Toyo buys all shares in Malaysian manufacturer
Toyo Tire & Rubber Co. Ltd. has completed its acquisition of Silverstone Berhad, a tire manufacturer based in Kuala Lumpur, Malaysia.
According to Toyo, the purchase positions Toyo "to make a full-scale entry into the fast-growing Southeast Asia market." The company first announced the planned purchase in October (see "Toyo buys instant credibility in SE Asia").
Earlier in the year, Toyo commenced construction of its first manufacturing plant in China. Located in Jiangsu Province, the facility will be run by Toyo Tires Zhangjiagang Co. Ltd.
Toyo says the acquisition will have "a negligible effect" on its consolidated and non-consolidated financial results for the fiscal year ending March 31, 2011.
(For an update on Toyo's fiscal year projections, click on "Toyo turns 2 billion yen loss into 966 million gain.")