Falken Tire to Debut New Spec Sport Radial at SEMA Show
Falken Tire Corp. has announced it will debut next month its next generation of race tuned (RT) Spec Sport Radials designed for the North American and global markets.
RMA Appoints New Chairmen of the Board; Hires New General Counsel
The Rubber Manufacturers Association (RMA) has elected new chairmen for fiscal years 2005 and 2006. Thomas Dattilo, chairman, president and CEO of Cooper Tire & Rubber Co., has been elected chairman of the board of directors of the RMA for 2005. Mark Emkes, chairman and CEO of Bridgestone Americas Holding Inc. and Bridgestone/Firestone North American Tire (BFNAT), will serve as chairman in 2006. In other news from the RMA, Laurie Baulig has been hired as general counsel and senior vice president of regulatory affairs for the association.
TIA Announces 2004 Tire Industry Hall of Fame Inductees
The Tire Industry Association (TIA) has announced the names of those who will be inducted into the Tire Industry Hall of Fame for 2004. John Lampe, retired chairman, CEO and president of Bridgestone Americas, and Mario Marangoni, chairman, CEO and president of the Marangoni Group were chosen by a selection committee for their achievements and leadership that have helped shaped the tire industry.
U.S. Keeping Crash Data Secret, Officials Backtrack on Safety Disclosure Amid Suit by Tire Makers
Federal auto safety officials are backtracking on a pledge to give consumers access to detailed data on which cars and trucks may be linked to deaths, injuries and property damage. The reason: Tire makers have sued to prevent its release.
Ford Wins Suit Against Shareholders
A federal court has upheld the dismissal of a lawsuit filed by Ford Motor Co. stockholders, accusing Ford of hiding data on the safety of Ford Explorer tires. The plaintiffs claimed Ford omitted information concerning alleged dangers of Explorer models equipped with Bridgestone/Firestone ATX tires when making statements about the quality and safety of the vehicle.
Midas Returns To Profitability
Midas has reported net income of $2.6 million — or 16 cents per diluted share — for the second quarter, which ended on July 3. This marks company’s first quarterly net income since the third quarter of 2002. Last year, Midas reported a second quarter loss of $32.7 million — or $2.10 per diluted share — after business transformation charges of $50.8 million — or $1.99 per share — for establishment of an accrual for warranty obligations, asset write-downs and employee severance costs related to the company’s shutdown of its wholesale distribution system.
Removal of Judge Denied in Steeltex Suit
Los Angeles County Superior Court Judge Carolyn Kuhl has denied a motion by attorney Joseph Lisoni to disqualify Judge Christopher Sheldon from hearing further matters in his attempts to gain a national class action suit against Bridgestone/Firestone North American Tire (BFNAT).
Michelin Plans to Expand Capacity at Two China Plants
France’s Michelin Group plans to boost output at its two plants in China in response to capacity expansion moves by rivals such as Bridgestone Corp, the Shanghai Youth Daily reported. The newspaper said Michelin would the boost output at its plant in Shenyang in northeastern China to two to three million units a year.
BFS Unit to Acquire David Early Tire Co.
BFS Retail & Commercial Operations, LLC (BFRC) has entered into an agreement to acquire certain assets of the David Early Tire Company (DETC), a privately held, independent tire retailer based in Salt Lake City, Utah. Under the agreement, BFRC will operate DETC stores after converting the locations to the Firestone Tire & Service Center format.
Top Tire Industry Performers for 2003
Nokian Tyres, Hankook and Bandag were the tire industry’s top performers in 2003 in terms of earnings as a percentage of sales, while Goodyear, Titan International, Bridgestone Americas Holding and Alliance Tire anchored the bottom of the list.