Toyo Tire & Rubber Co. Ltd. has broken ground on a new passenger tire plant in China. The factory will be located in Jiangsu Province.
It is Toyo's second "wholly-owned Asian tire production facility outside of Japan, and it will be one of the most important within the Toyo Tires group," Toyo CEO and President Kenji Nakakura said earlier today, Sept. 9, during groundbreaking ceremonies.
The new plant will represent a total investment of $50 million. It will begin production in December 2011 and will manufacture two million units annually. The plant will operate under the banner of Toyo Tires Zhangjiagang Co. Ltd.
