Toyo forms tire subsidiary in Thailand
ERJ staff report (LMH)
Osaka, Japan – Toyo Tire & Rubber Co. Ltd has established a tire sales subsidiary in Thailand as part of the company’s Asia growth strategy for its tire business unit.
The company, called Toyo Tire (Thailand) Co. Ltd, will be headquartered in Bangkok and will employ 11.
Toyo said the car market in the south-east Asia region has been growing rapidly in recent years on a scale equal to that of the China market, propelled by construction of new plants and the development of production bases by the world’s major car makers. Toyo added that Thailand in particular is south-east Asia’s largest car marke. In February, the volume of cars sold grew by over 40 percent year-on-year, the company said.
Toyo has sold its tires through local distributors but has established a local sales subsidiary in order to capture a greater share of the demand in Thailand, the company said in an 8 April news release.
The subsidiary will sell tires imported from Japan, along with tires supplied by Toyo Tyre Malaysia Sdn Bhd, Toyo’s new tyre plant in Malaysi, which is scheduled for completion in May 2013.
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News Release from Toyo Tire & Rubber