AKRON-Both Michelin Americas Small Tires and Dayton Tire will hike prices for their associate and private brand tires March 1. Cooper Tire & Rubber Co. said it will raise prices about 3 percent across the board but has not set a date for the increase.
MAST will increase prices by 3 percent on all its private and associate brands, except Riken and Kleber.
Dayton, a division of Bridgestone/Firestone Inc., will raise all its prices 3 to 5 percent.
Earlier, Kelly-Springfield Tire Co. raised prices 3 percent on all its tires, effective March 1.
Michelin to generate funds with bond issue
PARIS-Groupe Michelin, buoyed by a second half 1993 financial improvement and encouraged by a lively French stock market, has launched a convertible bond issue worth $593 million.
News of the launch sparked lively trading of Michelin's shares on the French exchange and pushed the price of a ``B'' share on Jan. 11 to its highest closing in more than two years-243.50 French francs ($41.27).
Michelin reported a first half operating loss of $138.5 million, and is expected to report a full year net loss of more than $700 million, based largely on one-time charges to cover restructuring costs.
The tire maker also confirmed that it has frozen wages for all employees in France for 1994 as a cost containment measure.
BFS forms new unit to run OTR plant
NASHVILLE, Tenn.-Bridgestone/Firestone Inc. has formed a new company-Bridgestone/Firestone Off Road Tire Co. (BFOR)-to handle OTR tire production and marketing at its soon-to-be acquired tire plant in Bloomington, Ill.
The tire maker, which is finalizing the purchase of American Off The Road Co. and its Bloomington plant, named Robert J. McNally, currently controller of Bridgestone/Firestone Tire Sales, as president of BFOR, based in Nashville.
Oliver boosts sales 1% for 2nd quarter
OAKLAND, Calif.-Oliver Rubber Co. increased its sales about one percent for the second quarter of fiscal 1994, but its profits dropped off, mainly due to higher sales of lower-margin products and manufacturing variances at two plants, according to Oliver's parent company, Standard Products Co. of Cleveland.
Oliver Rubber, which supplies tread rubber and retreading equipment, reported sales of $28.4 million for the quarter ended Dec. 31, up from $28.1 million for the year-ago period.
Dico's new owner restructures division
QUINCY, Ill.-Titan Wheel International has cut 30 to 40 senior management and other white collar jobs in a restructuring brought about by the purchase of Dico Tire Inc., a specialty tire maker, and its parent, Dyneer Corp., in November.
Titan moved Dyneer's operations from Scottsdale, Ariz., to Quincy and will divide the organization into three groups: wheels, tires and assemblies; special products manufacturing; and distribution.
BFS plans job cuts at Akron tech center
NASHVILLE, Tenn.-Bridgestone/Firestone Inc. plans to lay off 59 employees at its Akron technical center and offer 100 others an opportunity to relocate during the first quarter of 1994.
In an effort ``to increase price competitiveness and reduce turnaround time,'' a spokesman said, the company plans to relocate 67 production engineers to its Nashville headquarters, move 31 jobs to its manufacturing plants and eliminate 30 production engineering and 29 non-tire R&D positions at its Akron site. PARIS-Groupe Michelin is expected to follow a revised European passenger car tire marketing strategy following its recent introduction at the Brussels Motor Show of two new product lines aimed totally at the aftermarket.
The new entry-level ``Classic'' line includes the firm's updated, T-rated 70- and 80-series tires, and will be priced below other Michelin product lines.
The new ``Energy'' tire line is intended to take advantage of aftermarket interest in low rolling resistance tires sparked by Michelin's successful fuel-saving ``Green'' technology at the OE level.