Toyo sales up, earnings down
TOKYO-Sales by Toyo Tire & Rubber Co.'s North American business units grew 12.7 percent last year vs. fiscal 2002, but expenses outgrew sales to leave operating income 54.3 percent below the 2002 performance.
Toyo reported $438.2 million in sales in North America for the year ended March 31, 2003, according to the firm's fiscal 2003 annual report. Operating income fell to $14.6 million, shrinking the operating ratio to 3.3 percent.
Part of the sales gain can be attributed to the start of production in July 2002 of Toyo Automotive Parts (USA) Inc., a maker of automotive anti-vibration components in Franklin, Ky.
Globally, Toyo's sales increased 0.5 percent to $2.09 billion while net income was up 12.1 percent to $30 million. Operating earnings fell 12.1 percent to $111 million.
More tire makers to raise prices
AKRON-Four more tire companies have announced price increases because of rising raw materials costs and other factors.
Pirelli Tire North America Inc. will raise prices of its Pirelli-brand passenger and light truck tires up to 4 percent effective Oct. 1.
Yokohama Tire Corp. will raise prices up to 5 percent on its passenger, high performance and light truck tires, also effective Oct. 1.
Kumho Tire USA will increase prices on its passenger, light truck and commercial truck tires between 3 and 5 percent, effective Nov. 1.
Hankook Tire America Corp. will raise the prices of its passenger, high performance, light truck, and medium truck tires by 3 percent, effective Oct. 1.
Groups to hold Hispanic summit
WASHINGTON-Three automotive industry associations together will host a Hispanic Automotive Technician Summit Oct. 1 on Capitol Hill.
Sponsored by the Automotive Service Association (ASA), the National Institute for Automotive Service Excellence (ASE) and the National Automobile Dealers Association, the summit will be co-chaired by Sen. Saxby Chambliss, R-Ga., and Rep. Ciro D. Rodriguez, D-Texas.
The goal of the summit is to discuss recruitment, retention and work force development for Spanish-speaking automotive service technicians, the ASA said.
The U.S. Department of Labor expects a 10-percent increase in automotive repair jobs by 2010.
FTC to review tire, labeling guides
WASHINGTON-The Federal Trade Commission is asking for public comments until Oct. 24 on whether, and how, to revise its Tire Advertising and Labeling Guides.
The FTC voted 4-0-1, with one member absent, on Aug. 22 to initiate a routine review of the guides. According to an agency press release, the guides have remained the same since 1968, except for a change in 1994 to allow the use of the word ``retread'' to describe used or retreaded tires in ads.
Coker supplies last VW Beetles
CHATTANOOGA, Tenn.-Vintage tire marketer Coker Tire Co. supplied the whitewall radial tires that were fit to the 3,000 ``Last Edition'' Volkswagen Beetles produced in Mexico in July.
The factory in Puebla, Mexico-the last remaining plant to produce the original style of VW Bugs after the car maker stopped producing them in Germany in 1978-built the special last edition vehicles as it wrapped up its production.
The final Beetle rolling off the line July 30 went to a German museum.
Coker Tire supplied the BFGoodrich Silvertown 165R15 tire with a 2 1/4-inch wide whitewall to the Mexican plant.