Yokohama increases tire production in Philippines
The Yokohama Rubber Co. Ltd. will increase production capacity of Yokohama Tire Philippines Inc. (YTPI), a passenger-car tire manufacturing and sales company near Davao City, Philippines, to 10 million tires a year from the current 7 million. The move is part of a first-phase expansion, and the company plans to start constructing a new tire plant in that area this month.
Yokohama Rubber says it plans to conduct the first expansion in 2013 and become fully operational in 2014. The amount of investment in the first-phase expansion is 20 billion yen ($17 million). Plans also include increasing YTPI’s annual production capacity to 17 million tires a year by 2017.
The company says it is enhancing YTPI’s production capacity to implement business plans set in the third phase of the Grand Design 100, the company’s medium-term management plan, to be started in 2012. Most of the tires to be produced at the new plant will be exported to North America.