OSAKA, Japan (Nov. 13, 2008) — Toyo Tire & Rubber Co. Ltd. has set up a sales subsidiary in Moscow, Toyo Tire Rus L.L.C., to deal with the rapidly growing Russian market.
The venture, set up in a 60/40 partnership with international trading firm Mitsubishi Corp., will work to expand Toyo's brand presence and improve the value of the brand position in the market, Toyo said. The venture is in line with the international growth goals set forth in Toyo's “Global Growth - Moving from Challenge to Growth” medium-term business plan.
Toyo did not comment on its sales expectations for the venture. Masato Kanetsuki is the president of the unit, which employs six at start-up.
This is the second new sales company Toyo has set up this year. In June it opened a representative office in Madrid, Spain, to deal with customers throughout the Iberian peninsula.