Conti Takeover Run Takes Twists and Turns
News about Schaeffler Group’s run at Continental AG continues to come fast and furious, with European financial analysts now weighing in on how they see the deal going down. Analyst comments include speculation that Schaeffler would seek to break up Conti, selling off its component businesses – including its tire operations. What is known is that Schaeffler – directly and indirectly – controls some 36 percent of Continental shares, and that Conti executives have rejected Schaeffler’s takeover overtures as being too low for the value of the company.
Court Puts Final Stamp on TPMS Regs
A Federal appeals court dismissed a lawsuit against the National Highway Traffic Safety Administration (NHTSA) challenging its TPMS regulations, putting to an end a three-year quest by some tire companies and a consumer group to strengthen the rules. The plaintiffs – Goodyear, Bridgestone/Firestone, Cooper, Pirelli North America, the Tire Industry Association (TIA) and consumer group Public Citizen – challenged NHTSA standard requiring factory-installed TPMS to notify drivers if tire pressure drops 25 percent below carmaker-set tire inflation pressures. The group said that in order to be effective, the standards should be stricter.
Mannino’s New Firm Verdek to Market ZAP Electric Vehicles
On the heels of the “green car” trend seen at last week’s Detroit Auto Show, Gaetano “Guy” Mannino, president and CEO of Verdek, used an exhibit at the Appalachian Regional Commission (ARC) Conference in Rome , GA , yesterday to announce the first sales agreement for the newly formed consulting and trading company. Verdek announced it will market ZAP electric vehicles.
Seventh Annual National Tire Safety Week to Take Place in April
The Rubber Manufacturers Association (RMA) announced that the Seventh Annual National Tire Safety Week will be held April 20-26, 2008. The annual event is an initiative of the Rubber Manufacturers Association’s "Be Tire Smart — Play Your PART" program, a year-round effort designed to help drivers learn the simple steps they can take to ensure that their tires are in good working condition. For National Tire Safety Week, tire manufacturers and retailers nationwide will work to educate motorists about proper tire care and maintenance. RMA provides tire retailers, auto dealers and automotive repair shops with free "Be Tire Smart" brochures and other materials. Many participating retail outlets will use the opportunity to promote tire care through advertising, promotions, free tire pressure checks and conducting media outreach.
PTNA Replaces Chairman and CEO
Kevin Riddett has left Pirelli Tire North America, where he served as chairman and CEO, replaced by former Goodyear executive Hugh Pace. Most recently, Pace was vice president and managing director of Smithers Group subsidiary Smithers Rapra Ltd. Pace will assume his duties effective June 4, according to PTNA. Riddett was with Pirelli for 10 years, and left to “embark on new professional challenges,” according to the company.
Tire Industry Rolls Out Sixth National Tire Safety Week
Tire manufacturers will again spearhead a week-long effort to educate motorists about proper tire care during the sixth National Tire Safety Week, scheduled for April 22-28, 2007. The annual event is an initiative of the Rubber Manufacturers Association’s (RMA) "Be Tire Smart – Play Your PART" program, a year-round effort designed to help drivers learn the simple steps they can take to ensure that their tires are in good working condition.
Remy Names Philippe James President and Managing Director of Europe
ANDERSON, IN — Remy International has appointed Philippe James president and managing director of Europe. Previously, James served as the VP and general manager at Honeywell Automotive and Cables Pirelli S.A. respectively. James has more than 20 years of experience in various sales and marketing roles with Corning Glass France and Compagnie Europeenne D’Accumulateurs. Most
Atech Motorsports to Display Blue Moon Motorsports $25,000 Challenge Car at SEMA 2006
AKRON, OHIO— Wholesale distributor Atech Motorsports will display Blue Moon Motorsports’ $25,000 Challenge car in its booth (#28023) at SEMA’s annual trade show Oct. 31 to Nov. 3 in Las Vegas. Blue Moon’s $25,000 Challenge vehicle, a 1957 Ford Courier Sedan Delivery making its public debut at the SEMA show, is one of four vehicles
TIA Announces 2006 Hall of Fame Inductees
The Tire Industry Association (TIA) has announced the members of the 2006 Tire Industry Hall of Fame. The new inductees are Jaques Bajer, president of Tire Systems Engineering Inc. and Armando Tornel Murillo, executive president at Empresas Tornel.
One in Five Drivers Do Not Properly Check Tire Pressure, Says RMA
The National Highway Traffic Safety Administration (NHTSA) statistics show that about one in every three cars has a significantly under inflated tire and that 660 fatalities and 33,000 injuries occur every year as a result of low tire pressure-related crashes. AAA reports that each year they receive about 4 million roadside assistance calls due to tire-related incidents. Not surprisingly, a 2006 Rubber Manufacturers Association (RMA) survey found that more than 80 percent of drivers do not know how to properly check their tire pressure.