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Tag Archive for: Report

Report Recommends Winter Tires on Ambulances

(Canadaeast News Service) Ambulance New Brunswick (ANB) is asking an Edmundston-based consultant who prepared a report on winter-tire testing to clarify its results. In a news release, the organization expressed frustration with Gilles Francoeur over delays, findings and unanswered questions in the report which was made available to ANB earlier this week. “With many initial questions still unanswered by this version (of the report), we have returned to the consultant for further clarification on some of the information,” said Preston Holmes, ANB’s director of clinical operations.

According to Local 4848 of the Canadian Union of Public Employees, which represents about 1,000 paramedics in the province, the report recommended a return to winter tires on ambulances. Officials from the provincial ambulance system and from the paramedics’ union agreed to conduct a series of tests last spring to measure the performance of several models of tire, including the brand used on every ambulance in New Brunswick.

22nd August 2008/by Tyrepress Editors

RMA Study Says Play Fields are Safe

A new study by the RMA says that athletic fields and playgrounds constructed with scrap tire-derived ground rubber “pose no adverse human or ecological health effects.”

“We believe this report will add to the growing body of evidence showing that the use of scrap tire rubber in these applications is not only safe, but has several major safety benefits,” said Michael Blumenthal, RMA vice president. “This report has reviewed the worldwide wealth of knowledge on this topic and we are hopeful that it will contribute to correcting any misperceptions about tire rubber in the environment.”

RMA said that recycled tire rubber is widely used as an infill material for synthetic sports fields and as a floor cover for playgrounds. In recent years, a number of outside critics, however, have suggested the ground rubber might pose health problems to those using such facilities.

RMA said that some 13 million scrap tires are used in these applications annually. (Tire Review/Akron)

20th August 2008/by Tyrepress Editors

Report: von Gruenberg Excluded From Conti/Schaeffler Talks

Hubertus von Gruenberg, Continental AG’s supervisory board chairman, has been excluded from negotiations with Schaeffler in spite of his approval of the potential takeover. According to the Financial Times Deutschland report, adviser Perella Weinberg Partners had suggested von Gruenberg and Conti’s personnel representative, Werner Bischoff, get involved to try and help break the deadlock in talks between Schaeffler and Conti CEO Manfred Wennemer.

19th August 2008/by Tyrepress Editors

Sales are Vanity, Profit is Sanity

According to market analysts Plimsoll Publishing, the company’s Tyre Manufacturers & Distributors report published in June, “prompted a backlash in the…industry.” In response to this, Plimsoll has produced an updated study to incorporate the very latest figures and bring the picture right up to date.

The feedback Plimsoll received from the original publication was that in general, companies were not experiencing too much difficulty in retaining sales. This is borne out in the updated analysis that puts current market growth at a respectable 5 per cent. Note however this is down from the previous year’s 7 per cent. 156 of the 200 companies analysed are said to be holding or increasing sales on last year.

13th August 2008/by Tyrepress Editors

Pirelli Factory a Potential Terrorist Target?

A report published by Italy’s La Stampa newspaper on August 12 suggests a possibility that Pirelli’s tyre manufacturing plant in Turin may be a planned target for terrorists. An anti-terror investigation has begun in Italy after police discovered detailed architectural plans for the Turin factory. While the report does not make clear where the plans were found, reference is made to an “encampment” inside a highway tunnel that is used by local homeless people.

13th August 2008/by Tyrepress Editors

Conti Considers Peer Acquisition to Defend Against Schaeffler Bid

Continental is considering the option of purchasing a peer company as part of its defence against the Schaeffler Group’s 11.3 billion acquisition bid, according to information published in the Financial Times on August 9. The newspaper quoted sources close to the situation as saying Conti was engaging in “concrete talks” with several listed and unlisted international rivals about a possible multi-billion-euro deal, however Conti has not commented on the validity of this news.

The report said any deal, which would be structured as an all-share bid, would most likely be funded via a capital increase of about 20 per cent, which would be worth more than 2 billion euros. The move would have the dual effect of strengthening Continental’s position, while simultaneously diluting the the value of Schaeffler’s stake. Schaeffler has previously warned Continental not to resist its bid by means of a large capital increase.

11th August 2008/by Tyrepress Editors

Schaeffler “Very Satisfied” With Bank Meeting

As report suggest investment banks have walk away from rescuing Continental AG from the Schaeffler Group’s hostile takeover, Reuters that the ball bearing maker has successfully arranged a 16.1 billion euro loan. Schaeffler is reportedly “very satisfied” with a bank meeting on the subject of raising the enormous loan. The sources said about 20 banks participated in the meeting.

11th August 2008/by Tyrepress Editors

Schaeffler Warns Continental Off Capital Raising Defence

Schaeffler Group has warned Continental not to employ a large capital increase as a way of warding off its 11.3 billion euro unsolicited takeover bid. Schaeffler’s move meant dropping a condition that would end the bid if Continental prepared to raise its share capital during the offer period, which is due to end on 27 August. “Schaeffler group thus counters market speculation that its offer to Continental shareholders could be prevented by such…measures,” an official statement explained.

6th August 2008/by Tyrepress Editors

Continental Bolsters Defences with Citigroup, HSBC

Continental AG has reportedly bolstered its defensive options against a hostile bid from Schaeffler Group with the appointment of Citigroup and HSBC to its defence teams. Quoting sources familiar with the matter, Reuters reported that the move will add two banks with the ability to lend cash from their balance sheets to Goldman Sachs, known for its defensive advisory work. The same source said defensive measure may include “a possible capital increase or striking a deal with a white knight.”

4th August 2008/by Tyrepress Editors

Michelin Shares Fall Nearly 5% Due to Earnings Worries

Michelin & Cie shares fell 4.8 per cent on July 28 following a published report that the tyremaker’s first-half earnings have failed to meet management targets. Shares fell 2.31 euros to 45.49 euros, furthering the stock’s decline this year to 42 per cent and valuing the company at 6.6 billion euros.

According to a French financial newsletter, Michelin will announce cost-cutting measures at its July 30 earnings presentation, and jobs cuts will also possibly be tabled. Profits have been whittled away by weakening demand for cars in mature markets, which has made it harder to pass on raw material price increases to customers, Some analysts, including London based Adam Jonas from Morgan Stanley, have cautioned that Michelin may find it difficult to implement recently announced price increases.

29th July 2008/by Tyrepress Editors

Trelleborg Release Half-Yearly Report

Trelleborg, the industrial group specialising in advanced polymer and applied technology, has released its six-month interim report. The document supports a view of sustained “favourable growth and improved earnings”.

The Swedish firm, which has operations in 40 countries, has announced that: “The order and delivery scenario remained favourable during the second quarter, with organic growth of 7 percent; Operating profit for the quarter in continuing operations, excluding items affecting comparability, was the strongest to date and increased to SEK 734 M from 596, while the operating margin increased to 8.7 percent from 7.5; Four acquisitions were completed during the quarter, adding combined annual sales of approximately SEK 750 M; and As a result of the restructuring program for Trelleborg Automotive that was announced in April 2008 that affects the Fluid Solutions business unit, operating profit for the quarter was charged with SEK 353 M and SEK 238 M after tax.”

25th July 2008/by Tyrepress Editors

Board Member: 90-100 euros ‘Appropriate’ Continental Price Tag

Financial Times Deutschland is reporting that an unidentified Continental AG supervisory board member said a takeover offer of between 90 and 100 euros per share would be more appropriate, than Schaeffler Group’s current 70.12 euros bid. The report also suggested that a foreign investor could be about to launch a counter-bid for Continental, making Schaeffler’s all German takeover bid appear more acceptable.

However market analysts are casting doubt over this theory: “I wouldn’t know of any industrial company that could make a counter-bid,” said Stephan Thomas, a fund manager at Frankfurt Trust Investment GmbH in Frankfurt. “Given the current credit- market turmoil, it’s unlikely that private equity companies will do so,” he told Bloomberg.

24th July 2008/by Tyrepress Editors

Court Rule Against Tiremakers in Data Reporting Suit

The U.S. Court of Appeals rejected an RMA argument concerning public access to early warning data tiremakers are required to supply the government under terms of the TREAD Act.

The court, in a case involving Public Citizen, said the “plain language” of the TREAD Act precluded attempts to keep private certain early warning data. Tiremakers are required to provide NHTSA with a wide range of information they collect on accidents resulting in deaths, injuries or property damage. However, they claimed, through the RMA, that such information should not be released publicly as it is often incomplete and could be misinterpreted. (Tire Review/Akron)

24th July 2008/by Tyrepress Editors

Recyclatech Researches Using Microbiology in Tyre Devulcanisation

The Recycling Commercialisation Centre has awarded funding to Scottish tyre recycling company, Recyclatech, to further develop a technique designed to make rubber easily bondable with natural or synthetic rubber. According to a Plastics & Rubber Weekly report, the rubber can then be reused in car tyres and products such as basic underlay for carpets, soundproofing materials for apartments and Wellington boots. Furthermore, Recyclatech’s process is said to be ideal for disposing of waste tyres. In this process worn out tyres are crumbed into small particles, which are then put through the microbiological technique.

24th July 2008/by Tyrepress Editors

Conti: Schaeffler Takeover is ‘Desirable’

Schaeffler Group’s so-called “sneaking takeover” of Continental AG now appears to be unstoppable, following the supervisory and executive boards’ decision that an agreement with Schaeffler is “desirable.” The supervisory board has consented for the executive board to enter into direct negotiations with Schaeffler for either a better premium for Continental shareholders or to persuade it to limit its stake. Both boards agreed, after intensive deliberation, that Schaeffler’s revised 11.3 billion euro offer does not value the company sufficiently highly “and fails to reflect the best interest of the company.” In response Schaeffler cautiously welcomed Continental’s decision: “The Schaeffler Group welcomes that the management and supervisory boards of Continental AG are of the opinion that an agreement with Schaeffler Group is desirable…[and]…is now waiting for Continental AG to substantiate their expectations.”

What really rattled Continental about Schaeffler’s original offer, which was the lowest it legally could have been under German law (market regulator Bafin up it from 11.2 to 11.3 billion so it would match its minimum calculation), was that it does not take tax disadvantages and increased re-financing costs triggered by such a bid into account. This is something that is particularly significant in Hannover because Conti is one of the most high leveraged tyre businesses around. And if that isn’t enough Schaeffler’s takeover will trigger a renegotiation of the terms of the 13.5 billion euro loan Conti took out to buy Siemens VDO. When you take the credit crunch into account, it will be difficult for Conti to secure the same terms it did then.

24th July 2008/by Tyrepress Editors