Continental reports the planned early redemption of the $950 million, 4.5 per cent coupon USD bond that company subsidiary Continental Rubber of America, Corp. issued in September 2012. The redemption will now take place on 15 September 2015, four years earlier than the original maturity date, with a redemption price of 102.25 per cent.
“End this madness now,” is the Freight Transport Association’s message to the French Government after ferry workers threatened a second week of cross-Channel disruption. A four-day strike by MyFerryLink workers saw burning tyres thrown on the Eurotunnel tracks and 30 miles of lorries stacked on the M20 in Kent. Industrial action was suspended on Thursday but further walk-outs are threatened from next Tuesday and FTA deputy chief executive James Hookham says enough is enough.
On 23 June, Bridgestone’s tyre factory in Burgos, Spain was granted ISO 50001 certification for energy management. The facility is the first Bridgestone manufacturing plant in Europe to achieve ISO 50001 certification, and the second in the world after the Wilson County facility in the USA. Bridgestone’s European Technical Center near Rome, Italy, is also ISO 50001 certified.
Walkenhorst Motorsport completed its first ever win in its BMW Z4 GT3 car following an intense battle in the heat of the Nürburgring Nordschleife in the fourth round of the VLN Endurance Championship. The result was also significant for Dunlop, since it marked the first win achieved on the brand’s new generation GT3 tyres since they were introduced for the 2015 season. The VLN championship features open tyre competition, with seven different tyre manufacturers in the running.
There’s been no happy ending in the insolvency proceedings related to German retreader Respa. Our sister publication Neue Reifenzeitung reports insolvency administrator Elisabeth Roggenhofer as confirming the permanent closure of the Respa retreading operation in Passau. The 19 employees at the Respa GmbH retreading facility have received their notice of termination.
York-based supplier of recycling equipment and solutions, Easi Recycling has added a new, high capacity product to its portfolio of balers and compactors. While the company’s range has always included tyre balers, the newly upgraded line now includes the higher output W8500H baler. Processing between 400 and 500 tyres per hour, with an 85 ton pressing force and increased support pressing plate, the W8500H has been designed and manufactured purposefully for the tough material waste management of vehicle tyres, Easi states.
New figures released by the Society of Motor Manufacturers and Traders (SMMT) confirm the growing strength and vitality of the UK automotive industry and its ascendancy as a major global player. SMMT’s 16th annual Sustainability Report confirms the sector is breaking new records, with turnover hitting an all-time high of £69.5 billion in 2014. Manufacturing output, vehicle sales, jobs and export values also grew, while the environmental impact from vehicle production has been reduced dramatically.
A couple of months ago we discussed the “restructuring” of relatively large and modern Chinese manufacturer Deruibao Tire. Back then, Qingdao Doublestar was top of the list of firms connected with an acquisition/cooperation/merger rescue orchestrated by the local government. A month later government-owned ChemChina announced that it was buying Pirelli. This latter point has been covered in some depth in the pages of Tyres & Accessories, especially in our April edition. The Pirelli/ChemChina story will no-doubt garner more attention as the very complex outworkings of the deal are walked out, but what remains of interest is the way in which both the local Chinese market and the global industry are engaged in a period of both parallel and inter-connected consolidation.