The Yokohama Rubber Co., Ltd., has announced that it has taken a charge for asset impairment in the third quarter of fiscal year 2018 (July to September), and that it has revised the full-year fiscal projections that it announced on Feb. 19 this year.

Yokohama says the revisions in its fiscal projections reflect weaker-than-expected sales in the tires segment in China, Russia and the Middle East and weaker-than-expected sales in the MB (Multiple Business) segment in construction sealants as well as the charge for asset impairment cited above. The revision has not made any change in Yokohama’s planned dividend payments, the company said.

Yokohama has taken a charge for asset impairment at its U.S. subsidiary, Yokohama Tire Manufacturing Mississippi, LLC, since “achieving profitability at the subsidiary has taken longer than management anticipated when production began there, and management has recorded asset impairment in accordance with a prudent reassessment of the business outlook for the subsidiary and of the outlook for recovering investment there,” Yokohama says. The asset impairment totals 11.2 billion yen (approximately $98 million) and has resulted in a charge to other expenses in Yokohama’s third-quarter fiscal results.