TOKYO (Reuters) – Tokyo prosecutors indicted ousted Nissan Motor (7201.T) chairman Carlos Ghosn for under-reporting his income and also officially charged the automaker, making the firm culpable for the financial misconduct scandal that has shocked the industry. Ghosn was arrested on Nov. 19 on suspicion of conspiring to understate his compensation by about half of the actual 10 billion yen ($88 million) over five years from 2010.
It appears that Michelin and Bridgestone are interested in acquiring the TomTom Telematics business unit from Netherlands-based company TomTom. According to Dutch financial daily Het Financieele Dagblad (FD), Michelin – one of four companies vying to acquire the business – allegedly aims to add the business into its Michelin Solutions portfolio.
NOKIA, Finland — Nokian Tyres P.L.C. is looking to double its sales in North America in the coming five years, CEO and President Hille Korhonen said in Nokian’s third-quarter financial results presentation.
BOSTON—Cabot’s reinforcement materials segment, which includes its rubber carbon black business, has posted a 33 percent year-on-year growth in full-year earnings (EBITDA) to $350 million.
The Board of Directors at Nokian Tyres has set new financial targets for 2019-2021. These targets include faster than market growth of more than five per cent CAGR, EBIT at 22 per cent and a shareholders’ dividend of more than 50 per cent of net earnings. Nokian says the financial targets will guide the company in reaching the strategic ambitions it set in early 2018, which include increasing sales by 50 per cent in Central Europe and doubling them in North America within the next five years.
NEW YORK (Reuters) – U.S. President Donald Trump may just escape having to grapple with a recession before the U.S. Presidential elections in 2020, with investors saying it is unlikely one will occur before then.
Trump has praised the U.S. economy, which grew at 3.5 percent in the third quarter, following a tax-cut-fueled 4.2 percent gain in the second quarter. And even though economists see increased risks for a recession as the Federal Reserve raises interest rates and a trade war with China threatens the economy, such a scenario is still a few years off.
Tokyo – Zeon Corp.’s elastomer business has seen operating profit fall 16% year-on-year to Yen9.5 billion for the first six months of its financial year, ending March 2019.
In its half-year financial results 31 Oct, the Japanese materials supplier said rubber sales rose 1% to Yen7 billion despite a 1% decline in volumes at 175,000 tonnes for the period.
The business unit includes Rubbers, Latex and Chemicals.
The Goodyear Tire & Rubber Co. has reported results for the third quarter of 2018.
“We continued to improve the operating performance in our key mature markets, driven by strong volume growth, including significant increases in the more profitable 17-inch-and-greater rim sizes in the U.S. and Europe,” said Richard Kramer, chairman, CEO and president.
Akron, Ohio – Goodyear has lowered its expectations for fiscal 2018 operating income slightly “to reflect the increasingly challenging industry environment,” the company said in a third quarter financial statement.
For the quarter ended 30 Sept, segment operating income was down 1.3% to $362 million, while revenue inched up slightly to $3.93 billion, leaving the operating ratio unchanged at 9.2%.
Bridgestone Americas, Inc. announced new senior hires to lead business functions and better enable the company’s growth, Bridgestone says.
Rebecca Vest has joined the company as senior vice president, procurement and strategic sourcing partnerships, and Andrea Arrowsmith joins the tiremaker as its vice president of transformation initiatives and enterprise project management office (EPMO).