AKRON-General Tire will be selling its accounts receivable on a continuing basis ``as part of our ongoing financial strategy,'' General's treasurer, John G. Gritman, said Dec. 29. By securitizing its accounts receivable assets, through a financial arrangement with J.P. Morgan (Delaware), General will be able to improve its cash flow, according to industry analysts. General has been selling some of its accounts receivable since 1990.
Magazines rate P Zero the best
NEW HAVEN, Conn.-Two foreign magazines-Performance Car in Britain and Motor in Australia-have rated the Pirelli P Zero as the best ultra-low-profile radial in tests against nine competitors from Europe and Japan, according to Pirelli Armstrong Tire Corp., Pirelli Group's U.S. subsidiary.
Performance Car tested the P Zero against six competing tires and found it best in the areas of lateral dry-surface grip, wet-surface braking and the tester's subjective opinion.
In the Motor test, the P Zero defeated all seven of its competitors, Pirelli Armstrong said, placing first in two-thirds of the tests, which were conducted on wet and dry surfaces and included lateral force measurements, braking, handling and driver assessment.
Benwil observes 15th anniversary
CARSON, Calif.-Lift manufacturer Benwil Industries is celebrating its 15th anniversary in 1994.
Founded in 1979, the Carson-based company offers aboveground automotive and truck service lift systems.
Benwil said it has achieved several firsts during its 15 years, including the first single-post lift, the first four-post ``scissor'' lift, the first use of lift arm restraints and the first overhead beam (clear floor) twin-post lift, which has become Benwil's trademark product.
Pep Boys posts record sales
PHILADELPHIA-Pep Boys posted higher earnings and record sales in the third quarter, ended Oct. 30, despite weak tire sales.
Net income for the Philadelphia-based company grew 18.2 percent in the period to $17.4 million; sales rose 5.8 percent to a record $316 million.
Pep Boys said high gross margins resulting from shifts in its sales mix as well as expense control helped compensate for below-budget sales caused, in part, by significantly lower freon sales as well as weak tire sales.
The company said it opened 11 warehouse format automotive supercenters during the quarter and anticipates adding 22 more in the fourth quarter and 55 in 1994.
For the nine months, Pep Boys earnings climbed 18.3 percent to $50 million as sales grew 6.9 percent to a record $944.3 million.