Michelin selling textile factory
GREENVILLE, S.C.-Michelin North America Inc. has agreed to sell its Scottsville, Va., textile processing plant to Hyosung America Inc., an affiliate of South Korea's Hyosung Corp., for an undisclosed price.
In turn, Michelin has agreed to buy the Scottsville plant's entire output for the next seven years in a deal valued at $350 million, according to Hyosung, which plans to make a ``major'' investment in the facility to upgrade its direct cabling capabilities.
Michelin decided to sell the plant to reduce operating costs, said Jim Micali, chairman and president.
American Racing, Alcoa team up
CLEVELAND-Alcoa Wheel and Forged Products is launching a new family of forged aluminum light truck wheels called Magnum that will be available exclusively from American Racing Equipment.
The creation of the Magnum line reflects the desires of both American Racing and Alcoa to expand their offerings to the light truck market, Cleveland-based Alcoa Wheel said.
Alcoa created several designs for consideration, the firm said, and American Racing chose the Magnum design, which features grooved vertical accent lines between softly rounded triangular hand holes.
The wheel range will be available in 16x6.5-inch for 2001-2002 model year GMC CK 3500 pickups, and two 16x6-inch sizes (with different backspace sizes) for 1999-2002 model year Ford F350s and for 2000-2002 model year Dodge 3500s.
This is not the first time Alcoa has made wheels for an independent marketer.
Previously it had an exclusive agreement with Max-Trac Tire Co. Inc. (which does business as Mickey Thompson Performance Tires and Wheels) for the M/T Classic and Challenger forged wheels. Those wheels were exclusive until last year, Alcoa said, but now are available from any authorized Alcoa warehouse distributor.
Bandag chooses new ad agency
MUSCATINE, Iowa-Bandag Inc. has hired Periscope Inc. in Minneapolis to handle its marketing and advertising accounts, which previously were coordinated by CMF&Z of Cedar Rapids, Iowa.
The assignment will include print advertising, collateral programs, sales support materials, direct marketing, trade show communications and media planning, Bandag said. Terms of the arrangement were not disclosed.
Arnco establishes tech advisory board
SOUTH GATE, Calif.-Arnco, a manufacturer of polyurethane flat-proofing elastomers, has established a Technical Advisory Board to help meet the expanding technical and service needs of its network of certified dealers.
The South Gate-based company also has formed a Performance Polymers Group with the purpose of introducing unique and innovative urethane systems into specialty markets worldwide.
``The mission of the new advisory board is to define and comprehend the technical and processing needs of the tire flatproofing industry and to provide our dealers with the necessary materials, methods and programs to meet those needs,'' said Arnco President Larry Carapellotti.
A strong emphasis also will be placed on increasing productivity and profitability at the customer level, he added.
The philosophy behind the Performance Polymers Group ``is to form strategic long-term partnerships'' with the company's customers, Mr. Carapellotti said.
The group will emphasize advanced proprietary technology and the development of urethane products that offer competitive benefits to customers.