TOKYO—Yokohama Rubber Co. said its Hangzhou Yokohama Tire Co. Ltd. subsidiary has received grants worth $2.2 million from the city of Hangzhou and the Hangzhou Economic and Technological Development zone.
The grants, which cover the December 2012-March 2013 period, recognize the company's economic and environmental achievements, Yokohama said.
Hangzhou Yokohama Tire has expanded its production capacity faster than anticipated and implemented a small-scale production method that permits flexible capital investment tailored to demand, Yokohama said.
Among the environmental achievements made, the firm said, are implementing a system to purify exhaust from the mixing/vulcanization process; building a sewage treatment facility; reducing energy consumption more than 15 percent since 2011; and planting 24,000 trees, the tire maker said.
Hangzhou Yokohama Tire began production in 2003 and makes original equipment and replacement passenger and SUV tires. The company employs 1,250, and can produce 5.1 million tires annually, Yokohama said.