Press Release

Hyogo, Japan - August 10, 2023　– The Toyo Tire Corporation (Headquarters: Itami City, Hyogo Prefecture, President: Takashi Shimizu) (the “Company”) resolved today to cease manufacturing of automotive parts at its U.S. Subsidiary, Toyo Automotive Parts (USA), Inc. (President: Tomohiro Saki) (“TAP”) effective October 31, 2023.TAP will thereafter be dissolved as a business entity.

TAP has supplied anti-vibration rubber and other products to some automotive manufacturers in North American market since 2001. As a result of rising material, energy and labor costs, TAP has been unable to maintain or improve its profit outlook. In order to optimize management resources, strengthen business infrastructure, and enhance the competitiveness of its automotive parts business, the Company will consolidate production of TAP made products at its other global locations. There will be no disruption of supplies to our customers in North America who will continue to be served by our Toyo Tire North America OE Sales LLC subsidiary.

We wish to express our sincere gratitude to our employees, the local communities and stakeholders who have made contributions to and supported TAP for the past 22 years. We will be providing each employee with job placement assistance.

For an explanation of how this will impact the Company’s consolidated financial results for the fiscal year ending December 2023, please go to this website: https://ssl4.eir-parts.net/doc/5105/ir_material_for_fiscal_ym5/139674/00.pdf

■Outline of Toyo Automotive Parts (USA), Inc.
 
1) Founded in 2001
2) Capital: USD 29.0 million (100% invested by Toyo Tire Corporation)
3) Representative: Tomihiro Saki
4) Number of Employees: 207 (as of the end of June 2023)
5) Scope of Business: Production of anti-vibration rubber and joint boots for automobile