You are here: / restructuring

Posts

Continental to streamline board as members to leave early

,

Continental has initiated a restructure of its management following a meeting of its Supervisory Board on Thursday. Board members Helmut Matschi and Frank Jourdan will leave the company prematurely. Matschi (58) and Jourdan (61) were originally to stay in position until 2024. As of January 1, 2022, the company will retain only five board members. The group will also integrate its activities into three corporate divisions: Automotive, Tires and ContiTech.

The rest of this article is for subscribers only:
Log inSubscribe

Related news:

  1. Reinhart confirmed as Continental’s new HR head
  2. Continental reorganises top management within Tire division
  3. Continental’s Setzer appointed to new Automotive role; Kötz named Tire division head
  4. Continental bosses lay foundation stone for new HQ
/by

Springwater injects 43 million euros into Fintyre

,
The first months of 2020 marked a difficult time for the company, which worsened due to the Covid-19 pandemicFintyre

Springwater Capital has been confirmed as Italian tyre wholesaler Fintyre’s new shareholder, bringing with it 43 million euros of new capital – a figure that is in-line with reports suggesting Springwater’s involvement back in November 2020. Springwater Capital, founded in 2002 and led by managing partner Martin Gruschka, specializes in the turnaround of European Mid-Caps with a long-term investment horizon.

The rest of this article is for subscribers only:
Log inSubscribe

Related news:

  1. European FinTyre Distribution buys Reifen Krieg
  2. Fintyre to open London head office
  3. Restructuring announced as Fintyre Group misses January wages
  4. Fintyre initiates debt restructuring programme
/by

China’s State Council approves ChemChina, Sinochem restructuring

On 31 March, Pirelli & C. S.p.A. received a notification letter from China National Chemical Corporation Ltd. (ChemChina) stating that ChemChina had received a notice regarding its restructuring and that of Sinochem Group Co., Ltd., (Sinochem Group) from the State-owned Assets Supervision and Administration Commission (SASAC), a commission of the State Council of the People’s Republic of China.

The rest of this article is for subscribers only:
Log inSubscribe

Related news:

  1. Pirelli major shareholder Chemchina restructuring
  2. Who is ChemChina?
  3. Pirelli truck tyre business to merge with Aeolus
  4. ChemChina now holds 30% of Pirelli shares
/by

Bridgestone – 40% fewer plants by end of 2023?

Bridgestone Corporation

Bridgestone Corporation has shared details of its Mid-Term Business Plan for the three-year period from 2021 to 2023, and this plan entails significant changes for the company’s manufacturing footprint. In a presentation given by chief executive officer Shu Ishibashi, Bridgestone outlines the direction this restructuring will take.

The rest of this article is for subscribers only:
Log inSubscribe

Related news:

  1. Bridgestone to close Bethune, France plant
  2. Bridgestone Béthune closure ‘a premeditated assassination’ – Bertrand
  3. Béthune tyre factory closure ‘the only viable path’: Bridgestone
  4. Bridgestone restructuring manufacturing footprint, investing in Solutions to create ‘leaner’ company
/by

Fintyre submits settlement plan

,
The first months of 2020 marked a difficult time for the company, which worsened due to the Covid-19 pandemicFintyre

Roughly a year after its German operations collapsed, late in the evening of Friday 12 February, the Italian parent company Fintyre filed a settlement plan with local courts. According to the Italian members of our international publishing group, Pneusnews.it, it is a decisive step for the company from Seriate, in the province of Bergamo.

The rest of this article is for subscribers only:
Log inSubscribe

Related news:

  1. ‘Only efficiency will save tyre distributors’ – Top 5 European tyre wholesaler Fintyre
  2. Fintyre initiates debt restructuring programme
  3. Marangoni selling Pneusmarket to Fintyre
  4. Fintyre now sole Italy distributor for Triangle tyres
/by

Toyo Tires utilising European know-how for global product lines

As part of a range of structural changes taking effect on 1 April, Toyo Tires will draw upon its experiences making tyres for the demanding European market in order to benefit its development programme for other regions. The tyre maker is integrating its Europe/Module Development department, which currently operates under the Technology Development division within its R&D Headquarters, into the R&D Headquarters’ Replacement Tire Development department.

The rest of this article is for subscribers only:
Log inSubscribe

Related news:

  1. Heads roll at Toyo in light of earthquake dampner scandal
  2. Toyo Tire expanding R&D capabilities at US plant site
  3. New headquarters for Toyo Tire
  4. Toyo Tires unveils noise reduction technology
/by

Bridgestone restructuring manufacturing footprint, investing in Solutions to create ‘leaner’ company

Outlining Bridgestone Corporation’s Mid-Long Term Business Strategy on 22 December, chief executive officer Shu Ishibashi spoke of the company’s plans through to 2023. The immediate priority has been to implement crisis management measures to address the impact of COVID-19; Bridgestone began implementing these in 2020, and the measures extend into this year. Beyond this, Bridgestone will work to rebuild earning power within the core Tire & Rubber business.

The rest of this article is for subscribers only:
Log inSubscribe

Related news:

  1. Bridgestone first partner to IPC video game
  2. Caterpillar ‘Platinum’ certification for 4 Bridgestone tyre plants
  3. Despite postponement, Bridgestone remains committed to Olympics
  4. Bridgestone to offer customised retreads as part of fleet subscription model
/by

Aachen tyre plant: Continental blocking potential investors, says union

Strong words from one of the unions representing workers at the Continental tyre factory in Aachen, Germany. Speaking with Munich-based newspaper Süddeutsche Zeitung, IG BCE trade union chairman Michael Vassiliadis stressed that the planned job cuts “will be expensive”. He also claimed that Continental has turned away potential investors.

The rest of this article is for subscribers only:
Log inSubscribe

Related news:

  1. Continental to expand restructuring programme to save 1 billion euros by 2023
  2. Axing for the sake of axing: Unions denounce closure of profitable Continental tyre plant
  3. France: Michelin, unions agree on support programme for redundant employees
  4. Continental shares set to continue outperforming estimates in 2021 – analysts
/by

Nynas exits reorganisation

,
Nynas

Nynas has exited company reorganisation after Swedish courts confirmed the process is now complete following a creditors meeting. The court’s decision is effective 21 December 2020. After this, Nynas will no longer be limited by reorganisation regulations.

The rest of this article is for subscribers only:
Log inSubscribe

Related news:

  1. Nynas exits US sanctions
  2. Bitumina becomes Nynas’ largest shareholder
  3. Nynas considering India expansion
  4. Nynas enters restructuring process
/by

Continental shares set to continue outperforming estimates in 2021 – analysts

,

Financial analysts have reiterated their “buy” rating on Continental AG shares, while also raising price target from 150 euros from 123 euros previously. In short, Continental AG is expected to continue outperforming consensus estimates. Writing in an investors note dated 18 November, Jefferies equity research said: “Tyre margins will return to an industry leading greater than 15 per cent in full-year 2021. Conti remains among the least liked stocks in the sector which provides positive surprise potential.”

The rest of this article is for subscribers only:
Log inSubscribe

Related news:

  1. Analysts highlight ‘difference in momentum’ between Continental and Michelin results
  2. Conti rated as ‘buy’ for ‘best cost base’ in the tyre business
  3. Conti looks back on ‘overwhelmingly positive’ year on the DAX
  4. Aachen tyre plant: Continental blocking potential investors, says union
/by

Restructuring expert joins Delticom Management Board

Online tyre and wheel retailer Delticom AG has appointed Dr Harald Blania to its Management Board. He became a board member on 14 August and will serve a fixed-term that expires at the end of 28 February 2021.

Read more

Related news:

  1. Mytyres.co.uk Updates Site Design
  2. New warehouse to keep Delticom ‘agile’
  3. Michelin Auto Professional annual conference explores online opportunities
  4. Delticom restructuring – will an investor save the day?
/by

Continental to expand restructuring programme to save 1 billion euros by 2023

,
Continental AG

Continental is expanding the restructuring programme it initiated in 2019. The company is adding further measures to cut costs and increase efficiency to its Transformation 2019-2029 programme. The tyre manufacturer wants to achieve gross annual savings of more than 1 billion euros by 2023. This is significantly more than previous targets – in fact more than doubling the initially quoted figure. In total it expects the changes to affect more than 30,000 jobs worldwide. Its workers in Conti’s domestic market in Germany will be the largest part, with 13,000 affected jobs. A further major proportion will be in countries with high labour costs. Conti says these jobs will be modified, relocated, or made redundant. Conti says the programme aims to ensure its viability and strengthen global competitiveness in the long term.

Read more

Related news:

  1. Continental announces major organisational realignment
  2. Supervisory Board approves Continental realignment
  3. Job cuts, changes: Continental responds to evolving automotive market
  4. Revisiting the past for a better future – Continental looks at Nazi era activities
/1 Comment/by

Fintyre initiates debt restructuring programme

,
The first months of 2020 marked a difficult time for the company, which worsened due to the Covid-19 pandemicFintyre

On 15 June 2020 Italian tyre distributor Fintyre filed an application for admission into a debt restructuring arrangement with creditors to preserve “business continuity and better safeguard the interests of its creditors and of all the subjects who, for various reasons, have relationships with Fintyre”, according to our Italian group publication PneusNews.it. Related businesses Franco Gomme and Tire Retail (Pneusmarket) are not part of the arrangement.

Read more

Related news:

  1. ‘Only efficiency will save tyre distributors’ – Top 5 European tyre wholesaler Fintyre
  2. European FinTyre Distribution buys Reifen Krieg
  3. Fintyre to open London head office
  4. Restructuring announced as Fintyre Group misses January wages
/by

Restructuring announced as Fintyre Group misses January wages

,

The Fintyre Group has grown considerably since Bain Capital first acquired Italian tyre wholesaler Fintyre early in 2017, but what does the future hold? Tyrepress.com understands that the company has told its employees in Germany that a restructuring of the Fintyre Group is taking place, and that this measure is now being felt in a very tangible way.

Read more

Related news:

  1. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  2. European FinTyre Distribution buys Reifen Krieg
  3. Anger amongst Fintyre Group’s workforce in Germany: “They’re dealing with people, not numbers”
  4. EfTD rebrands as Fintyre Group
/by

Nynas enters restructuring process

,

Nynas AB (publ) filed for “company reorganisation” in Sweden at Södertörn’s District Court today (Monday 16 December 2019). According to a company statement, Nynas’s banks have refused to continue to extend loans to the company and therefore “Nynas cannot pay due debts forcing the company to apply for a reorganisation”.

Read more

Related news:

  1. Nynas to Supply Lanxess Rubber Production Following DAE Ban
  2. Gert Wendroth appointed Nynas president
  3. RISE and Environ embark on tyre-derived oil research project
  4. Nynas exits reorganisation
/by