Press Release

OSAKA, JAPAN-September 16, 2002-TOYO TIRE & RUBBER CO.,LTD. (Yoshio Kataoka, President and COO) hereby announces that it held a grand opening ceremony in Franklin, Kentucky on September 16 to celebrate its newly constructed production base for anti-vibration automotive rubber products, Toyo Automotive Parts (USA), Inc. The manufacturing facility went into operation in July 2002. (Establishment of Toyo Automotive Parts was originally reported in a press release on February 16, 1998.)

Among the guests in attendance at the grand opening were Governor Paul Patton, Jim Arnold, the Mayor of Franklin, and representatives of a major Japanese automaker, the primary customer for Toyo Automotive Parts (USA). Addressing the crowd in opening remarks at the 11:00 a.m. ceremony at the Toyo Automotive Parts site, Toyo Tire & Rubber Chairman and CEO Shozo Katayama stated: "The development of Toyo Automotive Parts (USA), Inc. (TAP) is an important part of Toyo's overall growth and success. There are many other individuals that played a key role in helping Toyo get this facility up and running and we at Toyo are very thankful for your help and support."

With the plant now operative in Franklin, Toyo Tire & Rubber is embarking on a plan to expand its business operations in the United States, moving beyond the realm of the conventional Japanese transplant. In the move, Toyo has also established a representative office in Detroit, stationing technical staff in the heart of the U.S. automobile industry.

In our 21st Century Management Vision, Toyo sets out a role for its Automotive Parts Company as its guiding concept for the operations. "To be a frontrunner Creating the World?fs No.1 Vibration-Control Products." Guided by this concept, Toyo is focused on attaining and developing core competencies in this business area and works toward becoming a highly profitable global company.