Jun. 19, 2014
Promoting Global Expansion of Railway Car Component Business Ceremony for JV Railway Car Parts Plant in China
Osaka, Japan -19 June, 2014 -Toyo Tire & Rubber Co., Ltd. (Akira Nobuki, President) announces that an opening ceremony was held on Wednesday, June 18 for the production facility of Wuxi Toyo Meifeng Rubber Products Manufacturing Co., Ltd. (“TMW”; Wuxi City, Jiangsu Province), a joint venture company for manufacturing and distributing parts for railway vehicles in China.
For over 50 years, Toyo Tires has developed and manufactured air springs and anti-vibration rubber components required for the comfort and safety of railway vehicles, supplying these products primarily in Japan.
TMW is a joint-venture company established through a business partnership with Wuxi Meifeng Rubber Products Manufacturing Co., Ltd. (“Wuxi Rubber”), which has strengths in technology and product sales for railway parts in China, in order to deliver the technological prowess and reliability of Toyo’s railway components that have long been highly valued in Japan to the overseas market.
Some 70 individuals were in attendance to celebrate the opening of the plant, including local government officials, major customers from China and abroad, and TMW president Haruhiro Shinsho (Director, Corporate Officer and Group Executive Officer, DT Business of Toyo Tire & Rubber Co., Ltd.), as well as TMW employees and affiliates from Wuxi Rubber.
At the opening, TMW president Shinsho remarked, “This is a new business model built through a fusion of the technical capabilities, brand strengths and sales forces of both Toyo Tires and Wuxi Rubber, which will contribute to the further growth and expansion of business of both companies. We want to demonstrate the indispensable value of our presence to the railway infrastructure that will support the abundant lifestyle and society of China.
Additionally, Sadao Ichihara, Corporate officer of Toyo Tire & Rubber Co., Ltd., conveyed the following message from Toyo Tires president Nobuki: “By having both parties work together to refine our technology and deliver products that promise superior performance and quality we will support China’s railways, and I am hopeful that we will demonstrate the value of our presence in contributing to Chinese society.”
Based on the company’s 2014 Mid-term Business Plan, Toyo Tires will make an effort to bolster the overseas business foundation of its railway vehicle component business. It plans to boost the ratio of overseas production to 35% by 2016, and will accelerate business growth with the full-fledged operation of TMW as a foothold to global expansion.
Business Name : Wuxi Toyo Meifeng Rubber Products Manufacturing Co., Ltd.
Date Established : October 2011
Location : Wuxi City, Jiangsu Province, People's Republic of China
Capital : 5 Million USD
Equity Stake : Toyo Tires 51% Meifeng Rubber 49%
President : Haruhiro Shisho
Sales Plan : 100 Million RMB (FY2016)
Toyo Tire Corporation Corporate Communications Planning Dept.
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