Toyo Tires Revises Annual Forecast Downward Following Extraordinary Loss, Shifting Conditions

Toyo Tire & Rubber Co. Ltd. (TYO:5105) has downwardly revised its results forecast for calendar 2018, lowering its projections for sales by 1.3 percent, operating profit by 4.3 percent, ordinary profit by 5.2 percent and net profit by 24.1 percent when compared to initial estimates. Explaining the adjustment to operating profit, company president Takashi Shimizu first said that while raw...

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Yokohama Rubber Appears Set to Meet Early 2018 Performance Projections

Yokohama Rubber Co. Ltd.’s (TYO:5101) consolidated results for calendar 2018 appear set to hold to the company’s forecast announced this past February. While this has been helped along by natural rubber prices dropping 7 cents from what had been expected, a surge in crude oil prices has brought increases to synthetic rubber and carbon black prices, with this expected to...

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Sumitomo Rubber Downwardly Revises Results Forecast for 2018

Sumitomo Rubber Industries Ltd. (TYO:5110) has announced a downward revision to its forecast of business results for calendar 2018. Compared to the company’s initial forecast, the revision sees sales lowered by 1.1 percent, business profit by 6.8 percent and net profit by 10.4 percent. The main factor behind the revision is Sumitomo Rubber’s tire business, for which both sales and...

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Carbon Black Association Makes Upward Revision to 2018 Demand Forecast

The Carbon Black Association has upwardly revised its demand forecast for carbon black in a midyear revision. Under the association’s new estimates, total demand for domestic product this year – including exports – is now set to hit 765,050 tons. Previously, this figure was projected at 759,049 tons, which would have represented a flat growth rate based on non-finalized demand...

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Bridgestone Sees Higher Sales, Lower Operating Profit for First Half of 2018

Bridgestone Corp. (TYO:5108) has released its business results for the first half of calendar 2018, showing 1.9 percent year-on-year sales growth to total 1.78 trillion yen ($15.98 billion) for the period. Meanwhile, the company’s operating profit fell 1.4 percent to 199.43 billion yen, ordinary profit was down 2.6 percent to 190.76 billion yen, and net profit was up 2.1 percent...

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Lanxess Agrees to Sell 50% Stake in Arlanxeo to JV Partner Saudi Aramco

Lanxess AG recently announced that it signed an agreement on Aug. 8 to sell its 50 percent stake in Arlanxeo, a manufacturer of synthetic rubber, to state-owned Saudi Arabian Oil Co. The German-based specialty chemicals manufacturer first established Arlanxeo in 2016 as a 50–50 joint venture with the Saudi firm, which is also known as Saudi Aramco. The sale is...

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