Sumitomo Rubber's tire output to rise 5% in 2013
ERJ staff report (LMH)
Tokyo – Sumitomo Rubber Industries expects its tire production to rise by about 5 percent to 102.17 million, or 554 kilotonnes of rubber equivalent in 2013, Reuters reports.
This would be tire maker’s fourth annual increase in production, which it says is due to recovery in export for the OE and replacement markets. In 2012, group production was 97.1 7 million tires.
Sumitomo, which is Japan’s second-biggest tire maker, expects group net profit to rise to ¥41 billion (Euro 332 million) in 2013 from ¥35.5 billion in 2012.
Reuters reports Sumitomo president Ikuji Ikeda as saying that the Japanese government is preparing a package of stimulus spending but that it will take a while before this helps the economy to enter a cyclical uptrend. He added that Sumitomo will build a new factory with a capacity of about 15 000 tires a day by the end of this year.
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Press release from Sumitomo Rubber