November 28, 2017
TOKYO (Reuters) – Japan’s Toray Industries <3402.T> said on Tuesday it will hold a news conference regarding data falsification at a subsidiary, in what could be the latest in a series of quality-assurance scandals to hit Japanese manufacturers.
The major Japanese materials maker’s president, Akihiro Nikkaku, and the chief of automotive tire-related materials unit Toray Hybrid Cord Inc will attend the presser at 10:30 a.m. (0130 GMT).
The announcement follows a spate of compliance failings at Japanese manufacturers including Kobe Steel Ltd <5406.T>, Nissan Motor Co Ltd <7201.T>, Subaru Co Ltd <9778.T> and Mitsubishi Materials Corp <5711.T>.
Shares of Toray plunged more than 8 percent following the announcement.
Sadayuki Sakakibara, senior advisor of Toray Industries Inc, is the head of Japan’s influential Keidanren business lobby.
(Reporting by Makiko Yamazaki; Editing by Stephen Coates)
