According to an external report, Goodyear Tire recently stated that the company has submitted to Sumitomo Rubber Co. the requirements for understanding the relationship between the two parties in the United States and the European Union and applied for arbitration by the International Chamber of Commerce (International Chamber of Commerce).
Goodyear wants to lift its 15-year business alliance with Sumitomo Rubber
Goodyear's executive vice president and CFO Laura Thompson said recently that due to Sumitomo Rubber's confirmation of involvement in anti-competitive behavior, Goodyear had contacted the International Chamber of Commerce on January 10, hoping that the latter would arbitrate for Goodyear's relationship with Sumitomo Rubber's dissolution alliance. . Laura Thompson did not disclose detailed information on the anti-competitive behavior of Sumitomo Rubber. It only shows that Goodyear has “exit right†in this case.
Sumitomo Rubber President Ikuji Ikeda said at a press conference: "If Goodyear wants to dissolve the alliance, we are ready to start negotiations."
Goodyear initially formed an alliance with Sumitomo Rubber in 1999 and acquired a 75% stake in its production and sales operations in Europe and North America. The operating companies in these two regions are Goodyear Dunlop Tire Europe and Goodyear. Dunlop North America. Under the agreement, Goodyear has the right to sell Dunlop brand tires in Europe and North America.
In addition, Goodyear and Sumitomo Rubber also have a joint venture in Japan, 75% of which are held by Sumitomo Rubber. The company's business covers the sales of Goodyear and Dunlop brand tires in the Japanese matching and replacement tire market, and related Technology and materials procurement.
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