KUALA LUMPUR: Japan-based Toyo Tire & Rubber Co Ltdplans to invest 21b billion yen to expand its tire production capacity in Malaysia as the country acts as the hub for the global product supply. Toyo Tires said the new building will have an annual production capacity equivalent to 4.8 million passenger vehicle tires. “In the initial phase of this project, Toyo Tires will first install equipment to produce half of this volume, which is 2.4 million tires (converted for passenger vehicle tires). Toyo Tires said it plans to increase its tire sales to 400 billion yen and the operating income to 56 billion yen in 2020, up 31.6 per cent and 23.3 per cent respectively, compared to the actual results in 2016. “It is intended to further solidify Toyo Tires’ sales of large-diameter tires for pickup trucks, SUVs, and CUVs, where TOYO TIRES already has a competitive advantage,” it said.

Source: New Strait Times September 28, 2017 13:41 UTC