Morgan Stanley: 'Cannot Think a Recovery is Imminent'

The latest RMA-produced U.S. tire market shipment figures do not suggest any kind of immediate recovery is on the horizon.

According to financial analysts who trawled through the figures, despite the fact that the comparison period wasn’t particularly strong, the market was down 1.5% year-on-year in June. Commercial vehicle tire shipments saw an even sharper decline (-11%), but this was also described as a tougher comparison.

“We wouldn’t deem June numbers as particularly bad vs. expectations, but we cannot think a recovery is imminent either,” Morgan Stanley analysts wrote on July 19. However, the bankers do believe that tire companies will benefit from tailwinds on raw material prices. That said, risks are also said to increase as the raw material credit is being used in tire price discounts in the mass segment. (Tyres & Accessories)

Ascot Supply Corporation, based in Newnan, Georgia, has selected Mark Paquette for the newly created position of vice president. In this position, Ascot Supply said Paquette will oversee the growth of the company's products, corporate profitability, manage marketing and advertising and assume many other responsibilities.

He will work under the direction of current President David Kessler and officially begin his new role on June 3. Paquette joined the tire and automotive industry in the early 1980s at his father's tire shop, and his contributions to Mohawk Rubber Sales were instrumental in the company's growth and eventual sale to Myers Tire Supply in 2021, according to Ascot Supply. Paquette eventually was given a promotion to the role of director of operations at Myers Tire Supply.