Rubber Division to give scholarships
The ACS Rubber Division is seeking candidates for two $5,000 college scholarships for the 2004-2005 academic year, one of which is named after a longtime member of the association.
The scholarships cover two semesters and will go to incoming juniors or seniors. One award is a memorial to Emanuel G. Kontos of Uniroyal Inc., who died last year.
The stipend covers tuition, fees and other expenses. The winners must have at least a ``B'' average and a serious interest in a career in the rubber industry.
For more information, visit the association's Web site at www.rubber.org.
Goodyear looking to add term loan
Goodyear said it is taking steps to obtain a $650 million term loan to be used for general corporate purposes.
J.P. Morgan Chase & Co. Inc. and Citigroup Inc. are arranging a syndication to add the loan to the company's $1.3-billion asset-based credit facility. Goodyear has commenced discussions with the lenders under its senior secured credit facilities to amend those agreements to allow for future capital markets transactions.
The tire maker originally said Jan. 27 the loan would be for $300 million, but announced the new figure Feb. 3.
Foamex to restate earnings
A recently discovered inventory error has changed Foamex International Corp.'s financial results for the first three quarters of 2003.
The company will restate earnings for each of the periods, primarily because of a calculation error in the carrying value of some in-transit raw materials that overstated inventories by $2.4 million. The adjustments will increase the company's net loss for the nine-month period to $18 million from $16.5 million.
The inventory adjustment ``relates to a February 2003 systems conversion to an enterprise-wide software package,'' said K. Douglas Ralph, the chief financial officer of Foamex. The firm said it has put procedures in place to ensure the value of the in-transit raw material inventory is more effectively monitored in the future. The firm expects to report its fiscal 2003 earnings in early March, it said.
Dow Corning boosts capacity
Dow Corning Corp. has completed a two-year program to increase its organosilane coupling agents capacity by more than 40 percent.
The plan, which involved a $6 million investment in improved manufacturing processes, was in response to increased market demand, the company said.
``These improvements will provide a reliable supply of high-quality silanes around the world,'' according to Ken Kaufman, global product line manager, silanes and silica.
Farrel aims to deregister stock
Rubber mixer maker Farrel Corp. has asked the U.S. Securities and Exchange Commission to deregister its stock, citing the low number of shareholders, lack of trading activity and coverage, and the rising costs of being a publicly traded company.
The company said it probably would incur $300,000 in added costs this year to maintain its publicly traded status, which are ``impossible to justify'' for a company of Farrel's size.
Deregistering would become effective in 90 days. After that time, Farrel said its stock would continue to trade through Pink Sheets, an electronic quotation service for over-the-counter securities.
Myers Industries Inc. recently completed the placement of $100 million of senior unsecured notes in a private transaction with a limited number of institutional investors...Brenntag Inc. will distribute Wacker Chemical Corp.'s Wacker HDK fumed silica products, Wacker Helicone HC liquid crystal special effects pigments and a broad range of its silicone fluids, emulsions and other silicone products in North America.