Press Release

Hyogo, Japan – September 29, 2021 – Toyo Tire Corporation (Headquarters: Itami City, Hyogo Prefecture; President & CEO: Takashi Shimizu) announces that its Australian sales subsidiary Toyo Tyre Australia Pty Ltd  (President: Michael Rudd) will end its rubber mixing business as of December 13, 2021. 

Toyo Tyre Australia Pty Ltd will now liquidate its assets, etc., for the business. The effect that ending the business will have on the consolidated results in the period ending December 2021 is currently being examined, and it will be announced as soon as any revision to the earnings forecast is determined to be necessary.

In order to achieve sustainable growth, our group is promoting a new medium-term business plan called the Mid-Term ’21 Plan starting in 2021 with the mobility field such as automobile tires and automobile components at the center of our business, and we will endeavor to enhance business functions and management foundations. Our company will collaborate with Toyo Tyre Australia Pty Ltd, which provides services for the tire market in Australia, to continuously provide high-level quality and services and will try our best in sales activities to further satisfy our customers.

1. Profile of Toyo Tyre Australia Pty Ltd

1) Year of establishment:   1974
2) Paid-in capital:     　　    AU$15,000,000 (100% contribution by Toyo Tire Corporation)
3) Name of representative: Michael Rudd
4) Number of employees:    107 (as of the end of December 2020)
5) Business description:      Tire sales and the manufacture and sale of rubber mixed products

2. Information on the rubber mixing business

1) Number of employees:   36 (included in the 107 stated above)
2) Major product:                 Industrial rubber materials