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Toyo Tire to establish a plant in Serbia

September 11/2019

MOSCOW (MRC) -- The Japanese Toyo Tire Corporation has announced it will establish a subsidiary in Indijia City, Autonomous Province of Vojvodina, the Republic of Serbia in September 2019, as per GV.

According to the company, the subsidiary will construct and operate a new manufacturing plant for radial tyres for passenger vehicles and light trucks on a 600,000 m2 (about 150 acres) site.

Toyo Tire will invest approximately JPY 48.8 billion (~ EUR 390.5 million) in the new facility. The company is currently supplying tyres for the European and Russian market from factories in Japan and Malaysia. As of 2022, the new manufacturing base in Serbia will take on a key role in this regard, said Toyo Tire.

The company said the country complies with all its requirements, including: Good resource of a skilled workforce but comparatively low wage, integration of automotive industries due to ongoing investments by foreign companies, and a good relationship with Japan.

Toyo Tire plans to will begin construction of the Serbian plant in May 2020 and start tyre manufacturing operations in January 2022. The new plant is expected to reach a capacity of 5 million tyres annually (based on tyres for passenger vehicles) by the summer of 2023 and to employ about 500 people.

We remind that, as MRC informed before, in February 2019, Toyo Engineering Corporation was awarded a contract to build a 650,000 t/y ethylene and polyethylene (PE) plant located in Ust-Kut, Irkutsk region, Russian Federation by Irkutsk Polymer Plant, a subsidiary of Irkutsk Oil Company (INK).

Ethylene is a feedstock for the production of polyethylene (PE).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,255,800 tonnes in the first seven months of 2019, up by 9% year on year. Shipments of all PE grades increased.

Toyo Tire Corporation, formerly Toyo Tire & Rubber Co., Ltd., is a Japan-based company mainly engaged in the tire business and diver tech business, as well as the provision and maintenance of modules, financing and operation. The Company operates through two business segments. The Tire segment is engaged in the manufacturing and sale of various tires used in passenger cars, trucks, buses, construction equipment and industrial vehicles.

The Toyo Group, or Global Toyo, consists of Toyo together with 27 subsidiaries and 11 affiliates, with a total of 5500 employees.


mrcplast.com
Author:Margaret Volkova
Tags:PE, ethylene, car components, tyres, Toyo Engineering, Russia, Serbia.
Category:General News
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