HYOGO, Japan — Toyo Tire Corp. suffered a 9.3% drop in fiscal 2019 operating income on 4% lower sales, a result the company attributed primarily to higher manufacturing costs and foreign-exchange rate changes.
KOBE, Japan — Sumitomo Rubber Industries Ltd. registered double-digit drops in operating and net income for fiscal 2019 and is projecting only a slight rebound in 2020 because of global "economic uncertainty."
GURGAON, India — Private equity firm Warburg Pincus L.L.C. is investing approximately $150 million in "compulsorily convertible preference shares" issued by Apollo Tyres Ltd., a move Apollo management sees as a "strong vote of confidence" in its direction.
FINDLAY, Ohio — Cooper Tire & Rubber Co. reported a 5.5% improvement in operating income during fiscal 2019 on 2.1% lower sales, prompting management to forecast continued improvements in earnings and a "modest" gain in global unit sales throughout 2020
QINGDAO, China — Qingdao Doublestar Group is forecasting it will report a fiscal 2019 unaudited net loss of $33 million to $40 million, a downturn in fortunes it's attributing to increased expenses for a number of initiatives.