Reports: Schaeffler Has Restructuring Plan
In an interview with German news magazine Der Spiegel, Schaeffler Group co-owner, Georg Schaeffler, indicated that the company has already submitted a restructuring plan to creditor banks. Pressure has been mounting for Schaeffler to release it plans to both the government and its creditors after the automotive supplier borrowed 16 billion euros to finance last years takeover of Continental AG. It is now struggling to make the high debt service payments it committed to, as a result of the credit crunch’s effect on vehicle manufacturers, and so has reportedly been considering a wide variety of refinancing and restructuring, including a debt-for-equity swap that could see the family owned business barter a significant stake with the banks. However, despite suggestions that the plan had been circulated to the appropriate parties, and hopes that the government will respond quickly…to avoid being drawn into the election campaigns, some banking sources told Financial Times Deutschland that the plans are as yet incomplete: “There are several short papers with fragmentary statements, but as a basis for decision making these papers are not suitable.
Continue ReadingGiTi Incorporates New UK Truck Subsidiary
On 26th January 2009 GiTi Tire Europe BV incorporated a new UK truck tyre subsidiary. Company representatives report that the Chinese tyre manufacturer initiated the move in order to enable the company to focus better on the specialist needs of the truck tyre market. Planning for the new subsidiary began in mid-2008, and the company now has premises, a third party logistics operation and three sales people on the road. The next appointment scheduled in the company’s lean business plan is the recruitment of an operations manager to oversee the truck tyre subsidiary’s back office operations.
Continue ReadingA Global Concern
The increasing globalisation of the automotive industry is an indisputable fact. Today’s leading companies, such as Toyota, General Motors, Renault/Nissan, Volkswagen and a handful of others, view expansion into as-yet untapped markets as a means of ensuring the profitable growth that established – and increasingly saturated – markets cannot deliver. A replacement for the masses of two and three wheeled vehicles still serving as family transport in various parts of the world is a well recognised need, and in several emerging markets the race is on to introduce “people’s car” that offers the right blend of modernity, efficiency and price. Exactly who will be first to produce such a widely-accepted car remains to be seen: It may be one of the smaller international manufacturers that seizes the inititave, or perhaps an emerging market company such as India’s Tata or China’s Chery. What is more certain, however, is that the the companies best placed to grow in the future are those that locate their centres of production in the markets where growth is taking place – and this is every bit as true for wheels as it is for the vehicles they are fitted to.
Continue ReadingFirst Stop Employees Maximise Their Retail Potential
Employees across the First Stop network have passed a new customer-centred training course with flying colours. The active learning course, entitled ‘Maximising Sales Potential in the Retail Tyre Business’, has been established by Bridgestone UK and accredited by the Institute of Motor Industry (IMI). The bespoke training programme focuses on the key specific processes within tyre retailing, concentrating on all the essential elements required to maximise sales potential, from initial enquiries to the satisfied customer. Due to its success, the course is being offered to Bridgestone’s network of dealers throughout the UK. Mark Fereday, from the First Stop network, said: “First Stop is committed to investing in its staff to ensure they are equipped with a wide range of skills. We firmly believe in rewarding excellence, and in the current climate, we recognise the importance of developing great customer service skills and giving staff the knowledge and confidence to maximise their sales potential.”
Continue ReadingApollo Board Approves Share Buyback Proposal
The Apollo Tyres Board of Directors has given its approval for a buyback of equity shares, as allowed by India’s Companies Act. The March 19 decision paves the way for a buyback programme of up to Rs 1.222 billion (£16.48), around 10 per cent of the company’s paid up capital and free reserves as of March 31, 2008. The buyback will be for a minimum of 67,00,000 equity shares, and the maximum buyback price is Rs 25 per share, on a face value of Rs 1.
Continue ReadingJohnson Controls: Check Your Bike Battery for 2009
Johnson Controls, the manufacturer of market-leading Varta motorcycle batteries, is reminding riders that they can take advantage of a free battery check at their nearest participating stockist. In addition a new 2009 pocked-sized Varta motorcycle battery catalogue is available to help riders choose exactly the right replacement battery to match the unit supplied with the bike or scooter as original equipment. The pocket guide has been updated to include over 300 new models, including the latest BMW bikes such as the R 1200 HPZ sport, and the F 800 GS. Varta’s range provides 98 per cent coverage of the UK two-wheel market. For commuting and sports bikes, VARTA LF AGM batteries are the ideal solution. They are vibration, spill and leak proof and 100 per cent maintenance free. They offer high starting performance and longer lifespan, while a low self-discharging rate means that they can withstand longer periods out of use.
Continue ReadingUniWheels – Now Number Three in Europe
The early 2008 acquisition of the ATS-Group’s European interests by the UniWheels group has led to the emergence of an aluminium wheel business that ranks number three in the European market. Subsequent to the purchase, which followed the insolvency of ATS Beteiligungs in July 2007, UniWheels has assumed the number three market position in Europe behind Ronal and Borbet (who produce approximately 12 million wheels per annum each) and ahead of Hayes Lemmerz and Turkish supplier CMS.
Continue ReadingStapleton’s Exclusive and Private Brands ‘Lead the Way’
As one of the largest distributors of passenger car tyres in the UK, Stapleton’s claims to be “leading the way” when it comes to private brands. The company offers a range of private and exclusive brands and offers dealer support packages that reward customer loyalty. Prestivo, Stapleton’s own brand range of tyres, is positioned as a quality mid-range tyre and. According to company representatives, new sizes and tread patterns are scheduled for release later in the year. The range is available exclusively to members of Stapleton’s Prestivo Partners scheme, which offers dealer support including: exclusivity, attractive rebates, branded clothing, not to mention posters, POS material and other branded support items.
Continue ReadingOZ Releases Range for Tuning Newcomers
A new entry-level range from OZ is catering for newcomers to the tuning scene that don’t want to look like beginners. Called the X-Line, the rim line-up is, says OZ, intended for those wanting a “taste of tuning”, and the manufacturer reports buyers will be “rewarded with real OZ rims at an entry-level price.” Three different products are currently available in the X-Line range. The Adrenalina is a five double-spoke rim design that is available in polished matt black or titanium. The outer struts of the spokes and the rim bead between the spokes is always silver turned. Six sizes are available. The five-spoke Energy features, says OZ, no edges or protruding angles. The manufacturer adds that the slightly lowered centre of the wheel gives the outer struts a fresh impetus, therefore rendering an elegant touch. The wheel is available in matt black or matt silver, and in three sizes.
Continue ReadingKwik-Fit Named Fleet News Top Fleet Industry Supplier
Kwik-Fit has beaten a string of companies responsible for delivering a range of solutions to Britain’s multi-billion pound fleet industry to be named Fleet Supplier of the Year by Fleet News. While Kwik-Fit Fleet has been a regular winner of the Best Fast-Fit Company title at the annual awards ceremony, which for more than two decades has been hosted by the fleet industry weekly newspaper, this is the first time that the company has beaten off competition from other sectors - including the likes of AA Business Services and RAC Fleet - to win the top supplier accolade. The Fleet Supplier of the Year Award is designed to identify the organisation which has gone the extra mile in providing exceptional service to fleet customers and has ‘stand out’ service levels, products and staff and a commitment to providing the best products or services. The award was presented at a ceremony at London’s Grosvenor House Hotel on March 18 and follows Kwik-Fit Fleet being named the nation’s top fast-fit company for an impressive 16 years in succession in the annual BusinessCar Awards announced earlier this year.
Continue ReadingNZ Wholesaler/Retailer Changes Name
One of New Zealand’s leading tyre marketers, wholesalers and retailers has announced a new name and corporate identity designed to represent the current and future direction of the business. From today, Goodyear & Dunlop Tyres (NZ) is the new trading name of South Pacific Tyres (NZ), the company that is custodian of the Goodyear and Dunlop brands, as well as the Goodyear Auto Service Centre, Beaurepaires and Frank Allen Tyres branded retail stores. Goodyear & Dunlop Tyres managing director and CEO Judith Swales stated, “Goodyear and Dunlop are the two of the world’s leading tyre brands, so we are very pleased and proud that they form the basis of our new trading name and corporate identity. The Goodyear & Dunlop Tyres name better reflects Goodyear’s ownership of our business whilst acknowledging the heritage and legacy that is synonymous with the Dunlop brand in New Zealand and Australia.”
Continue ReadingMichelin’s Bad Kreuznach Plant Reaches the Quarter-Billion Mark
Michelins factory in Bad Kreuznach, Germany has produced its 250 millionth tyre, an Energy Saver 175/65 R14 82T. This event gave the site the opportunity to celebrate with the plants manager, Cyrille Beau, the head of the Michelin Germany/Switzerland /Austria region, Dieter Freitag, the town mayor, Andreas Ludwig and some 200 site employees. The factory first entered production in 1966. Our technology is excellent and we have modern equipment and assembly lanes,” commented plant manager Cyrille Beau. “But, first and foremost, what distinguishes us from our competitors is our personnels know-how and commitment.
Continue ReadingAudi, Corvette Claim Victories in Michelin Green X Challenge
Proving their race cars to be both faster and greener than the competition, Audi and Corvette scored the prototype and GT race wins respectively while winning the first Michelin Green X Challenge awards at the Twelve Hours of Sebring, the opening event of the 2009 American Le Mans Series season. Making its first race appearance, the low sulphur diesel powered Audi R15 TDI prevailed in an epic 12-hour battle against archrivals from Peugeot to claim the race victory while also using less energy. The pairs of cars from the two teams exchanged the lead 23 times in the 12-hour race that produced new records for race distance and average speed.
Continue ReadingHungarian Manufacturers Scale Back Production
Tyre manufacturers in Hungary are reducing production due to a drop in demand, reports the business daily Világgazdaság. Hankook Tyre’s facility in Dunaújváros is operating at about 90 per cent capacity in the first half of the year, managing director Lee Sang Il informed the paper. The plants 1,200 workers will turn out about 5 million tyres in 2009. In 2008, the plant produced 4 million tyres, though it did not reach capacity until October. Hankook is also delaying the completion of an expansion at the facility until 2011. The first phase of the project, which will cost a total of 500 million euros, is already more than 60 per cent completed. When the capacity expansion is completed, the plant will raise staff numbers to over 1,500.
Continue ReadingGoodyear Agrees State Aid Deal to Retain Topeka Jobs
In the US, Goodyear agreed on Friday to a ten-year guarantee on the 1,400 jobs situated at its Topeka, Kansas plant in exchange for $14.2 million in state financing. The additional funds are to be used to support the refurbishment of the outdated production machinery housed at the plant. Previous reports had put the figure requested by Goodyear at $37.5 million, with the tyre maker wanting to invest $250 million in the proposed refitting. The commerce secretary David Kerr – who had voiced concerns at the size of the initial figure – stated to the Topeka Capital-Journal that the Kansas state Impact programme would support the issuance of incentive bonds for Goodyear’s benefit. The debt will be repaid through revenue generated by the company’s state payroll tax, he said.
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