Jan. 29, 2014
Acceleration of Global Business Strategy for Automotive Parts Toyo Tires expands anti-vibration rubber for car in Mexico
Osaka, Japan- 29 January, 2014 - Toyo Tire & Rubber Co., Ltd. (Akira Nobuki, president) announces that TOYO AUTOMOTIVE PARTS DE MEXICO S.A. DE C.V (“TAM”, Saki Tomihiro, president) was established as the company’s Mexican sales subsidiary for automotive anti-vibration rubber products in October 2013 with the goal of global expansion and growth of the auto parts business in the Diver-Tech business unit. Operations will begin from January 2014.
The Automotive anti-vibration rubber product is a core product for Toyo Tires automotive parts business. Currently, in addition to three facilities in Japan the company has four overseas production facilities in North America and elsewhere abroad in order to meet the needs of automakers. Additionally, TOYO RUBBER CHEMICAL PRODUCTS (THAILAND) LIMITED, which launched operations in November 2012, was established in order to expand business in Southeast Asia.
Mexico is part of the global Free Trade Agreement (FTA) network that includes the NAFTA (North American Free Trade Agreement) concluded among the U.S., Canada and Mexico in 1994. With the country geographically well positioned for the North American and South American markets and moreover offering a high-quality and stable workforce, many Japanese automakers have established operations there.
The establishment of TAM will enable Toyo Tires to bolster sales of automotive anti-vibration rubber products in the global market through the creation of an optimal supply structure in Mexico, which is expected to continue growing its presence as a global production and export base for automobiles.
Toyo Tires has cited expansion of its automotive parts business as one of the strategies for its Diver-Tech business unit in the Mid-Term Business Plan 2011. The company will work toward strategic business expansion in growth markets and aim to further increase profitability in the Diver-Tech business segment.
|1. Company name||: TOYO AUTOMOTIVE PARTS DE MEXICO S.A. DE C.V|
|2. Location||: Irapuato, Guanajuato, Mexico|
|3. Date established||: October 2013|
|4. President/CEO||: Saki Tomihiro|
|5. Type of business||: Sales of anti-vibration rubber for automobiles (from January 2014)|
|6. Capital||: 3.75 million pesos (Approx. 30 million yen)|
|(calculated based on an exchange rate of 1 peso = 8 yen)|
|*100% capital contribution by the Toyo Tires Group|
|7. Projected sales||: Approx. 1 billion yen *By FY2016|
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