Federal sales up 13.3% worldwide
TAIPEI, Taiwan-Federal Corp., buoyed by a 38-percent jump in export sales, reported a 13.3-percent rise in parent firm revenues last year, to $89.4 million. Export sales rose to $53.7 million and included a 70-percent sales increase in North America to $20.1 million.
Earnings were slightly more than $9 million, Federal said. Sales to domestic customers in Taiwan fell 12.1 percent during the year, Federal said. The results do not include sales from Federal's JFT operations in China, which in 2000 totaled more than $25 million.
Federal attributed much of its export sales growth to higher-than-anticipated demand for its range of SS595 high performance tires.
Goodyear closes Philippine tire plant
AKRON-Goodyear has closed its Marikina, Philippines, tire plant, citing overcapacity and softening market demand.
The Feb. 1 closing eliminates about 1,200 units of daily capacity for radial and bias-ply passenger and light and medium truck tires. Goodyear continues to operate a second plant in the Philippines, in Las Pinas, which may absorb some of the displaced workers, the company said.
Goodyear acquired the Marikina plant in 1996 for $63 million from Malaysia's Sime Darby Berhad.
Nokian in snow tire venture in Russia
NOKIA, Finland-Nokian Tyres P.L.C. and Amtel Holdings Co. of Russia have agreed to make snow tires for the Russian market at an as-yet-undisclosed Russian factory.
The contract calls for the production of 200,000 Nordman-brand tires this year, Nokian said, and will be expanded gradually to cover summer tires, as well.