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...
Yokohama Rubber has revised upward its financial targets for its new medium-term management plan Yokohama Transformation 2026 (YX2026) announced on February 16. The company took into account the current strong performance, the realization of technology and production reforms that it will pursue, and the performance of the OTR (off-the-road tire) business to be acquired from Goodyear. It upwardly revised its...
Bridgestone is promoting cost reductions throughout the entire value chain by optimizing the balance between sales, production and inventory. The company is reducing fixed costs in line with sales volume, optimizing the production system, and thoroughly reducing inventory based on volume and value. In production, Bridgestone is shortening operating days and suspending operations of some processes to improve profitability of...
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 posted sales of 21.63 billion yen ($148.14 million), down 0.4% year-on-year, operating profit of 1.16 billion yen, down 9.2%, ordinary profit of 3.60 billion yen, up 18.7%, and net profit of 3.02 billion yen, down 20.5% in the first quarter (April-June 2024) of the fiscal year ending March 2025. By segment, the belt and rubber products business posted sales...
Sumitomo Rubber posted second quarter (January-June) results for fiscal 2024, showing revenue of 587.04 billion yen ($4.03 billion), up 4.6% year-on-year; operating profit of 42.29 billion yen, up 147.6%; and net income of 38.73 billion yen, up 372.5%. Sales revenue, operating profit, and net income were all record highs for the same period. By business segment, the tire business posted...
