Toyo Tire Corp. (TYO:5105) is looking to cease tire production this June at its Silverstone Bhd. (SSM) plant in Perak, Malaysia. The plant will then be liquidated and shuttered by Dec. 31 following the completion of liquidation procedures. SSM primarily supplies Malaysian automakers with OE tires – and the market with commercial tires – under the Silverstone brand. It also...
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Dow Chemical Japan Ltd. is set to raise prices by 50 yen ($0.47) per kilogram on its propylene glycol ether products. This will come into effect from March 8 shipments onward. Commenting on the decision, Dow Chemical Japan noted how while raw material costs for propylene glycol ether continue to surge, the global supply–demand balance for the product is tightening,...
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Bridgestone Corp. (TYO:5108) is looking to rebuild the earnings power of its core businesses as part of a new medium-term business plan for fiscal 2021–2023. By pursuing restructuring under this medium-term plan, Bridgestone aims to minimize its operating costs, reducing fixed costs by 53 billion yen ($496.66 million). Further, the company is planning over the three-year period to cull approximately...
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Goodyear Tire & Rubber Co. is set to acquire Cooper Tire & Rubber Co. for approximately $2.5 billion. Announced on Feb. 22, the acquisition will allow Goodyear to combine the mutually complementary brands of the two companies, expanding the product lineup it can offer to consumers and customers. By combining the strengths of the two North American companies in the...
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Toyo Tire Corp. (TYO:5105) has released its business forecast for calendar 2021, indicating a recovery for the year. The company is projecting 372 billion yen ($3.49 billion) in sales revenue, up 8.2 percent year-on-year; 44 billion yen in operating income, up 21.1 percent; 42.7 billion yen in ordinary income, up 38.2 percent; and 26.4 billion yen in net income, up...
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Yokohama Rubber Co. Ltd. (TYO:5101) has released its results forecast for calendar 2021. The company expects to generate 620 billion yen ($5.83 billion) in sales revenue for the year, up 8.7 percent year-on-year; 50 billion yen in business profit, up 35.9 percent; and net profit of 34.5 billion yen, up 31.1 percent. Looking at the upward and downward factors on...
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