HYOGO, Japan—Toyo Tire Corp. has made a number of organizational changes across its operations in Europe as it prepares to start production in Serbia.
In a May 26 news release, the Japanese group said it was changing the organizational structure and trade name of its European consolidated subsidiary from Toyo Tire Europe GmbH to Toyo Tire Holdings of Europe GmbH, effective June 1.
Under the new structure, Toyo's production facility in Indjija City, Serbia, will be covered under the umbrella of the new holding company, "with the intent of acting promptly, advancing business operations, and strengthening governance in Europe."
Based in Willich, Germany, Toyo Tire Europe served as the sales vehicle and sales headquarters of the Japanese group up until June 1.
The move comes at a time that Toyo is preparing for a full-scale launch of the Greenfield facility in Indjija City.
The unit was set for full-scale start-up in April and is expected to ramp up production to full capacity by the summer of 2023 to produce 5 million tires per year.
With the Serbian plant, Toyo aims to produce and supply "cost-competitive products," with a view toward bolstering supply to the North American and European markets.
