Yokohama Rubber Co. Ltd. has signed a contract with Clark Development Corporation (CDC) to lease land adjacent to its Yokohama Tire Philippines Inc. (YTPI) plant where the company manufactures passenger tires. Yokohama Rubber plans to invest a total of 50 billion yen to more than double YTPI's yearly production capacity from 7 million to 17 million tires.
Present at the signing ceremony was Yokohama Rubber’s Tadanobu Nagumo, President and Representative Director, Hikomitsu Noji, Director and Managing Corporate Officer and Takayuki Hamaya, President and CEO of YTPI. Noji discussed the Yokohama Rubber Group's global strategy of attaining 1 trillion yen in sales by 2017, and Hamaya presented the YTPI expansion plan in overall.
Also, a letter from Philippines President Benigno S. Aquino III was read in which he expressed his gratitude for 2,000 jobs created by YTPI's investment in the country and for 3,000 new jobs to be brought in with the plant expansion.
