Goodyear to sell auto parts plants AKRON—In keeping with its strategy to focus on its core tire and rubber businesses, Goodyear has signed letters of intent to sell two Ohio plants that make plastic automotive parts for the original equipment market.
The company plans to sell its 220,000-sq.-ft. engineered composites plant in Jackson, Ohio, to Cambridge Industries Inc., of Madison Heights, Mich. The plant produces fiberglass-reinforced auto components including exterior body panels, truck hoods, glove box doors and grille opening panels.
Lear Corp. is negotiating to buy Goodyear's 334,000-sq.-ft. injection molding plant in Logan, Ohio, which makes plastic instrument panels.
No terms were disclosed for either deal.
Superior Tire expands Pa. plant
HOUSTON—Superior Tire & Rubber Corp., a maker of industrial rubber and polyurethane products, including industrial tires, has added space and equipment at its plant in Warren, Pa.
The company in February completed a 21,000-sq.-ft. expansion to house its shipping and warehouse operations.
The facility now spans 66,000 square feet, according to Plant Manager Paul Blasco.
The Warren-based firm also is bolstering its manufacturing capacity with new material-handling equipment and computer-numerically-controlled lathes and mills.
Mr. Blasco discussed the company's project at the recent Polyurethane Manufacturers Association annual spring meeting in Houston. He declined to reveal the cost of the expansion, but said the project will enable Superior to improve order accuracy and hike same-day shipments 30 percent.
The addition marks Superior's third expansion since 1989 and doubles the company's warehouse space. It also frees up manufacturing space at the plant, allowing the firm to restructure its operations to improve efficiency.
Oliver parent says net income down
DEARBORN, Mich.—Following pre-tax charges due to the closure of two of its automotive parts plants, Oliver Rubber Co.'s parent Standard Products Co. reported fiscal third-quarter net income dropped 92.9 percent on a 1.62-percent sales increase.
Excluding charges, quarterly net income was $11.6 million. Third quarter sales increased to $281.8 million from 277.3 million during the 1996 period.
Tread rubber sales at Oliver decreased 9.4 percent due to lower specialty mixing sales and the fact that third quarter fiscal 1996 sales reflected the purchase of equipment by Treadco Inc.
For the fiscal nine months, net income increased to $8.26 million over a loss in 1996 of $965,000. Sales increased 4.26 percent to $814 million from $780.8 million.
BFS offers student scholarships
NASHVILLE, Tenn.—Bridgestone/Firestone Inc. announced it has created a program to offer grants to high school and college-age students of its employees wanting to be involved with an environmental improvement project. The Enviroleader program will offer grants up to $1,000 that students may use to create, manage or support improvement projects in their communities. Funds will become available beginning May 15, the company said.
Goodyear to sell new polymers
AKRON—Goodyear's Chemical Division is making two specialty polymers used in Goodyear tires available to the rest of the industry.
The firm introduced Sibrflex 250, a synthetic rubber first used in the Aquatred, and Solflex 1250 on May 6 at the Rubber Division—American Chemical Society meeting in Anaheim, Calif.