YOKOHAMA Dissolves Marine Hose Subsidiary in Italy

YOKOHAMA announced today that it will dissolve its Italian marine hose company, Yokohama Industrial Products Italy S.r.l., and liquidate the subsidiary. YOKOHAMA has sold Yokohama Industrial Products’ tangible fixed assets to a third party, and it completed the transfer of those assets to the purchaser last month. In addition, YOKOHAMA has reached an amicable severance arrangement with the unions that represent the employees at the Italian subsidiary. The effect of the impending liquidation of Yokohama Industrial Products on the parent company’s fiscal results will be immaterial.