Press Release
May. 07, 2010
TOYO TIRE Obtains Local Government Authorization to Manufacture Tires in China
Osaka, Japan - April 21, 2010- TOYO TIRE & RUBBER Co., Ltd. (hereafter, "Company") (President and CEO: Kenji Nakakura) announces that it has obtained authorization from the local government for its wholly-owned subsidiary company in Zhangjiagang City, Jiangsu Province China, to proceed with the manufacture of passenger and light truck tires.
The Company had previously announced in a press release dated January 28, 2010, its decision to establish Toyo Tire (Zhangjiagang) Co., Ltd., This new manufacturing facility is expected to meet the growing demand for tires generated by the rapid growth in automobile use in China.
Operations are expected to commence by the end of 2011. Initial production capacity during the first phase will be two million units of passenger car and light truck tires.
Outline of The New Company
| Company Name: | Toyo Tire (Zhangjiagang) Co., Ltd. |
| Location: | Zhangjiagang city, Jiangsu Province, China |
| Representative: | Chairman, Mitsuru Hitotsuyanagi (Corporate Officer, Toyo Tire & Rubber Co., Ltd.) President, Yo Matsumoto |
| Primary Business: | Manufacturing and Sales of Passenger and Light Truck Tires |
| Total Initial Investment: | US$ 98 million (includes paid-in capital of US$ 50 million) |
| Ownership: | Wholly-owned by Toyo Tire & Rubber Co., Ltd. |
| Date of Establishment: | April 19, 2010 |
| Commencing Operations: | Approximately year-end, 2011 |
| Initial Production Capacity: | 2 million units annually (first phase) |
| Number of Employees: | Approximately 500 |
Toyo Tire Corporation
Corporate Communications Dept.
Hyogo Head office Telephone: +81-72-789-9100 Facsimile: +81-72-773-3272
