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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

Toyo Changes Subsidiary Names

Over the Christmas break Toyo Tire & Rubber Co. Ltd. Changed the names of some of its second and third tier subsidiaries in the US. President and CEO Yoshio Kataoka announced the new names in a statement published on boxing day (26 December 2007). Toyo Tire International, Inc. will now be known as: Toyo Tire Holdings of Americas Inc.; While Toyo Tire (U.S.A.) Corp. has become Toyo Tire U.S.A. Corp,; Nitto Tire North America Inc. was renamed Nitto Tire U.S.A. Inc.; and Toyo Tire North America, Inc. is now Toyo Tire North America Manufacturing Inc. All the name changes took effect on 1 January 2008.

3rd January 2008/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

Toyo Renews Commitment to Time Attack & EDC

Toyo Tire (UK) has announced it has signed a three-year sponsorship deal for continued support and sponsorship of the Time Attack Series and the European Drift Championship (EDC). According to Toyo, this latest sponsorship deal signals a new level of maturity for the Toyo and Time Attack and EDC partnership and commits both parties to further develop what the tyremaker believes is already the UK’s premium high speed motoring event for aftermarket tuned cars. Additionally, and within the details of the sponsorship deal, Toyo will be the official control tyre of choice for all the Time Attack series competitors.

3rd December 2007/by Tyrepress Editors

Toyo OE on 2009 Nissan Murano

Toyo Tire (U.S.A.) Corporation will supply its Proxes A20 tyre as original equipment on Nissan’s all-new 2009 Murano crossover vehicle. The 2009 Murano will reportedly be available starting in January of 2008. The Proxes A20 is an all-season tyre specifically designed to reduce noise and improve both wet and dry performance, while maintaining ride comfort. Improvements were also made to reduce rolling resistance. The Proxes A20 comes standard on the four-wheel drive LE trim level of the Murano in size P235/55R20 102T.

27th November 2007/by Tyrepress Editors

Ceat OTR Factory Plans in Final Stage

Plans by India’s Ceat Ltd to build a factory for the production of 60 tonne OTR tyres should be finalised by the end of the year or shortly afterwards, and construction of the new facility, located near the city of Patalganga in western India, is anticipated to begin by next May. The newspaper Hindu Business Line also reports that ‘sources’ claim discussions between Ceat and possible partners are in an “advanced stage”, indicating that a second-tier tyre major is the most likely collaborator for such a project. The Hindu Business Line named Yokohama, Toyo, Cooper, Kumho and Hankook as likely providers of “decent radial technologies.”

27th November 2007/by Tyrepress Editors

Toyo Quarterly Results Marred by ‘Compliance Reporting Issue’

Toyo Tire & Rubber has announced its consolidated business results for the interim period of April 1, 2007 to September 30, 2007. Compared with the same period of the previous year, net sales increased by 24,017 million yen (£104.28 million) to 169,778 million yen (£737.11 million), an increase of 16.5 per cent. Operating income increased by 1,155 million yen (£5.01 million) to 7,086 million yen (£30.76 million, up 19.5 per cent, and ordinary income increased by 1,790 million yen (£7.77 million) to 6,194 million yen (£26.89 million, an increase of 40.6 per cent.

The company has also disclosed what it calls a “compliance reporting issue” discovered at its industrial products division involving urethane-based heat-resistant building construction materials, and initial estimates into the cost of replacing the subject materials stand at approximately 4,035 million yen (£17.52 million), therefore net income for the current interim period will decrease by 7,959 million yen (£34/56 million) to 637 million yen (£2.77 million), a sizeable 92.6 per cent drop.

15th November 2007/by Tyrepress Editors

Revolution Opens In Style

Tuning company Revolution threw open the doors to their £1.4m premises in November and not only did the ‘Who’s Who’ of the tuning World turn up to help them celebrate, but also droves of their loyal customers. Yokohama rolled up with their full roadshow rig and tuned BMW demo car. Toyo presented the impressive Pontiac drag car of Malcolm Francis, and Buddy Club showcased their stunning DC5 Integra ATC racer. There really was something for everyone. Even KITT from the cult 1980s television programme Knight Rider put in an appearance! Also on hand were representatives and demo cars from the likes of Eibach, Koni and Whiteline.

15th November 2007/by Tyrepress Editors

Michelin to End Pax System R&D

Michelin described it as “revolutionary” and “our biggest technological breakthrough since we patented the radial tyre in 1946,” yet news indicates that the French manufacturer is turning its back on the product about which it once said “we haven’t been this proud since we invented the radial.”

The director of research at Michelin’s Technology Center in Ladoux, France is reported to have said that the company has halted further research into its Pax run-flat system as there is “no big market demand” for the product. He added that demand for the Pax was not sufficient to justify the expense of the research invested into it.

13th 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

Toyo Adds 26 Sizes to US Line-Up

(Akron/Tire Review) Toyo Tire (USA) Corp. has added 26 sizes to its line-up of passenger and light truck/SUV tyres. The new sizes cover OE fitments and plus sizes for custom wheel/tyre applications, and most were introduced over the last two months, the company said. The lines and new sizes include:

• Proxes T1R: 265/30ZR20 and 305/25ZR20.

• Proxes R888: 185/60R13, 205/60R13, 205/50ZR15, 225/50ZR15, 235/50ZR15, 205/55ZR16, 225/50ZR16, 215/45ZR17, 205/40ZR17, 225/40ZR18, 235/40ZR18, 265/35ZR18 and 285/30ZR18.

• Versado LX: 235/55R18, 225/50R18 and 255/45R18.

• Toyo Spectrum: 235/65R16, P235/60R16, P215/60R17 and P225/60R17.

• Open Country A20: P245/65R17 and P245/55R19.

• M-55: LT255/85R16 E and LT225/75R16 E.

7th November 2007/by Tyrepress Editors

Drifting to Victory with Toyo

Tanner Foust, driver of the Toyo Proxes R1R shod AEM/Memphis Car Audio/Toyo Tires Nissan 350Z, was crowned the 2007 Formula Drift champion this past weekend during the Formula Drift Championship Finals at Irwindale Speedway in California. Foust entered the final event leading the championship by 23 points, which meant he only needed to finish in third place or better to secure the championship, however he ended the season on a high note by taking first place on the day.

Irwindale Speedway is known to fans as “The House of Drift” and draws capacity crowds for the annual drifting finals. Foust climbed the championship ladder during the final rounds by first defeating Tony Brakahopia in the Top 16. During the Top 8, Foust defeated Ryuji Miki, and then moved on to the Top 4 to defeat Kenji Yamanaka. In the Final, Foust defeated number two ranked Chris Forsberg for both the event win and the 2007 championship.

31st October 2007/by Tyrepress Editors

Toyo Announces New Size for M320 Wide Single

Toyo (USA) has added the 425/65R22.5 size to its M320 wide base super single line. Designed for tough on/off highway use in applications such as dump trucks, concrete mixers and refuse trucks, the M320 is the ideal solution for durability in construction and refuse hauling applications.

10th October 2007/by Tyrepress Editors

Toyo to Use Unified Brand Logo

From October 1 onwards Toyo Tire & Rubber will use a single brand logo for all its product segments, replacing the variety of differentiated logos previously in use. The decision to adopt a unified brand image was taken in light of the company’s desire to strengthen the Toyo brand on a global scale and to ‘energise’ Toyo’s marketing activities.

The ‘Toyo Tires’ logo that will see service for all products features bold italic capitals in vivid blue, a combination the company believes “conveys an impression of vigorous strength.”

9th October 2007/by Tyrepress Editors

Toyo Rated Top by US Independent Dealers

Toyo has been named “#1 Overall Brand” for both consumer and in Tire Review’s annual Tire Brand Study of North American tyre dealers. Conducted by Babcox Research for Tire Review for the past 15-years, this prestigious survey measures tyre dealer opinions and perceptions about the brands they carry and sell. Toyo has received this honour a remarkable seven out of the past eight years for consumer products (passenger, performance and light truck/SUV) and four of the last six years for commercial products (medium truck).

26th September 2007/by Tyrepress Editors