(Updates with details, president's comments, adds byline) By Nathan Layne TOKYO, Dec 26 (Reuters) - Japan's third-largest tyremaker, Sumitomo Rubber Industries Ltd, said on Thursday it will absorb its subsidiary Ohtsu Tire and Rubber Co Ltd next July as part of a restructuring drive to combat waning domestic demand. Sumitomo Rubber, owned 10 percent by U.S.-based Goodyear Tire & Rubber Co , said the merger with fifth-ranked Ohtsu would raise the group's management efficiency by ...
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