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Corporate, financial news.

As part of its restructuring plan, American Cyanamid named its global chemicals business Cytec Industries and established headquarters in West Paterson, NJ.

Arco Chemical began commercial production of ethyl tertiary butyl ether at Coastal Refining & Marketing's facility in Corpus Christi, TX.

Bomax is a new marketing consulting firm, located in Mentor, OH, that will specialize in industrial marketing consulting and marketing services for mid-sized clients involved with manufacturing or distribution of technical products.

The Bridgestone-Bekaert Steel Cord joint venture between Belgium's Bekaert and Japan's Bridgestone Corp. will become an independent company registered on the over-the-counter stock market in Japan. The joint venture agreement will be phased out. In preparation of the listing of the shares on the O.T.C. market, 5 million BSB shares, previously owned by Bekaert and representing 12.8% of Bekaert's BSB shares, have been sold to Japanese private investors in a transaction that amounts to BEF 1.8 billion. The sale produces a capital gain for the Bekaert Group of BEF 1.2 billion, which will be added to its consolidated accounts as an exceptional profit for 1992.

Continental AG is expected to close 1992 with figures "well in the black," continuing a positive trend that began in the first half of the year, when Conti was able to increase its pretax earnings from DM31.5 million to DM118.7 million. For the year, the Hannover-based company forecasts sales of DM9.7 billion, up from DM9.37 billion in 1991. All operating groups - the Passenger and Commercial Tire groups, ContiTech and General Tire - contributed to the improvement. General Tire was able to halve its operating losses and will close 1993 with a profit, according to its parent-company.

Though finalized year-end results are not yet available, Goodyear CEO Stanley Gault said the Akron, OH-based tire maker could achieve record fourth-quarter sales and 1992 sales could be the highest-ever for the company, possibly in excess of $11.7 billion. Net income for 1992, before extraordinary items should be in the $360 to $370 million range, compared with 1991 income of $74 million. However, after inclusion of all non-recurring charges, the company will post a net loss of $660 million for 1992. Included in that figure is an after-tax charge of $38 million for a worldwide work force reduction plan, which will eliminate nearly 960 jobs, or 1%, of Goodyear's total employment.

Goodyear's Valleyfield, Quebec, tire plant will hire 20 new associates to increase tire production there by 3%, and in the United States, the tire maker recently hired 11 production workers at its Greensburg air springs plant, representing the first new hirings there in 20 years. The Greensburg plant plans to hire about 20 more workers before the end of the first quarter.

Kelly-Springfield Tire issued a voluntary recall of 3,634 light truck tires because of an incorrect load range and inflation markings on the serial side of the tire. The Multi-Mile Wild Country radial RVTs, size LT265/75R16 were manufactured for TBC Corp. The identification number on the sidewall is PJ W8 TBBV 402, 412, 422, 432, 442, 452.

Richard A. Stankye, former project engineer/millwright with the New England Engineering, which ceased operations in July 1992, is heading a new prime industrial millwright service called Northeast Millwright (Nemco). The company will be a source for rigging, remanufacturing, rebuilding, repairing, field installation and plant machinery maintenance of heavy duty production and processing machinery. Nemco is located in Shelton, CT.

Ricon Resins, a manufacturer of high vinyl 1,2, liquid polybutadiene, used as a property enhancer for rubber formulations, moved its order center from Broomfield, CO, to the Grand Junction, CO, headquarters to increase efficiency.

Thirty-five specially selected high school students from four states will participate this summer in an accelerated science and math program focusing on polymers at The University of Akron in Akron, OH. Funded with a $160,000 grant from the U.S. Department of Education, the Upward Bound program is open to low income or first generation college students who are from Ohio, Pennsylvania, Indiana and Michigan. During their six-week stay on campus, the students will study polymer science, math, English, computer science and a foreign language. For additional information, contact John Vesalo, a counselor with UA's Upward Bound program, at (216) 972-5823.

Beginning in early 1993, the Rubber Manufacturers Association will provide tire dealers with a variety of free instructional materials, such as RMA-published tire care and service manuals, wall charts and related education and reference materials, as part of an education program sponsored by tire manufacturers.

Synthetic Surfaces, located in Scotch Plains, NJ, will use the tradename Nordot for its specialty adhesives marketed for demanding applications, ending 20 years of selling its adhesives by product number only, without a trade name.
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Title Annotation:includes multiple briefs on various topics
Publication:Rubber World
Date:Feb 1, 1993
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