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The 10 millionth Hankook tyre rolled off the production line at the company’s Rácalmás, Hungary production plant in January 2010. According to the company, a Hankook Ventus V12 evo was the ‘anniversary’ tyre that came out of the heating mould, which is fitting because markets for UHP and environmentally friendly tyres have reportedly shown particularly strong growth in Europe.
Following earlier reports that Continental AG is considering producing some of its truck tyres in cooperation with Nizhnekamskshina, a spokesperson for Continental’s truck tyre division explained that the company is: “…not involved in either the construction or investment.” Continental’s representatives refuted rumours that the German manufacturer will establish its own manufacture of light commercial vehicle tyres in Russia after the subsequent close of its Hannover-Stöcken production site in Germany. “We are – as we have said – already providing technology and know-how. The decision as to whether tyres will be manufactured for us there is completely open. If we choose to produce there, it will be to secure a share in the growth of the Russian and CIS markets. We do not intend to produce for other markets,” he continued. The company made it clear that the Continental “technology” delivered to Nizhnekamsk will not be the used production equipment from the Stöcken plant.
The International Tyre, Rubber & Plastics Federation (ITRPF) has confirmed Alan Davis nomination as general secretary of the association. Alan Davis was originally nominated during a board meeting held at the Sheraton Conference Center at Frankfurt Airport on Monday 6 July 2009. Alan Davis has spent 36 years working in the tyre industry within various departments such as manufacturing, technical, tyre research, and purchasing. His last position was UK purchasing manager for Goodyear Dunlop. The federation is currently renewing its website and reportedly intends to intensify its activities and involvement in environmental concerns, technical and technological support, and industrial trends and development of tyre and rubber waste. The ITRPF is holding its next Annual General Meeting (AGM) on the 11 November at the InterCity Hotel in Celle near Hannover, Germany in conjunction with the AgriTechnica Show that will be held on 10 to 14 November 2009.
At present Continental reports an overcapacity of more than two million truck tyres in its European markets, a situation that has developed due to a “drastic” fall in demand during the opening months of 2009. To remedy this, the company is further reducing European truck tyre capacity by eliminating a number of jobs at and operations its Continental Matador Truck Tires facility in Puchov, Slovakia.
Continental says it has decided to remove 75 positions will be removed from Puchov by November 30 at the latest. On top of this, following a detailed analysis of the company’s machinery business, Conti will concentrate this aspect of operations to its Hannover-Stöcken plant in Germany. This measure, reports Continental, will affect around 190 Puchov based Continental Machinery employees.
Tyres & Accessories sister publication Neue ReifenZeitung recently published reports that Continental has been considering moving its truck tyre production East and linking it with certain Russian tyre makers in the wake of the announced closure of its high tech Hannover-Stoecken truck tyre production plant. For a number of years the Russian tyre manufacturer Nizhnekamskshina has worked together with Continental within the framework of a technical agreement, having previously been involved in a technical partnership with Pirelli. The possibility of forming a 50:50 joint venture has been talked about since 2007, however to date the entire result of this joint effort is that the Russians are building a truck tyre factory and Continental is “only” contributing know-how and organising production processes, as well as delivering all the required equipment. The target is said to be for production capacity to exceed one million all-steel tyres per annum.
Following Julien De Wilde’s decision not to seek re-election to the board of Bekaert, the steel wire manufacturer has nominated ex-Continental AG CEO, Manfred Wennemer as director. The appointment is subject to approval by the general meeting of shareholders, which will take place on 13 May 2009.
Manfred Wennemer was chief executive officer of Continental AG from 2001 until August 2008, when he stepped down at the point that Schaeffler Group’s hostile takeover offer appeared to have reached the point of no return. Wennemer, had previously fought hard for Continental to retain its independence. He holds a Masters degree in Mathematics from the University of Münster, Germany and an MBA from INSEAD Fontainebleau, France.
Autocar’s latest tyre test reports on the extent of the performance gap between premium and budget products when it comes to wet weather handling. Autocar tested five leading budget brands (GT Radial, Linglong, Nankang, Triangle and Wanli) against an established Continental tyre. The magazine conducted its own tests for wet handling and braking, dry handling and braking and aquaplaning, plus a stringent high-speed test at the Contidrom test centre in Hannover. Summing up Autocar senior tester Jamie Corstorphine said: “We expected the bargain tyres in this test to fall short of the Continental, but we were not prepared for just how poorly some performed.”
Production is being cut back at Continental’s three German tyre production plants. From December 4 until early January no truck tyres will be manufactured at the company’s Hannover-Stöcken facility, and other production adjustments will take place at this and the Conti factories in Korbach and Aachen.
Aeolus, a Chinese tyre manufacturer, recently introduced a new series of mega-trailer tyres, which are now making a strong impression on the company’s market position. Since the introduction, this specific series of tyres has been filling a need in the market, as is evident from the sales statistics of its European importer, Heuver Tyrewholesale. With the Dutch wholesaler’s support – in evidence in the company’s roadshow event following the Hanover Messe event – Aeolus hopes to achieve major brand status in the coming years. A promotional bus will visit current and potential customers to demonstrate different products from Aeolus Tyres. The road show was set up to further increase brand awareness and to inform customers about the products.
Watts Tyre Group is to launch two new products into the market in the coming months – the Premia Press On Band and the Sherpa Industrial Pneumatic. The Premia POB, which was unveiled at CeMAT in Hannover this year, represents a new generation of POB tyres designed with high performance applications in mind. Its contoured design has been engineered to produce low stress points at the band/rubber interface to give outstanding rubber to steel bond characteristics. Available in Traction and Smooth tread patterns, the Premia POB is also produced in Non Marking and Electrically Conducting compounds.
In the final quarter of 2008 Watts will be launching the Sherpa, a high quality Industrial Pneumatic designed to meet the most demanding of requirements. Watts’ initial field tests have shown that Sherpa outperforms other industrial pneumatics in its class, results that are supported by independent tests which show that it lasts longer under a variety of different conditions than a number of the industry’s market leading products.
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.
As temperatures in the largest takeover in Europe this year rise, Schaeffer Group has welcomed comments from Continental AG’s works committee. Writing to Schaeffler Group owner, Maria-Elisabeth Schaeffler, the committee said staff did not like the methods used by Schaeffler to gain a strategic stake in their company: “We have the impression that an investor has slipped in the back door to make a hostile takeover and dismantle the Continental group.”
Schaeffler offered an olive branch inviting the representatives to enter talks in return following earlier withering remarks about the ball-bearing maker’s trustworthiness from Conti supervisory board member, Thorsten Reese. “We simply have no trust [in them],” Reese, who speaks for the company’s middle managers told the DPA agency, adding: “They can promise us heaven and earth.”
“We stand by our commitments,” Schaeffler responded in a statement. “Continental should remain as a whole, including…the tyre business, as an independent, listed company with headquarters in Hanover,” said Dr. Juergen M. Geißinger, CEO of the Schaeffler Group. Schaeffler’s statement comes 12 hours before supervisory board members will meet in Hannover.
Volkswagen AG chief executive Martin Winterkorn says he backs Schaeffler Group’s takeover bid for Continental AG. Speaking to Germany news agency DPA, he described the proposed merger as “altogether positive” and warned that a protracted takeover battle would distract the two companies from their respective businesses. VW is a key customer for both Schaeffler and Continental.
Earlier German news sources had reported that VW was angry with Schaeffler Group for not tipping it off on its Continental takeover plans. Hannoversche Allgemeine Zeitung (HAZ) cited “company sources” as saying that Volkswagen expected to be let in on the plans. The HAZ story reported that Schaeffler chief executive, Juergen Geissinger, has since apologised to VW.
Continental AG has confirmed it has had “one brief conversation” about a possible engagement by Schaeffler-Group. Now the tyre and automotive supplier is said to be waiting for Schaeffler to substantiate its plans, before the management board of Continental evaluates these. The initial talks took place on Friday (11 July) afternoon. According to Continental AG, no further conversations took place.
The official statement appears to confirm a Financial Times (FT) report that Schaeffler had approached Continental about a takeover which could value Europe’s second biggest tyre company at more than 10 billion euros (5.8 billion). FT reports that Schaeffler generates 9 billion euros in revenues compared with Conti’s 26 billion euros.
Herzogenaurach, Germany-based Schaeffler is apparently aiming to take Continental private. One report, in the German daily Frankfurter Allgemeine Zeitung, said the company would consider spinning off the tyre business to help finance the transaction. However, a Continental spokesperson was swift to respond by saying the Hannover-based company would fight any hostile takeover: “In principle, our stand is that we have no reservations against investors who support our long-term strategy and our business policy and above all do not intend to break up Continental…Those who might want to launch a hostile takeover would need all the luck available because we will fight against it.”
With the world premiere launch of the latest Renault Magnum comes the unveiling of Michelin’s new X Energy SaverGreen tyre range. This new and exclusive offering, says Michelin, has been incorporated into Renault’s Optifuel Solutions range of products and services, and has been specifically designed to support the long haul national and international use Magnum truck.
Michelin became involved in Renault Trucks’ programme at a very early stage, and thus the French tyre major believes it has been able to make a significant contribution to the Magnum’s overall energy efficiency. The reduced fuel consumption achieved through use of X Energy SaverGreen tyres can deliver vital savings in a market where fuel prices currently account for up to a third of a haulier’s costs, and as a bonus, adds Michelin, CO2 emissions are also reduced.
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