Gomu Rengo, the Japanese Rubber Workers Union Confederation, has announced the results of its spring 2024 labor offensive. According to the report, 51 of the 52 member unions reached wage agreements and all 52 unions reached lump-sum pay agreements. The average wage increase among the 47 unions with definite wage amounts was 14,508 yen ($100), or 4.85% of the previous...
The four Japanese tire makers have released their first half (January-June) results for the fiscal year ending December 31, 2024. Bridgestone, Sumitomo Rubber, Yokohama Rubber and Toyo Tires all posted record-high sales and profits for the period. Although tire sales volume was slightly struggling, the external environment, including raw material prices, yen depreciation, and lower ocean freight rates, in addition...
Nitta will merge its wholly owned subsidiary Nitta Air Solutions as the surviving company and Morimitsu, also a wholly owned subsidiary, as the dissolving company, effective October 1. The surviving company, Nitta Air Solutions, was established on November 16, 1960. The company is engaged in sales of air filtration materials and dust collectors, pipe installation, real estate maintenance and management,...
Sumitomo Rubber has signed an advertising contract with Shohei Otani for its Dunlop brand. Otani stars in a new brand commercial in which he and Babe Ruth, whom he describes as a baseball icon, appear together in a dream collaboration. The commercial has begun airing nationwide on July 23. In addition, they will appear together in a commercial for the...
Eighteen member companies of the Tire Battery Project, including Eneos Materials, have been developing the world’s first next-generation storage battery, the Tire Battery, which is created by recycling used tires. After 12 years of development and improvement, the companies will now begin demonstration testing of stationary products, namely street lights, equipped with the Tire Battery. The demonstration test will be...
Yokohama Rubber will acquire the off-the-road tire (OTR) business for mining and construction vehicles of U.S.-based tire producer and distributor Goodyear. The acquisition is priced at $905 million and will be completed after receiving approval from the relevant authorities. Goodyear’s OTR business had sales of $678 million in fiscal 2023, EBITDA of $129 million, and an EBITDA margin of 19.0%....
