Press Release
Nov. 11, 2008
Establishment of a Tire Sales Subsidiary in Russia
Osaka, Japan - November 11, 2008-TOYO TIRE & RUBBER CO., LTD. (President: Kenji Nakakura) hereby announces that it jointly established TOYO TIRE RUS LLC (Moscow, Russia, President: Masato Kanetsuki) , its Russian tire sales subsidiary with Mitsubishi Corporation on October 23 local time.
TOYO TIRE RUS LLC was established mainly for expansion of the TOYO TIRES brand presence and the value improvement of the brand position in the market. Russia is one of the big powers of BRICs with rapidly growth of motorization accompanied with economic infrastructure. We regard Russia as "growing market for strategy expansion" in accordance with the medium-term business plan’s slogan of TOYO TIRES group, "Global Growth - Moving from Challenge to Growth".
TOYO TIRES is convinced that this establishment of the new company demonstrates further deepening commitment in Russian market.
Outline
Name: TOYO TIRE RUS LLC
Head office: Baker Plaza Office No.63, 1 bldg., 68/70 Butyrsky Val, Moscow 127055 Russia
Capital: 50,000,000 Ruble
Ownership: TOYO TIRE & RUBBER 60%, MITSUBISHI CORPORATION 40%
President: Masato Kanetsuki
Employees: 6
Toyo Tire Corporation
Corporate Communications Dept.
Hyogo Head office Telephone: +81-72-789-9100 Facsimile: +81-72-773-3272
