AKRON-Myers Industries Inc. has purchased certain assets and operations of Davis Tire Supply Inc. in Charlotte, N.C., from owners Hugh and Elizabeth Davis, who have left the business to pursue other interests. The sale was announced Jan. 15, but no terms were disclosed.
Davis Tire Supply's operations have been merged into the existing Charlotte branch of Myers Tire Supply Co., a Myers Industries subsidiary.
Davis Tire's annual sales were reported to be less than $1 million.
Oliver's sales fall 8.3% in quarter
DEARBORN, Mich.-Oliver Rubber Co.'s sales fell 8.3 percent in the second quarter of fiscal 1996, ended Dec. 31, according to its parent, Standard Products Co.
The decline was largely attributed to Oliver's previously announced withdrawal from the European market. The tread rubber maker posted an undisclosed operating profit for the quarter, Standard Products said.
Earnings for the parent company plunged 71 percent, compared with the 1995 quarter, to $1.55 million, despite an 8.6-percent increase in sales to $264.8 million.
For the six months, Standard Products lost $8.24 million on sales of $503.5 million.New BFS info unit based in Akron
New BFS info unit based in Akron
AKRON-Bridgestone/Firestone Inc. has created an operating unit, Bridgestone/Firestone Information Services Co. (BFIS), to provide data processing and benefits administration services internally to BFS, as well as to a growing roster of third-party customers.
Based in Akron, BFIS integrates existing operations of Bridgestone/Firestone's information technology services department and the employee benefits and claims administration groups.
``We are establishing Bridgestone/Firestone Information Services as a separate business unit to promote further development of external business opportunities,'' said Gary Crigger, executive vice president for business planning.
``Bridgestone/Firestone has been providing computer, print and letter shop services for third-party customers since 1987,'' Mr. Crigger said. ``We are expanding this effort to include third-party services for benefits and claims processing.''
Outside sales, which account for one-quarter of the unit's volume, are growing by more than 25 percent a year, according to BFS.
Fees raised on two SBA loan programs
WASHINGTON-Cuts in the budget of the Small Business Administration have resulted in a reorganization of two popular SBA loan programs.
The Small Business Credit Efficiency Act, signed into law in December, increases fees for 7(a) loans to borrowers and lenders, cutting the cost of SBA loans to the agency itself. The 7(a) loan program provides financing for small businesses that cannot obtain funds in the private sector.
The law also eliminates federal subsidies for 504 Certified Development Company loans by increasing the interest rate 1/8 percent.
``We hope the effect of this new law does not serve to further impede the small-business owner's ability to secure loans under favorable conditions,'' said Robert L. Redding, Washington representative for the Automotive Service Association.