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July 05, 2004 02:00 AM

Deadline News

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    Goodyear completes Sava Tires purchase

    AKRON-Goodyear has completed the purchase of the remaining 20-percent interest it didn't own in Slovenia's Sava Tires D.O.O., for about $52 million.

    The company earlier said the acquisition would consolidate its sourcing capabilities in low-cost countries and strengthen its position in the expanding central and eastern European markets.

    Goodyear gained full control of the Kranj, Slovenia, manufacturer by exercising its call option to purchase the portion of Sava Tires owned by Slovenia's Sava D.D. Goodyear acquired a 60-percent stake in Sava Tires in 1997 and increased it to 80 percent in 2002, paying $38.5 million at that time for the added stake.

    The U.S. firm's interest in Sava Tires is held by its Goodyear Dunlop Tires Europe affiliate.

    Goodyear has spent more than $100 million to modernize Sava Tire in its more than six years of ownership. The company produced more than 7 million passenger, light truck and commercial vehicle tires in 2003, exporting 80 percent of them.

    Regent Medical takes control of Regent glove lines

    NORCROSS, Ga.-Regent Medical Ltd. has completed its purchase of the Regent Biogel glove and Hibi antiseptics businesses from SSL International P.L.C.

    Norcross-based Regent Medical, a management buyout group funded through London-based Apax Partners & Co., paid $310 million for the Regent and Hibi businesses, which together generate about $220 million in annual sales.

    MEMA asks Congress for extension of R&D tax credit

    WASHINGTON-The Motor & Equipment Manufacturers Association is urging Congress to restore a tax credit for manufacturing research and development that expired June 30.

    Advanced vehicle safety technology development is expensive and the R&D credit helps to foster and expand this work, said MEMA President Scott Meyer. The House and Senate already have passed separate bills to extend the credit for 18 months, Meyer added, but the final legislation should contain the Senate-passed incentives for companies to perform research in the U.S.

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