Bridgestone Corporation has announced the consolidation of its tyre manufacturing operations in Thailand. This move is in line with Bridgestone’s Mid-term Business Plan (2021-2023) to enhance earnings and maintain industry leadership. The restructuring involved ceasing tyre production at the Rangsit plant of THAI BRIDGESTONE CO., LTD. (TBSC) and reorganising operations at other facilities.

Specifically, passenger radial tyre production has been centralised at the Nong Khae plant of TBSC, completed on June 30, 2022. Similarly, manufacturing operations for truck and bus radial tyres have been consolidated at the Chonburi plant of BRIDGESTONE TYRE MANUFACTURING (THAILAND) CO., LTD., a process completed on October 27, 2023.

Bridgestone meticulously considered various factors, including local community impact, to establish an optimal supply structure and maintain competitiveness. The company extends its gratitude to the employees and supportive local community of the Rangsit Plant, a pivotal foundation of Bridgestone’s tyre business in Thailand. To mitigate the impact on affected employees and communities, Bridgestone is implementing appropriate measures in line with local laws, regulations, and labour agreements.

 

Bridgestone Corporation has reached an agreement to sell its subsidiary, Bridgestone Carbon Black (Thailand) Co., Ltd. (BSCB), to Tokai Carbon Co., Ltd. and Thai Tokai Carbon Product Co., Ltd. This divestment aligns with Bridgestone’s strategy to enhance its global business resilience by adapting to market changes and focusing on high-value segments.

As part of its Mid-Term Business Plan (2024–2026), Bridgestone is optimising its operations to strengthen growth and competitiveness. The company is prioritising its premium tyre business, aiming to boost productivity and innovation across the entire value chain – from materials development to logistics and sales – with a focus on its Dan-Totsu (best-in-class) products. The sale of BSCB supports this strategy by allowing Bridgestone to collaborate with specialised partners like Tokai Carbon, which possesses deep expertise in carbon black production and supply chain management.

Beyond securing a stable carbon black supply, Bridgestone and Tokai Carbon are jointly exploring sustainable solutions, including producing carbon black from recycled tyres. This partnership will enhance Bridgestone’s long-term competitiveness while advancing its sustainability goals. However, the company will retain in-house carbon black production for strategic applications, such as premium and motorsport tyres, through its Japanese subsidiary, Asahi Carbon Co., Ltd. This ensures control over critical technologies that align with its core business and sustainability initiatives.

The transaction, part of Bridgestone’s second-stage business restructuring, is expected to have minimal impact on its current fiscal year financial performance. The company remains committed to sustainable growth, balancing strategic in-house capabilities with collaborative ventures to maintain its leadership in the tyre industry.

Investigation reveals coordinated theft by contractors and employees through bulk pilferage and excess loading schemes

Goodyear India Limited disclosed that a comprehensive investigation by Ernst & Young uncovered a sophisticated theft operation at its Ballabgarh manufacturing plant, resulting in the loss of 4,571 tyres valued at approximately INR 39.11 million.

The tyre manufacturer’s board reviewed the investigative findings during a meeting that concluded last week, revealing what the company described as “potential theft of tyres in bulk by contractual workers involved in security, warehousing and loading operations, acting in collusion.”

Dual Theft Operations Exposed

The Ernst & Young investigation, spanning October 2023 to November 2024, identified two primary theft methods that enabled the systematic pilferage of farm tyres from the Faridabad-based facility.

Bulk Theft Scheme: The more significant operation involved truckloads of tyres being removed from the plant through coordination between third-party loading supervisors, warehouse workers, security guards, and external accomplices. Electronic communications reviewed by investigators revealed references to 4,057 tyres across 20 dates between July and December 2024, with detailed SKU counts discussed among the conspirators.

Security records were deliberately manipulated to conceal the theft, with one security contractor admitting to accepting kickbacks from a loading supervisor to avoid recording truck details carrying stolen merchandise.

Excess Loading Operation: A secondary scheme involved loading additional tyres beyond invoiced quantities onto legitimate shipments, with the excess stolen during transit. The investigation revealed a significant increase in overweight dispatches during the July-November 2024 period, with 50 per cent of overweight trucks dispatched during this timeframe, compared to historical patterns.

Quality assurance protocols were compromised, with one employee admitting to receiving instructions from a third-party warehouse vendor to disregard overweight trucks and dispatch them without conducting mandatory quality studies. The employee estimated that 5-6 excess tyres were loaded per truck in select shipments to Goodyear warehouses.

Quality Control Manipulation

The investigation also uncovered systematic inflation of tyre rejection quantities during pre-dispatch inspections. A quality assurance employee acknowledged receiving kickbacks to artificially inflate rejected tyre counts in daily reports, despite no physical rejections having occurred, allegedly to help manage inventory shortfalls maintained by the third-party warehouse vendor.

Data analysis revealed an increase in rejection rates in 2024 compared to 2023, with the manipulation involving collusion between employees and third-party quality inspectors.

Operational Control Gaps

Beyond the theft schemes, Ernst & Young identified significant weaknesses in Goodyear’s inventory management and production processes. The manual production handover system lacked proper verification, with multiple employees admitting that the defined processes weren’t followed.

Production records maintained manually revealed discrepancies, with multiple spreadsheets containing different production numbers for the same periods. The investigation found that production during shutdown periods wasn’t recorded in the Production Management Information System, creating variances that couldn’t be validated due to unreliable manual records.

Financial Impact and Response

The financial impact of the inventory shortage identified in November 2024 was already recognised in Goodyear India’s financial statements for the quarter ended 31 December 2024. “The management has taken cognisance of the findings and initiated appropriate legal and disciplinary actions against those involved,” the company stated in its regulatory filing. “Proactive measures, including a site security assessment and tightened controls, have been implemented.”

Investigation Methodology

Ernst & Young’s fact-finding review employed comprehensive investigative techniques, including data analytics, transaction testing, background checks on suspected third parties, forensic imaging of electronic devices, and interviews with employees and contractual workers.

The investigation covered electronically stored information from the laptops and server backups of suspected individuals, utilising keyword-based searches to identify suspicious communications that proved crucial in establishing the theft patterns.

Regulatory Compliance

The disclosure fulfils Goodyear India’s obligations under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015. The company initially informed stock exchanges of the inventory variance on 12 February 2025.

“The Company remains committed to upholding the highest standards of corporate governance and safeguarding stakeholder interests,” Goodyear India stated in its filing.

The University of Akron (UA) has reclaimed its position as the world’s top-ranked institution for polymer science and plastics engineering programme, according to EduRank.org. After briefly falling behind Japan’s Kyoto University and the University of Tokyo in recent years – though remaining the highest-ranked US programme – UA now leads globally.

This year, UA surpassed prestigious institutions such as MIT, Harvard, the University of Manchester and Germany’s Martin Luther University of Halle-Wittenberg in the rankings, which evaluated over 1,000 programmes worldwide. UA’s School of Polymer Science and Polymer Engineering (SPSPE) offers advanced master’s and doctoral degrees, supported by faculty with more than 300 issued and pending patents. The achievement underscores UA’s continued leadership in polymer research and innovation.

Craig Menzemer, dean of the College of Engineering and Polymer Science, said, "This ranking reaffirms the global reputation of our faculty and programmes. Our sustained leadership in polymer science is built on decades of innovation, excellence in research and close ties with industry. We’re proud to be the destination for students and partners around the world who want to advance the field.”

Tyrewise, New Zealand’s regulated product stewardship scheme for end-of-life tyres, is inviting innovators, investors and change-makers to submit their best ideas to develop the market for recycled rubber. With substantial funding now available, this initiative aims to transform worn-out tyres into valuable products while driving economic growth.

The first grant funding round is now open for expressions of interest, running from 1 July to 29 July 2025. A total of USD 7 million will be distributed across three rounds within the financial year. Tyrewise has ambitious targets: recycling 80 percent of end-of-life tyres into new products by its fourth year and over 90 percent by its sixth year.

Eligible applicants include registered NZ businesses, research institutes and universities, preferably with at least 12 months of operation. Strong environmental, safety and financial performance will also be key considerations. This is a unique opportunity to advance sustainable innovation in tyre recycling.

Mark Gilbert, Chair of Auto Stewardship New Zealand that governs the Tyrewise scheme, said, “Tyrewise works with the whole industry to ensure tyres are collected for recycling or repurposing. The scheme is achieving a high collection rate and is now focussing on developing high-value, best use recycling and repurposing solutions for the tyres. To enable this goal, Tyrewise is providing contestable funding to help develop end markets for the recycled rubber material from tyres in New Zealand.”

Adele Rose, Tyrewise Scheme Managers, 3R Group, said, “Tyres are a versatile resource that can be turned into many products or used in a number of processes, such as roading, playground surfacing, as a substitute for aggregate or even earthquake-proofing buildings. The market in New Zealand isn’t currently big enough though to take all the recycled rubber from tyres which are collected, so the aim of the fund is to stimulate the development of new products and markets here. The fund is structured into three main ‘streams’ – research and development, emerging markets and community development. This allows funding to back projects across the spectrum of the typical phases of product development. This is a call for expressions of interest. Once we have assessed them, we will ask for a more formal, detailed application. Kiwis are innovators by nature, so we’re excited to see what ideas are out there to create a circular economy for tyres here at home.”