Toyo completes acquisition of Silverstone Bhd

ERJ staff report (DS)

Tokyo -- Toyo Tire & Rubber Co. Ltd. has completed the acquisition of all shares in the Malaysia -based tyre manufacture Silverstone Berhad.

Silverstone employs about 1400 at a single tyre plant in Malaysia

In a statement, Toyo said it, "plans to commence production of Toyo and Nitto brand tyres at this new subsidiary as soon as practicable, while building an export distribution network centered on Asia. The Company also has plans to further improve the quality of the Silverstone brand tyre, with the goal of expanding sales throughout Asia. By strengthening the foundation of its tyre business, the Company has established a plan for growth and cost competitiveness. In this way, the Company aims to increase its corporate valuation.

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Press release from Toyo

earlier Press release from Toyo