GTY Tire Co. is no more; the three-way joint venture officially ended by mutual – though unwilling – agreement.
A joint venture between Continental Tire the Americas and Yokohama Tire Corp. continues, though no new name has been mentioned. CTA will hold a 59% share in the JV medium truck tire production business, which is based at CTA’s Mt. Vernon, Ill., tire plant, while Yokohama will hold a 41% share.
Toyo Tires (USA) the “T” in GTY Tire held a 16% share in the JV but was pushed out last year by the other partners, which claimed Toyo Tire & Rubber Co.’s partnership with Bridgestone Corp. violated terms of the joint venture agreement.
Toyo Tire (USA), which sued the other partners in January 2010, was severely shorted on its allocation of medium truck radials from GTY Tire, but eventually received most if not all of its tire allocation.