Sumitomo won’t overlook “difference of opinion” regarding Goodyear JV dissolution

Sumitomo Rubber Industries appears to have contested Goodyear Tire & Rubber Company’s claims of “anti-competitive behaviour” on the part of the Japanese tyre manufacturer. Following the news that the two companies are in arbitration regarding the dissolution of their joint ventures and international alliances, Sumitomo published a short Japanese-language statement making it clear that the firm doesn’t agree with Goodyear’s take on things.

First off the statement re-affirms details which the two companies agree on: “The Goodyear Tire & Rubber Company has filed for arbitration to the International Chamber of Commerce.” However things diverge when it comes to the substance of the petition: “there is a difference of opinion between the company [Sumitomo] and Goodyear.” The Sumitomo statement continues by airing its frustration: “it is extremely regrettable and cannot possibly be overlooked” before stating that no further details of the content of the dispute can be release due to the confidential nature of the arbitration process.

According to the Wall Street Journal’s translation of the Japanese text, which is slightly different, the full statement reads as follows: “In its latest annual report, Goodyear said that it had reached out to the International Chamber of Commerce for arbitration proceedings. On the substance of the arbitration, this is a difference of opinion between Goodyear and us. This is extremely regrettable, and cannot be overlooked. Because of confidentiality concerns, we cannot disclose details of the arbitration. We will continue to work toward a resolution.”