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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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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Bridgestone Corp. (TYO:5108) has published its Mid-Term Business Plan for fiscal 2021–2023. The company here is targeting fiscal 2023 sales revenue of 3.3 trillion yen ($31.1 billion), an adjusted operating profit of 450 billion yen, a net profit of 290 billion yen, a return on invested capital (ROIC) of 10 percent and a return on equity (ROE) of 12 percent....
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The Michelin Group is set to build its first tire recycling plant, locating this in the Antofagasta region of Chile as a joint venture with Swedish-based Scandinavian Enviro Systems AB (Enviro). Construction on the plant is slated to begin this year, with production then beginning in 2023. The project is expected to require an investment of around $30 million. Enviro...
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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. SSM primarily supplies Malaysian automakers with OE tires – and the market with commercial tires – under the Silverstone brand. It also produces a number of Toyo Tires-branded...
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