Schaeffler Could Be Eying 2014 IPO

Continental AG majority owner Schaeffler AG is reportedly considering an initial public offering next year in Germany, according to a Bloomberg news report.

The report said that unidentified insiders told Bloomberg that Schaeffler is "discussing options that include a share sale" and that another option on the table "would be bringing in a large investor as an owner alongside the (Schaeffler) family," the owners of the automotive component company.

“This is pure speculation and we don’t comment on it,” a Schaeffler spokesman told Bloomberg.

Schaffler currently holds a 49% stake in Continental, having reduced its holding from 90% when it took on the company in 2008.

“An IPO makes a lot of sense, if Schaeffler wants to keep its Continental stake,” Hans-Peter Wodniok, an analyst at Fairesearch GmbH told Bloomberg. “Schaeffler would get money to reduce its debt and still keep the major influence over the company.”

Ascot Supply Corporation, based in Newnan, Georgia, has selected Mark Paquette for the newly created position of vice president. In this position, Ascot Supply said Paquette will oversee the growth of the company's products, corporate profitability, manage marketing and advertising and assume many other responsibilities.

He will work under the direction of current President David Kessler and officially begin his new role on June 3. Paquette joined the tire and automotive industry in the early 1980s at his father's tire shop, and his contributions to Mohawk Rubber Sales were instrumental in the company's growth and eventual sale to Myers Tire Supply in 2021, according to Ascot Supply. Paquette eventually was given a promotion to the role of director of operations at Myers Tire Supply.