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...
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....
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...
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...
Speaking at an online results briefing on Feb. 9, Sumitomo Rubber Industries Ltd. (TYO:5110) President Satoru Yamamoto commented on his company’s performance in coming out of the slump in global tire demand. Sumitomo Rubber’s sales, he said, are seen to be recovering faster than overall market demand. And what is more, he added, the company is projecting a particularly fast...
Nippon Goodyear KK is set to launch a new tire, the EfficientGrip RVF02, on March 1. The tire has been designed specifically for use on minivans, with Goodyear going about this by paying heed to the quirks of such vehicles – such as their characteristic wobbling from side to side due to their height. The result is a tire that...
