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Synthetic Rubber Producers Fined for Price Fixing

The European Commission has imposed fines totalling 34,230,000 euros on the Bayer and Zeon groups for fixing prices for Nitrile Butadiene Rubber (NBR) in violation of the EC Treaty’s and the EEA Agreement’s ban on cartels and restrictive business practices (Article 81 of the EC Treaty and Article 53 of the EEA Agreement).

Between late 2000 and 2002, Germany’s Bayer and Japan’s Zeon managed to raise or otherwise stabilise prices through a series of meetings and other illicit contacts. Bayer’s and Zeon’s fines have been reduced by 30 and 20 per cent respectively, because they co-operated with the investigation under the Commission’s 2002 Leniency Notice (see IP/02/247 and MEMO/02/23). However Bayer’s fine was then increased by 50 per cent because it had been fined for cartel activity in a previous Commission decision.

24th January 2008/by Tyrepress Editors

Toyo Releases Findings of Compliance Reporting Investigation

On January 8 Toyo Tire & Rubber issued its findings from an internal investigation into the company’s urethane-based heat-resistant building construction material business, and announced an action plan to ensure future compliance with all laws, regulations, company policies and rules. The compliance reporting issue in question was made public in November 2007, and its rectification will cost the company as much as £17.52 million.

The investigation was performed by an internal fact-finding committee with oversight by a panel of independent, third party experts. The committee first determined the causes and circumstances that led to this compliance issue, and made recommendations to management on an action plan to eliminate the likelihood of its recurrence. On December 26, the committee made its report to Toyo’s Board of Directors, and to Japan’s Ministry of Land, Infrastructure and Transport.

10th January 2008/by Tyrepress Editors

American Market WRX STI on Dunlop Performance Tyres

The 2008 Subaru Impreza WRX STI sold in North America will sport Dunlop SP Sport 600 radials. The tyres, which were specially designed to match the car’s suspension, were produced in Japan, Goodyear said. The tyre will be supplied in size 245/40R18 93W, The Dunlop SP WinterSport 3D is the winter tyre option on the new car, as is the Dunlop SP Sport 01 UHP in size 235/45R17 94W. (Tire Review/Akron)

7th January 2008/by Tyrepress Editors

Michelin to Up Prices in Japanese Market

Michelin is set to raise prices in Japan across a range of products due to the rising cost of raw materials. The price of summer tyres for passenger and light trucks will increase by an average of 5 per cent, while truck and bus summer tyres will increase by an average of 7 per cent, according to a Michelin statement. The changes will take effect on 1 March 2008. The prices for industrial tyres will increase by 8 per cent, with agricultural tyre prices rising 3 per cent.

2nd January 2008/by Tyrepress Editors

Bridgestone Climbs Nikkei Environment Rankings

The Bridgestone Corporation jumped to 2nd place in the 2007 Nikkei Environmental Management Survey in Japan on 1st December 2007. The research was conducted by Japan’s leading business newspaper Nihon Keizai Shimbun Inc., abbreviated as Nikkei and known the world over for its Tokyo stock market index.

The survey monitors environmental policies and practices, both in Japan and around the world, of leading Japanese companies in all major industry sectors. Findings are converted into scores to produce a ranking for both manufacturing and non-manufacturing companies. According to the company, Bridgestone’s strong showing is partly due to earning the maximum 100 points for “product measures”, defined by the company’s global commitment to reduce the environmental impact of tyres right through the product life cycle.

2nd January 2008/by Tyrepress Editors

Japan’s Trade Commission Issues Order Against Rubber Hose Cartel

Japan’s Fair Trade Commission is taking steps against Bridgestone and four international companies that have since May been under the spotlight for rubber marine hose price fixing. The competition watchdog intends to issue an administrative order to the companies to ensure the cessation of any remaining cartel activities, the first time such an order has been issued to foreign companies. The four international companies are the UK’s Dunlop Oil and Marine, a unit of Sweden’s Trelleborg AB, and Italy’s Parker ITR and Manuli Rubber Industries.

7th December 2007/by Tyrepress Editors

Toyo Names New President & CEO

Toyo Tire & Rubber Co. Ltd. of Osaka, Japan, has appointed Kenji Nakakura as the company’s new president and chief executive officer. Mr. Nakakura will also serve as Representative Director for the company and will continue to serve as a member of the board. He will assume all responsibilities effective 1 January, 2008. Mr. Nakakura has previously served as a managing executive officer for the company and president of Toyo’s DiverTech business prior to this appointment. DiverTech manages and oversees both chemical and industrial products as well as an automotive parts division for the company. Mr. Nakakura replaces Yoshio Kataoka, who will become advisor to the president and will continue serving as a member of the board.

6th December 2007/by Tyrepress Editors

BFMO President Wada to Retire

Masao Wada, a 37-year veteran of the Bridgestone group of companies and current president of President of Bridgestone Firestone Manufacturing Operations (BFMO), had taken the decision to retire as of March 1, 2008. Wada will also retire from his positions as executive vice president and member of the Board of Directors of Bridgestone Americas Holding. Succeeding Wada in the role of president will be incumbent BFMO vice president Steven Brooks, whose appointment commences on January 1, 2008 in order to provide for a smooth management transition.

5th December 2007/by Tyrepress Editors

Yokohama Releases 2007 Environmental Report

The Yokohama Rubber Co has produced an English language version of the company’s “Environmental and Social Report 2007”, and a PDF file of this report has been posted on the Yokohama Rubber website. It can be viewed at: http://www.yrc-pressroom. jp/env_en. The 56-page document presents environment related data from 20 of the group’s domestic and overseas production sites plus the Yokohama Rubber headquarters and the group’s companies in Japan. The release of the PDF has been accompanied by the introduction of a new section of the Yokohama website, where information on the company’s environmental and social activities can be found.

3rd December 2007/by Tyrepress Editors

Bridgestone to Increase Prices in Japan

Bridgestone announced on November 22 that it will raise prices on March 1, 2008 for tyres, tubes and flaps sold in the Japanese replacement market, with prices for winter tyres to increase a month later. Specific price increases include 5.5 per cent for passenger car and light truck tyres, 7.0 per cent for truck and bus tyres, 10 per cent for construction vehicle tyres, 7.0 to 10.0 per cent for industrial vehicle tyres, 10.0 per cent for motorcycle bias tyres, 7.0 per cent for other kinds of tyres, and 10.0 per cent for tubes and flaps.

22nd November 2007/by Tyrepress Editors

Michelin Trims Labour Cost/Sales Ratio in 2007

Michelin is on track to improve its labour cost/sales ratio by 2 per cent annually, claim analysts. A report from Deutsche Bank shows that the group employs approximately 73,000 people in what are considered high labour cost countries; in 2007 natural attrition causes such as retirement saw 4,000 people from these countries leave Michelin. On top of this figure a plant closure in France saw 800 jobs cut; restructuring in Italy led to 200 redundancies; in Japan 500 jobs disappeared due to restructuring; and a thousand left the company in Spain as the result of ‘accelerated pre-retirements.’ Overall, 6,500 workers – 9 per cent of the workforce in high labour cost countries – left the Michelin group in 2007, a number Deutsche Bank calls “impressive.” The bank adds that, even if some of these workers are replaced – and less than half are expected to be replaced at a much lower wage rate – the Michelin group will be on track to meet the aforementioned labour cost/sales ratio improvement and to improve group productivity by 20 per cent by 2010.

20th November 2007/by Tyrepress Editors

Yokohama Begins ‘Forever Forest’ Project

Yokohama Rubber’s inaugural “Yokohama Forever Forest” tree planting ceremony, held at is factory in Hiratsuka City, Japan, proved to be a highly successful introduction to the tyremaker’s long-term tree planting initiative. Around 3,500 local residents and Yokohama employees, with family members, attended the factory site on Sunday November 11 and planted about 27,000 seedlings. Yokohama reports that 54 varieties of tree were planted on the day, including tabu (persea), shii (castanopsis) and akagashi (quercus acuta).

15th November 2007/by Tyrepress Editors

Yokohama Net Income Increases Almost 300% in Half-Year

The Yokohama Rubber Co., Ltd. has announced that during the first half of the company’s current fiscal year, between April 1 and September 30, 2007, it recorded a 266.7 per cent increase in interim operating income over the same period of the previous year. Interim operating income at Yokohama totalled 12.1 billion yen (£51 million), and interim net income rose 287.6 per cent over the previous year to 13.0 billion yen (£54.8 million).

The company’s profitability increased greatly as sales growth outside Japan, especially in tyres, more than offset the continuing rise in raw material costs and an increase in logistics expenses. Also contributing to the surge in profitability were price increases for Yokohama’s tyre and diversified products and the weakening of the yen. Net income was aided by a tax benefit realised in connection with improved profitability in Yokohama’s North American subsidiaries, as well as from the upturn in operating profitability. Yokohama’s interim net sales increased 13.9 per cent to 253.3 billion yen (£1.1 billion).

9th November 2007/by Tyrepress Editors

Toyo Shares Plunge Following Revelation of False Test Data

Share prices for Toyo Tire & Rubber plummeted following revelations that the company falsified data related to the fire resistance tests conducted on some of its building products. Stocks fell 21 per cent to 131 yen (£0.55), wiping out 27.4 billion yen (£104 million) in market value, the greatest single drop in more than three decades.

The company stated on November 5 that it had reported the issue to Japan’s Land, Infrastructure & Transport Ministry, and Toyo will now most likely have to expend about 4 billion yen (£16.8 million), the equivalent of approximately two-thirds of last year’s profit, rectifying shortcomings in wall and roof components.

8th November 2007/by Tyrepress Editors

Yokohama Revises Earning Projections

The Yokohama Rubber Co., Ltd., has upwardly revised its projections for consolidated earnings in the interim fiscal period from April 1 to September 30, 2007. These new projections, announced on October 26, call for the interim operating income to increase 3.5-fold over the same period of the previous year, to 11.5 billion yen (£49.1 million), and for interim net income to increase 3.7-fold, to 12.5 billion yen (£53.4 million). Yokohama’s revised projection for operating income is 27.8 per cent higher than the projection announced on August 9, and the revised projection for net income is 66.7 per cent higher. The company’s projection of a 13.3 per cent increase in net sales, to 252.0 billion yen (£1.08 billion), is unchanged from the earlier projection.

29th October 2007/by Tyrepress Editors