AKRON-Kelly-Springfield Tire Co. and Pirelli Armstrong Tire Corp. have postponed their annual dealer meetings for 1996. Kelly scuttled its national dealer conference, usually held in early March, due to the realignment earlier this year of its former Associate Brands division into the Kelly Brands division, a company spokesman said. Kelly wanted ``to make sure all the bases are covered,'' before conducting a meeting for the larger group, he added. The conference will return in 1997.
PATC postponed its dealer meeting, usually held in late January, until sometime in the middle of 1996, said new company President Giovanni Ferrario.
Goodyear sales net third-quarter record
AKRON-Higher average selling prices on tires, as well as favorable foreign currency exchanges, helped boost Goodyear's third-quarter sales 6.1 percent to a record $3.31 billion. Net income climbed 4.1 percent to $157.5 million, compared to the year-earlier period.
For the nine-month period, sales jumped 9 percent to a record $9.9 billion as earnings grew 7.9 percent to $464.6 million.
A 3-percent drop in U.S. tire unit sales during both periods was offset in part by sales increases in Europe and Asia, the company said.
Slow market drags down Cooper results
FINDLAY, Ohio-Cooper Tire & Rubber Co. has blamed a slump in the replacement tire market, intense price discounting and high raw materials costs for the drop in its third-quarter sales and earnings.
Net income plummeted 23.7 percent to $27.1 million, compared to the year-earlier quarter, as sales slid 2.2 percent to $375.0 million.
For the nine-month period, earnings fell 11.7 percent to $78.9 million, compared to the year-ago period, as sales climbed 6.7 percent to $1.11 billion.
Big O buyers have 82% dealer support
ENGLEWOOD, Colo.-The group of senior management and dealers attempting to buy Big O Tires Inc. has cleared another major hurdle.
The group has waived the contingency in the acquisition agreement requiring participation of not less than 85 percent of the company's franchised dealers. As of Oct. 16, the group said it had at least 82 percent participation.
The merger is still subject to other contingencies, Big O said, including participation in the acquisition group by not less than 80 percent of the shares held by the company's Employee Stock Ownership Plan (ESOP).
Bandag boosts sales, but earnings slide
MUSCATINE, Iowa-Bandag Inc.'s earnings slipped 7.8 percent to $27.1 million during the third quarter, ended Sept. 30, as sales climbed 7.4 percent to $190.3 million.
However, for the nine-month period earnings climbed 7.7 percent to $71.5 million as the Muscatine-based retreading supplier's sales soared 16 percent to $541.5 million.
BFS, union to return to bargaining table
NASHVILLE, Tenn.-Bridge-stone/Firestone Inc. and the United Steelworkers of America plan to return to the bargaining table Nov. 6, according to a company spokesman.
The union went on strike against the Nashville-based tire maker in July 1994, but the company hired replacement workers in January. The United Rubber Workers unconditionally ended the strike in May and merged with the Steelworkers in July.
Less than 1,300 of the about 4,000 United Rubber Workers that struck the Nashville-based tire maker July 12, 1994, are awaiting recall, the company spokesman said.
Wal-Mart charts major growth in '96
BENTONVILLE, Ark.-Wal-Mart Stores Inc. plans to open approximately 75 new discount stores and 110 new super-centers-95 of which will come from relocations or expansions of existing discount stores-and open 12 new Sam's Club outlets in the U.S. during 1996.
Wal-Mart also is mapping expansion internationally, with plans to open 30 to 35 outlets in Puerto Rico, Canada, Mexico, Argentina, Brazil and China.
Big O among 30 best franchise businesses
NEW YORK-Big O Tires Inc. rated 26th among the best franchise businesses in America as ranked by Success magazine.
The publication's 6th annual ``Franchise Gold 100'' ranked franchise companies on financial performance; corporate growth, management and stability; franchiser/franchisee relationship; and opportunities for growth.
Englewood, Colo.-based Big O was the only tire company in the ranking and it topped other automotive service operations, such as 38th-ranked Tuffy Auto Service Centers and 44th-ranked Jiffy Lube International Inc.