MEMPHIS, Tenn.-TBC Corp. has formed a joint venture company with tire importer Robert Liu of Rancho Dominquez, Calif., to import and export tires and automotive parts and accessories. The Compton, Calif.-based division, Worldwide Tire, will focus on importing tire lines for TBC's domestic customers, as well as establish distribution of TBC's Multi-Mile, Cordovan and Sigma private brand tires in Europe, Asia and other parts of the world, according to Tim Phillips, Worldwide's vice president of sales.
TBC President Louis DiPasqua said the venture was spawned by increased industry globalization.
House repeals rubber asphalt use mandate
WASHINGTON-The House passed a bill Sept. 20 that designates nearly 160,000 miles of roads as the National Highway System and repeals a federal mandate for states to use rubberized asphalt in federally funded technology projects. However, the bill does preserve funding for research and technology transfer in that area.
Brand Ragan earnings slide in 2nd quarter
CHARLOTTE, N.C.-Higher interest expenses and income tax provisions negatively impacted Brad Ragan Inc.'s earnings for the second quarter, ended June 30, as revenues remained nearly even with the year-ago period.
Net income for the three-month period fell 37.5 percent to $1.47 million on sales of $66.9 million, a 1-percent increase over the year-earlier quarter.
For the first half, the commercial retreader's earnings plummeted 41.8 percent to $1.39 million on sales of $122.8 million, a 3.5 percent increase over the first half of 1994.
U.G. Tire's Opeliak plant back to normal
OPELIKA, Ala.-Uniroyal Goodrich Tire Co.'s Opelika plant is returning to normal production following a work stoppage and subsequent six-day suspension of about 285 union workers.
Uniroyal issued the suspensions when all the workers in the plant's mixing and stock preparation areas stopped working to protest use of a contractor to remove embedded rubber in the stock prep area.
The factory, which has the capacity to produce 26,000 tires a day, was operating at about 10 percent capacity Sept. 1-10.
Sudbury, IMT sales up in fiscal 1st qtr.
CLEVELAND-Sudbury Inc., parent firm of Iowa Mold Tooling (IMT), boosted corporate net sales 5.2 percent to $71.2 million for the first quarter of fiscal 1996, ended Aug. 31.
Sudbury did not disclose IMT's sales, but CFO Mark Brody said the subsidiary's sales had increased, compared to the year-ago first quarter.
Sudbury's income jumped 21.1 percent to $2.69 million for the period due to lower interest costs and improved performance by its Wagner Castings subsidiary, the company said.
Avon Tyres to open 5th U.S. warehouse
MELKSHAM, England-Avon Tyres Ltd. plans to open a distribution center in Dayton, Ohio, in October, the tire maker's fifth warehouse in the U.S.
Avon, which opened a ware-house in Atlanta last April, is looking at sites in the central and southwest regions of the U.S. to open two more warehouses during the next two years. The regional warehouses enable Avon to deliver smaller quantities of tires locally, the company said.
Avon also operates warehouses in Pottstown, Pa., American Canyon, Calif., and Denver.
Bill quashes striker replacement order
WASHINGTON-The Senate Appropriations Committee has added an amendment to its Labor Department appropriations bill that forbids the department from using its funds to enforce an executive order issued by President Clinton.
That order authorizes the department to investigate any company accused of hiring permanent replacements for legally striking workers, and to bar that company from holding federal contracts if found guilty.
An identical provision already passed in the House.