ERJ staff report (TP)
Osaka, Japan – Toyo Tire & Rubber Co., Ltd announced its three year mid-term business plan as it seeks to increase growth.
Akira Nobuki, president of Toyo Tires said the plan “Mid-term ’14 GO BEYOND” seeks to capitalise on the success of its “Mid-term ‘11” plan.
During that previous three-year period the firm was “aided by the tail wind of a favourable external environment, including correction of the strong yen and stabilization of raw material prices”.
For the year ending December 2016 Toyo targets net sales of 470 billion yen (€3.4bn) with an operating income of 52 billion yen.
Its net sales in 2013 was 370.2 billion yen with a reported net income of 11.8 billion yen, while in 2012 it was 291.1 billion yen with a reported income of 13.2 billion yen.
The company offered a wide range of strategies to achieve its new targets. Objectives include boosting sales in the SUV/CUV/pickup truck market and off-road racing sponsorships in North America.