AKRON (Feb. 13, 2014) — Goodyear is seeking to dissolve its 15-year-old global business alliance with Sumitomo Rubber Industries Ltd. (SRI) and has asked the International Chamber of Commerce (ICC) to arbitrate the dissolution.
Laura Thompson, Goodyear's executive vice president and CFO, said the Akron-based tire maker approached the ICC Jan. 10 seeking arbitration of the action after determining SRI had engaged in "anticompetitive conduct in violation of applicable antitrust laws.
"We have concluded that [action] warrants the dissolution of this global alliance."
She did not elaborate during a conference call today on the circumstances, but such conduct is one of the "exit rights" outlined in Goodyear's financial statements.
Goodyear's action came to light this week after SRI released a statement related to inquiries from the ICC. Sumitomo President Ikuji Ikeda also commented on the matter at a press conference, according to Japanese news reports.