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Yokohama Rubber announces decline in sales for fiscal 2020

  2/23/2021 - Tokyo, Japan - The Yokohama Rubber Co., Ltd., announced its business and financial results for fiscal 2020 (January to December 2020). Sales revenue declined 12.3 percent from the previous year, to 570.6 billion yen; business profit declined 26.6 perent to 36.8 billion yen; operating profit declined 37.8 percent to 36.4 billion yen; and profit attributable to owners of the parent company declined 37.3 percent to 26.3 billion yen. Yokohama reversed the downward trend in earnings in the fourth quarter (October to December) and posted record-high October-December figures for business profit, operating profit and profit attributable to owners of the parent company. The upturn in profitability reflected improvements in the company’s structure of earnings, including reductions in fixed costs and an overall improvement in production costs. The upturn in profitability also reflected the successful tailoring of marketing to regional circumstances and to trends in demand, increased production output and strong Japanese sales of winter tires. In Yokohama’s tires segment, full-year sales revenue and business profit were down from the previous year, but original equipment business in Japan displayed gradual improvement in the fiscal second half, and full-year sales in China increased over the previous year. Yokohama worked to buttress sales in replacement tires through the promotion of high-value-added products and other stratagems, and sales of winter tires were robust in the fourth quarter. The COVID-19 pandemic affected business severely in the fiscal first half, however, and full-year sales declined in original equipment tires and in replacement tires. Sales revenue and business profit declined in the MB (multiple business) segment as the COVID-19 pandemic affected business adversely in every product category. Business in high-pressure hoses declined, reflecting a first-half downturn in demand. In industrial materials, sales revenue declined as business slumped in Japan and overseas. Sales revenue declined in Hamatite-brand sealants and adhesives, reflecting a sharp downturn in demand in the first half. In aircraft fixtures and components, sales revenue declined on account of weakness in the commercial sector. Business in Yokohama’s ATG segment suffered from the adverse effect of the COVID-19 pandemic on demand worldwide. The ATG segment comprises business in off-highway tires for agricultural machinery, industrial machinery and other applications. Signs of a recovery appeared in replacement demand for agricultural equipment tires, and ATG sales revenue were higher in the second half than in the same period of the previous year. The COVID-19 pandemic continues to weigh on business performance in 2021, but demand is recovering in some regions. Yokohama’s full-year fiscal projections for 2021 call for sales revenue of 620.0 billion yen, up 8.7 percent over the previous year; business profit of 50.0 billion yen, up 35.9 percent; operating profit of 50.5 billion yen, up 38.7 percent; and profit attributable to owners of parent of 34.5 billion yen, up 31.1 percent. Management will recommend raising the year-end dividend 1 yen, to 33 yen. That, together with the interim dividend of 32 yen, would raise the annual dividend 1 yen, to 65 yen.

Friday, March 5, 2021

Twin Cities Rubber Group announces free virtual technical meeting on HNBR curing - click to expand

Milestar introduces Weatherguard AS710 Sport all-season tire - click to expand

USW denounces Giti Tire for laying off 100 workers in South Carolina - click to expand

Goodyear, EASE Logistics create pilot program for cloud based tire technology - click to expand

Smithers moves into new building in Suzhou, China, expanding it tire, wheel and product testing operations - click to expand

Goodyear announces leadership changes to coincide with acquisition of Cooper Tire - click to expand

Thursday, March 4, 2021

Global adhesive and sealant market forecast at $83 billion by 2026 - click to expand

Rubber and tire industry webinars organized by KnowHow Webinars - click to expand

Smithers cancels planned corporate headquarters move - click to expand

Specialty Silicone Products announces EMI silicones for ADAS and advanced automotive applications - click to expand

Rubber Division extends deadline for scholarship applications - click to expand

Wacker Polymers announces global price increase for dispersions, resins and dispersible polymer powders - click to expand

Wednesday, March 3, 2021

Cabot expands capabilities at Malaysian manufacturing facility - click to expand

U.S manufacturing activity increases 2.1 percent in February - click to expand

Gelest founder Barry Arkles elected to National Academy of Engineering - click to expand

Michelin announces price increase for Michelin, BFGoodrich and Uniroyal passenger and light truck tires - click to expand

Federal district judge dismisses lawsuit against Denka Performance Elastomer in Louisiana - click to expand

USTMA forecasts increased tire shipments for 2021 - click to expand

Tuesday, March 2, 2021

KraussMaffei is selling its subsidiary, KraussMaffei Austria, to Luger GmbH - click to expand

Michelin launches Pilot Sport EV tire for electric sport vehicles - click to expand

ARPM announces 2021 Environmental Health and Safety (EHS) Summit - click to expand

Global rubber molding market size expected to reach $51.42 billion by 2026 - click to expand

BFGoodrich Tires launches Advantage Control tire for passenger cars, crossovers and minivans - click to expand

Cooper Tire recalls more than 430,000 light truck tires in the U.S. - click to expand

Monday, March 1, 2021

Arburg releases 2020 sustainability report - click to expand

Goldsmith & Eggleton introduces raw materials handling line - click to expand

Andrew Alaya promoted to Davis-Standard vice president, aftermarket sales - click to expand

Goodyear names Christopher P. Helsel senior vice president, global operations and chief technology officer - click to expand

Arkema reports full year 2020 financial results - click to expand

Bridgestone, Arlanxeo and Solvay co-develop Techsyn tire technology - click to expand

Market Reports

Medical grade silicone tube market forecast at $18.5 billion by 2027 - click to expand

U.S manufacturing activity increases 2.1 percent in February - click to expand

Global adhesive and sealant market forecast at $83 billion by 2026 - click to expand

Global rubber molding market size is expected to reach $51.42 billion by 2026 - click to expand

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