KUALA LUMPUR: Toyo Tire & Rubber Co Ltd is acquiring the entire interest in tyre manufacturer Silverstone Bhd representing 203.88 million shares for RM462 million from Silverstone Corporation Bhd.
In a statement on Thursday, Oct 21, Toyo said that as part of its long-term global plan, it was currently at work on the third phase expansion of the Toyo Tire North America Manufacturing Inc facility in the United States, and had commenced CONSTRUCTION [] of a China tire manufacturing plant at Toyo Tires Zhangjiagang Co, Ltd.
"Through this acquisition of Silverstone, the company is now positioned to make a full-scale entry into the fast-growing Southeast Asia market," said its president and chief executive officer Kenji Nakakura.
He said Toyo also planned to commence production of TOYO and NITTO brand tires 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 tire, with the goal of expanding sales throughout Asia, he said.
"By strengthening the foundation of its tire business, the company has established a plan for growth and cost competitiveness.
"In this way, the company aims to increase its corporate valuation," he said.
In a statement on Thursday, Oct 21, Toyo said that as part of its long-term global plan, it was currently at work on the third phase expansion of the Toyo Tire North America Manufacturing Inc facility in the United States, and had commenced CONSTRUCTION [] of a China tire manufacturing plant at Toyo Tires Zhangjiagang Co, Ltd.
"Through this acquisition of Silverstone, the company is now positioned to make a full-scale entry into the fast-growing Southeast Asia market," said its president and chief executive officer Kenji Nakakura.
He said Toyo also planned to commence production of TOYO and NITTO brand tires 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 tire, with the goal of expanding sales throughout Asia, he said.
"By strengthening the foundation of its tire business, the company has established a plan for growth and cost competitiveness.
"In this way, the company aims to increase its corporate valuation," he said.
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