Cinci Explores Incentives for Tire Discounters Move
The Cincinnati City Council’s budget and finance committee approved a job creation tax credit for Tire Discounters’ planned move to downtown, according to Cincinatti.com. According to media, the agreement allows Tire Discounters to recoup half of the new income tax revenue on the new Cincinnati jobs, estimated to be around about $247,449 over six years.
The Big Get Bigger: Monro Adds 31 Ind. Dealer Stores
Monro Muffler Brake Inc. continued its growth-by-acquisition strategy by taking up another 31 independent tire dealer locations. Earlier this week, Monro announced that it had definitive agreements to buy 27 Kost Tire & Auto Care centers in central New York and Pennsylvania, and four Windsor Tire Co./Mass Tire stores. Binghamton, N.Y.-based Kost Tire has 51
RMA Predicts Increase in Tire Shipments
The Rubber Manufacturers Association is projecting 2015 tire shipments to be greater than 2014. U.S. tire shipments are expected to exceed 311 million units in 2015, according to the association. OE shipments for passenger, light truck and medium/heavy truck are expected to increase, RMA said. Replacement shipments of passenger and light truck tires are expected
Cooper Net Income Nears 2012 Levels
Despite a decrease in sales, Cooper Tire & Rubber Co. reported a $100 million increase in net income year-over-year, nearing the company’s 2012 levels. Cooper reported a $214 million net income in 2014, up from 2013’s $111 million but still down from 2012’s $220.4 million. Sales for the company were recorded at $3.42 billion in
Yokohama Receives Platinum Supplier Distinction from Caterpillar
Yokohama Tire Corp.’s off-the-road tire factory in Onomichi, Japan, has earned Caterpillar’s 2014 Platinum Level Certification in its Supplier Quality Excellence Process. This is the third consecutive year that Yokohama this distinction. Caterpillar’s Supplier Quality Excellence Process recognizes businesses that offer best-in-class quality and performance.
Leu Joins BKT Tires Inc.
Industry veteran Adrian Leu has joined BKT Tires Inc. as senior manager of field technical services. Leu will help ensure BKT’s tire products are of the highest quality and meet rigorous performance standards by providing expert field engineering services, said Shawn Rasey, president of BKT Tires Inc. Leu will also focus on field testing new
BKT Tires Inc. Opens Tennessee Office
BKT Tires Inc., a subsidiary of Balkrishna Industries Ltd., has opened offices in Brentwood, Tenn. to serve as the company’s American headquarters for OTR sales and service. “The new offices reflect the BKT culture of technology and innovation, offering a state-of-the-art environment for employees to excel,” said Shawn Rasey, president of BKT Tires Inc. Sales,
August Class 8 Truck Orders Increase
FTR has released preliminary data showing August 2014 North American Class 8 truck net orders at 24,947 units, a year-over-year increase of 29%. Class 8 orders for the latest six month period through August annualize to 316,000 units. According to FTR, Class 8 orders have had 19 consecutive months with year-over-year increases.
Goodyear Shows 1H YoY Sales, Net Income Drop
Goodyear Tire & Rubber Co. reported a 6% decline in sales for the first half of the year, and net income for the period came in at $194 million, down from $224 million. The Akron-based tiremaker noted that its first half sales of $9.1 billion (down from $9.75 billion YoY) came on 80.6 million tires,
JK Tyre to Increase Exports
JK Tyre is pushing its aftermarket sales and exports in an effort to make up for a slowdown in the domestic car market. The tiremaker will focus on expanding its footprint utilizing its Mexico plant to increase exports, according to a Times of India report. “Our export focus has helped us to grow our exports
