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Toyo issues post-earthquake statement

International News

Expressing it’s the company’s deepest condolences to the victims of the 11 March 2011 earthquake and tsunami, Toyo Tires group has released further details about the how the tragedy has affected its business and what it is doing to ensure the safety of workers.

Despite the fact that Toyo runs a plant in Sendai near the epicentre of the magnitude 8.9 earthquake, the company reports that neither this nor its other manufacturing plants in Japan have been affected by the tsunami, and there has not been any significant earthquake damage to plant building or facilities.

14th March 2011/by Tyrepress Editors

Japanese tyre makers respond to earthquake disaster

The Bridgestone Group has responded to the widespread earthquake and tsunami damage in Japan with a pledge to contribute donations of 300 million yen (approximately US$3.5 million) to assist with relief efforts. Bridgestone Corporation will donate 200 million yen and Bridgestone Group will donate bicycles and bedclothes worth 100 million yen.

14th March 2011/by Tyrepress Editors

Toyo Tires announces 2011 contingency programs for US motorsports

Toyo Tires has announced today that it will support motorsports competitors across the USA through contingency programs, meaning amateur racers in a variety of disciplines can win cash and prizes if running on the company’s tyres. Disciplines eligible for the payments include SCCA racers, NASA road racers and SCORE-International desert racers.

7th March 2011/by Tyrepress Editors

Toyo Tire raises US prices

Toyo Tire USA Corp will increase tyre prices across its passenger, light truck, commercial truck and off-road ranges on 1 March by an average of 8 per cent, a company statement said today. “This price increase is due to the continued rise in raw material costs,” said John Hagan, senior director of sales operations.

21st February 2011/by Tyrepress Editors

Toyo issues safety recall in the US

A safety recall covering a number of Toyo and Nitto brand products has been announced by Toyo Tire Holdings of Americas Inc. The tyre maker says approximately 4,891 tyres are subject to this recall, of which approximately 588 were produced using a rubber chemical mixture that does not meet the company's specification. “As a consequence, sections of the tread may become detached, potentially causing loss of vehicle control and a crash, which could result in death or injury,” Toyo states in a press release.

14th February 2011/by Tyrepress Editors

Bainbridge, Hershberger Leaving Hankook

Two Hankook Tire America Corp. executives have opted to leave the company. Bill Bainbridge, director of brand communications, has decided to retire effective February 25. He joined Hankook in 2003 after stints with Toyo Tire USA, where he served as marketing director from 1996 to 1999 and as a regional sales manager from 2001-03. Prior to that, he held positions with SEMA, where he was vice president of marketing from 1999 to 2001; and BFGoodrich Tire. in a variety of in-store and field positions.

11th February 2011/by Tyrepress Editors

Jinyu Tyres ups prices 5-7%

China’s Jinyu Tyres became the latest manufacturer to announce a price increase when it wrote to customers on 8 February announcing that costs are on the up. The company’s first round of price increases will see the firm’s truck and bus radial prices increase by between 5 and 7 per cent, followed by a 6 – 7 per cent increase across the Jinyu’s passenger car radial range. According to company representatives, “TBR prices will see another change soon.”

9th February 2011/by Tyrepress Editors

Yokohama led Japanese domestic tyre price increases – analysts

Financial analysts from Deutsche Bank commented that Yokohama’s recently reported third quarter operating profit margin declined 2 percentage points year-on-year to 11.9 per cent because “price hikes offset only 2.7 billion yen of the 7.8 billion yen of impact to profits from rising natural rubber and other raw materials prices.” They also observed that the company did not alter its guidance due to “uncertainty regarding trends in raw materials prices and foreign exchange rates.” Instead Yokohama, as Toyo subsequently did, announced plans to hike the price of its replacement tyres in the domestic market.

8th February 2011/by Tyrepress Editors

Toyo Tire USA appoints new COO

Toyo Tire USA (TTC) has hired former Pentel of America chief operating officer Marty Furman as the company’s new COO. In his new role, Furman will manage all functional departments at TTC, including Technical Services, Sales, Marketing, and Pricing. He will report directly to company president and CEO Yasushi Takagi.

1st February 2011/by Tyrepress Editors

Toyo Scores OE Fitment on Audi Q7

Toyo Tire has announced that its Toyo Open Country W/T tyre has been chosen by Audi as original equipment tyres for its Q7. Commencing in January 2011, the Open Country W/T (AO) in size 255/55R18 109H will be fitted to the Q7, also supplied on 18” rims where winter tyres are ordered.

26th January 2011/by Tyrepress Editors

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.

19th January 2011/by Tyrepress Editors

Toyo to Raise Domestic Market Prices

Domestic market prices for Toyo Tire & Rubbers’ commercial and light commercial vehicle tyres are to increase by an average of seven per cent as of March 1, 2011. These Japanese replacement market prices apply to both summer and winter tyres and are being implemented in response to increasing natural rubber prices plus the high price of petrochemical raw materials such as synthetic rubber and carbon black. Toyo notes it has made efforts to minimise raw material prices through product mix and cost rationalization, however these internal measures are not sufficient to not cover the increase in raw material prices.

13th December 2010/by Tyrepress Editors

Toyo Completes Malaysian Tyre Manufacturer Acquisition

Toyo Tire & Rubber has announced that it has completed its acquisition of the Malaysian manufacturer Silverstone Berhad. Tyrepress.com reported initial talk of the acquisition back in October (follow the link at the bottom of this story for full details). Toyo has acquired all of Silverstone Berhad’s 203,877,500 shares. Toyo said the acquisition will “have a negligible effect on the company’s consolidated and non-consolidated financial results for the fiscal year ending March 31, 2011 (FY2010).” Silverstone Berhad has 203,877,000 Ringgit (₤41.1 thousand paid in capital).

10th December 2010/by Tyrepress Editors

Micheldever Appointments Signal Reorganised Wholesale Structure

Micheldever’s Wholesale division has appointed Jason Burgess and Mike Hawes as general sales manager (North) and general sales manager (South) respectively in a new wholesale structure recently announced by MTS wholesale director Alan Baldwin. The new appointees will directly report to the wholesale director.

Alan Baldwin explained: “In order to further enhance our sales effectiveness and customer support levels across the UK, we have simplified reporting channels and responsibilities into two new geographical business units, with all Northern field sales teams and sales offices reporting to Jason Burgess, and the Southern operations to Mike Hawes.

1st December 2010/by Tyrepress Editors

Toyo Tires Holds Tyre Clinic at Goodwood Breakfast Club

Toyo Tires has breakfasted with Goodwood at this months’ Breakfast Club, Deutsch Marques. Toyo says the event attracted a “spectacular gathering of the most prestigious German cars”. It was held on Sunday, 7 November and as always, was free to attend.

10th November 2010/by Tyrepress Editors