Jan. 27, 2012
Establishment of Joint Venture concerning Urethane Parts for Transportation Machinery (such as Automobiles)
Osaka, Japan -27 January, 2012- Toyo Tire & Rubber Co., Ltd. (President: Kenji Nakakura, hereinafter Toyo Tires) has announced that it has agreed to establish a joint venture company in China to manufacture and distribute urethane seat cushions for transportation machinery such as automobiles, with Guangdong TGPM Automotive Industry Group Co., Ltd. (headquartered in Foshan City, Guangdong Province, China; General Manager, Xu Qiao Hua). To that end, a joint venture agreement was signed today.
Urethane seat cushions are flexible urethane parts used in seats for passenger cars and Motor-cycle vehicles. Through its advanced proprietary urethane material technology, Toyo Tires has achieved a lighter weight material that provides improved seating comfort, and is developing, manufacturing and distributing high value-added products that respond to society's needs.
TGPM is building its sales network with automobile manufacturers, through manufacturing and distribution of body sealers*, and development of car dealerships in the Huanan Region centered around Foshan City, Guang-dong Province in China.
(*Body sealers are products applied to the seams between the steel plates in automobiles, for protection against water, dust and rust.)
The establishment of the joint venture at this time is based on the harmony between the business strategies of Toyo Tires, whose goal is to enter the market for business in the high value-added urethane seat cushions in China, and TGPM who seeks to further expand their business with automotive manufacturers through participation in this new business.
In Toyo Tires' “Mid-Term Business Plan 2011” currently underway, new global development of urethane business is cited as one of the strategies for the Divertech Business Unit. This new Joint Venture is in accordance with the growth strategy, and is believed to contribute to future business expansion.
【Outline of the Joint Venture Company (as planned)】
|1. Business Name||Toyo TGPM Automotive Parts Foshan Co., Ltd.|
|2. Location||San Huan Xi Road, Xiaotang, Shishan, Nanhai,
Foshan City, Guangdong Province, China
|3. Capital||50 Million Yuan RMB (equivalent to approximately
600 million Japanese Yen)
|4. Investment Percentage||Toyo Tire & Rubber Co., Ltd.: 60% TGPM: 40%|
|5. Number of Employees||50 People (* forecasted for 2017)|
|6. Date of Establishment||March 2012|
|7. Date to Begin Production||April 2013|
|8. Sales Plan:||1.3 Billion Yen JPN (* forecasted for 2017)|
|9. Nature of Business:||Manufacturing and distribution of urethane seat cushions
for transport machinery, such as automobiles, etc.
【Outline of TGPM】
|Business Name||Guang-dong TGPM Automotive Industry Group, Co., Ltd.|
|Location||Foshan City, Guangdong Province, China|
|Capital||20 Million Yuan RMB|
|Representative||Xu Qiao Hua (General Manager)|
|Nature of Business||Manufacturing and distribution of body sealers, car dealerships
and so on.
|Date of Establishment||2001|
Photo of the Ceremony in which the Joint Venture Agreement was signed
Toyo Tire Corporation Corporate Communications Planning Dept.
Hyogo Head office Telephone: +81-72-789-9100 Facsimile: +81-72-773-3272
Tokyo office Telephone: +81-3-5822-6621 Facsimile: +81-3-3865-2240