Continental Wraps Up VDO Loan Refinancing
Continental Corp. reports it has successfully completed final stage of its "comprehensive refinancing program." On March 29, the automotive supplier agreed to new terms and conditions for its VDO loan for an original financing volume of 6.5 billion euros, maturing next year.
Lanxess Increases Chemical Prices up to 25%
Effective April 1, the cost of rubber chemicals supplied by Lanxess AG will increase by around 15% to 25%, depending on product and region. The German company said its Rubber Chemicals business unit is raising prices in response to "steeply rising raw material costs" and the increase affects almost the entire product range of antioxidants
Schaeffler Sells Conti Stock to Reduce Debt
Schaeffler Group sold 1.8 billion euros ($2.5 billion) of Continental AG stock in order to reduce debt. M.M. Warburg and Bankhaus Metzler placed 29.7 million shares in the tiremaker, held on Schaeffler’s behalf, at 60 euros apiece. That reduces the stake controlled by Schaeffler from 75.1% to 60.3%. According to reports, as a rebound in
Deutsche Bank Sees Gajah Tunggal Sales Up 24%
Indonesia’s PT Gajah Tunggal Tbk is expected to report its fiscal year 2010 results on Mar. 26. Pre-empting the full release of the company’s financials, DB Equity Research Automotive reports the tiremaker achieved annual sales of Rp 9.9 trillion, a 24% year-on-year increase. This figure is, the Deutsche Bank analysts comment, 3% above consensus and
Toyo Donates to Japanese Relief Efforts
Toyo Tire & Rubber Co. is donating 150 million Japanese yen ($1.9 Million) to assist in relief efforts in Japan. The tiremaker said 100 million yen will go to the Miyagi Prefecture and 50 million is designated for the Fukushima Prefecture. "Toyo Tires Group has close and long-standing ties to the communities of both Miyagi
IRS Webinar Will Help You Understand Biz Taxes
The IRS is hosting a free webinar on the basics of business taxes, focused on small businesses and the tax professionals that serve them. The webinar is scheduled for 2 p.m. (ET) on Tuesday, March 29, according to TIA, which is urging tire dealers to take advantage of the program. The webinar – Business Taxes
YRC Grows Closer to Closing
Today’s Trucking magazine reported that trucking giant YRC may be on its last legs. "After maneuvering around bankruptcy over the last year with a series of cost cutting measures and restructuring agreements with creditors and the Teamsters, the company stated in its 10K filing with the federal Securities and Exchange Commission on Monday that it
Lanxess Reports Tenfold Net Improvement
Demand for synthetic rubbers from tire industry customers proved a strong driver of growth for Lanxess last year. The German specialty chemicals company describes its 2010 results as "outstanding" and believes its performance was aided by the company’s strategic set-up and a general business recovery. Announcing the firm’s annual results at its annual press conference
CTA Launches Extensive Retread Effort with Exact Conti Brand Copies
As they battle toe-to-toe in the North American truck tire market, major tiremakers have stressed the importance of tire lifecycle costs.Bridgestone, Goodyear and Michelin all have their retreading systems, either home-grown or acquired. Continental Tire the Americas is taking the lifecycle concept in a new direction, and is plunging headfirst into the retreading pool by
ATD Sees 2010 Loss
American Tire Distributors Holdings posted a loss of $123.2 million in 2010 against record sales of $2.46 billion. The continent’s largest independent tire distributor said its 2010 sales were up 13.3% over 2009 results. The company posted a net loss of $111 million for 2009. ATD operates a network of 88 distribution centers serving 40