have been shaken and the ink is dry: Schaeffler is the proud new owner of a sizeable chunk in Continental AG. On August 21, Continental announced it had entered into what it referred to as a ‘far reaching investment agreement’ with Schaeffler KG, Mrs. Maria-Elisabeth Schaeffler and Mr. Georg F.W. Schaeffler.

The bare bones of the deal is that Schaeffler has, as of September 2, taken control of 48.32 per cent of the Hanover, Germany based company, and with this new influence comes a couple of new nameplates on the company’s most favoured office doors. Schaeffler’s buying price of 75 euros per share is a generous one; the figure represents a 39 per cent premium on the stock price prior to the takeover bid’s announcement, and 30 per cent higher than the 60 euros per share that Merrill Lynch analysts believe the value will sink to by late September. Conti has placed a total value of 12.1 billion euros upon the deal.

25th September 2008/by Tyrepress Editors

Bridgestone, Goodyear Receive NC Incentives

Bridgestone and Goodyear are to receive up to 30 million US dollars, following the approval by the North Carolina Department of Commerce of state incentive plans. The grants from the Job Maintenance and Capital Development Fund are designed to give companies the incentive to upgrade existing manufacturing facilities, therefore preventing jobs from being lost through firms’ wandering eyes.

Since both companies employ over 2,000 (at Goodyear, Fayetteville and Bridgestone, Wilson) the necessity to secure the jobs in their current location is clear. However, the cash incentives have not been without their critics, who call attention to the fact that the companies are not required to create new jobs, but merely maintain those already in existence. Goodyear must retain 2,398 workers and invest 200 million US dollars by 2012 to receive the whole 30 million, while Bridgestone must invest the same by 2010, while retaining 2,083 staff members.

18th September 2008/by Tyrepress Editors

Get Ready for Winter with Deldo

Winter suddenly seems a whole lot closer, and for many of us that means a change to cold weather tyres is just around the corner. Belgium based wholesaler Deldo reminds customers that it now stocks a complete range of winter tyres, including the recently added Rockstone range. Winter sizes for this exclusive brand are available for the coming winter, with summer fitments available in 2009. In total, more than 25 brands of winter tyre in car, van and 4×4 fitments are available from Deldo, including studdable tyres for the dedicated Scandinavian markets.

17th September 2008/by Tyrepress Editors

2008 Bridgestone eReporter Named

The GP2 end of season ceremony in Monza, Italy was the location Bridgestone decided upon to reveal the 2008 winner of its annual e-reporter competition. On the evening of Sunday September 14, it was revealed this year’s honour goes to French student Guillaume Navarro, whose journalistic talents put him ahead of eight other finalists and a record number of entries from across Europe.

Guillaume’s victory was announced on stage by Franco Annunziato, managing director, Bridgestone Technical Centre Europe – in front of all GP2 teams, drivers, GP2 Series personnel, official suppliers and partners attending the evening celebrations. This year marked the fifth anniversary of the Bridgestone e-reporter competition, and the company celebrated by inviting all previous Bridgestone e-reporter finalists to Monza. A total of 31 graduates joined the celebratory reunion at the Italian Grand Prix – the GP2 series finale – and watched as Guillaume received his prize at the GP2 awards.

17th September 2008/by Tyrepress Editors

Michelin Drops Plans for Second Mexico Factory

Plans for a second Michelin factory in Mexico have been shelved due to a decline in North American tyre sales. The manufacturer announced on August 29 its intention to “adjust” production capacity in the region, bringing the proposed facility in Guanajuato state, as announced August 2007, out of step with the company’s current direction. This second factory was to produce tyres primarily for the North American market.

29th August 2008/by Tyrepress Editors

BFNA Closes Warehouse

Bridgestone Firestone North America has closed its south-eastern distribution centre in Georgia in anticipation of the opening of a new warehouse in Jacksonville, Florida. The new facility is twice as big as its Georgia counterpart, which held up to 480,000 tyres and employed 100.

Local news sources have reported that three of the Georgia warehouse’s employees applied for jobs at the new facility, but were told that “they wouldn’t be a good fit” in Florida. Meanwhile a manager at the original plant reportedly moved his office to Florida without telling anybody.

29th August 2008/by Tyrepress Editors

New Size for Nokian Forest Rider

The Nokian Forest Rider, designed for CTL (cut-to-length) forestry machines, is said to be the first functional radial tyre for professional forestry use. The size range for the tyre, which Nokian reports has won over users with its driving comfort, durability and supreme traction, is now expanding. The newly available 24.5-inch rim size offers increased mobility and load-bearing capacity to smaller forestry machines. This larger size will also enable smaller machines to bear increasingly substantial loads and efficiently tackle demanding harvesting jobs. This latest Nokian Forest Rider rim size has a width of 650 mm.

27th August 2008/by Tyrepress Editors

Georgia on Toyo’s Mind for Expansion

Toyo Tire is ready to invest in a third Georgia expansion since 2004. Governor Sonny Perdue has revealed to local news sources that the Japanese company will invest a further $270 million in its White, Bartow County facility, creating another 400 jobs.

The company hopes to double output to 5.2 million units a year in 2011, with a total of 850 employees working in the newly-expanded factory.

27th 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

Pirelli Carlisle Plant Temporarily Shut Down

Pirelli’s plant in Carlisle has been shut since Thursday, when workers were told to stay away following the discovery of a problem with the building’s boiler system.

Local news sources have reported that engineers spent the bank holiday weekend working to repair the malfunctioned apparatus, but that the factory’s management team is waiting for assurance of the building’s safety for work. Pirelli has continued to pay its workers’ wages at the site despite the closure and subsequent loss of production of thousands of tyres.

The factory usually operates all year round, employing 1,000 workers, though this number is set to be reduced following the announcement last month that the company would shed 60 jobs from the site.

26th August 2008/by Tyrepress Editors

The Eagle Has Landed…in the UK

Wheel alignment has traditionally been one of the most challenging daily jobs in the workshop, mainly due to the costs of employing specialised personnel available and the risk of losing valuable time after discovering that a vehicle’s alignment does not need to be adjusted. Due to these factors, alignment is often only carried out when visible signs, such as uneven tyre wear or steering wheel misalignment, indicate bad tracking.

22nd August 2008/by Tyrepress Editors

New Business Stagnating in Staffordshire Despite Michelin Efforts

A £1 million funding carrot has failed to lure start-up businesses to North Staffordshire. Stoke-on-Trent based Michelin, backing the project through its Michelin Development initiative, has expressed disappointment at the indifferent response.

Since launching the North Staffordshire business challenge in mid-July only a handful of enquiries have trickled into the tyre major’s Stoke offices, and no new loan approvals have been granted. Michelin threw down the funding gauntlet after figures revealed the Staffordshire region was one of the country’s worst performing areas for new business development and start-ups, with no loans approved or jobs created through the scheme at all during 2008.

21st August 2008/by Tyrepress Editors

Goodyear to Close 92 US Retail Outlets

Goodyear plans to close 92 – 12 per cent – of its 742 company owned retail outlets in the US, and eliminate 600 full and part-time jobs. This decision to close these ‘underperforming’ shops is said to be a company response to pressure stemming from the US economic downturn.

“Following a rigorous review of operating performance and local market dynamics, these company-owned outlets are not producing acceptable returns,” said Scott Vogel, vice president, retail operations, North American Tire. “Taking this action now will allow us to focus our attention on locations with the best long-term potential. It will help position Goodyear to be a stronger competitor.”

20th August 2008/by Tyrepress Editors

Superior Industries to Close Factory, Cut 29% of US Workforce

Aluminium wheel manufacturer Superior Industries International has announced the closure of its factory in Pittsburg, Kansas. This decision was taken during its recent review of strategic initiatives to reduce costs and balance its manufacturing capacity in light of reduced demand for SUVs and light trucks.

The closure will take place on December 19 and 600 jobs will be lost as a result. Superior Industries expects to incur severance and related costs of approximately US$1.8 million in the next six months from August 2008. Asset impairment charges related to closing the facility have yet to be determined, but will be recorded in the financial quarter ending September 30. As of July 27, 2008, the net book value of manufacturing equipment at the Pittsburg location was approximately $13.2 million.

20th August 2008/by Tyrepress Editors

ITC Finalizes Anti-Dumping Ruling Against Chinese

The International Trade Commission affirmed a previous ruling by the Commerce Department, voting 5-1 to place anti-dumping and countervailing duties on certain OTR tyres imported from China. It was the final step in a year-long investigation by the U.S. into complaints filed by Titan International and the United Steelworkers. The final duty and penalty amounts will be posted by the Commerce Department later this year but are expected to follow its previous schedule.

The USW union cheered the result. “Today’s decision proves China cheats and that U.S. trade law enforcement is an important tool that will help level the playing field for U.S. workers by requiring Chinese tire imports to be priced fairly,” said USW President Leo Gerard. “This case shows the importance of vigorous enforcement of our trade laws as a first line of defense against unfair trade practices that harm American industries and jobs.”

18th August 2008/by Tyrepress Editors