Tokai Rubber Changes Name to Tout Sumitomo Link

Japan's Tokai Rubber Industries Ltd. has approved a plan to rename itself Sumitomo Riko Co. Ltd., effective Oct 1.

The company, which is 51% owned by Sumitomo Electric Industries Ltd., supplies rubber hoses and other components to the auto industry.

Tokai Rubber operates in 24 countries. The company aims to hike its annual sales from 369 billion yen ($3.6 billion) last year to 1 trillion yen ($9.8 billion) by about 2023.

The company, a member of the Sumitomo group since 1937, says the name change will bolster its brand recognition as it expands into new industries and global markets.