Update: Tokai Rubber plans name change
ERJ staff report (TP)
Komaki, Japan – Tokai Rubber Industries said it plans to change the company name to Sumitomo Riko Company Limited.
The decision was a result of a 26 May board meeting but still needs to be approved at the 126th shareholders’ meeting on 19 June.
If approved, the effective date of the new name will begin on 1 October. The Japanese firm said the change will not alter its business or shareholders’ structure.
Reasons for the name change have origins in its history. It was founded in 1929 as Kamata Chotai (Belt) Co Ltd, but the name was changed to Tokai Rubber Industries when its equity was acquired by Sumitomo Electric Wire & Cable Works (currently Sumitomo Electric Industries) in 1937.
At its 125th shareholders’ meeting last year the firm announced it will focus on six kinds of markets – automotive; ICT; infrastructure; housing environment; medical/nursing care and health; and resources, environment and energy.
As a result of this strategy the company wanted to invoke “the Sumitomo spirit” and its global brand name with the Japanese word ‘Riko’ – meaning physics, chemistry and engineering.
Update: On 19 June Tokai Rubber Industries Ltd. announced it had approved the company name change. The Japanese firm said "there will be no changes to capital interest ratio or business content as a result of the name change".
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Press release from Tokai Rubber