Toyo, Conti, Yokohama Settle GTY Dispute
Toyo Tire Holdings of Americas, Continental Tire the Americas and Yokohama Corporation of America have reached an agreement settling all claims relating to the lawsuit regarding Toyo’s forced exit from the joint venture GTY Tire Co. Last June, US publication Tire Review reported claims from Toyo that in December 2009 its GTY Tire partners Yokohama and Continental cut off Toyo’s requested 2010 allocation of 290,000 medium truck radials and had voted to dissolve the GTY partnership, citing Toyo’s “business and capital alliance” partnership with Bridgestone Corporation. Toyo, with a 16 per cent share in GTY Tire, was the ‘junior partner’ in the joint venture – Continental held a 51 per cent share and Yokohama a 33 per cent stake.