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Tyremakers Lead Rising TSE

Sumitomo, Yokohama, Toyo and Bridgestone have excelled on the Tokyo Stock Exchange today, leading general gains in other sectors. The results are based on the decreasing price of oil, down 24 per cent from its record 147.27 US dollars a barrel on July 11. Also contributing to the gains was an analyst report from Nikko Citigroup upgrading Sumitomo to “buy” and Bridgestone to “neutral” from “sell”.

Sumitomo – Japan’s third-largest manufacturer of tyres – had a particularly good day, rising by the widest margin in three weeks to 927 yen (5.9 per cent, 52 yen). Analysts are predicting further gains for the Kobe firm, as it looks to boost earnings with increased sales in Russia. Toyo rose 2.6 per cent to 277 yen, Bridgestone 1.7 per cent to 1,848 yen and Yokohama 0.4 per cent to 563 yen.

2nd September 2008/by Tyrepress Editors

Georgia on Toyo’s Mind for Expansion

Toyo Tire is ready to invest in a third Georgia expansion since 2004. Governor Sonny Perdue has revealed to local news sources that the Japanese company will invest a further $270 million in its White, Bartow County facility, creating another 400 jobs.

The company hopes to double output to 5.2 million units a year in 2011, with a total of 850 employees working in the newly-expanded factory.

27th August 2008/by Tyrepress Editors

Toyo Presenting Sponsor of Speed Races

Toyo has been named the presenting sponsor of this weekend’s SCCA Speed GT and Touring Car races at Mosport International Raceway, and presenting sponsor of the Speed Touring Car season finale at Road Atlanta.

Part of the Mobil 1 Grand Prix of Mosport weekend with the American Le Mans Series, this weekend’s Speed GT race will be referred to as the Mosport Speed GT Presented by Toyo Tires, and the touring car event will be called the Mosport Speed Touring Car Presented by Toyo Tires.

“Toyo is proud to be the presenting sponsor of the exciting Speed GT and Touring Car events at Mosport, and for the final Touring Car race of the season at Road Atlanta,” said Steve Hutchinson, Toyo’s vice president of marketing. “Toyo has enjoyed a long association with Speed World Challenge, showcasing both the technology and performance capabilities of our Proxes line of high performance tires.” (Tire Review/Akron)

20th August 2008/by Tyrepress Editors

Toyo an OE Partner for Record Breaking Renault Model

The sportiest version of Renault’s Mégane yet manufactured, the Mégane Renaultsport R26.R, is to feature Toyo tyres as an OE option. The performance hatchback, which had its public debut at the British International Motor Show, will be made available from October in a limited edition restricted to just 450 vehicles, and each will be fitted with Toyo Proxes R88 tyres. The tyres are an option on the Mégane R26.R in conjunction with a roll cage for those who want to use the car on track, replacing the Michelin Pilot Sport 2 tyres in size 225/40R18 otherwise supplied with the car. As the car is a lightweight circuit special with a notable performance to price ratio, the roll cage and track tyre combination is anticipated to be a popular option.

12th August 2008/by Tyrepress Editors

Toyo Posts Net Loss in Q1 2008

Toyo Tire & Rubber has announced its consolidated business results for the first quarter of the 2008 financial year, the period between April 1 and June 30, 2008. Compared with the same period in 2007, net sales increased to 86.639 billion yen (£410.9 million), a rise of 4.6 per cent, while operating income decreased a significant 70.1 per cent, to 1.259 billion yen (£5.97 million). Ordinary income decreased to 1.205 billion yen (£5.71 million), down 71.6 per cent. The company reports a net loss of 1.438 billion yen (£6.82 million); in the first quarter of the 2007 financial year net income was 3.632 billion yen (£17.23 million).

12th August 2008/by Tyrepress Editors

Toyo Tire USA Increases Prices by up to 10%

On 1 October 2008 Toyo Tire U.S.A. Corp. will increase consumer (passenger and light truck) and commercial (truck and OTR) tyre products by up to 10 per cent. “The cost of raw materials, energy, and transportation continues to rise at a steep rate, making it necessary for us to increase our prices,” said Steve Weinger, senior vice president, sales & marketing, Toyo Tire USA Corp.

11th August 2008/by Tyrepress Editors

Toyo Adds Two Sales Managers

Toyo Tire USA Corp. hired two new regional sales managers.

John Delanoy, a 20-year veteran of the industry, was hired as regional sales manager for New Jersey, Delaware, Philadelphia, Long Island and New York City markets. Illinois and Wisconsin are now handled by Mark Grover, formerly president of family-owned Grover Tire Inc. (Tire Review/Akron)

7th August 2008/by Tyrepress Editors

Toyo Tire US Launches 10 New Sizes

Toyo Tire U.S.A. Corp. brought 10 new passenger car and light truck tyre sizes to market. The new products, officially released in May, reportedly come in response to market demand. Toyo’s flagship ultra-high performance passenger car tire, the Proxes T1R, now comes in a 245/40Z R20 size for both replacement and so-called plus sizing. Then there are fitments designed for the Audi A8 and the BMW 7 Series, while domestic cars such as the Cadillac CTS and DTS as well as the Chevy Impala SS/LTZ all benefit from this size.

Racers, track drivers and hardcore performance enthusiasts get to select from a new 245/40Z R17 and a wide 315/35ZR17 Proxes R888 D.O.T. approved competition radial. The new 315-size is an ideal match with a 275/40ZR17 Proxes R888 for early Corvette ZR-1 and popular muscle car fitments.

1st August 2008/by Tyrepress Editors

Toyo Appoints Marketing VP

Toyo Tire U.S.A. Corp. has announced the promotion of Steve Hutchinson to Vice President of Marketing. A veteran of the automotive industry, Hutchinson joined Toyo in April 2006, serving as the company’s Senior Director of Marketing until his promotion on July 1.

During his tenure with Toyo, Hutchinson has expanded marketing and sponsorship efforts, including national television advertising and partnerships with the UFC®, Anaheim Ducks and Pac-10 basketball. Several new products have also been successfully introduced.

10th July 2008/by Tyrepress Editors

Analysts: Michelin Aiming for 10% of Hankook

Deutsche Bank analysts have characterised Michelin’s option to buy a 10 per cent shareholding in Hankook as a “goal” and added that they expect “more concentration in the future for the tyre industry.” The fact that Michelin’s decision to increase its stockholding in Hankook only a month after Bridgestone bought 8.7 per cent of Toyo Tire & Rubber was certainly not lost on the market watchers. “A tie-up with a competitor [like Hankook] should get them: Better OE prices – The industry has been so far incapable of fully passing off raw material price increases; Economies of scale on purchasing; and a geographical advantage (Hankook being very strong in China),” the analysts surmised, concluding: “It might take time before they can duplicate a Renault/Nissan type alliance, especially as we do not know how strong if any, the relationship between Michelin and the Cho family (controlling 35 per cent of Hankook) is.”

20th June 2008/by Tyrepress Editors

Michelin Raises its Hankook Stake to 8.9%

Michelin has increased its shareholding in South Korean tyre manufacturer Hankook Tire to 8.9 per cent up 2.6 points from the stake it bought in 2006. A Michelin spokesperson told Tyres & Accessories the company would not comment on whether it plans to increase the stake again, but did say the move falls within the boundaries of Michelin and Hankook’s 2003 cooperation agreement. T&A understands that this agreement would allow Michelin to own up to 10 per cent of Hankook’s total capital. Hankook shares rocketed 15 per cent in response to the news before adjusting to a daily value increase of 12.4 per cent. Michelin’s stock, on the other hand, fell 2.2 per cent following the announcement.

18th June 2008/by Tyrepress Editors

Toyo Established Iberia Representative Office

Toyo Tire’s European subsidiary, Toyo Tire Europe GmbH, has established an Iberia representative office in Madrid, Spain. The office was opened on June 2 and focuses upon sales promotion activities to customers in Iberia, a market Toyo has described in a press release as “one of the major markets in Europe.” Toyo adds it aims to expand its share through bolstering its brand position in this market.

17th June 2008/by Tyrepress Editors

Toyo to Increase Prices in US

Prices for passenger car, light commercial, truck and bus tyre products sold by Toyo Tire U.S.A are set to increase by up to eight per cent. These increases take effect as of July 1.

“Rapidly escalating petroleum costs have affected both the cost of manufacturing and the transportation of both materials and products,” said Steve Weinger, senior vice president, sales & marketing, Toyo Tire U.S.A. Corp. “Toyo continues to do everything in our power to keep increases minimal while still providing a premium product for our valued customer.”

28th May 2008/by Tyrepress Editors

Koji Toyoda Becomes MD at Toyo Tyres

Toyo Tyres (UK) Ltd has announced that MD Tatsuo Mitsuhata will move to Toyo’s European Head Office in Germany to become vice president of Toyo Tire Europe GmbH, Toyo UK’s parent company. The move takes effect at the end of May. As a result of the promotion, Koji Toyoda has been appointed as managing director in the UK, following authorisation at a board meeting at Toyo Tire Europe on 30 April 2008.

16th May 2008/by Tyrepress Editors

Bridgestone to Buy 8.7% Share in Toyo Tire

Bridgestone Corporation has agreed to buy an 8.7 per cent stake in Toyo Tire & Rubber Co., Ltd., with Toyo reciprocating by buying a 0.5 per cent share of Bridgestone. Describing the moves as “business and capital alliances,” the Japanese tyre and rubber product manufacturers explained that moves are part of an agreement designed to help both companies syngergise in procurement and production. The transfer of shares is scheduled for Oct. 16, according to the statement. There are currently no details of whether or not the two Japanese tyre and rubber product manufacturer’s deal will extend beyond the announced share swap.

Bridgestone’s statement said the alliances are a result of the “bipolarization of market into high performance products and general-purpose products, structural changes in competition due to emerging power with low-priced products, and structural change in earnings due to steep rise of raw material cost.”

16th May 2008/by Tyrepress Editors