Bob Ulrich

Editor

Bob Ulrich was named Modern Tire Dealer editor in August 2000. He joined the magazine in 1985 as assistant editor, and has been responsible for gathering statistical information for MTD's "Facts Issue" since 1993. He has won numerous awards for editorial and feature writing, including five gold medals from the International Automotive Media Association. Bob earned a B.A. in English literature from Ohio Northern University and has a law degree from the University of Akron.

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Not all words ring true in sad end to Denman Tire

By: Bob Ulrich

"It is my personal belief, based upon my long experience in the rubber industry, that this company is bound to make a huge success..."

Those were the words of Walter Denman, founder of Denman-Myers Cord Tire Co. in 1919, which became Denman Tire Corp. And he was correct. For many, many years, Denman was, indeed, a huge success, particularly in the specialty tire segment.

Not anymore. Denman and its antiquated tire manufacturing facility in Leavittsburg, Ohio, are closed following a Chapter 7 bankruptcy filing. The company no longer manufactures skid-steer, industrial, small OTR, agricultural, on-highway commercial truck, trailer (ST) and antique passenger tires.

The remaining tire molds are in big demand -- some by their owners. Denman produced private brand tires for the Alliance Tire Group and Coker Tire Co. The latter has put a $1.2 million bid on the Denman molds and name.

Another company has bid $1.2 billion for the remaining tire building machinery. A third company, GCA Tire LLC, has been in existence just long enough to file a motion in the United States Bankruptcy Court for the Northern District of Ohio to block the bids. Common sense tells me this is the prelude to making a bid of its own.

"Since 1919, the company flourished and changed directions with the times. The Denman family has since sold their interests, but the name stands as strong as time."

Those are the words from the company's Web site (which hasn't been updated since 2009; evidently time can stand still). The family sold the company to Sandy Pensler, president of Pensler Capital Corp., an investment firm, in 1996.

It was a good purchase for Pensler, who acquired the company for an estimated $11 million. Whether it was good for the company is debatable, especially given current circumstances.

The Denman plant is the second facility that has essentially closed under Pensler's watch. The other was run by United Tire & Rubber Co. Ltd. in Rexdale, Ontario, which Pensler Captial Corp. purchased in 1995.

"Charlie has done a great job at Denman. We will all miss him, but we look forward to entering into a new era in the long history of Denman Tire Corp."

Those were the words of Pensler following the retirement of Charlie Wright in 2005. Wright had been CEO and president of the company since 1993.

Five years later, the "new era" has turned into the end of an era. What will happen next has yet to be determined, but the plant is in no shape to re-open. Hopefully, the once-proud Denman name will survive.

Related Topics: Manufacturing, Sandy Pensler, Specialty tires