Toyoda Gosei to dissolve UK subsidiary
Japanese automotive supplier to focus on Czech operations for European growth
Kiyosu, Japan – Toyoda Gosei (TG) has announced the decision to dissolve its subsidiary in the UK, Toyoda Gosei UK Ltd (TGUK), as a part a restructuring programme to enhance earnings in Europe.
The Japanese components supplier is now aiming to grow its business in Europe centred on Toyoda Gosei Czech (TGCZ), said a group announcement 22 Sept.
TG said it is restructuring its business globally to ensure sustainable future growth, amid “dramatic changes” within the automotive industry.
The decision to close TGUK, it added, was made “against the background of the changing business environment as automakers decrease or end production in the UK.”
The automotive supplier went on to add that the business environment in the UK "leaves little expectation for growth”.
Headquartered in Rotherham, South Yorkshire, TGUK ceased operations at its two manufacturing facilities in the UK in July (ERJ report).
Production from the two plants in Rotherham, England and Swansea, Wales has now been transferred to TGCZ and other companies, according to the group.
The UK unit supplied automotive parts, including weatherstrips as well as interior and exterior products to car manufacturers such as Nissan, Renault and Honda.
The liquidation of TGUK is scheduled to be completed by the end of 2024.