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Schaeffler Has ‘No Sympathy’ for Continental’s Response

The Schaeffler Group has responded to Continental AG’s angry rejection of its bid with a similarly defensive statement of its own. “The Schaeffler Group cannot understand the negative reaction of Continental AG’s Executive Board and has no sympathy for the CEO’s chosen style of confrontation,” a company statement read.

Schaeffler again explicitly reiterated its commitment to Continental’s long term strategy particularly in relation to the tyre business. “Schaeffler will therefore not be dismantling Continental AG,” the statement clarified, adding that Schaeffler would maintain Continental as an independent entity, keeping the headquarters in Hanover.

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Tire World Takes On Mighty Franchise

Tire World, a five-store tire retailer based in Colorado Springs, Colo., has become a Mighty Auto Parts distributor.

In April 2008, Tire World formed a separate entity to establish the franchised distribution business. Mighty Auto Parts of Southern Colorado operates from approximately 3,000 square feet of warehouse space strictly as a wholesale distributor of Mighty-branded products to the affiliated Tire World stores as well as other non-affiliated tire centers, quick lubes, car dealerships and general repair shops within the new franchise territory.

Tire World President Bill Prentice said, “We operate our Mighty business separate from our tire business. Tire World just happens to be one of our important customers. However, our Mighty franchise offers the same products, services and pricing to all of our customers. We’re very anxious to watch our Mighty business grow.” (Tire Review/Akron)

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Will Conti Be its Own White Knight?

Speculation about the future of Continental AG ranges from those that see the Schaeffler bid as a done deal, to optimists that believe Conti will be able to fight its corner and hold on to overall control. So what options are available to executives in Hanover? And could Continental come to its own rescue?

Raising the overall Conti stock price is likely to be the primary defence. On this note, sources “close to the matter” told Thomson Financial News that Continental is considering raising fresh capital with the aim of diluting the number of shares Schaeffler owns. Some analysts are speculating that Continental will try to find an investor to counter Schaeffler’s bid, a move that would have the secondary effect of raising Continental’s share price. Another suggestion is that Continental could sell off its ContiTech division and buy back shares for some 2 billion euros, analysts at Chevreux mooted. “First of all, the company has now very limited downside as the share price should not go below 70 euros. That is clearly an asset in these days,” Equinet analyst Tim Schuldt said.

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TPMS Maker Expands TIA Certified Ranks

Four more Schrader-Bridgeport International employees and representative agents have become TIA Certified Automotive Tire Service (ATS) instructors.

Schrader said it’s Certified ATS Instructors are available to educate technicians and improve their skills and expertise, reflecting the company’s commitment to providing professional, certified TPMS trainers.

Equipped with the proper training, technicians who are TIA Certified have the knowledge and skill to profitably service TPMS systems and avoid damaging critical components. (Tire Review/Akron)

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BFNAT Tech Centre Location to be Decided Soon

The final location of Bridgestone’s new Tech Centre – which will cost around US$100 million – is to be confirmed in “the next several weeks”, a company spokesman has told a real estate news website. The Japan-headquartered manufacturer is to decide between moving the facility, along with its 600 jobs, to office space in Tennessee near Nashville that possesses the 600,000 sq ft required, or to remain in Akron, Ohio, which would require the building of a new facility.

The state of Ohio has provided an incentive package worth $68 million to remain in the area, where the company currently inhabits a century-old office block – dating back to the company’s beginnings in Akron – unfit for the purposes of the new Centre. Staying in the area would mean building anew. The company wishes to begin work at the proposed research building in 2010.

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Alcoa Releases New Lightweight Supersingle Wheel

Continuing its “battle against every kilo”, Alcoa have released details of their new supersingle forged aluminium wheel from the company’s Hungarian plant. With dimensions of 22.5×11.5, the wheel has dropped 1.3 kg from its previous weight, coming in at 22.1 kg.

The wheel is available in August, and comes with bolt holes of either 26 mm or 32 mm.

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Yokohama Sponsors New US Events

Yokohama Tire’s ADVAN tyre has been made the official tyre sponsor of Hooked on Driving, an advanced driving instructional program for drivers of high-performance cars. The tyre has also been made the event sponsor of Hooked on Driving’s two upcoming events at Buttonwillow Raceway Park, Buttonwillow, California on 18 July and Spring Mountain Raceway, Nevada on 5 September.

The director of the brand, Jim Mayfield, commented that the event was the perfect platform for the brand, as the drivers and enthusiasts of high-performance vehicles would be the main target market for the ADVAN. He also stressed the brand’s “race heritage” as a key factor in determining it’s sponsorship strategy.

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Conti Truck Visual Designer Wins Award

MetaDesign, the agency behind the brand communication on Continental’s new Commercial Vehicle Tyre, has been recognised for its “outstanding work in Visual Imagery” on the new corporate brochures. The award was presented at the iF Design Awards ceremony on behalf of an independent 16-member jury from the iF Industrie Forum Design based in Hanover.

Creatively-speaking, says Continental’s marketing manager Dr. Michael Korpiun, the idea was to base the advertisements around Continental’s customers: “It is our customers who deliver our bread, take our children to school and build our houses. It was therefore only logical to put them at the centre as ‘everyday heroes’.”

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Kingsway Tyres Educates Norfolk in Tyre Safety

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Kingsway Tyres, a First Stop dealership, has been out and about in its home county of Norfolk helping to educate the community in tyre safety. The Royal Norfolk Show and a special event that took place at Asda two weeks later in Norwich played host to the company’s roadshow, working in conjunction with Bridgestone’s worldwide “Think Before You Drive” campaign. Research shows that 90 per cent of drivers do not know the correct pressure of their tyres, so the events represented an excellent opportunity to encourage drivers to think more seriously about the state of their vehicles’ wheels.

The roadshow, which was visited by hundreds of Norfolk residents, featured the Ferrari Formula One car and an F1 simulator, accessed through a charitable donation. As a result £450 was raised for the Royal National Lifeboat Institution, while Asda-based fundraising raised a further £331.38 for The Norfolk & Norwich University Hospital Respiratory Unit.

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Related news:

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Hercules Promotes Two, Hires One

Hercules Tire & Rubber Co. made a number of promotions and appointments to its global division ranks.

Joe Recchia was promoted to corporate business development officer, a new position.

Rob Keller was named president of Hercules International.

Neal Valentine joins Hercules International as the senior vice president of sales and marketing.

“In the last decade, the Hercules International division has grown 400%,” said Larry Seawell, Hercules’ president and CEO. “We commend Joe for his significant managerial contributions to this growth. As we execute our global plans in the next three to five years, we believe he is the right person to lead our development initiatives abroad.” (Tire Review/Akron)

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Further Job Losses Imminent, Says Plimsoll Report

The phrase “consolidation period” always sounds like a harbinger of doom for workers in any industry, so a new report on the UK tyre industry suggesting that this is exactly what lies ahead in the months to come can only suggest the onset of job losses in the sector.

The third annual Plimsoll Analysis, presented this week, suggests that the industry will lose 2373 jobs, in line with the UK economy’s “prolonged and bumpy landing”, which – a British Chamber of Commerce survey suggests – will see unemployment rise by 300,000. The report individually analyses the UK’s leading 200 companies, assessing their chances of survival and possible precautionary measures in the lacklustre market conditions.

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Scooter Tyres Put Bums on Seats

Seats made from reclaimed scooter tyres found in an East London mechanics’ yard are one of the latest products from innovative design e-retailer, one eco home. The company has a variety of recycled and eco-friendly, sustainable ideas for home furnishings, including the retro design for the tyre seat.

The tyres retail at £50 and are 600mm across in length with a foam cushion in pink, blue or yellow inserted into the tyres’ vacant centres.

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Man on Trial After Illegally-Stored Tyres Burn

A US man who supervised the illegal storage of 40,000 tyres has gone on trial following a fire that burned for over 24 hours and took millions of gallons of water to put out in May 2006. Rick Handley of Alabama is answering to the prosecution, which argues that the tyres were stored illegally for a company called US Tire Recovery.

The organisation bought used tyres in bulk, separating those that could be resold and stacking others in the warehouse facility. Handley had been ordered to stop this practice of stockpiling in November 2005, while he never applied for the proper permit required by the Solid Waste Management Act.

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Goodyear to Report Second Quarter Earnings

Goodyear will report their financial results from the second quarter 2008 before markets open on 31 July on its investor website. After the announcement, the company will host an investor conference call at 10.30, with CEO Robert J. Keegan, CFO W. Mark Schmitz and senior vice president, finance and strategy Darren R. Wells participating.

The call can be accessed by members of the media and interested parties on the day live, or with a taped replay to be posted at 15.00.

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Wal-Mart Program Gets TRIB Support

TRIB said it will be an exhibitor at Wal-Mart’s first Sustainable Solutions Showcase, to be held in conjunction with the retailer’s annual Sustainability Milestone Meeting in Bentonville, Ark., on Oct. 7.

The Sustainability Milestone Meeting is expected to attract some 1,500 Wal-Mart buyers, construction managers, environmental sustainability associates, suppliers and government officials.

“Based on the increased interest in environmentally friendly products we consider this an outstanding opportunity to showcase retreads and distribute information about the environmental benefits offered by the retread industry to Wal-Mart and other trucking fleets in both the private and public sectors,” said Harvey Brodsky, TRIB’s managing director. (Tire Review/Akron)

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