Myers sets sales, earnings records AKRON—Myers Industries Inc., parent of Myers Tire Supply and tire and retread product supplier Patch Rubber Co., reported record second quarter sales and earnings.
For the three months ended June 30, Myers' net income grew 20.7 percent to $9.17 million. Sales rose 46 percent to $147.6 million.
The quarterly results include contributions from several recently acquired companies, CEO Stephen Myers said.
Excluding them, the company's net sales would have increased 3 percent for the quarter and 5 percent for the six months.
For the first half, Myers' net income rose 19.5 percent to $17.4 million as sales increased 44.9 percent to $274.4 million.
Galaxy unit earns turn-around award
RED LION, Pa.—Galaxy Tire & Wheel Inc.'s subsidiary, Redco Corp., has received the Blue Chip Enterprise Initiative as one of the top turn-around companies in the U.S.
Presented annually by MassMutual Insurance Co., Nation's Business magazine and the U.S. Chamber of Commerce, the award recognizes businesses that have effectively used resources to overcome adversity and create opportunities that resulted in their emerging as stronger companies.
Galaxy acquired Redco, a manufacturer of steel truck wheels, in August 1997. Redco reported a loss of more than $4 million that year.
In 1998, Redco returned to profitability in the third and fourth quarters as it doubled sales and production.
The company markets to major trailer manufacturers, tire distributors and wheel distributors.
Galaxy said it expects Redco's sales will continue to grow in 1999, tripling in size from 1997.
Accuride takes over its Mexican unit
HENDERSON, Ky.—Wheel manufacturer Accuride Corp. has acquired the 49-percent stake in Accuride de Mexico (AdM) it didn't already own from Industria Automotriz S.A. de C.V. (IaSa), one of Mexico's largest wheel manufacturers.
Formed in 1997, AdM was a joint venture between Accuride and IaSa based in Monterry, Mexico. The two companies formed the venture to service the growing Latin American wheel market, Accuride said.
Cost of the acquisition, which was finalized July 16, was $7.3 million.
``This acquisition is yet another step in our global growth strategy of providing local manufacturing for our core customers and of establishing operations in grown markets,'' said Bill Greubel, Accuride president and CEO.
Accuride, based in Henderson, is North America's largest manufacturer of wheels for heavy/medium trucks and trailers.
Bridgestone Corp. has been named General Motors Corp.'s Supplier of the Year for the fourth consecutive year, making it one of only 184 suppliers who achieved that distinction for 1998.
South Carolina Gov. Jim Hodges honored Trish Bailey, plant manager for Michelin North America's Lexington, S.C. plant, as a ``Woman of Achievement'' for becoming the first female tire plant manager in Michelin's North American history.
Goodyear Chairman Sam Gibara has been named Executive of the Year by the French-American Chamber of Commerce in Chicago, which recognizes executives for successful business leadership in the U.S. and France and integration of both cultures in a global development strategy.
Mr. Gibara worked in the tire maker's French operations for 16 years, 10 of those as president of Goodyear France.
Patch Rubber Co., a manufacturer of industrial and automotive rubber products, sheet rubber and adhesives, has received ISO 9001 registration.