Press Release
Oct. 22, 2001
Transfer of Automotive Anti-vibration Systems Business from Toyoda Gosei Co., Ltd.
Toyo Tire & Rubber Co., Ltd. (President & CEO: Mr. Shozo Katayama) has now agreed basically to obtain the automotive anti-vibration systems business by transfer from Toyoda Gosei Co., Ltd. (President: Mr. Takashi Matsuura) as a series of plans for reinforcement of the automotive anti-vibration systems business.
In accordance with the contents to be consulted and determined hereafter based on the basic agreement, the parties will conclude a formal agreement at the end of December, 2001. The transfer is scheduled to take place on April 1, 2002, following due procedures.
Main contents of the basic agreement of the automotive anti-vibration systems business are as follows:
(1) Toyo Tire & Rubber Co., Ltd. obtains by transfer the inventory assets, tangible fixed assets, intangible fixed assets, goodwill and the like concerning the business, from Toyoda Gosei Co., Ltd.
(2) Toyo Tire & Rubber Co., Ltd. pays to Toyoda Gosei Co., Ltd. a consideration corresponding to the contents of the transfer subject to a separate consultation.
(3) After the transfer, Toyoda Gosei Co., Ltd. continues the production of existing product for the time being based on a production commitment agreement to be concluded separately.
Toyo Tire & Rubber Co., Ltd. places emphasis upon providing management resources in accordance with the basic policy of [Selection and Concentration], treating the automotive anti-vibration systems products as the core business thereof, and has established some time ago a production and selling company in the United States of America to meet the need for global supply in the field of the same business. All such efforts represent a series of reinforcements including the recent transfer of business from Toyoda Gosei Co., Ltd.
In consequence, we continue to improve the level of customer satisfaction, expand production and supply systems further so as to promote improvement of competitive edge through strengthening the management basis.
*Please be advised that Toyo Tire & Rubber Co., Ltd. has also agreed basically to transfer its air bag business to Toyoda Gosei Co., Ltd.
Toyo Tire Corporation
Corporate Communications Dept.
Hyogo Head office Telephone: +81-72-789-9100 Facsimile: +81-72-773-3272
