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Article: Chasing the money; Tough economic conditions forcing tire makers to review their 2009 motorsports programs; Kumho's budget cut by half.
- Article from:
- Tire Business
- Article date:
- January 19, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: William Schertz
Economic conditions may have several tire manufacturers' motorsports programs running on fumes in 2009, but no one is hitting the pits just yet.
The recent recession and falling stock prices have taken their toll on tire makers, forcing a number of them to cut jobs, reduce capacity and put expansion plans on hold. While most manufacturers are hopeful that the popularity of racing competition will help carry their motorsports programs through this rough time, they are being more cautious this year.
Kumho Tire U.S.A. Corp.'s sales have been impacted negatively by the recession. The company's motorsports budget for 2009 ...