TOKYO, July 22 (Reuters) - Sumitomo Rubber Industries Ltd said on Tuesday it would expand tyre output at its Miyazaki plant by April 2004 to about 7,000 tonnes per month on a new rubber consumption basis from the current 6,100 tonnes.
Sumitomo Rubber, Japan's third-largest tyremaker, planned to invest 11.5 billion yen ($96 million) from July and expected to complete the expansion by April 2004, the company said in a statement.
It said this was part of its plan to invest a total 33 billion yen to expand tyre output capacity at its facilities at home and abroad in 2004 and 2005 to meet rising demand for radial tyres for sport utility vehicles, passenger cars, trucks and buses.
Shares in Sumitomo Rubber, the maker of Dunlop brand tyres and sporting goods, closed up 0.97 percent at 521 yen, while the benchmark Nikkei average slipped 0.44 percent. ($1 = 119.20 yen)