KOMAKI, Japan—Tokai Rubber Industries Ltd. will change its name to Sumitomo Riko Co. Ltd., effective Oct. 1.
The firm said the change will not alter the business of the company or its shareholders structure. Tokai Rubber developed a mid-term management plant to achieve sales of about $9.84 billion in the early 2020s, more than triple its fiscal 2013 figure of about $3.63 billion.
Tokai Rubber said the change will allow it to utilize its parent company's reliable global brand—Sumitomo. Tokai Rubber is a member of the Sumitomo Group and is 50.66 percent owned by Sumitomo Electric Industries Ltd.
Tokai Rubber said it strives to focus on six markets: automotive; Information and Communications Technology; infrastructure; housing environment; medical/nursing care and health; and resources, environment and energy.
The firm operates 102 sites in 24 countries and employs 22,546 as of March 2014.