AKRON-Goodyear's board of directors has voted to amend the tire maker's shareholder rights plan, also known as its anti-takeover provision.
The plan was scheduled to expire July 29, 2006, but the board voted to accelerate the expiration date to June 1, 2004.
The company said the board took note of opposition to such plans, as has been demonstrated by votes on proposals seeking a shareholder vote on redeeming the plan at Goodyear's last two shareholder meetings.
The shareholder rights plan, or ``poison pill'' as it is known in the corporate world, is designed to take effect when an outsider puchases 15 percent of Goodyear's stock. Goodyear shareholders then are given the right to buy more shares at a reduced price.
The board did not vote to speed up the plan's termination in response to any takeover discussions, a company spokesman said.
He claimed that no company in history ever has used such a plan, and many companies are doing away with them.
Additionally, the board institued restrictions on its ability to adopt a shareholder rights plan in the future.
Quebec mulls snow tire law
QUEBEC CITY, Quebec-Following a coroner's recommendation, Quebec's Transport Ministry plans to study the possibility of requiring snow tires on all vehicles during the winter months.
According to the ministry's spokesman, Minister Yvon Marcoux announced that his office will look into whether a mandate is possible, if it would be helpful and, if so, whether the government would be able to enforce the law. Already, about 84 percent of drivers in Quebec use snow tires, the spokesman told Tire Business.
``We have no intention for now to make a law or something like that,'' he said. ``We're just taking a look at the situation.''
He added the minister has not set a formal timeline for the study. The coroner's recommendation followed an accident four years ago that, according to Canadian media, involved a man who died after losing control of his vehicle on so-called ``black ice.''
Kumho taps Oh president, CEO
SEOUL, South Korea-Sae-Chul Oh replaced Hyung In-Shin as president and CEO of Kumho Tire Co. Inc., the parent of Fontana, Calif.-based Kumho Tire U.S.A, Jan. 1. Mr. Shin retired and is serving in an advisory capacity.
Mr. Oh joined Kumho in South Korea in 1974 as an engineer and has served in various capacities at Kumho, including as manager, director, and most recently as vice president.
Mr. Oh earned a Ph.D. in high polymer chemistry in 1996 from Jeonnam University in Kwangju, South Korea.
ATD leases Calif. distribution facility
HUNTERSVILLE, N.C.-American Tire Distributors Inc. has signed a multi-year lease on a 103,000-sq-ft. distribution center in San Jose, Calif., moving from an existing warehouse in the city.
An ATD spokesman said the distribution center will serve at least 13 counties in the San Francisco Bay Area.
``We feel this new distribution center will allow us to better service the San Jose marketplace,'' the spokesman said.
ATD could move into the new site, which will house some 60,000 tires, as early as March, according to a statement from real estate firm CB Richard Ellis, which represented ATD in the deal. ATD operates 65 warehouses nationwide, including seven in California.
Mayfield Del-Nat's new vp, marketing
MEMPHIS, Tenn.-Jim Mayfield has joined Del-Nat Tire Corp. as vice president of marketing, replacing Dennis Cates, who left the company to pursue other interests.
Mr. Mayfield, who joined Del-Nat Jan. 26, will be responsible for all marketing and product management functions. He will report to Del-Nat President Dan Hunter.
Prior to Del-Nat, he had worked at Continental Tire North America Inc. as director of General brand management. He served at Conti for nine years in various capacities, including director of marketing, national director of mass merchandising sales and product marketing and as vice president, original equipment sales for the passenger and light truck division.
Mr. Mayfield joined the tire industry in 1981 with Michelin Tire Corp. where he held various positions in replacement and OE sales.
Goodyear to talk farm tire promos
AKRON-Officials from Goodyear's farm tire division soon will meet with its 10-member dealer advisory board to brainstorm ideas for promotions to help even out the year from planting to harvest.
Jim Bamer, national sales manager for Goodyear/Kelly farm and specialty tires, told Tire Business that Goodyear hopes to smooth out the peaks and valleys in the year. Farm tire promotions traditionally are conducted at the peak planting and harvesting times, with long lags in between, he said.
It's too early to guess what may be involved, Mr. Bamer said, but a smoother year will be better on bottom lines for both Goodyear and dealers.
If any workable ideas come out of the meeting, a plan may be implemented yet this year, he added.
Meanwhile, the farm tire division also hopes to sign on more Goodyear dealers to sell rubber tracks for skid steers.
``It's a new revenue stream for Goodyear farm tire dealers,'' he said.