Yokohama Tire expects to break even by 2003

TOKYO (Aug. 26)—Yokohama Tire Corp. expects to trim its losses this year to $9 million and break even in 2003, parent Yokohama Rubber Corp. Ltd. said in its fiscal 2002 annual report. The U.S. division of the Japanese tire maker cut its loss in fiscal 2001 to $19.1 million from $79.8 million in 2000, the company said, as it pared down manufacturing costs and expanded sales of higher value high-performance tires. Yokohama Rubber's sales in North America rose 12.1 percent last year to $555 million, according to the report. Operating earnings were $4.35 million vs. a loss of nearly $11 million a year earlier. The company also plans to improve its bottom line by lowering interest-bearing debt and logistics and fixed costs.