BELGRADE, Serbia—Toyo Tire Corp.'s board of directors has approved a $450 million investment plan to build a passenger and light truck tire plant in Europe. The move supports the company's growth plans for the region, which represents about 15 percent of Toyo's global tire sales.
Toyo has selected a 150-acre site about 35 miles northwest of Belgrade for the factory, which will be rated at 5 million units a year at full capacity. Toyo plans to break ground in May 2020 at the site in Indija, Serbia, with production slated to start by January 2022.
The plant is expected to hit full capacity by summer 2023 with 500 employees, Toyo said. The plant will be Toyo's eighth tire factory worldwide and make Toyo the 15th global tire company with production capacity in Europe.