Hans-Joachim Brand Leaves Continental
Hans-Joachim Brand (53), who, until the end of 1999, was responsible for the British tyre retail chain NTS, left Continental last month.
Hans-Joachim Brand (53), who, until the end of 1999, was responsible for the British tyre retail chain NTS, left Continental last month.
Under the terms of the agreement Reedijk Banden Import will operate autonomously and current managing director, Marcus Reedijk will retain responsibility for the day to day running of the company. The Van den Ban group expects to realise a much stronger market position for its wholesale tyre activities. As a result of the acquisition the turnover of Van den Ban Autobanden B.V. is expected to rise to Euro 160 million.
Continental has denied reports in Indian newspapers that it has a 15% shareholding in Apollo Tyres. Continental is in talks with other companies in India but the results will not be announced until later this year.
Reifen Köhrich, the dealer which has ten outlets in Berlin, has chosen to become Bridgestone’s partner in the “First Stop” programme. The contract runs for ten years and was signed 14th March.
Michelin has announced a fall in net profits, from 535.5 million Euros to 154.4 million Euros for 1999. This is even lower than latest predictions of financial analysts. The figures were affected by the inclusion of a special provision of 370 million Euros, made to cover the entire cost of Michelin’s three-year restructuring plan. However, operating profit for the year rose to 1.23 billion Euros; an increase of almost 15%.
Peter Schütterle is once again in the driver’s seat at Pneuhage after the resignation of three managers. Hanshugo Sürth, Kurt Scholl and Holger Abeln left the company on 13th March. The company, one of the largest tyre retail and wholesale groups in Germany, made a loss last year. This came as a big surprise – possibly even for Schütterle, the owner of the group, who until now has not been involved in the group on a day-to-day basis.
Continental’s profit figures have improved for the sixth time running. Group turnover was 9.13 billion Euros (including Continental Teves business for the first time). EBIT rose to 511 million Euros.
Meritor Automotive, a subsidiary of the Rockwell group, has announced the expansion of production at its wheel plant in San Luis Potosi (Mexico) to two million units annually. The expansion is necessary because of increased demand in the North American OE market for light truck and pick-up wheels and includes the completion of assembly facilities. A major consumer is Daimler Chrysler (Dodge Ram).
Robert McEniry (52) has been named as Chief Executive Officer of the Tyre Unit in which Pacific Dunlop and Goodyear each hold a 50% stake. John Gurrieri gave up his post in February to seek new challenges.
Carlos Ghosn, once top man of Michelin in the USA will become President of Nissan, effective 1st April 2000, in addition to his post as Chief Operating Officer. Ghosn is interested in speeding up the Nissan Revival Plan, implemented in October last year.
The Wirtschaftsverband der Kautschukindustrie (German association of tyre and rubber manufacturers) is pointing out the necessity of price increases as soon as possible to offset ongoing increases in raw materials costs (rubber, oil, carbon black).
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There are rumours in the market that the industry will raise tyre prices – maybe even this week – to cover increases in raw materials (rubber, oil, carbon black). As production capacities have been expanded during the last 24 months, it is doubted whether any increase will stick due to market pressure.
Michelin intends to increase its share of the growing and highly profitable high performance market. Any gain of market share would be at the expense of Pirelli and Continental.
Nokian Tyres strengthens its retail network by purchasing Rengasmestarit-Kumi-Helenius Group that has 31 tyre retail outlets in Finland. After the acquisition, Nokian Tyres’ retail network covers the whole of Finland. The purchase price is 8.3 million euros. In 1999, the company’s net sales amounted to approximately 34 million euros and it employed 240 people.
Rumours in the tyre market anticipate record sales for the Continental Group of almost 9 billion Euros for 1999, mainly due to the integration of Teves. This rise also presents a 30% increase in EBIT to around 520 million Euros. Exact figures were made available in early April.
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