Toyo completes acquisition of Chinese tiremaker
Toyo Tire & Rubber Co. Ltd. has completed the acquisition of 75% equity interest in China-based tire manufacturer Shandong Silverstone Luhe Rubber & Tyre Co. In addition, the Shandong Province Industrial and Commercial Bureau has issued a business permit to the company.
The acquired company, located in Zhucheng City, Shangdong Province, has been renamed Toyo Tire (Zhucheng) Co., Ltd. The plant will manufacture automobile tires.
Toyo says it has been working to improve its corporate value through a long-term global growth strategy. Through this acquisition, the company will now be in a position to supply truck and bus tires from the new plant, and passenger car tires from Toyo’s new factory which is under construction in Jiangsu province (Toyo Tires Zhangjiagang Co. Ltd.).
Toyo first announced the acquisition in April (see Toyo acquires 75% of Chinese tiremaker).