Reports: Denman Needs Government Money or Will Close

Denman Tire says it will be forced to close its doors if it does not get government bailout dollars or purchase contracts, according to news reports out of Youngstown, Ohio. The Youngstown Vindicator reported this morning that Denman president Sandy Pensler said the federal government will pay one way or another, either by giving aid or paying unemployment benefits to affected workers.

Denman Tire has one plant and is based in Leavittsburg, Ohio, near Youngstown, and produces industrial and small OTR tires. Denman, according to reports, claims its needs an infusion of $3 million by the end of 2009 to buy new equipment or it will be forced to shut down. Denman recently laid off 85 workers, which Pensler was quoted as saying would return to work if the 90-year-old company gets needed capital. (Tire Review/Akron)