ENGLEWOOD, Colo.-Big O Tires Inc. will hold a special shareholders meeting July 10 in Denver to vote on TBC Corp.'s proposed purchase of the firm. Big O's board, and the investment committee of the board, are recommending that shareholders approve the agreement under which TBC would pay $16.47 per share for all outstanding shares of Big O-for a total of about $54.6 million.
The Big O board said the proposed purchase price is a significant premium above the company's book value of $11.53 per share as of March 31.
Assuming a positive vote at the July 10 meeting, the acquisition should take effect later that same day, Big O said.
PriceCostco cuts tire with Yokohama
FULLERTON, Calif.-PriceCostco, the nation's second largest warehouse club chain, is ending its 17-year relationship with Yokohama Tire Corp., phasing out the company's tires over the next 12 months.
A spokeswomen for the Fullerton-based tire manufacturer termed the action ``disappointing'' and said the warehouse club chain is reducing the number of its suppliers in order to gain maximum purchasing power.
The chain carries Yokohama-made passenger, HP and light truck tires, purchasing an estimated 25 percent of the tire maker's U.S. output, according to Rubber Workers union officials at Yokohama's Salem, Va., plant.
PriceCostco's spokesperson was unavailable for comment.
AGI eyes importing trash hauler retreads
AKRON-Akron-based Alexander Group International Inc. (AGI) plans to test a retreaded trash hauler tire.
President Alexander MacLean said AGI is negotiating to test the tires-made in England by Bandvulc Remoulds Ltd.-with a major U.S. trash-hauling fleet. If the tests are successful, the tires could be available for general use as early as September, he said.
In the United Kingdom, the tires are said to have a 40-percent share of their market niche.
Advertising Age lauds Goodyear marketing
AKRON-Goodyear's marketing efforts and its vice president of marketing, Al Eastwood, are among Advertising Age's annual ``Marketing 100'' list, ``a salute to the people who represent the very best in brand building.''
Goodyear was the only tire company to make the list, which recognizes brand managers as well as brands. Ad Age, a sister publication of TIRE BUSINESS, noted that Mr. Eastwood ``has been busy adding some new tricks to the repertoire of an old brand.''
Academy tires offer mileage warranties
WHEELING, W.Va.-The Academy division of Wheeling-based Independent Tire Sales recently began offering limited treadwear warranties on most of its radial passenger tire lines.
Academy touring radials now carry a 60,000-mile limited warranty; speed-rated products get 40,000- to 50,000-mile coverage.
Broad-line models also are warranted, the company said.
BFS debuts seminar on small OTR tires
NASHVILLE, Tenn.-Bridge-stone/Firestone Inc. has created a new training seminar for dealers of small off-the-road tires.
The program, ``1996 Small Off the Road Seminar, Exclusive and Specific Sales and Technical Training,'' is designed to teach OTR tire product knowledge, types of equipment used, OTR work-site evaluation and team selling, according to the company.
The seminar, one of eight offered by BFS, enables commercial salespeople to interact with BFS sales staff and focuses on specific selling trends relating to the participants' markets.
'Retiring' Stan Gault joins Wal-Mart board
BENTONVILLE, Ark.-Wal-Mart Stores Inc., the nation's largest retailer, has elected former Goodyear Chairman and CEO Stanley Gault, 70, to its board.
Mr. Gault, who retired from Goodyear on June 30, has had close ties with Wal-Mart officials for a number of years, dating back to his tenure as chairman and CEO of Rubbermaid Inc. from 1980 to 1991.