Reliable Tire to re-launch Spartan
BLACKWOOD, N.J.-Reliable Tire Distributors has announced it will expand and re-introduce the Spartan line of tires.
Reliable, which owns the proprietary private brand, said it has expanded it to include three different manufacturers with several factories in Asia and North America. The tire program will initially be released through Reliable's seven distribution centers.
Reliable has a strategic partnership with Universal Cooperatives Inc., which will handle the line in their network of warehouses in the central part of the country.
``Many of the other private or associate brands we've used have experienced a lot of instability in recent years,'' said David Long, the recently appointed president of Reliable's Spartan Tire division. ``Reconstituting our own Spartan Tire line gives us more consistency and control.''
Hercules Tire's Rinauro to retire
FINDLAY, Ohio-Paul Rinauro, vice president and general manager of Hercules Tire & Rubber Co.'s manufacturing division, will retire from the company Oct. 31 after 22 years of service.
Larry Seawell, Hercules' chief financial officer, will assume Mr. Rinauro's responsibilities, the company said.
Mr. Rinauro, 61, started with Hercules as national sales manager, a position he held for three years before being promoted to vice president and general manager. Prior to Hercules, Mr. Rinauro worked for Oliver Rubber Co. for 15 years, first as a technical representative, then district sales manager and finally as regional sales manager.
Tires help boost Midas' sales
ITASCA, Ill.-The addition of Bridgestone/Firestone tires to Midas Inc.'s stores had a positive effect on retail sales, contributing to third quarter net income of $2.1 million, up from a loss of $11.8 million a year ago.
Retail sales at Midas' 73 company-owned outlets fell to $9.2 million in the quarter from $9.6 million last year. The rest of Midas' roughly 1,900 stores in the U.S. and Canada are franchise outlets. Comparable sales in company-operated shops increased 1.8 percent in the quarter, while comparable store retail sales grew 1.6 percent in North America.
Midas also said it plans to sell its exhaust business and exit exhaust manufacturing.
For the nine months, Midas reported net income of $2.1 million vs. a loss of $50.9 million last year. Retail sales in company-owned shops fell to $27.1 million from $32.5 million. Total sales and revenues for the company fell to $150.2 million from $229.4 million a year ago. Sales and revenue in the third quarter also fell to $51.3 million from $77 million a year ago.
Titan posts third quarter gains
QUINCY, Ill.-Titan International Inc.'s net sales in the third quarter increased 4.7 percent to $116.5 million, and net income also grew to $1.48 million from a loss of $13.4 million last year.
Adjusting sales to reflect the sale of Titan Europe P.L.C., this quarter's results are 47.1-percent higher than 2003's adjusted $79.2 million.
``Clearly we are pleased with the great strides Titan has made since third quarter last year, especially considering Titan Europe P.L.C.'s sales are no longer consolidated with those of Titan International,'' said Maurice Taylor Jr., president and CEO.
For the first nine months of the year, Titan posted net sales of $404.7 million, up from $371.2 million. Net income improved to $12.4 million from a loss of $27.4 million last year.
Titan International owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment.
Yokohama, Pirelli raising tire prices
AKRON-Yokohama Tire Corp. and Pirelli S.p.A. will increase prices by 3 to 5 percent, effective in December.
Yokohama will raise prices on its consumer, commercial and off-the-road tires from 3 to 5 percent, effective Dec. 31. Consumer tire prices will increase 3 to 4 percent, and commercial and OTR tires will rise 3 to 5 percent, Yokohama said. The tire maker said dealers will receive detailed pricing before the actual increases.
Pirelli is raising tire prices by 3 to 5 percent in North America, Europe, Asia-Pacific and the Middle East. Those increases cover car, motorcycle and heavy truck tires, and they will involve all brands and products.
Both tire makers cited rising raw materials and other costs.