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February 28, 2005 01:00 AM

News in Brief

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    Finney named TCI president

    NASSAU, Bahamas-Tire Centers L.L.C. (TCI) has named Joe Finney president and CEO, replacing Roy Bromfield, who left the company to pursue other opportunities.

    Mr. Finney joined Group Michelin last September, working for the company in Europe. He took on his new position at TCI Jan. 5.

    TCI is a subsidiary of Michelin North America Inc.

    Prior to coming to Michelin, Mr. Finney spent 16 years at ServiceMaster Co. where most recently he served as senior vice president of operations in charge of the company's HVAC business.

    Kumho shares start trading

    LONDON-Shares in South Korean tire maker Kumho Tire Co. Inc. debuted Feb. 16 on the London Stock Exchange, trading in a range from $7.13 to $7.50 per global depository share.

    Brokerages reportedly offered 22.4 million depository shares-equal to 11.2 million common shares-valuing the London action at about $160 million.

    Kumho Tire shares began trading Feb. 17 on the Seoul Exchange with 6.8 million shares being offered.

    Cooper Tire & Rubber Co. was expected to buy 7.5 million shares of the international offering to reach the 11-percent shareholding it earlier disclosed it intended to buy. Using the London launch price, Cooper's share purchase would be valued at about $110 million.

    The Korean Military Mutual Aid Association, which owned 50 percent of Kumho prior to the IPO, will sell 7.5 million shares to Kumho Industrial Co. Ltd., according to brokerage reports.

    Tom Dattilo, Cooper chairman, CEO and president, said the Kumho investment is part of the tire maker's strategy to develop Asian partnerships not only to satisfy North American production needs but to also take advantage of the anticipated growth there over the next five to 10 years.

    Conti to close Akron test center

    CHARLOTTE, N.C.-Continental Tire North America Inc. (CTNA) will close its Akron Test Center May 31 as part of a restructuring move.

    The closing will affect 20 employees, who will be offered severance packages and additional outplacement assistance, Conti said. A company spokeswoman declined to comment on the costs or savings CTNA will incur from the closure but said the facility will be sold after it's closed.

    The activities and most of the equipment at the Akron site will be transferred to Continental's primary testing location in Europe. The Akron center primarily tested tires for endurance.

    Yokohama site to highlight Advan

    TOKYO-To promote its Advan flagship tire brand, Yokohama Rubber Co. Ltd. said it plans to launch a dedicated Web site plus exhibit at the Geneva (Switzerland) Motor Show March 1-13.

    The Web site, at www. advan.com, will launch March 1. It will include information about the brand plus links to dealer home pages. A products section will feature the offerings the tire maker will launch this year.

    TIA to host truck tire exec summit

    BOWIE, Md.-The Tire Industry Association will host its first Commercial Tire Executive Summit April 20 during the World Tire Expo in Louisville, Ky.

    Featured speakers include Tom Dattilo, chairman, president and CEO of Cooper Tire & Rubber Co. and chairman of the Rubber Manufacturers Association; Martin Carver, chairman, president and CEO of Bandag Inc.; Bob Costello, chief economist with the American Trucking Associations; Peggy Fisher, president of Fleet Tire Consulting and a TIA director; and Roy Littlefield, TIA's executive vice president.

    The summit will be followed by a private networking reception.

    Commercial dealers, retreaders wanted

    AKRON-Tire Business is compiling its annual rankings of North America's largest commercial dealerships and retreaders for its annual Commercial Tire/Retreading issue, which will be distributed at the Tire Industry Association's World Tire Expo April 20-22 in Louisville, Ky.

    If you think your company should be included in these rankings, please contact Bruce Davis, special projects reporter, by March 4 at (330) 865-6145 or at [email protected]

    Letter
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    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

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