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By TT News| Nov 02, 2021

Yokohama Completes Transfer Of Hamatite Business To Sika

The Yokohama Rubber Company today announced the completion of transfer of its Hamatite business to the Sika Group, a switzerland-based speciality chemical manufacturer. 

Transfer of the sealant, waterproof and adhesive brand of Yokohama was completed on 1 November 2021, as per schedule announced on 28 April 2021, the company said in a statement. Sika Hamatite Co and Sika Hamatite Sales Co have taken over the brand's operations in Japan. Sika Automotive Kentucky has taken over Hamatite's operations in the United States. Sika Hamatite Automotive (Zhejiang) has taken over the brand's China operations while Sika Thailand has taken over the brand's Thailand business.

The company expects a posting of about JPY 5 billion (USD 43.99 million) on discontinued operations (separate from continuing operations) on its fourth-quarter accounts of the 2021 fiscal year as a result of the transfer. The actual amount is being examined and is subject to change. The company further said that the move is in line with its ‘Yokohama transformation 2023 (YX2023)’ strategy, a medium-term management plan for fiscal years 2021 to 2023. (TT)

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