Goodyear sells T&WA interest
Goodyear has sold its minority interest in T&WA Inc., a minority-owned tire-wheel mounting business, to EnovaPremier L.L.C., a newly formed Cincinnati company that has taken over the Louisville-based firm's assets.
Goodyear said it expects to record an after-tax, noncash loss of $30 million to $35 million in the fourth quarter as a result of the transaction, subject to post-closing adjustments. Terms of the deal weren't disclosed.
The deal includes T&WA's Louisville headquarters and facilities in Montgomery, Ala.; Paris, Ky.; Charlotte, Mich.; and Princeton, Ind.
APV adds marketing partner
APV Engineered Coatings has chosen Isogran GmbH as its exclusive marketing partner for Germany and Eastern Europe.
Akron-based APV-formerly known as Akron Paint & Varnish Inc.-is a producer of paints, lubricants, coatings, adhesives, inks and release agents for the tire and other industries.
Isogran said it will provide an experienced technical sales force, just-in-time delivery from local stock, and a dedicated support team.
Faulty hose leads to recall
American Honda Motor Co. is recalling 43,200 Acura RL sedans sold in the U.S. because of a faulty power steering hose.
High temperatures under the hood of the RL may cause a power steering hose to crack and leak power steering fluid onto the catalytic converter. This could lead to a fire, according to a National Highway Transportation Safety Administration recall report. No injuries or fires have resulted from the faulty hose.
Foamex settles contract lawsuit
Foamex International Inc. has settled a breach of contract lawsuit filed by Sleep Innovations Inc. at the U.S. District Court in Pennsylvania.
Sleep Innovations will pay Foamex $12 million for goods it has received from the foam maker. The bedding firm had withheld payment pending the outcome of the litigation. Other terms of the agreement weren't disclosed. The companies have also terminated their supply agreement.
DuPont to expand S.C. plant
DuPont Co. has chosen its Cooper River plant in South Carolina for a previously announced $500 million plan to significantly expand production of its Kevlar para-aramid brand fiber for industrial and military uses.
The investment will include construction of a Kevlar fiber facility that is scheduled to start up in 2010, DuPont said. It is expected to create 100 jobs, as well as more than 400 contractor jobs during peak construction.
Michelin to increase tire prices
Michelin North America Inc. said it will raise prices on its replacement passenger, light truck, earthmover and industrial tires during the next few months. Higher costs for raw materials, transportation and energy were cited as the cause of the price increases.
Private and associate passenger and light truck tires under the Michelin, BFGoodrich and Uniroyal brands will increase in price by up to 7 percent in the U.S. on March 3. Earthmover and industrial tires sold in the U.S. and Mexico, including those on back order, will rise an average of 3 percent, effective Feb. 1.
Goodyear ends Tyler tire production
Goodyear concluded its previously announced shutdown of tire production at its Tyler, Texas, plant in late December, with 600-650 jobs lost through layoffs, retirements and transfers to other facilities, the company said.
The facility will continue to operate as a rubber mixing center manned by 135 employees. Goodyear opted to cease tire production at the Tyler plant, which had a daily capacity of 25,000 passenger and light truck tires, following its 2006 decision to exit certain segments of the private brand tire business.
General Motors Corp.'s Chevrolet division picked Michelin Pilot Sport PS2 TM ZP run-flat tires as exclusive standard equipment on the 2009 Corvette ZR1...Lanxess A.G. increased prices of its EPDM rubber grades worldwide by about 5 percent as of Jan. 1...Huber Engineered Materials will increase prices for specialty grade silica and silicates by 5-8 percent, effective Feb. 1...Pilot Chemical Co. will boost prices on its surfactants from 2-15 cents, effective Jan. 15 or as contracts allow.