Michelin sells cord plant to Hyosung
Michelin North America Inc. and Hyosung America Inc., an affiliate of Hyosung Corp., have signed an agreement under which Hyosung will purchase Michelin's steel cord facility in Scottsburg, Ind.
The American Steel Cord plant, with 220 employees, produces steel cord used in tire manufacturing. Hyosung will offer employment to all current Scottsburg employees. The Korean-owned company will maintain a comparable employee compensation package, according to Terry Swanner, vice president of Hyosung's North American operations. Financial terms of the agreement were not disclosed.
The pact also includes a 10-year supply contract whereby Michelin will purchase steel cord from Hyosung.
API, OSHA form pact to cut injuries
The Alliance for the Polyurethanes Industry has joined forces with the Occupational Safety and Health Administration in six states to focus on reducing and preventing exposure of diisocyanates during the application of spray-on truck bed liners.
API has linked up with federal offices of OSHA in Illinois, Ohio and Wisconsin and state offices in Indiana, Michigan and Minnesota to educate businesses in the truck bed liner industry on the necessary handling and care of spray applications, most of which use methylene diphenyl diisocyanate.
Attorney again sues BFS over truck tires
A California attorney, who twice has failed to get a state court to order a recall of Steeltex light truck tires made by Bridgestone/Firestone, is trying again.
Joseph L. Lisoni of Pasadena, Calif., filed a class-action suit with the U.S. District Court for the Central District of California in Los Angeles, again claiming the Steeltex R4S, R4S II and A/T tires are defective and unsafe.
The National Highway Traffic Safety Administration has conducted three investigations of the tire and found no defect trend. The California Superior Court in Indio, Calif., twice refused to certify a class action sought by Lisoni, a fact BFS noted in a press release.
Foamex cuts quarter income projections
Foamex International Inc. blamed the volatility of raw materials prices and a difficult operating environment as contributing to a weaker-than-expected performance for the maker of flexible polyurethane and advanced polymer foam products.
Because of that, the firm said it has reduced its earnings expectations for the second quarter of 2005.
Reliable to open test laboratory in China
Reliable Analysis Inc. said it will open China's first automotive material testing laboratory in Shanghai July 27.
Reliable Analysis (Shanghai) Inc. is fully equipped with mechanical testing equipment to support and coordinate between the firm's global and Asian automotive customers, according to Ken-Jen Lang, president of the Troy, Mich.-headquartered parent company.
The new facility includes two walk-in environmental chambers and several reach-in environmental chambers.
Goodyear sets note conversion period
Goodyear's 4-percent convertible senior notes, issued in June 2004 and due June 15, 2034, are now convertible through Sept. 30, the company said.
The notes became convertible because the last reported sale price of the company's common stock for at least 20 trading days during the 30 consecutive trading-day period ending July 18 was greater than 120 percent of the conversion price on that day, the firm said.