Toyo Tire & Rubber Co. to Sell Interest in Nippon Giant Tire
OREANDA-NEWS. June 07, 2012. TOYO TIRE & RUBBER CO., LTD. (President and CEO: Kenji Nakakura) announces the sale, by mutual agreement of its partners Goodyear Tire & Rubber Company ("Goodyear") and the Mitsubishi Corporation, all of its interest in the joint venture company, Nippon Giant Tire Co., Ltd. ("NGT"), effective May 31, 2012.
1. Reason for the Dissolution of the Joint Venture Agreement
Toyo Tires had established NGT in April 1985 with the Goodyear and Mitsubishi Corporation, for the manufacture and distribution of large-scale OTR tires for mining and construction vehicles. To further the goals of Toyo Tires' Mid-Term Business Plan 2011 (announced May 10, 2011), the decision was made to further concentrate its business resources towards growth and strategic markets.
Following discussions with its long-time partners, it was agreed that the Mitsubishi Corporation and Toyo Tires will transfer to Goodyear the entirety of their respective shares in NGT, and thereby dissolve the joint venture relationship.
2. Outline of the Joint Venture(1) Company Name: Nippon Giant Tire Co., Ltd.
(2) Representative: Michael Martin
(3) Location: 338 Nakai, Tatsuno-cho, Tatsuno City,
(4) Nature of Business: Manufacture and distribution of OTR tires
(5) Date of Establishment: April 1985
(6) Capital Percentages: Toyo Tire & Rubber Co., Ltd. 30%
Goodyear Tire & Rubber Company 65%
Mitsubishi Corporation 5%
3. Date for Dissolution of the Joint Venture: May 31, 2012
4. Impact on Toyo's Business Results:
The dissolution of the joint venture on Toyo's business is not expected to have a material impact on Toyo's consolidated earnings for the current period.
As reported earlier, President of the Republic of Uzbekistan Islam Karimov has been in the People’s Republic of China on official visit at the invitation of PRC President Hu Jintao.
The second day of the visit in Beijing started with an official meeting ceremony at the Palace of Chinese National People’s Congress, followed by talks between the two countries’ delegations led by Islam Karimov and Hu Jintao.
The leaders of the two nations discussed the prospects of enhancing bilateral and multilateral cooperation and exchanged views on current issues of regional and international nature.
Then the heads of state signed the Joint Declaration on the Establishment of Strategic Partnership between the Republic of Uzbekistan and the People’s Republic of China.
Furthermore, the officials penned intergovernmental agreements on technical and economic cooperation, on partnership in veterinary medicine, on quarantine and protection of flora, a 2012-2015 cooperation program between the ministries of foreign affairs, and other documents.
The President of Uzbekistan held meetings with Premier of the PRC State Council Wen Jiabao and Vice Premier Li Keqiang.
On the second half of the day in Beijing, the Council of the Heads of State of Shanghai Cooperation Organization (SCO) started its twelfth session. The leaders of Uzbekistan, China, Kazakhstan, Kyrgyzstan, Russia and Tajikistan convened for a meeting in contracted format, where they discussed the ways to augment the effectiveness of joint efforts in addressing the pressing issues faced by the Organization.