Japan Archives - Page 44 of 57 - Tyrepress

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Japanese Michelin Plant to Focus on Hi-Tech Offerings

Michelin has decided to specialise tyre production at its facility in Ota, Japan so it can, as the company stated in a press release, “respond more effectively to the specific, highly technological requirements of the local market.” The plant’s efforts will focus upon Japanese demand for sophisticated products such as the directional tread studless winter X Ice tyre, which was especially designed for the Japan market.

The Ota plant will also provide support for Michelin’s R&D centre in Asia, thus strengthening Michelin’s research operations in Japan. To accommodate these changes, the plant will terminate production for other export markets, which represent approximately 60 per cent of its current output, and adjust its production capacities accordingly. Based on an initial estimate of the cost of the plan, a non-recurring expense of roughly 65 million euros will be recognised in the Company’s first-half 2007 financial statements.

11th June 2007/by Tyrepress Editors

Stapleton’s Owner to Enter Car Making Business

The owner of UK tyre wholesaler Stapleton’s Tyre Services, Itochu Corporation, is reportedly entering into a joint venture with carmaker Suzuki to build a factory in Russia in order to capitalise on the country’s rapidly growing market. The Japanese newspaper Nikkei has claimed that Itochu and Suzuki would be equal owners of the joint venture facility, and would spend a combined 15 billion yen (£62 million) constructing the St Petersburg plant.

The factory will commence operation in 2009 and initially produce 10,000 vehicles based upon the Suzuki Grand Vitara using CKD components from Japan.

8th June 2007/by Tyrepress Editors

Bridgestone Australia Now in Company Hands

Following the cancellation on Friday, 11 May 2007 of all shares held by minority shareholders, Bridgestone Australia Ltd. became a wholly owned subsidiary of Bridgestone Corporation of Japan. The selective capital reduction and subsequent privatisation which cost AUD$49 million (£20.7 million) is now complete and the Company was de-listed from the Australian Stock Exchange on 30 May.

Bridgestone Australia Ltd. said they are pleased with the outcome of the transaction.

7th June 2007/by Tyrepress Editors

Autobacs Forms Credit Line for Acquisitions

(Akron/Tire Review) Japanese automotive parts and accessories retailer Autobacs Seven Co. has established a committed line of credit capped at $822.8 million, to finance the acquisition of competitors inside and outside Japan. An agreement for the five-year commitment line was signed with an investment firm in the UK.

Autobacs will also soon set up a panel to discuss its planned acquisitions and include outside experts to obtain their advice. But the firm says it is “not yet at a point where the acquisition plans can be announced.”

Autobacs said it intends to boost domestic sales, including those at its franchised stores, to approximately $3 billion by fiscal 2008 from the fiscal 2006 level of $2.5 billion. In April, Autobacs reached an agreement to buy U.S. parts retailer Strauss Discount Auto out of bankruptcy for a price of up to $55 million.

4th June 2007/by Tyrepress Editors

Bridgestone Announce Management Changes

On May 31 Bridgestone Corporation announced that the company’s board of directors have approved a number of top-level management changes, to become effective July 1. Hideo (Hank) Hara, who served as executive vice president, Tire Development and Technology with Bridgestone America at their Akron Technical Center until returning to Japan in mid-October 2006, is to assume the position of vice president and officer, Original Equipment Tire Sales. His role prior to July 1 is that of vice president and officer, Original Equipment Tire Sales and Motorsport.

1st June 2007/by Tyrepress Editors

Time to Update the Rolodex

On May 31 Bridgestone Corporation announced that the company’s board of directors have approved a number of top-level management changes, to become effective July 1. Hideo (Hank) Hara, who served as executive vice president, Tire Development and Technology with Bridgestone America at their Akron Technical Center until returning to Japan in mid-October 2006, is to assume the position of vice president and officer, Original Equipment Tire Sales. His role prior to July 1 is that of vice president and officer, Original Equipment Tire Sales and Motorsport.

1st June 2007/by Tyrepress Editors

Toyo Sells Australian Parts Business

Toyo Tire & Rubber have announced the sale of their Australian subsidiary’s automotive interior parts business. This move comes eight years after the parent company in Japan discontinued its involvement in the automotive interior parts business. The Australian subsidiary, Toyo Tyre & Rubber Australia Ltd, will now focus solely upon its tyre sales and distribution role.

The transfer sees the company’s facilities in Sunshine, Victoria changing hands, along with 69 Automotive Interior Parts Business employees. Toyo has not released specific details regarding the division’s new owners.

30th May 2007/by Tyrepress Editors

Congress’ CAFÉ Boost Plan Includes RMA’s Fuel Efficiency Provision

(Akron/Tire Review – Detroit News) The drive to hike fuel efficiency standards took a dramatic step forward May 8 when a Senate committee approved a 40 per cent increase over the next decade. SR 357 also includes a RMA-written amendment that would create national tyre rolling resistance standards and grading system.

Sen. Maria Cantwell (D-WA) included the tyre rolling resistance amendment, which RMA calls a “consumer education program.” RMA said the amendment was similar to HR 5632, which was passed the House Energy and Commerce Committee last year but never made it to the full House.

Democrats vowed to hold a full Senate vote sometime next month on the CAFE standards bill, which requires automakers to raise the average fuel economy of their vehicle fleets to 35 miles per gallon by 2020, a move the companies denounced as unrealistic.

The bill was unanimously approved by the Senate Commerce Committee, making it the first fuel economy bill to pass that hurdle since 1991. The move sets the stage for a major battle over new rules that could cost automakers tens of billions of dollars.

15th May 2007/by Tyrepress Editors

Yokohama: Hose Division Inspected by Fair Trade Commission

Yokohama Rubber Co., Ltd., has published a statement confirming it was subjected to on-site inspections of the Japan Fair Trade Commission at its head office and its Hiratsuka factory in connection with marine hose transactions.

“The company, including its group companies, has been carrying out the compliance with laws and ordinances without exception. The company faces gravely the fact that it was subjected to the on-site inspections of the Japan Fair Trade Commission and will fully cooperate with the authorities on the investigations,” the statement read

The company refrained from commenting on the details, explaining that this is because the investigation is still ongoing.

11th May 2007/by Tyrepress Editors

Yokohama’s U.S. Plant Gets Environmental Certification

(Akron/Tire Review) Yokohama Tire Corp.’s tire plant in Salem, Va., has received ISO 14001 Environmental Management System certification. Yokohama said that all of plants in Japan have been ISO 14001 accredited since 1999 and the company’s plants worldwide are certified or in the process of becoming certified.

4th May 2007/by Tyrepress Editors

US Court Approves Solutia’s Acquisition of Flexsys

Approval has been granted for Solutia Inc.’s agreement to acquire chemical firm Akzo Nobel NV’s share in Flexsys as well as its Japanese Crystex business. The US Bankruptcy Court for the Southern District of New York granted its consent to the transaction on April 11. The court’s consent was required as Solutia is emerging from Chapter 11 bankruptcy, which it filed for in 2003.

Flexsys, headquartered in Brussels, is a 50/50 rubber chemicals joint venture between Akzo Nobel and Solutia, formed in 1995. According to Solutia, Flexsys reported 2005 sales of about US$600 million and employs more than 1,000 people worldwide. Crystex is a Flexsys product, but produced by a separate Japan-based entity.

17th April 2007/by Tyrepress Editors

Japanese Retailer to Buy Bankrupt Strauss Chain

(Akron/Tire Review) Automotive News has reported that giant Japanese auto parts, tyres and wheels and vehicle service chain Autobacs Seven plans to buy bankrupt Strauss Discount Auto, based in New Jersey.

The deal is subject to bankruptcy court approval. Strauss has 91 locations in eastern Pennsylvania, New Jersey and New York City.

Autobacs Seven currently operates some 500 outlets in Japan, Southeast Asia, China, France and the U.S., where is has a 35,000-square-foot mega-store in Stanton, California.

11th April 2007/by Tyrepress Editors

Euro Strength “Concerning”

The high relative value of the euro against the Japanese yen is causing concerns for those trading with Japan. According to an analysts report published today the euros is trading at an all-time high versus the yen and is only 2 cents away from an all-time high versus the dollar. Deutsche Bank analysts reported that the profitability of European exports to Japan “which are hardly profitable…even though Japanese pricing levels remain on the high side in a global context” are of particular concern.

11th April 2007/by Tyrepress Editors

Minister Considers Law Over Snow Tyres

New Zealand’s Minister for Transport Safety says he’ll consider whether the country needs to introduce a law requiring snow tyres fitted to second-hand Japanese imported cars to be replaced by tyres designed for the New Zealand market.

The nation of 4 million people has no domestic new car industry and a large proportion of cars sold in New Zealand have previously seen up to seven years’ service on Japan’s roads before arriving in their new country. The suitability of some tyres the cars arrive with has been called into question following several fatal collisions involving vehicles wearing Japanese snow tyres.

The Minister for Transport Safety, Harry Duynhoven, says that the police have raised concerns about the tyres, therefore he will look at whether such a law banning such tyres is necessary.

10th April 2007/by Tyrepress Editors

Michelin guide to Tokyo an Asian First

The guidebook often referred to as the ‘gourmands’ bible’ and legendary for its ability to make or break the reputation of high-end restaurants in Europe is soon to be given its first Asian edition. On March 14 Michelin released word that a Tokyo edition of the famous Michelin guide would be released in November 2007.

With about 35 million people living in the Greater Tokyo Area, the city is one of the world’s largest and also home to an estimated 300,000 restaurants. Michelin’s publications director, Jean-Luc Naret, praised the quality of Tokyo’s restaurants at a news conference in Tokyo. “Restaurants here are often very simple — a counter, a kitchen and some stools — but what’s on the plate is really worth three stars,” he said. He added that the criteria for Japan were very different to that in Europe.

15th March 2007/by Tyrepress Editors