automotive Archives - Page 63 of 143 - Tyrepress

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Schaeffler Walks Away Without State Aid After Initial Talks

Schaeffler Group and Continental AG walked away empty handed from financial support talks with federal ministers. They also received this advice: a “viable and forward-looking” plan, agreed on with creditors, is “a prerequisite for further negotiations.” According to an earlier Reuters report, Schaeffler Group had “sounded out” the German government about the possibility of 4 billion euros ($5.23 billion) in capital. The Federal talks came after talks with German states, including Bavaria, Lower Saxony and Baden-Wuerttemberg were unsuccessful. For its part Bavaria’s government said only loan guarantees would be considered.

The delegation will have to rethink its approach after German Finance Minister Peer Steinbrueck said taxpayers wouldn’t be funding Schaeffler: “It’s not the job of the state to intervene in cases in which business decisions were possibly not thought through enough,” Steinbrueck Berliner Zeitung.

30th January 2009/by Tyrepress Editors

Conti Names New Interim CFO

Following the announced departure of Dr. Alan Hippe from Continental AG and his appointment as CFO of ThyssenKrupp, the German tyre and automotive component manufacturer has announced a successor to fill Dr. Hippe’s shoes – for the time being. According to the German Press Agency, Continental manager Gérard Cordonnier will take on the job of acting CFO as of March 1. Cordonnier will assume this position in addition to his current role of financial chief of the company’s Interior division. He will not, however, become a member of Conti’s Board.

29th January 2009/by Tyrepress Editors

Pirelli Enters Agreement With Brembo, Magneti Marelli

Pirelli, along with Italian brake systems specialist Brembo and technology systems manufacturer Magneti Marelli, has announced the commencement of a cooperative technological agreement. The aim of this joint work, says Pirelli, is to develop leading edge solutions for the Italian and international automotive industry.

28th January 2009/by Tyrepress Editors

Pirelli Carlisle Factory to Close for a Week

News published by the Cumberland News on January 28 indicates that Pirelli’s factory in Carlisle will close for a week in February. The newspaper talks of a phased shutdown at the factory beginning at the end of the month, and this report is the latest in a serious of setbacks experienced by plant workers – since summer 2008 around 80 employee redundancies have been announced, and the factory’s planned Christmas period shutdown was also extended due to a downturn in sales.

28th January 2009/by Tyrepress Editors

Mandelson Announces £2 billion Automotive Industry Loan Scheme

Yesterday the government announced a package of measures designed to defrost more than £2 billion automotive industry credit that has frozen as a result of the global economic downturn. The measures include guarantees to unlock loans of up to £1.3 billion European Investment Bank (EIB) guarantees for investment in lower carbon initiatives and loans or loan guarantees to support of up to £1 billion of lending for lower carbon initiatives for non-EIB backed projects. Shadow Secretary of State for Business, Enterprise and Regulatory Reform, Ken Clarke, criticised the measures for being “small beer.”

But will the funding offer assistance to UK tyre manufacturers? Here’s what the small print has to say: The measures will “apply to projects over £5 million.” Crucially the announcement specified that UK-based automotive parts suppliers with an annual turnover of £25 million or more could also be considered. UK-based manufacturers of construction equipment (such as diggers and bulldozers) and suppliers that meet the criteria of the framework will also be eligible to apply. The catch is that loan guarantees will only apply to “low carbon” projects. No date for the commencement of loans and loan guarantees under the framework has yet been set since it is dependent on European Commission clearance.

28th January 2009/by Tyrepress Editors

Schaeffler Seizes Control of Conti Board

Schaeffler Group seized control of Continental AG’s supervisory board on 24 January. The Emergency General Meeting (EGM) held at the weekend concluded with chairman Hubertus von Gruenberg stepping down, reportedly to be replaced by Rolf Koerfer, a long-term Schaeffler Group legal aid and partner at Dusseldorf- based law firm Allen & Overy. At the same time, the ball bearing maker was able to negotiate the nomination of group owners Maria-Elisabeth Schaeffler and Georg Schaeffler, not to mention company CEO Dr. Jürgen M. Geißinger to the Conti board.

This shift in the balance of power led to the supervisory board “taking note” of Conti executives’ suggestion to “initiate a process to create an organizationally and legally independent Rubber Group.” In Schaeffler’s words, to “carve out” the rubber group into a separate entity. According to the company, this process will be overseen by the current (but apparently outgoing) chairman of the supervisory board, Hubertus von Grünberg. So while von Grünberg “wants to make his chairmanship available at short notice” he will continue to be a member of the supervisory board.

26th January 2009/by Tyrepress Editors

December Figures Show Marked Drop in UK Vehicle Production

December vehicle production figures released by the Society of Motor Manufacturers and Traders Limited (SMMT) show a sharp drop in UK production of both passenger and commercial vehicles. During the month a total of 58,823 passenger cars were produced in the UK, a 47.5 per cent decrease on the previous year’s December production. Just 6,290 commercial vehicles were manufactured in the UK during December, representing a drop of 56.7 per cent.

23rd January 2009/by Tyrepress Editors

Pirelli Opens New Canadian Distribution Warehouse

Pirelli Tire Inc has opened a second warehouse distribution centre. The new facility is located in Vancouver, British Columbia, and the company reports that it is “dedicated to servicing customers in western Canada.” Pirelli has appointed Schenker Distribution to manage the operations effective immediately. Despite widely publicised tribulations in the automotive sector, Pirelli’s continuing growth in Canada makes capacity expansion necessary at this time, Marco Zambianchi, vice-president & general manager of Pirelli Canada, explained: “As our brand continues to grow, this addition will ensure that our dealers can fully satisfy consumer demand in a timely fashion.” Pival International Inc. remains the company’s primary distribution centre in eastern Canada.

23rd January 2009/by Tyrepress Editors

Pirelli Opens Second Canada Distribution Centre

Pirelli has opened a second tyre distribution centre in Canada. Located in Vancouver, the new facility will service customers in the country’s western region. The new facility will be managed by Schenker Distribution. According to Pirelli, its continuing growth in Canada, despite the automotive sector’s current downturn, necessitates an expansion of capacity at this time.

22nd January 2009/by Tyrepress Editors

Firestone Complete Auto Care Opens 1,500th US Outlet

On January 23 Bridgestone’s US retail operation, Bridgestone Retail Operations, LLC (BSRO), celebrates the opening of its 1,500th Firestone Complete Auto Care location. Outlet number 1500 is located in the Illinois town of McHenry, and upon opening the centre joins the largest network of company-owned automotive service providers in the world.

“We are so proud to have achieved this great milestone,” said Larry Magee, chairman, CEO & president of BSRO. “When Harvey S. Firestone opened the first Firestone Service Center in the early 1900s, opening 1,500 stores was only a dream. We’re proud to have turned that dream into a reality

21st January 2009/by Tyrepress Editors

Michelin Reports ‘No Urgent Need’ For Funding

The French government has offered to pump up to six billion euros into the nation’s battered automotive industry, but Michelin says it doesn’t require state assistance. Despite being hard hit by declining global vehicle sales, the tyre maker said on January 20 that its debt financing needs were for the time being covered.

21st January 2009/by Tyrepress Editors

Training For Life

Michelin Training Instructor Nigel Williams has returned from a visit to Zambia, during which he put his hand to reducing one of the country’s greatest causes of death. The 35-year old from Uttoxeter travelled to the African nation for a two-week assignment with the international development charity Transaid. Williams provided tyre related driver safety training for commercial vehicle driver instructors at the Industrial Training Centre Trust (ITCT) in the Zambian capital, Lusaka.

20th January 2009/by Tyrepress Editors

European New Car Market Continues Slump

JATO Dynamics, a provider of automotive data and intelligence, reported the European new car market fell by 7.8% (1,227,941 units) during 2008, recording a steady decline since May. Though the market maintained a strong growth at the start of 2008, in May the global economic crisis began to take its toll. The picture is yet more bleak when comparing figures over the second half (July to December) of 2008 to the same period in 2007, as the market recorded a 14.5% drop.

Perhaps unsurprisingly, in December alone, the European new car market fell by 17.8 per cent (196,337 units), when compared to the same month in 2007. However, whilst this signals the market performing poorly, it is less of a reduction in sales than the previous month. Total new car sales throughout Europe during 2008 stand at 14,459,714. (Tire Review/Akron)

20th January 2009/by Tyrepress Editors

Johnson Controls Reports First Loss in 16 Years

Battery and automotive components manufacturer Johnson Controls has posted its first quarterly loss since 1993. Details of the company’s negative performance was given on January 16 along with news that employee wages are to be frozen and bonuses cut. A second quarterly loss is also anticipated, the company disclosed.

A decrease in sales of almost 23 per cent led to the US$608 million first fiscal quarter loss, said Johnson controls. Excluding non-cash charges, the loss equates to $82 million, or 14 cents a share, compared with $235 million or 39 cents a share in profit during the same period of fiscal 2008.

19th January 2009/by Tyrepress Editors

Apollo Tyres Net Profits Fall Almost 90%

Apollo Tyres Ltd has reported a nearly 90 per cent fall in net profits in the third quarter of the company’s 2008/2009 financial year. Consolidated net profit after tax totalled just 89 million rupees (£1.254 million, 1.383 million euros) compared with 820 million rupees (£11.553 million, 12.749 million euros) in the previous year. The greatly reduced profits come off the back of a roughly 10 per cent decline in consolidated revenue, which fell from 12.4 billion rupees (£175 million, 193 million euros) to 11 billion rupees (£155.074 million, 171.234 million euros).

19th January 2009/by Tyrepress Editors