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Conti Executive Board to Assess Viability of Schaeffler Merger

During its June 8 meeting in Hanover, Germany, the Continental AG Supervisory Board deliberated on various future scenarios for the company, including the option of a merger between it and Schaeffler under the umbrella of a publicly listed Continental AG. In exploring this possible course of action, the Supervisory Board has asked Conti’s Executive Board to assess all aspects of a merger between Continental and Schaeffler, in particular the financial feasibility of such a joining. This process is to be completed by the end of July. At the same time, notes Continental, the Executive Board shall continue to analyse further alternatives and their possible implementation.

9th June 2009/by Tyrepress Editors

Sumitomo Sales Drop 24% in Q1 2009

Sumitomo Rubber has seen its sales decrease 24 per cent year-on-year

8th June 2009/by Tyrepress Editors

Sibur-Russian Tyres Announces Preliminary 2008 Results

In releasing its preliminary financial results for the 2008 year on June 5, Sibur-Russian Tyres stated that, in spite of “unfavourable trends” during the reporting period, the company’s consolidated revenue – 27.4 billion roubles – did not decrease compared with 2007. The tyre maker further commented that the year’s results were impacted by both increases in raw material costs, beginning in March 2008 and reaching an apex in August, and a decrease in tyre sales during the fourth quarter as a result of the global economic crisis.

8th June 2009/by Tyrepress Editors

Pirelli Carlisle Returns to Contractual Hours

Pirelli Industrial reports that its Carlisle tyre plant will return to contractual hours from the 2 May 2009 – July 2009.

8th June 2009/by Tyrepress Editors

Michelin Sells Part of its Apollo Shareholding

Michelin has sold a portion of its shareholding in Apollo tyres for approximately Rs 500 million (£6.67 million). The French manufacturer, who held an 11 per cent share in Apollo, sold 3.3 per cent through open market sales. The company has held shares in Apollo Tyres since it acquired a 14.9 per cent stake in early 2004, a deal made at a time when a truck and bus radial joint venture between the two companies seemed likely. Despite the venture’s failure to get off the ground and the September 2005 announcement that Michelin would acquire Apollo’s share in the joint venture, Michelin maintained its stake in the Indian company.

8th June 2009/by Tyrepress Editors

Toyo Reports ¥10 Billion Net Loss for Financial Year

Financial data for the fiscal year ending March 31, 2009 show reduced net sales and a net loss at Toyo Tire & Rubber. The company’s net sales of 328,371 million yen (£2.08 billion) represent an 8.08 per cent decrease on the previous year’s results, while operating income decreased from 13,168 million yen in the year to March 31, 2008 to a 2,964 million yen (£18.81 million) loss in the most recent period. The company recorded a net loss of 10,722 million yen (£68.04 million) in the year ending March 31; the previous year net profit stood at 6,137 million yen.

8th June 2009/by Tyrepress Editors

Lochmaben Transport Clocks Up 650,000km with Michelin

As part of a dedicated Bimson Haulage contract with metals stockholder Aalco, Scottish based haulier Lochmaben Transport employs one of its Volvo FH12 tractor units for the Birmingham to Aberdeen run, on which it covers approximately 830 miles per day. Since its delivery in 2007 this Volvo 6×2 tractor unit has covered more than 400,000 miles in total – all on the same set of Michelin XDE2+ drive axle tyres.

8th June 2009/by Tyrepress Editors

Hayes Lemmerz Bags New Production Contracts

New business agreements with a number of existing and new customers are being received with gratitude by a financially beleaguered Hayes Lemmerz International. On June 5 the company announced its Saraburi plant in Thailand will produce 16-inch alloy wheels for the Toyota Scion. This new award, Hayes Lemmerz notes, provides additional volume for the company, which is already a major supplier to Toyota in many parts in the world. In addition, the Thai plant has received new business awards to produce 14-inch alloy wheels for existing customer Nissan as well as 15-inch alloy wheels for a new customer, Nissan subsidiary Autech Japan, Inc.

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

US and Italian Tyre Retreaders to Cooperate

The Associazione Italiana Ricostruttori Pneumatici (known to its friends as AIRP) and the Tire Retread and Repair Information Bureau (TRIB, to you) have signed a Memorandum of Understanding to cooperate with each other for the mutual benefit of the retread and tyre repairing industries. The agreement extends to activities both within Italy and many other countries worldwide.

The memorandum sets out plans for the two organisations to exchange market and technical information; to assist visits of delegations; to collaborate on exhibitions and conferences; to waive publisher restrictions on each board’s research articles; and to strengthen the ties between the respective boards’ members. The agreement was signed on 21 May, 2009 in Bologna, Italy by AIRP president Stefano Carloni and TRIB MD Harvey Brodsky. “Having known our friends at AIRP for many years and having admired their ongoing dedication to improving our industry, we are very happy to join with them for our mutual benefit,” concluded the latter.

8th June 2009/by Tyrepress Editors

Viking to Distribute John Bean Garage Equipment in Scotland

Snap-on Equipment has appointed Viking International as the new distributor of John Bean garage equipment for the tyre trade in Scotland. The garage equipment manufacturer stated that Viking International’s position as a leading tyre distributor and its customer-focussed approach make it “the ideal match” for John Bean’s stated aim to provide the tyre industry with reliable and user-friendly equipment.

Customers visiting Viking International’s Glasgow warehouse can try before they buy at a dedicated John Bean demonstration area equipped with a b9455 wheel balancer and a T5000 tyre changer. The b9455 wheel balancer features a number of panted innovations, including virtual imaging, an adhesive wheel weight clamp and a split weight mode enabling stick-on weights to be hidden behind adjacent spokes on alloy rims. The T5000 tyre changer incorporates a double-acting bead breaker cylinder, a self-centring four-jaw chuck for fast and accurate clamping and pedal-controlled tyre inflation via air ports in the clamping jaws.

8th June 2009/by Tyrepress Editors

Goodyear Promoting Tyre Care During US Tire Safety Week

Goodyear is supporting National Tire Safety Week in the US – held between June 7 and 13, by highlighting the importance of correct tyre care. In promoting its efforts during the week, the American tyre major points out that tyres are second only to brakes in terms of importance as a safety feature on a vehicle – and only a third of motorists correctly check tyre inflation pressure.

Improper air pressure in tyres can lead to a multitude of problems, Goodyear notes. These range from uneven and accelerated tyre wear through to structural damage in a tyre. Furthermore, an under-inflated tyre also has the potential to affect tyre performance, including making a vehicle less fuel-efficient.

8th 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

Lanxess to Increase R&D by 10%

Specialty chemicals manufacturer Lanxess AG has announced plans to increase its research and development budget. Speaking at the company’s Innovation Day on June 5, Board of Management member Werner Breuers stated “innovation is an essential prerequisite if the company is to achieve sustainable long-term success, especially in these difficult economic times. That’s why we’ve increased this year’s investment budget to around 110 million euros, up 10 per cent on 2008.”

8th June 2009/by Tyrepress Editors

Discount Tire Entrepreneur Given Honorary Degree

Queen Margaret University in Edinburgh is to honour the founding father of America’s retail chain, the Discount Tire Company, with an honorary degree to be presented at a ceremony on 12 June. Rosalyn Marshall, vice principal at QMU, told national newspaper, The Scotsman, “This is a wonderful opportunity for the local community to be part of a unique university celebration and hear from two world-class entrepreneurs, both of whom have made their fortune in the tyre business. Both outstanding speakers, Bruce Halle and Sir Tom are sure to entertain and inform,” she concluded.

8th June 2009/by Tyrepress Editors