Toyo Posts Sales, Income Losses for 2020
Toyo Tire Corp. posted net sales and operating income losses during 2020. The company's sales declined 8.9% from 2019 levels and its operating income fell 5.5% versus the previous year.
Specifically, Toyo's tire business unit experienced a decline of 7.9% in sales versus 2019 levels. (The company also has an automotive parts business unit, which suffered a decline in sales during 2020, as well.)
According to Toyo officials, "net sales, operating income, ordinary income and net income all registered a year-on-year decline due to sluggish consumer spending and corporate activities on the back of the government's requests for voluntary cooperation to stay home in response to the spread of COVID-19," as well as "impairment loss and loss on closure of plant and liquidation of subsidiaries and affiliates."
Toyo has announced that it is ending production at its Silverstone Berhad tire plant in Malaysia.