AKRON-In an attempt to rebuild tire prices that have been rapidly eroding in the market for the past few months, Goodyear and its Kelly-Springfield Tire Co. division will increase their replacement tire prices by up to 5 percent, effective Aug. 1. Goodyear will raise prices 1 to 4 percent on passenger tires and 1 to 3 percent on light truck, farm and some OTR tires. Current discount programs will be revised for commercial and some OTR lines.
Kelly will raise prices on all its associate and custom brands by up to 5 percent through a combination of price adjustments and reductions in current marketing specials.
Other tire makers said they had no plans to increase prices or are studying the situation.
Ryder worker killed by wheel explosion
JEFFERSONVILLE, Ind.-A Ryder System Inc. employee at a Ryder Truck Rental outlet in Jeffersonville, died June 14 after he was struck by a two-piece rim while changing a tire.
Kenneth L. Bulanek, 24, died of multiple injuries after he was transported to Clark Memorial Hospital in Jeffersonville.
Mr. Bulanek was changing a tire on a tanker truck at about 6 a.m. June 14, when the outer rim of the wheel blew off and struck him, The (Louisville, Ky.) Courier-Journal reported.
Ryder System declined to comment on the incident until an investigation is completed.
Goodyear's 2nd qtr. income to ste record
AKRON-Goodyear anticipates record earnings for the second quarter, despite essentially flat sales for the period.
Final results will be announced July 24, but the company predicted net income will range between $186 million and $190 million, compared with $173.8 million in the year-ago period.
However, sales for the quarter will be essentially even with the second quarter of 1995, when they reached a record $3.35 billion.
Goodyear said revenues were adversely affected by the translation of international currencies into U.S. dollars. Tire unit sales are expected to be higher than the 1995 quarter.
Bandag earnings slide despite sales increase
MUSCATINE, Iowa-Bandag Inc.'s earnings fell 19.3 percent to $20.1 million during the second quarter as sales edged up 3.3 percent to $188.9 million, compared with the year-earlier quarter.
Results for the first half of the year mirrored those for the quarter. Net income dropped 19.2 percent to $36 million on a sales increase of 2.3 percent to $359.2 million, compared with the 1995 period.
TBC Corp. finalizes Big O acquisition
MEMPHIS, Tenn.-TBC Corp. acquired all the outstanding shares of Big O Tires Inc. after receiving approval of Big O stockholders during a special meeting July 10.
Under the agreement, Big O stockholders received $16.47 per share. The total value of the acquisition is estimated at $56 million.
Nichelin 'green' tires net Canadian Ecologo
MONTREAL-Michelin's XSE technology-based Energy MXV4 and its line of fuel-efficient truck tires have earned Canada's Environmental Choice Program (ECP) ``Ecologo,'' a symbol of environmental responsibility.
To achieve Ecologo certification, a product must meet stringent specifications as established by scientific, technical and industrial experts and prove it has a definitive impact on the environment, from manufacture to disposal. More than 1,500 products have been certified under the program.
IMT helps Sudbury net strong 4th qtr
CLEVELAND-Sudbury Inc. reported a boost in earnings for the fourth quarter and fiscal year, which ended May 31, due in part to the strong performance of its Iowa Mold Tooling subsidiary.
Cleveland-based Sudbury boosted net income 16.9 percent to $15.9 million for the year, compared with the previous year, despite a 1-percent slump in sales to $302.2 million.
Fourth-quarter earnings jumped 7.3 percent to $5.27 million, compared with the year-earlier period, as sales fell 7 percent to $81 million-however, the year-ago fourth quarter included $6 million in sales from South Coast Terminals, a subsidiary Sudbury sold earlier this year. The company attributed the earnings boost to increased operating efficiencies and lower debt levels.
Nevin sells control of Budget Rent A Car
WASHINGTON-Ford Motor Co., which holds non-voting preferred shares in Budget Rent A Car Corp., will acquire Budget's common stock from investor and former Firestone Chairman John Nevin for an undisclosed price.
Budget, based in Lisle, Ill., is the third-largest U.S. rental car company.
Under Mr. Nevin's leadership in the late 1980s, the former Firestone moved its headquarters from its long-time home in Akron to Chicago.