Toyo to supply IMSA race series CYPRESS, Calif.—For the third year in a row, Toyo Tire (U.S.A.) Corp. will serve as the exclusive spec tire supplier for the 1997 International Motor Sports Association (IMSA) Endurance Championship Series.
Toyo will supply its U.S. Department of Transportation-approved Proxes RA-1 competition tire in the 10-race series.
The series features four classes of Street Stock category cars (American, Japanese and European sports coupes and sedans) with safety and limited performance modifications.
The Proxes RA-1 features an ultra aggressive, uni-directional tread design with steel-wire reinforced sidewalls.
Toyo said the tire offers a soft yet durable tread compound ``to maintain a very cost-effective edge.''
Alvarez named to top SBA post
WASHINGTON—Aida Alvarez was confirmed unanimously by the Senate Feb. 13 as the new administrator of the Small Business Administration.
A native of Aguadilla, Puerto Rico, Ms. Alvarez served in President Clinton's first term as director of the Office of Federal Housing Enterprise Oversight.
``I want the SBA to be on the leading edge in financial management, particularly as it expands its reliance on private-sector partners,'' Ms. Alvarez told the Senate Small Business Committee during her confirmation hearings.
Ms. Alvarez succeeds Philip Lader.
EcoTyre losses mount, sales profits
HOLTSVILLE, N.Y.—EcoTyre Technologies Inc., a producer of retreaded passenger and light truck tires, saw its sales soar in its fiscal third quarter as the company commenced retreading its own tires.
The Holtsville firm reported sales of $797,013 in the three-month period ended Dec. 31, compared with $58,402 in the corresponding 1995 quarter.
Still, the company's net loss widened slightly to $1.12 million from $1.11 million a year ago.
For the nine months, EcoTyre's sales rose to $1.6 million, from $218,583, while its losses increased to $2.91 million from $1.97 million in 1995.
``The switch from being strictly a distributor to a fully operational manufacturer and distributor has posed multiple challenges for the company during the past nine months,'' said Vito Alongi, president and CEO. ``However, now that the retooling, staffing and training have been accomplished, we can now look forward to aggressively pursuing increased sales and ultimate profitability.''
EcoTyre uses European technology to apply a new sidewall and tread rubber to a buffed casing.
Myers reports record profits
AKRON—Myers Industries Inc., parent of Myers Tire Supply, a supplier of tire repair and undercar service products, reported record sales and income for 1996 and the fourth quarter ended Dec. 31.
For the year, the Akron-based company saw its net income soar 31.5 percent to $21 million as sales climbed 6.7 percent to $320.9 million.
Fourth quarter results were equally dramatic. Earnings rose 42.9 percent to $6.47 million, from the 1995 quarter, while sales rose 9.2 percent to $90.6 million.