Amidst the current global financial crisis, a new look ZKL BEARINGS from Prague, Czech Republic has defied pundits by increasing its production and making long term investments into new regions.
From the long running legal dispute into branding rights and intellectual property of 'ZKL' now resolved in Prague's favour, all ZKL factories are now controlled by the same Board of Directors who are free to exercise funding arrangements from technical infrastructure to marketing on a grand scale.
The Czech Republic the new home for the "President of the European Union" has gained valuable recognition and soon to become Europe's most modern and industrial 'status' attracting foreign investments worldwide.
The BICC is very glad to report this refreshing change from today's doom and gloom atmosphere.
27 January 2009
German Government Requested to Save Schaeffler
The much publicised Schaefflers acrimonious acquisition of Continental, the German Government must now consider requests to bailout both Schaeffler and Continental Groups. Continental shares are now officially marked down to 'worst junk bond' status from 75 Euros to yesterdays DAX close at 14 Euros.
The total indebtedness is a staggering 34 Billion Euros (US$42 Billion) made up from 12 Billion in loans to Schaeffler with many Billions to crystallize, Continentals 11 Billion and a further 11 Billion loan for the outstanding VDO auto takeover.
With Unions demanding unity, 165,000 workers totally disillusioned & extremely concerned for their future, auto sales down and out, boardroom directors in public mayhem, banks at risk with Schaefflers exposure and no conciliatory process to resolve these major issues, why should Tax Payer funds bailout greedy & corrupt people like Schaeffler to continue living the 'high life'
The Bearing Industry Code of Conduct again states: " SKF & Schaefflers recent known criminal behaviour with other matters and tax payers money now required to prop up the industry, its highly conceivable global perception will mark the bearing floor price down further"
Other News:
Molded Oil Saves Milk Plant GBP9,992 a Year
Timken Declares Quarterly Dividend
ZKL Bearings the New image of Modern Europe
Schaeffler Offers Advice on Bearing Selection
Bearing Industry Layoffs Hit Slovakia
Germany's Schaeffler Renews State aid Request
Fire Hits SKF Hanover Facility
Cairo Timken Plant Layoffs
