Tag: Toyo Tire & Rubber Co.
Toyo Tire & Rubber has reported a year-on-year decline in net sales, operating income and ordinary income for the 2016, and remained in the red for another year. Even though the company projected in November 2016 the expectation of profit of 12 billion yen, issues with certain non-tyre products led to an extraordinary loss recorded in the closing of accounts for the year, turning the projected profit into a loss of 12.26 billion yen (£86.1 million).
Throughout the course of this year, Toyo Tire & Rubber’s manufacturing operation in North America will expand its research and development capabilities in order to expedite the development of both original equipment and replacement market tyres. The company has not disclosed the level of investment being made in the Toyo Tire North America Manufacturing facility, however it will result in a 50 per cent increase in the size of the research and development team.
Six months after Katsumi Komaguchi became chairman and representative director of Toyo Tire & Rubber in December 2015, the Japanese tyre manufacturer has announced his resignation of both roles. In an extremely short and perfunctory statement, Toyo wrote that his resignation is effective immediately (from 27 May 2016) and is described as a “personal matter”.
Toyo Tire & Rubber Co., Ltd. has made the following changes to its array of corporate officers and other executives. All roles are effective 1 November. Tetsua Kuze is now corporate officer and general manager of Toyo’s DT Planning Division, DT Business Group Headquarters, DT Strategy and Planning Dept. and DT Business Group. Kuze had previously been senior corporate officer and general manager of the administrative division as well as general manager of the Corporate Planning Division overseeing corporate purchasing division headquarters. He remains deputy general manager, Seismic Isolation Rubber Division
The Board of Directors at Toyo Tire & Rubber today resolved to hold an Extraordinary Meeting of Shareholders on 12 November in order to present its candidates for the positions of chairman and president. Shareholders will vote on whether to approve Katsumi Komaguchi as the company’s new chairman and Takashi Shimizu as its president.
On 23 June Toyo Tire & Rubber Co., Ltd. chairman Akira Nobuki resigned and executive corporate officer Tetsuya Kuze was demoted in order to take responsibility for Toyo Chemical Industrial Products Co., Ltd.’s sale of non-compliant seismic isolation rubber products. Four more executives announced their retirement. All the personnel changes take effect from 1 July 2015.
LOGIN OR SUBSCRIBE TO READ THE FULL ARTICLE Related posts: Rosneft buys 13 per cent of Pirelli Apollo share price hits all-time high Giti enters the top 10 of leading tyre manufacturers Toyo reports 169% increase in full-year 2014 net income
Toyo Tire & Rubber Co., Ltd. has reported 2014 consolidated business results showing net sales of 393,782 million yen (£2.146 billion; 2.899 billion euros, US$3.305 billion), up 6.4 per cent compared with 2013. Operating income amounted to 47,510 million yen (£259.657 million; 349.804 million euros; $398.756 million), a 27.6 per cent up on 2013. However, the fastest increase was in the net income category where the full-year total of 31,240 million yen (£170.281 million; 230.012 million euros; $262.2 million) was up a huge 169.4 per compared with a year ago.
LOGIN OR SUBSCRIBE TO READ THE FULL ARTICLE Related posts: Toyo Tires becomes AC Milan premium sponsor A.C. Milan players dribble from the rooftops with Toyo Tire Toyo kicks off as AC Milan sponsor Not Japanese and not us – Toyo files action against Japan Toyomoto Tire