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Sibur has suspended talks with the creditors of Amtel-Vredestein after Sberbank (which is Russia’s largest bank and responsible for 20 per cent of its debts) failed to decide whether or not to participate in the debt restructuring negotiations. However, company sources have reaffirmed their continued interests in buying Amtel’s assets.
A new report from business intelligence analysts Plimsoll investigates the prediction by restructuring specialists that the number of UK insolvencies will soar by 55 per cent towards the end of 2009, a figure that has more than doubled since the credit crunch. Addressed specifically to the needs of the 156 UK tyres, exhausts and batteries companies rated as being at high risk of failure, the report suggests that if they are to survive, they must start to fix their problems now. Copies of the report are to be sold for £350.
With the rate of allergies rising and spring on its way, air conditioning and air purity should be top priority says Beissbarth UK. The company has introduced Saniflux, a new purification system which can be easily integrated into their advanced technology MAC aircon range. Managing director Philip Hodges said: “Saniflux is highly efficient in terms of eliminating allergens, purifying the aircon system and neutralising annoying odours in the car interior.
Autoglym, as part of The Altro Group, has been named in The Sunday Times’ ‘100 Best Companies To Work For’. The Letchworth-based group, which employs over 500 people across six sites, was ranked at number 70 in the annual survey.
“We are very proud to have been named in this prestigious list,” said Paul Caller, Autoglym’s CEO. “It is a testament to our inclusive management style and the strong values upheld by everyone in the company. We all strive to make our products the best on the market in every sector of car care. It is the desire for perfection and the need to remain the best that generates our great staff morale and motivates us all.”
Scottish haulage company Ian S Roger has switched to an all-Michelin tyre policy for trucks and trailers following a successful in-house trial which saw a set of Michelin XDN2 Grip tyres on a drive axle return 260,000km with their first re-groove. Company director Colin Roger commented: “We initially trialled a set of Michelin’s and were amazed at the performance. Over the last decade we have fitted cheaper tyres to our vehicles in the belief that we would be saving money, but we never seemed to get any mileage out of them and suffered frequent punctures. It proved that in this business you really do get what you pay for.
“Our vehicles use a mixture of A-roads, motorways and occasionally go off-road when visiting livestock or agricultural customers, so tyres endure a hard life with us. XDN2 Grip tyres offer increased performance and traction over a variety of surfaces and, coupled with a complete Michelin fitment package, we have noticed a significant reduction in the number of tyre related breakdowns,” adds Mr Roger.
European tyre manufacturing body, ETRMA, has welcomed the approval of new requirements for the general safety of motor vehicles in yesterday’s first-reading agreement by the European Parliament. According to the association, the new type approval requirements recognise the importance of an integrated approach to tyre performance for consumers by considering both safety and environmental performance in the same act. “The implementation of this legislation will be challenging, but the tyre industry is ready to meet the challenge in light of the consumers and citizens interests,” said ETRMA president Francesco Gori. The challenge will be for the 27 enforcement Authorities to ensure consistent and effective market surveillance.
From ETRMA’s point of view the new regulation is about “environmental and safety objectives with challenging targets, while providing visibility and regulatory certainty for the next 10 years. It is about a single regulation, directly applicable in all the Member States, creating a level playing field in the EU.”
Kumho has stopped its production for a period of five days at its three Korean plants, following a drop in demand. The factories closed today (Thursday, 12 March) and will be closed until Monday, according to a release from the manufacturer.
Drivers at the upcoming Cyprus round of the World Rally Championship are to face an increased challenge on the island following the decision to supply competitors with only hard compound gravel tyres, despite the change of format to include a first day on asphalt in addition to the more traditional gravel surfaces of the later stages.
Mario Isola, the rally manager at Pirelli – the official tyre supplier to the WRC – stated, “this is a very demanding situation for our gravel tyres and surely the skills required from the drivers will be somewhat different. There is surely less grip but everyone has been surprised by how well the tyres stood up in the tests.”
Vehicle repairs cost an average 34 per cent more at car dealerships than at independent repair shops, according to a study by the Automotive Aftermarket Industry Association (AAIA). That price differential, AAIA said, results in $11.7 billion annually in excess costs to consumers. The study also reveals differences in the costs of parts and labor from city to city. Consumers in Los Angeles, the study showed, pay as much as 46.8% more for repairs at car dealers than at independent repair shops. (Tire Review/Akron)
The Firestone plant in Prescott, Arkansas will lay off 71 employees on 3 April 2009. Tina Gaines, a spokesperson for the plant, says the layoffs, based on seniority, were due to an “unprecedented decline” in construction.
The plant makes a high-performance synthetic rubber compound for roofing AND employs about 525. Firestone Building Products is owned by Bridgestone.
Schaeffler Group has reportedly obtained a form of bridge financing that gives the automotive supplier more time to negotiate long-term funding, the German Die Welt newspaper has reported. Schaeffler owner, Maria-Elisabeth Schaeffler, apparently agreed to contribute part of her fortune in the deal with a group of lenders including Commerzbank AG and Royal Bank of Scotland Group Plc, according to the report, which added: “The arrangement means Schaeffler is no longer in danger of breaching covenants in the coming months.” However, Bloomberg reports suggest the financing was drawn from a revolving credit facility and that companies “don’t usually draw on the facilities.”
First introduced at the 2008 SEMA show, Continental Tire North America is now launching its ExtremeContact DW at a ride-and-drive event in sunny California. The UHP tyre, designed to deliver serious performance on both dry and wet roads, is part of a new line of performance tyres from Continental that also includes the ExtremeContact DWS and the ExtremeWinterContact.
The ExtremeContact DW offers chamfered edges and a solid outer shoulder to enhance dry performance; dynamic temperature distribution to reduce distortion for enhanced energy delivery, lower rolling resistance and improved tread-life; and a high void to tread ratio with enhanced groove curvature to improve water evacuation for outstanding wet handling, the tyre maker said. (Tire Review/Akron)
Jaguar Land Rover is to receive a government grant of up to £27 million to help develop the “smallest, lightest and most efficient” vehicle it has produced. The announcement came as motor industry representatives met in London to discuss a £2.3bn support package. According to BBC News, the new model will be made at the company’s Halewood plant in Merseyside. The project will cost £400 million and a final decision on whether to proceed with production is due later this year.
Continental AG has opted to end production at its Hanover, Germany (truck tyre) and Clairoix (passenger car) production plants. Some 1900 employees at the two plants will be affected (780 in Hanover and 1120 in Clairoix). Truck tyre production at the company’s Puchov, Slovakia, (Continental Matador Rubber) will also be cut by 20 per cent.
Describing the current OE and replacement market trends as “steadfastly dire” a Continental statement explained that the company is basing the production cuts on the prediction that the market will not recover enough in the short or medium-term future to utilise existing production levels. Officials explained that the lack of demand has resulted in overcapacities of 15 million passenger and 1.7 million commercial vehicle tyres. The planned cuts focus on the Hanover and Clairoix plants, the statement added.
Toyota has announced that its two British factories in Burnaston, Derbyshire and Deeside, Flintshire will attempt to stave off the effects of recession in 2009 by reducing pay and production by 10 per cent. Affecting 4,500 workers across the two sites, the cutbacks will come in to bat on 1 April. The Japanese car giant stated that “the measures we have announced give us a greater opportunity to maintain employment through this difficult period,” while it was revealed in mid-February that managers will not receive any bonuses this year.
Reaction from unions has been noticeably free of ululating dissent, with Unite representative Peter Tsouvallaris telling The Guardian newspaper, “the agreement we have reached with Toyota will ensure none of our members’ benefits are eroded and that these skilled workers will remain in place and at work ready for when the upturn comes.” The news comes at a time when car makers are meeting with business minister Ian Pearson to discuss planned bailouts for the struggling industry.
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