Toyo sees sales up in 2010; announces new plant in Malaysia

ERJ staff report (DS)

Tokyo -- At its meeting to announce results for the 12 months to 31 March, 2011, Toyo Tyre has announced plans for a new car tyre factory in Malaysia, according to a report int he Nikkei.

The Nikkei report said Toyo intends to buy land for the plant later this year. The total investment will be around yen 20 000 million (euro 172 million) and the plant is likely to produce some 6 million car tyres each year. The plant is expected to serve domestic markets, and also to export to China and India

Toyo acquired Malaysian tyre maker Silverstone in 2010 and is currently building a plant in China's Jiangsu Province

The company reported consolidated sales of yen 294 billion (euro 2539 million), up 2.2 percent over the yen 288 billino reported a year earlier. Operating income increased by 40 percent to yen 12.2 billion (euro 105 million) from yen 8664 million posted a year earlier.

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Press release from Toyo (Japanese language)

Above Press release Auto-translated into English from Japanese

Toyo Tire To Spend Y20bn On Malaysian Plant Nikkei (Japan)