OKAKA, Japan—Around 70 people attended Toyo Tire & Rubber Co. Ltd.'s opening ceremony of its $50 million joint venture plant in Wuxi, China.
Wuxi Toyo Meifeng Rubber Products Manufacturing Co. Ltd. is a joint venture with Wuxi Meifeng Rubber Products Manufacturing Co. Ltd. that manufactures and distributes parts for railway vehicles in China. It was established in October 2011, with Toyo owning 51 percent of the equity.
Local government officials, customers from China and abroad and TMW president Haruhiro Shinsho, director, corporate officer and group executive officer, DT business of Toyo, were among those who attended the June 19 event, as well as TMW employees and affiliates from Wuxi Rubber.
“This is a new business model built through a fusion of the technical capabilities, brand strengths and sales forces of both Toyo Tires and Wuxi Rubber, which will contribute to the further growth and expansion of business of both companies,” Shinsho said. “We want to demonstrate the indispensable value of our presence to the railway infrastructure that will support the abundant lifestyle and society of China.”
Toyo Tires has developed and manufactured air springs and anti-vibration rubber components for railway vehicles for more than 50 years, supplying these products primarily in Japan.
Based on the company's 2014 mid-term business plan, Toyo Tires plans to boost the ratio of overseas production to 35 percent by 2016 and intends to accelerate that growth when TMW becomes fully operational.