WUXI, China (July 5, 2011)—Toyo Tire & Rubber Co. Ltd. said it will set up a joint venture company with Wuxi Meifeng Rubber Products Manufacturing Co. Ltd. in Wuxi, to make and distribute air springs and anti-vibration rubber components for railway vehicles.
Toyo will hold a 51-percent interest in the joint venture company, called Wuxi Toyo Meifeng Rubber Products Manufacturing Co. Ltd., with its partner holding the rest of the shares.
The firm's plant in Wuxi, in Jiangsu Province on the east coast of China, is expected to start up in June 2012, employ 50 and produce sales of more than $15 million by 2014.