Conti back on German stock index
HANOVER, Germany-Continental A.G. has been reinstated to the German stock market's DAX index as one of the country's 30 largest companies after a seven-year hiatus.
The tire maker, which grew considerably in recent years via acquisitions, is the first company in the 15-year history of the DAX index to be reinstated.
``We are very pleased to resume our position in DAX,'' said Conti Chairman Manfred Wennemer in a prepared statement. ``It will help draw more attention to our business success throughout the international financial community than at present.''
Conti, a founding member of the DAX, will rejoin the index Sept. 22, according to Frankfurt, Germany-based Deutsche BÃ¶rse A.G., the stock market proprietor. The company's share price of late has outperformed the DAX, Conti said, rising more than 40 percent in value this year vs. the DAX average of 20 percent.
Toyo discussing run-flat alliances
TOKYO-Toyo Tire & Rubber Co. Ltd. is discussing alliances with Group Michelin and other leading tire makers covering development of run-flat tires.
``Discussions are under way with several companies, and Michelin is one of them,'' said Satoshi Takashina, a spokesman for the Japanese company. ``But we have not reached any final decision yet.''
The company declined to comment beyond Mr. Takashina's statement, but among the world's largest tire companies, only Toyo, Cooper Tire & Rubber Co. and Kumho Tire Co. Inc. are not linked into a run-flat development pact.
There are two primary run-flat alliances already set up. Goodyear, Sumitomo Rubber Industries Ltd., Pirelli S.p.A., and Hankook Tire Co. Ltd. are working with Michelin to develop, produce and sell extended-mobility tires based on Michelin's Pax system, which involves a non-standard inverted bead tire and multi-piece wheel.
The other alliance involves Bridgestone Corp., Continental A.G. and Yokohama Rubber Co. Ltd., which are cooperating on development of run-flat technologies based on existing tire and wheel fitments.
Additionally, Bridgestone, Goodyear, Michelin, Pirelli, Sumitomo and Yokohama continue to offer their own self-supporting, run-flat tires using reinforced sidewall technology to provide extended mobility.