Hangzhou Yokohama Tire Co. Ltd. has received grants-in-aid totaling 13.47 million yuan (about $2 million) for the period from December 2012 to March 2013. The company, Yokohama Rubber Co. Ltd.'s tire production base in China, received the grants from Hangzhou City and the Hangzhou Economic and Technological Development Zone (HEDA).
The grants are in recognition of the company's economic and environmental activities, and represent the largest amount awarded to a single company (not a group of companies) among about 340 located in the HEDA.
As part of their efforts at industrial promotion, the city and the HEDA make grants to companies located in the city and zone every year. The purpose is to help those making contributions to accelerating industrial and economic growth to further develop their businesses.
The grants reflect Hangzhou Yokohama's multiple economic and environmental achievements.
Economic: the expansion of its production capacity faster than initially scheduled, and application of Yokohama's original small-scale production method, which enables flexible capital investment according to specific demand.
Environmental: introduction of a system to purify exhaust from the mixing/vulcanization process; construction of a sewage treatment facility; energy conservation efforts whereby energy consumption in fiscal 2012 was reduced by more than 15% from the previous year; and the company's tree-planting initiative.
Established in January 2002, Hangzhou Yokohama Tire manufactures and sells replacement and original equipment consumer tires. Its plant has the capacity to produce 5.1 million tires annually.
