Automotive supplier Tokai Rubber Industries Ltd. will change its name to Sumitomo Riko Co. Ltd., effective Oct. 1.
The company—which makes vibration- and noise-reduction products—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.