Yokohama debuts Advan officially
SONOMA, Calif.-Yokohama Tire Corp. marked the official launch of its Advan ultra-high performance brand July 21 with about 30 tire dealers at a ride-and-drive event at Infineon Raceway in Sonoma.
The Advan lineup-the first tires of which were showcased at the 2004 Specialty Equipment Market Association show-includes the Neova, S.T., Sport, A048 and S.4. The Neova is now available in the U.S. in 12 sizes for ultra-high performance sports cars, Yokohama said.
The Advan S.T. carries W- and Y-speed ratings for sport-utility vehicles while the Advan Sport is designed for coupes and sedans. The Advan A048 is a DOT-marked racing tire. The Advan S.4, an all-season replacement ultra-high performance tire, will be sold only in North America.
DOJ won't act against Myers
AKRON-The U.S. Department of Justice (DOJ) has decided not to proceed against Myers Industries Inc. for international business practices that the company previously said may have violated U.S. laws.
Akron-based Myers said it had reported the practices to the DOJ and the Securities and Exchange Commission in July 2004. The practices related to the invoicing of certain sales to foreign customers and sales made by foreign subsidiaries to prohibited customers in certain international jurisdictions.
The SEC and the Treasury Department still are investigating, and they could determine the actions were unlawful, Myers said.
Federal to raise prices 3-5%
TAIPEI, Taiwan-Taiwan's Federal Corp. plans to raise tire prices 3-5 percent starting in October.
The tire maker said the increase, affecting its full line of tires, is necessitated by rising prices for raw materials, especially natural rubber, carbon black and petroleum products as well as transportation.
``The present price increase does not fully reflect Federal's increase in cost, and we are doing our best to absorb as much of it as possible,'' the company said.
Goodyear's stock reaches new high
AKRON-Goodyear's stock price closed July 26 at $17.34-a new 52-week high as well as the highest point since Aug. 1, 2002, when it stood at $17.40.
Goodyear's stock is up 78.2 percent from the July 19, 2004, close of $9.73 and 255.3 percent ahead of July 23, 2003, when the stock price was a listless $4.88.
After Aug. 1, 2002, Goodyear's stock price declined as the company struggled to regain profitability in its largest unit, North American Tire. In the spring of 2003-when recently appointed CEO Robert Keegan was outlining the company's turnaround plans-the stock price was wallowing around $3.87 on March 12 and $4.72 on April 11.
Last year Goodyear returned to profitability in the second quarter after six quarters in the red.
Following a couple short excursions above the $10 mark, Goodyear's stock price has been above that level consistently since last Oct. 29.
Runge to leave NHTSA post
WASHINGTON-Dr. Jeffrey W. Runge, administrator of the National Highway Traffic Safety Administration (NHTSA) since August 2001, is leaving the agency at the end of August to become chief medical officer for the U.S. Department of Homeland Security.
Dr. Runge oversaw NHTSA through one of its most significant and controversial periods, when the agency first promulgated rules and regulations emanating from the Transportation Recall Enhancement, Accountability and Documentation (TREAD) Act passed by Congress in October 2000.
Among the rules handed down on Dr. Runge's watch were those on tire pressure monitoring systems, ``early warning'' notification and the first revision since 1968 of federal tire safety standards.
TBC to restate some results
PALM BEACH GARDENS, Fla.-TBC Corp. said it will restate some of its previous financial statements following an analysis of its lease-related accounting policies.
But the company said the restatements will not have an impact on previously reported cash flows, cash balances, sales or comparable sales, among other items. The adjustments primarily will affect TBC's balance sheet accounts for goodwill and non-current liabilities as well as rent expense for prior periods.
The company determined in July that its statements from 2000 to 2004 and the first quarter of 2005 were unreliable and that certain prior periods should be restated.
TBC also expects to report an increase in same-store sales of 4.1 percent when it reports second quarter results. Its earnings are expected to be in line with its 49- to 53-cent per share guidance.