TOKYO (June 11, 2014) — Toyo Tire & Rubber Co. Ltd.’s near- and long-term growth strategies include measurable gains in market share in the SUV/CUV and medium truck tire sectors in North America, Toyo President Akira Nobuki said today in Tokyo.
Overall, the company hopes to achieve an earnings/sales ratio of 10 percent or better per year for the next several years, while boosting sales 9 percent a year through 2020, according to the latest forecast, titled "Go Beyond."
That growth will be underscored by expanding capacity at the firm’s plant in White, Ga., Mr. Nobuki said, which will account for 30 percent of Toyo’s global tire manufacturing capacity by 2016 — up from 21 percent last year.
Capacity outside of Japan will account for half of Toyo's annual production capacity of 270,000 metric tons by 2016, the executive said.
Referring specifically to the SUV/CUV sector, Mr. Nobuki sees the combined market share of the Toyo and Nitto brands rising to 6 percent by 2016 from 4.5 percent last year, bolstered by the company’s participation in various off-road racing series and the use of “abundant” digital content.
Mr. Nobuki sees North America accounting for half of Toyo’s tire sales worldwide by 2016, up 4 to 5 percentage points from 2013/2014.
These “Mid-Term ‘14” objectives reflect accelerated progress of the firm’s “Mid-Term ‘11” goals, Mr. Nobuki said, aided by the “tail wind of a favorable external environment, including correction of the strong yen and stabilization of raw material prices.”
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|