Toyo Tire & Rubber says it will acquire all shares of Malaysia-based tyre manufacturer Silverstone Berhad and has announced the stock purchase agreement with Silverstone’s sole shareholder, Silverstone Corporation Berhad.
As part of its long-term global plan, the company is currently at work on the third phase expansion of the Toyo Tire North America manufacturing facility in the US and has started construction of a China tyre manufacturing plant at Toyo Tires Zhangjiagang.
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The Japanese company said its Silverstone acquisition would allow it to “make a full-scale entry into the fast-growing south-east Asia market.”
The company plans to start production of Toyo and Nitto tyres at the new subsidiary as soon as possible, while building an export distribution network centred on Asia.
“By strengthening the foundation of its tyre business, the company has established a plan for growth and cost competitiveness,” added Toyo.
