Aug. 01, 2014
Global Expansion of Urethane Business Toyo Tires Establishes Rigid Polyurethane Thermal Insulation Manufacturing & Sales Subsidiary in Thailand
Osaka, Japan - 1 August, 2014 - Toyo Tire & Rubber Co., Ltd. (Akira Nobuki, President) announces the establishment in Thailand of TOYO SOFLAN WIZ (THAILAND) CO., LTD. (Mitsugu Sato, President), a rigid polyurethane thermal insulation manufacturing and sales subsidiary, for the purpose of globally expanding its urethane business within the company’s DiverTech business segment.
Toyo Tires conducts every aspect of its domestic rigid polyurethane business―from technology development to manufacturing and sales through Soflan Wiz Co., Ltd. (Takashi Ohga, President). We are Japan’s top supplier in terms of supply of component liquid for rigid polyurethane, which Toyo Tires manufactures and supplies for home, commercial refrigeration and home insulation building material uses, as well as very low temperature LNG (liquefied natural gas) storage tanks and LNG cargo vessels, fulfilling a wide range of needs that include condensation prevention, thermal insulation and anti-freezing. TOYO SOFLAN WIZ (THAILAND) CO., LTD. will manufacture and sell thermal insulated panels and component liquid for rigid polyurethane that are highly valued by customers in Japan.
In the company’s new mid-term business plan “Mid-term ’14,” Toyo Tires has set forth a plan to achieve overseas expansion of its urethane thermal insulation products and by 2016 increase domestic and overseas net sales by 20% compared to 2013. The establishment of a manufacturing and sales subsidiary in Thailand is a critical measure for strategically expanding business in Thailand and the rest of Southeast Asia, where market growth is expected.
【Outline of New Company】
|Company Name||TOYO SOFLAN WIZ (THAILAND) CO., LTD.|
|Location||Amata Nakorn Industrial Estate, Chonburi Province, Thailand|
|Date Established||June 2014|
|No. of Employees||18 (tentative)|
|Facility Area||2,700 square meters|
|Lines of Business||Manufacture and sale of thermal insulated panels and component liquid for rigid polyurethane|
100 million baht (approx. 320 million yen)
Approx. 200 million yen
Approx. 900 million yen *By FY2016
(Exchange rate for capital calculated at 1 baht = 3.2 yen)
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