Goodyear Tire & Rubber Co. (NYSE: GT) plans to explore the sale of its farm tire businesses in both the Latin America and Europe/Middle East/Africa regions. The Akron, Ohio-based tire maker said the sales generated by these operations aren’t material to net sales. It sold its North American farm tire operation in 2005. For the first quarter ended March 31, Goodyear swung to a loss of $333 million from income of $147 million in the same period a year earlier. Results reflect a 20 percent decline in tire unit volume due to lower demand worldwide and the impact of higher raw material costs.
Image Entertainment Inc. (Nasdaq: DISK) hired Houlihan Lokey Howard & Zukin Capital Inc. as its exclusive financial adviser. The Chatsworth, Calif.-based video distribution company said the firm will assist with the review of its strategic alternatives, including potential financing or sale transactions. On April 14, Image Entertainment terminated its merger agreement with Q-Black LLC’s Nyx Acquisitions Inc. after the affiliate didn’t pay a fee required to extend negotiations further. Image Entertainment owns about 3,500 DVD titles and about 370 exclusive CD titles, plus about 600 programs through sublicense agreements. For the third quarter ended Dec. 31, revenue rose to $39.2 million from $27.3 million a year earlier.
Flying J Inc. and its Big West Oil LLC unit are considering strategic options for their interest in the Bakersfield Refinery. The California-based facility is a 70,000 barrels-per-day refinery. Big West hired Deutsche Bank Securities Inc. as financial adviser to help with the process. It will consider the sale of all or of part of the refinery, which it acquired in March 2005. Ogden, Utah-based Flying J doesn’t expect to disclose additional information about the review until the process is completed. Flying J, which generated more than $16 billion in sales for 2007, employs about 14,700 in the U.S. and Canada.
White Electronic Designs Corp. (Nasdaq: WEDC) continues to explore strategic alternatives and hired Jefferies Co.’s Jefferies Quarterdeck unit as financial adviser. The Phoenix-based defense electronics maker set up a special committee to look at options such as merging with or acquiring another defense electronics company and being acquired by an investor. It is also mulling the option of remaining an independent public company.