TOKYO (Dec. 26)—Sumitomo Rubber Industries Ltd. expects to report a net loss this year, due in part to special charges related to stock losses and an asset sale. Sumitomo said it will be nearly $67 million in the red for the year ending Dec. 31, down from an earlier forecast of $47 million in earnings. In addition, the company said 2001 sales would be close to $3.4 billion, a 1.6-percent drop from earlier forecasts, because of the declining demand due the weak global economy. For the coming year, Sumitomo will cut capital investments by 25 percent and reduce personnel, production and other costs by 3 percent. The firm also will restructure its underperforming non-tire businesses, including its sporting goods, industrial products and European bedding activities.
Sumitomo to post loss on year
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