Schaeffler Says Banks Agree to Debt Refinancing
(Bloomberg) Schaeffler Group reached an agreement with four banks on refinancing 12 billion euros ($17 billion) in debt as the ball-bearing maker considers combining with auto-parts manufacturer Continental AG.
Continental May Back Share Sale, Defy Schaeffler
(Bloomberg) Continental AG, Europe’s second biggest car parts maker, may endorse plans to raise 1.5 billion euros ($2.1 billion) in a share sale, defying majority owner Schaeffler Group and building up cash to help pay back debt.
Taray Sets up Team USA Domestic Group
Taray International Corp. introduced team USA, headed by Craig Russell (formerly of Multi-Seal Corp.), to serve as the company’s domestic sales, marketing and service group.
Continental AG Posts 2Q Profit
(Reuters) Germany’s Continental AG posted an operating profit in the second quarter, both on an underlying and a reported level, and said it still had a “solid” level of cash reserves at the end of June.
Mighty Taps Purolator for Filters
Purolator has been chosen by Mighty Distributing System of America to supply spin-on oil filters for Mighty’s Engine Guard II brand.
Purolator Launches New Campaign
Vehicle filter maker Purolator has launched a new consumer advertising and promotional campaign designed to build awareness and demand for its products among do-it-yourselfers.
Datamonitor: U.K. Car Consumables and Accessories Sales Flat
Value growth in consumables and accessories fell from 2.4 percentage points in 2008, to nearly flat growth this year, according to research compiled by Datamonitor.
Economy on the Verge of an Upswing Experts Report at GAAS
(Aftermarketnews.com) Hopefully coming out of what he described as the “worst global recession in 60 years,” Jeff Applegate, chief investment officer at Citi Global Wealth Management, predicts that the U.S. economy will begin its recovery at the end of this year.
Car-Part Makers Here May Get Aid
(Greenville News) The Treasury Department said Thursday it would provide up to $5 billion in financing to auto parts suppliers linked to Detroit’s carmakers, a move that could benefit Upstate companies as the government tries to stabilize the reeling domestic automotive sector.
Brityrex 2009 Doing ‘Buoyant Business’
Further details of September’s Brityrex exhibition in Manchester have been announced by ECI International.