Raw material costs hurt Bandag in '05
MUSCATINE, Iowa-Bandag Inc. suffered double-digit declines in net earnings for the fourth quarter and the fiscal year on the negative effects of ``unprecedented'' increases in raw material and energy costs.
For the year, Bandag reported a 5.8-percent increase in sales to $914.6 million, based almost entirely on price increases throughout the year. Net earnings for the year declined 26 percent to $49.5 million. For the fourth quarter, sales rose 7.2 percent to $252.3 million, while earnings slumped 60.7 percent to $12.1 million.
While Bandag's tread rubber volume was flat for the year, the firm's Tire Distribution Systems Inc. (TDS) unit reported a ``robust performance'' based on continued strength in the transportation, mining and construction markets.
TDS' sales in 2005 of $168.5 million were 16.1 percent shy of the 2004 level, but the drop reflected the sales volume lost to divestitures in late 2004. TDS' operating profits, on the other hand, increased fourfold over 2004 to $6.58 million, Bandag said.
Firms collaborate on Lexani UHP line
CORONA, Calif.-Lexani Wheel Corp., Nexen Tire Corp. and Zisser Tire Wholesale are collaborating to launch a Lexani-brand ultra-high-performance tire line.
The companies officially formed their partnership on Jan. 20 to market the line. The first tire under the new line will be the Lexani N3000 Y-rated tire in size 245/35R20. A Lexani Roadian tire in size 305/45R22 will follow.
In a statement, Zisser Tire said the tires will be available in the second quarter this year, with an additional 12 sizes to follow the rest of the year. Zisser said it will exclusively market the tires worldwide.
BFS promotes commercial execs
NASHVILLE, Tenn.-Bridgestone/ Firestone has promoted two executives in its commercial truck and bus group, effective Jan. 1.
Kurt Danielson was named executive director, commercial marketing for the U.S. and Canadian markets. He previously had been director, commercial marketing. He is responsible for the marketing of all truck and bus tire brands, including the Bridgestone, Firestone and Dayton lines.
Mr. Danielson also is responsible for product planning, supply/inventory planning and Oncor retreading.
Also, Art Campagnoni was named executive director, commercial sales. He previously served as director, commercial sales.
He is responsible for the sales of all truck and bus tire brands in the U.S. and Canada. Mr. Campagnoni deals with replacement sales through the dealer network as well as sales through original equipment, truckstops and national fleet groups.
Cooper promotes three in marketing
FINDLAY, Ohio-Cooper Tire & Rubber Co. has named Douglas Brown, Michael Inbody and Amy Niese marketing managers.
Since joining Cooper in 1992, Mr. Brown has worked as senior customer service coordinator, senior production planner and, most recently, as regional credit manager.
Mr. Inbody joined Cooper as a customer service coordinator in 1990. Since then, he has worked as a regional manager in consumer relations, as a marketing assistant, territory sales manager in the Great Lakes region and, most recently, as an advertising manager.
Most recently a marketing program analyst, Ms. Niese joined Cooper in 2000 as a communications specialist and has also worked as an internal auditor.
Al Cohn leaves Goodyear for PSI
SAN ANTONIO-Al Cohn, a 28-year veteran and commercial tire expert for Goodyear, has left the firm to join Pressure Systems International Inc. (PSI) in the newly created position of director of new market development and engineering support.
Mr. Cohn established himself at Goodyear as a specialist in shaping industry protocol as it relates to tire development and other issues relating to tire use and wear, according to a PSI statement.
PSI makes and markets automatic tire inflation systems through ArvinMeritor Inc. as the Meritor Tire Inflation System by PSI.
Goodyear names Hopkins tech VP
AKRON-Goodyear has named William Hopkins to the new position of vice president, technology and strategic initiatives.
Mr. Hopkins formerly served as vice president of global product marketing and technology planning. In his new role, he will be responsible for global strategic initiatives, tire engineering, materials, performance prediction and global vehicle systems. He will report to Joseph Gingo, executive vice president of quality systems and chief technology officer.