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Goodyear Makes Changes in Financial Leadership

Goodyear Tire & Rubber Co.’s board of directors has moved two finance executives into new positions. Effective Jan. 1, Scott Honnold, vice president and treasurer, will serve as vice president of business development and Tom Kaczynski, vice president of investor relations, will become vice president, treasurer and investor relations.  Honnold joined Goodyear in 2007, and

BREAKING NEWS: Delaware Supreme Court Rejects Cooper Appeal

Bloomberg BusinessWeek this afternoon reported that the Delaware Supreme Court has rejected Cooper Tire & Rubber Co.’s appeal of a lower court judge’s decision in favor of acquisition suitor Apollo Tyre. The court issued “a terse one-page statement today signed by Justice Randy J. Holland, dismissing the appeal of a ruling in Delaware Chancery Court,”

Apollo-Cooper Update: Cooper Files Supreme Court Appeal But Not 3Q Financials

Even as both sides were awaiting the rest of Judge Sam Glasscock III’s ruling on the case, Cooper Tire & Rubber Co. filed a formal appeal of the judge’s partial ruing to the Delaware Supreme Court. Cooper is seeking an expedited ruling from the state supreme court, certainly prior to the Dec. 31 expiration of

Lanxess Announces Record Financials

At its annual press conference on March 22, specialty chemicals company Lanxess reported record sales and earnings figures during the 2011 financial year. Highlights the company touched upon were a 23% rise in sales to 8,775 million euros, and EBITDA pre-exceptionals up 25% to 1,146 million euros – the first time the one billion euro

Michelin Renews Support for ‘Back on the Road’

Michelin Americas Truck Tires (MATT) will continue to support Arrow Truck Sales’ Back on the Road Program as a 2012 sponsor. The program provides one deserving truck driver with a truck and a job to get him or her back on the road, as well as many more prizes designed to keep the driver on

Lanxess Lifts 2011 Financial Guidance

Lanxess AG has lifted its full-year guidance for 2011 on the back of strong second quarter results. The German specialty chemicals company now expects its EBITDA pre-exceptionals to grow about 20% year-on-year after previously forecasting a growth of 10% to 15%. During the second quarter the company’s EBITDA pre-exceptionals rose 26% year-on-year to 339 million

Cooper to Restate 2009, 1Q 2010 Financials

Cooper Tire & Rubber Co. announced that it will restate its earnings for 2009 and for 2010’s first quarter due to a “material weakness” in the company’s internal financial reporting. As a result, at least for full year 2009, Cooper’s net profit will improve, the company reported. How the restatement will impact first quarter 2010

Pepperdine Study Shows Depths of Biz Financial Crunch

A new national study indicated that a majority of U.S. businesses – especially small businesses – want to expand their companies, but are being held back by a lack of capital and tightened credit. The Pepperdine University Private Markets Capital Project showed that just 40% of privately held companies have the on-hand resources to expand.

Venezuela Devaluation Impacts Goodyear Financials

Goodyear said it will evaluate the impact of Venezuela’s changes to its exchange structure, but expects to book a charge in the first quarter of this year due to currency devaluation. On Jan. 8, the Venezuelan government announced the devaluation of its currency and the establishment of a two-tier exchange structure for “essential” and “non-essential”

Kumho Issues Statement Regarding Financial Woes

Kumho Asiana Group, through its Kumho Tire USA Corp. subsidiary, issued a statement late today regarding its financial position. It had been widely reported that cash strapped Kumho Asiana Group and its creditors agreed to a debt restructuring program, under which Kumho Asiana would sell a controlling stake in its Daewoo Engineering & Construction Co.