Goodyear, Sumitomo express interest in extending alliance to rest of Asia
Goodyear Tire & Rubber Co. and Sumitomo Rubber Industries Ltd. are interested in extending their alliance from the United States, Europe and Japan to the rest of Asia, according to Goodyear Chairman and CEO Sam Gibara.
However, the tiremakers have no plans at the moment to pursue that option.
Gibara expressed the companies' interest during a press conference in Kobe, Japan, yesterday.
Goodyear owns 10% of Sumitomo, according to an agreement that was sealed in Sept. 1999. Sumitomo holds 1.4% of Goodyear's common stock.
Gibara was elected to Sumitomo's board of directors earlier this week.