Following the news that the Japanese tyremaker has received free land as part of the state support package for its Serbia tyre plant, the country’s state aid commission has approved the allocation of 41 million euros ($48.7 million) in government financing to Toyo to support the construction of the new factory in Indjija, northern Serbia.
Shares in Japanese firms hit a 30-year high after Joe Biden was named as the president-elect of the US in a phenomenon being called the “Biden bounce”. Tokyo’s Nikkei index rose 2.6 per cent when the market opened on 9 November. It closed up 2.1 per cent at a level not seen since 1991.
As of the start of this month, Toyo Tire Corporation has implemented a number of changes to its organisational structure. These changes relate to the company’s R&D headquarters in Japan and involve the consolidation and reorganisation of entire divisions.
The Serbian state is set to give Japanese tyre manufacturer Toyo 637,455 square metres of land worth roughly 3 million euros for its newest factory. According to a Serbian State Aid Control Commission decision, the countries Tax Administration calculated that – based on a land valuation of 5 euros per square metre, Toyo will have to employ 523 workers indefinitely by 2023.
Michelin and Pirelli are leading the way on tyre and rubber sustainability, according to a recent report from Context Group. Context’s ranking assessed 11 members of the Tire Industry Project (TIP), namely Bridgestone; Continental; Cooper; Goodyear; Hankook; Kumho; Michelin; Pirelli; Sumitomo Rubber; Toyo and Yokohama.
Context analysed the sustainability content on each company’s website to see if it included communications covering some of the main issues associated with the life cycle impacts of tyres, including the four focus areas of the TIP: tyre and road wear particles, sustainable natural rubber, end-of-life tyres and environmental performance. The researchers assessed how well the companies tell their sustainability story by looking at their use of multimedia, news articles and social media.
Toyo Tires continues to support world-class athletics, at the Diamond League AG Memorial Van Damme event in Brussels on 4 September. The tyre manufacturer expects the live broadcast to reach a wide global audience thanks to the meet’s attractive programme of events and the presence of many stars of athletics. These include British four-time Olympic champion Mo Farah, who is hoping to set a new One Hour World Record. A live DJ will provide a different soundtrack, with no crowd due to Covid-19 pandemic restrictions.
Toyo Tire Corporation reported net sales of 150,586 million yen (£1.1081 billion; 1.195 billion euros; $1.414 billion), a decrease of 15.7 per cent compared with the same period in 2019. Operating income, which amounted to 7,928 million yen (£59.923 million; 63.027 million euros; $74.443 million), down 48.3 per cent on 2019, was hit worst.
In the first quarter of 2020 Toyo Tire Corporation reported net sales of 82,094 million yen a decrease of 8,049 million yen (-9.8 per cent) compared with the first quarter of 2019. Its operating income for the quarter was 6,936 million compared to 10,174 million yen (-31.87%) in the first quarter of 2019.
Toyo Tire has signed a strategic partnership agreement with JAOS Corporation, the SUV automotive components manufacturer. Toyo and JAOS aim to increase the value of their brands in the SUV and four-wheel drive market around the world through mutual collaboration in marketing activities. The two companies will leverage their aggregate knowledge gained through joint participation in motorsports events and original product testing, for delivering products with enhanced appeal to the market.
Toyo Tire Corporation says it is employing materials informatics (MI) in its tyre development to predict the properties and optimise the material structure of the rubber materials it works with. MI is a component of Toyo Tire’s ‘Nano Balance Technology’ rubber material development platform, and was realised in collaboration with SAS Institute Japan.
Toyo Tires has introduced a new visual marketing campaign based around its corporate blue colour. The new visuals follow up Toyo’s ‘Open Roads Await’ brand statement formulated in June 2019 to express “the frontier spirit” of the Toyo Tire Group, it states. Toyo reasons that the new imagery, which comprises a landscape awash in sky and ocean blues, reflects the company in its colour to “reaffirm” its message through a new website, music in the form of curated playlists and a specially commissioned song by Flynn Hudson, and prose. The new corporate imagery is being rolled out globally in 12 languages with a new video, which you can view below.
Representatives of Cooper Tires and Toyo Tires have respectively confirmed they’ll not exhibit at this year’s The Tire Cologne, as previously planned. Their decisions come as governments across Europe announce rigorous measures to delay the spread of coronavirus and reduce its impact wherever possible. Michelin announced its withdrawal as exhibitor last week.
Startup Europe Partnership (SEP), an initiative by the European Commission, has distinguished Fiege as an Open Innovation Challenger. Having first achieved this standard a year ago, Fiege is being distinguished for the second time in a row. The annual ranking also includes multinationals like Google, Nestlé and Bridgestone. Next to Fiege, a further three German enterprises were distinguished: Bosch, Daimler, and SAP.
Context Group
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AIG Royal Open, Toyo
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