Goodyear improves its credit facilities
AKRON-Goodyear has closed $3.65 billion in new credit facilities, refinancing debt that would have matured in 2005, 2006 and 2007.
The new facilities will be due in 2010 and 2011, Goodyear said.
``This refinancing addresses the majority of our maturities through 2009 and provides cost-effective financing,'' said Richard Kramer, executive vice president and CFO.
In its 2004 10-K report, Goodyear said it held about $5.68 billion in debt, up 11.8 percent from year-end 2003.
Hercules to sell mixing operation
FINDLAY, Ohio-Hercules Tire & Rubber Co. has signed a letter of intent to sell its custom mix rubber business in a deal that does not affect Hercules' worldwide tire operations.
The sale to Toronto-based Biltrite Industries will include its manufacturing plant and equipment in Findlay, according to Larry Seawell, Hercules Tire senior vice president. Hercules in 2001 sold its tread rubber business segment to Cooper Tire & Rubber Co.
Terms of the deal, expected to close in late April, weren't disclosed.
Hercules said it plans to re-invest proceeds from the sale into its tire operations.
Its corporate office will remain in Findlay under a lease with Biltrite.
Goodyear recalls 160 at Tenn. plant
AKRON-Goodyear is recalling about 160 employees at its Union City, Tenn., plant to help handle an increase in demand for replacement tires, fill vacancies created by retirements and provide coverage during peak vacation periods.
The callback will boost the plant's work force to about 2,400. In September 2002, more than 3,200 worked at the factory before the company began to lay off employees, according to a Goodyear spokeswoman.
The Union City plant makes radial passenger and light truck tires for the replacement market.
Michelin partners with Honeywell
GREENVILLE, S.C.-Michelin North America Inc. and Honeywell Automation and Control Solutions have signed a three-year agreement for Honeywell to service and support the Michelin eTire System, an electronic tire-monitoring system that provides fleet managers with tire-pressure and tracking information.
Honeywell Automation, a unit of Honeywell International Inc., will handle installation of the eTire system and will provide customer service and support for current and new customers using eTire, Michelin said.
Pirelli to outfit BMW M6 coupe
MILAN, Italy-Pirelli S.p.A. gained an original equipment fitment on the BMW M6, a luxury sports coupe.
The vehicle is shod with Pirelli's P Zero Corsa System tires. Pirelli said the tires-developed from the tire maker's racing program-are size 255/40ZR19 in the front and 285/35ZR19 in the rear, and were developed exclusively for the M6.
The new fitment confirms the company's growth trend in the OE sector, Pirelli said in a statement.
Cayenne breaks record on Toyos
PAPENBURG, Germany-A Porsche Cayenne Turbo SP600M, shod with Toyo Proxes S/T tires, broke the sport-utility vehicle top speed record by hitting a scorching 191.65 mph.
The previous record of 175 mph was set in 2003. The Cayenne hit the latest milestone on the Automotive Testing Papenburg oval test track in northern Germany. It was modified by Sportec A.G. of Switzerland, a tuner of Porsche, Audi and Volkswagen vehicles.